Agniveers To Get These Financial Benefits Under Agnipath Scheme: 5 Points

Financial institutions to support Agniveers through credit facilities

To support Agniveers, the finance ministry on Thursday held a meeting with heads of public sector banks and financial institutions to explore employment opportunities and financial benefits for ‘Agniveers’ in their respective organisations.

Here Is Your 5-Point Guide To The Story:

  1. The Department of Financial Services Secretary on Thursday met with the chief executives of the government-run financial institutions to identify ways in which banks and financial institutions can support the ‘Agniveers’ on completion of their tenure of duty. All parties agreed to work on modalities through suitable credit facilities, existing government schemes, and insurance products.

  2. It was decided that State-run banks, insurance companies, and financial institutions would explore employment opportunities for ‘Agniveers’ in suitable capacities based on their educational qualifications and skills through practical benefits/relaxations, etc. 

  3. The finance ministry also said banks would explore the possibility of supporting ‘Agniveers’ through suitable credit facilities for skill up-gradation, education for setting up businesses and taking up self-employment. It added that existing government schemes such as Mudra and Stand Up India would be leveraged to extend such support to ‘Agniveers’.

  4. That is in addition to the benefits already offered under the scheme: Agniveers will be paid a monthly salary of Rs 30,000 to Rs 40,000. They will get a non-contributory insurance cover of Rs 48 lakh. The Agniveers will also be given Rs 11.71 lakh as Seva Nidhi Package on their exit, which will be exempt from Income Tax. However, there will be no pensionary benefits. 

  5. On June 14, 2022, the Union Cabinet chaired by Prime Minister Narendra Modi approved a recruitment scheme for Indian youth service in the Armed Forces called Agnipath. The youth selected under this scheme will be known as ‘Agniveers’.

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