On December 21, 2020 Bank of Baroda(BoB) to offer special customized banking services through ‘Baroda Military Salary Package’ has signed a Memorandum of Understanding (MoU) with Indian Navy and Indian Coast Guard and renewed its existing MoU with the Indian Army. This package was also presented to the Indian Air Force.
- The bank has covered all 4 Armed Forces under the Ministry of Defence.
- A similar package was also introduced to Central Armed Police Forces (CAPF) by the bank.
Points to be Noted
The retired and serving personnel of Indian Armed forces will be offered services under the package
Key People
Bank signs MoU with Indian Army & Indian Coast guard
i.The MoUs were signed by Vikramaditya Singh Khichi, Executive Director of the bank on behalf of BoB and Lt Gen Ravin Khosla, on behalf of Indian Army.
ii.It was signed in presence of Lt Gen Harsha Gupta, Adjutant General.
iii.Deputy Inspector General D S Saini, TM, Principal Director (Administration) signed, on behalf of Indian Coast Guard.
MoU between Bank and Indian Navy
i.MoU between BoB and Indian Navy was signed by Shri Ashwini Kumar, General Manager (Government Relationships and PSU), on behalf of BoB and Cmde Neeraj Malhotra, Cmde (P&A) on behalf of the Indian Navy.
ii.It was signed in presence of Vikramaditya Singh Khichi and Rear Admiral Girish K Garg, ACOP (AC).
Baroda Military Salary Package:
Services Offered through
The services under the package will be offered through the bank’s network of over 8200 domestic branches and around 20,000 Business Correspondent(BC) touch points.
Benefits
It offers benefits including Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability Cover among others.
Offerings
The other offerings under the package include free unlimited ATM transactions at all Bank ATMs, waivers / concessions on various service charges in retail loans, free remittance facility through Real-Time Gross Settlement(RTGS)/National Electronic Funds Transfer (NEFT) among others.
Note
The package is regarded as the best-in-class salary and pension packages available in the banking industry.
BoB Completes integration of erstwhile Dena, Vijaya banks with itself
i.On December 20, 2020 BoB completed the integration of 3,898 branches of erstwhile Vijaya Bank and Dena Bank with itself.
ii.Vijaya Bank and Dena Bank were merged with Bank of Baroda, with effect from April 1, 2019.
Recent Related News:
On August 14, 2020 Aditya Puri, Managing Director of HDFC Bank, launched digitally the 1st of its kind card, ‘Shaurya KGC(Kisan Gold Credit) Card’, a tri color themed card for Indian armed forces personnel, i.e, Army, Navy, Air force and Para military forces and their families.
About Bank of Baroda(BoB):
i.BoB was founded by Maharaja Sayajirao Gaekwad III of Baroda
ii.The Bank has sponsored 3 Regional Rural Banks(RRBs) namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
HeadOffice– Vadodara(earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Established– 20 July 1908
Tagline– India’s International Bank
