Home Youth service Agniveers for obtaining these financial benefits under the Agnipath program: 5 points

Agniveers for obtaining these financial benefits under the Agnipath program: 5 points


Financial institutions to support Agniveers through credit facilities

In support of Agniveers, the Ministry of Finance on Thursday convened a meeting with officials from public sector banks and financial institutions to explore employment opportunities and financial benefits for “Agniveers” in their respective organisations.

Here is your 5-point guide to the story:

  1. The Secretary of the Department of Financial Services met on Thursday with chief executives of government-run financial institutions to identify ways in which banks and financial institutions can support Agniveers at the end of their term. All parties have agreed to work out the terms through appropriate credit facilities, existing government programs and insurance products.

  2. It was decided that banks, insurance companies and state-run financial institutions would explore employment opportunities for ‘Agniveers’ in appropriate capacities based on their credentials and skills through practical perks/relaxations, etc.

  3. The Ministry of Finance also said that banks would explore the possibility of supporting “Agniveers” through appropriate credit facilities for skills improvement, education for business creation and job creation. independent. He added that existing government programs such as Mudra and Stand Up India would be leveraged to extend this support to ‘Agniveers’.

  4. This is in addition to the benefits already offered under the scheme: Agniveers will receive a monthly salary of Rs 30,000 to Rs 40,000. They will enjoy non-contributory insurance coverage of Rs 48 lakh. The Agniveers will also receive Rs 11.71 lakh as Seva Nidhi Package upon discharge which will be exempt from income tax. However, there will be no retirement benefits.

  5. On June 14, 2022, the Union Cabinet chaired by Prime Minister Narendra Modi approved a recruitment scheme for the service of young Indians in the armed forces called Agnipath. Young people selected under this program will be known as “Agniveers”.