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Axis Bank signed MoU with the Indian Army

Published on July 09, 2021
Current Context: India’s one of the largest private sector banks, Axis Bank signed MoU with the Indian Army.
Axis Bank signed MoU with the Indian Army
  • The MoU was signed to offer a defence service salary package to the India Army under its ‘Power Salute’ initiative.
  • The officers belonging to all the ranks who are serving defence personnel and defence pensioners will be included under this MoU.
  • It offers the personal accidental cover of up to Rs 56 lakhs to all army personnel. It grants an Education Grant additional of upto Rs 8 lakhs.
  • The total Permanent Disability Cover benefit up to Rs. 46 Lakhs, and permanent Partial disability cover of up to Rs. 46 lakhs is offered under this MoU.
  • The air Accident cover of Rs1cr is granted and a free Additional Debit Card for a family member is also offered.
  • Static Part: 
    • HQ of Axis Bank: Mumbai
    • MD and CEO of Axis Bank: Amitabh Chaudhry

Question: 

Q.1 Which private sector bank signed MoU with Indian Army to offer a defence service salary package to the India Army under its ‘Power Salute’ initiative?
a. Kotak Mahindra Bank
b. Yes Bank
c. ICICI Bank
d. Axis Bank
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