CURRENT AFFAIRS

Detailed explanation-1: -“The MOU is a reflection of Axis Bank’s constant endeavour to serve the Defence Forces and help them meet their financial requirements, aspirations and milestones.

Detailed explanation-2: -The correct answer is Axis Bank. Axis Bank has signed an MoU with the Indian Navy, offering a defence service salary package. Through the exclusive defence service salary package–Power Salute–Axis Bank will offer numerous benefits to all ranks of the Indian Navy, veterans and cadets.

Detailed explanation-3: -Mumbai, 31 January 2023: Union Bank of India signed Memorandum of Understanding with Indian Navy for Salary Accounts of their employees’ including Agniveers on 30 January 2023.

Detailed explanation-4: -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.

Detailed explanation-5: -Kotak Mahindra Bank signed an MoU with the Indian Navy for salary accounts.