Financial institutions to support Agniveers through credit facilities

Public Sector Banks (PSBs), Public Sector Insurance Companies, and other financial institutions on Thursday agreed to work on modalities to support Agniveers through suitable credit facilities, existing government schemes, and insurance products.

Chief Executives of Public Sector Banks and other financial institutions agreed to support the initiative during a meeting with the secretary of the Department of Financial Services (DFS).

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

During the meeting, it was decided that PSBs, Public Sector Insurance Companies (PSICs) and Financial Institutions (FIs) would explore employment opportunities for 'Agniveers' in suitable capacities based on their educational qualifications and skills through suitable benefits/relaxations, etc, Union Ministry of Finance said in a statement.

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. The existing government schemes such as MUDRA, Stand Up India etc. would be leveraged for extending such support to 'Agniveers', it said.

On June 14, 2022, the Union Cabinet chaired by Prime Minister Narendra Modi approved a recruitment scheme for Indian youth service in the Armed Forces called Agnipath and 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.

The Department of Financial Services Secretary on Thursday called the meeting of the chief executives of the government-run financial institutions to identify ways in which the banks and financial Institutions can support the 'Agniveers' on completion of their tenure of duty.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor