DFS holds meeting with Public Sector Banks, Insurance Companies & Financial Institutions to identify ways to support Agniveers

PSBs, PSICs & FIs to work on modalities to support Agniveers through suitable credit facilities, existing Govt Schemes and Insurance products

The Union Cabinet on 14^th June, 2022 approved an attractive 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 the period of four years.  The AGNIPATH scheme has been designed to enable a youthful profile of the Armed Forces.

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.  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, PSICs and FIs would explore employment opportunities for ‘Agniveers’ in suitable capacities based on their educational qualifications and skills through suitable benefits/relaxations, etc.

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’.

Support for Agniveers through targeted bank credit, employment facilitation and use of existing government finance schemes. Public Sector Banks, Public Sector Insurance Companies and Financial Institutions were requested by the Department of Financial Services to develop modalities to assist Agniveers after completion of their tenure, including employment facilitation, benefits or relaxations for placement consistent with qualifications and skills, and tailored credit facilities for skill upgradation, education, business start ups and self employment, leveraging existing government schemes such as MUDRA and Stand Up India and engaging insurers to consider suitable insurance products.