Money & Banking

Agnipath scheme: DFS brainstorms with PSBs, insurers to support Agniveers

BL New Delhi Bureau | | Updated on: Jun 17, 2022

Agnipath allows patriotic and motivated youth to serve in the Armed Forces for a period of four years

Public sector banks, public sector insurance firms and financial institutions will  explore employment opportunities for ‘Agniveers’ (post completion of their tenure of duty) in suitable capacities based on their educational qualifications and skills through suitable benefits, relaxations, etc.

The decision was made at a meeting convened by the Department of Financial Services of the Ministry of Finance in the national capital on Thursday.

“In order to identify ways in which the Banks and Financial Institutions can support the ‘Agniveers’ on completion of their tenure of duty, the Secretary, Department of Financial Services (DFS) held a meeting with Chief Executives of Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs) and Financial Institutions (FIs), here today,” said the ministry in a statment.

In the meeting, Joint Secretary, Department of Military Affairs made a presentation on the salient aspects of the Agnipath scheme.

It was also decided that banks would explore possibilities of supporting ‘Agniveers’ through suitable credit facilities for skill upgradation, education for setting up businesses and to take up self-employment, an official release said.

The existing government schemes such as MUDRA, Stand Up India, etc. would be leveraged for extending such support to ‘Agniveers’, the release added.

The Union Cabinet on June 14, 2022 approved the Agnipath recruitment scheme for Indian youth to serve in the Armed Forces. The youth selected under this scheme will be known as ‘Agniveers’. 

Agnipath allows patriotic and motivated youth to serve in the Armed Forces for a period of four years. The Agnipath scheme has been designed to enable a youthful profile of the Armed Forces.

Published on June 17, 2022
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