BANKING AFFAIRS

Detailed explanation-1: -“The Indian Army has signed historic MoU with 11 Banks viz State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IDFC First Bank and Bandhan Bank for providing banking facilities to Agniveers on enrollment, ” the ministry said in a release.

Detailed explanation-2: -Axis Bank, India’s third-largest private sector bank, has signed an MoU with the Indian Army. It will offer a defence service salary package with best-in-class benefits and features under its ‘Power Salute’ initiative.

Detailed explanation-3: -As the Indian Army started its recruitment drive under the new Agnipath scheme, it signed agreements with 11 banks including the private sector banks like HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank for providing the Agniveers with banking facilities on enrolment.

Detailed explanation-4: -Detailed Solution. The correct answer is Bank of Baroda. Under the MOU bank would offer customized services along with facilities to the account holders.