IndusInd Bank Has Entered Into a MoU with the Indian Army

By | June 14, 2011

A recent press report said that IndusInd Bank has entered into a memorandum of understanding (MoU) with the Indian Army in order to provide a whole gamut of banking and wealth management products to all the cadres of the Army.

Reports said that IndusInd Bank is the seventh bank to enter into a tie-up with the Army for providing banking services. Mr. Mukesh Sabharwal, Adjutant General, Indian Army told the press that the MoU would also cover retired personnel besides the serving officers and jawans.

Mr. Romesh Sobti, Managing Director and CEO of the bank said that the bank would offer certain special benefits to jawans, including discounted loans and overdraft facility on salary accounts. He said that the Army jawans would be able to send their remittances anywhere in India at no cost. He added saying that the jawans and officers can receive free credit-cards for life.

The bank has recently hiked its interest rates which have made its home loan, personal loan, vehicle loan, business loans etc. costlier.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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