Shillong: Punjab National Bank has signed a Memorandum of Understanding (MoU) with the Directorate General Assam Rifles (DGAR) in Shillong to provide enhanced financial and welfare benefits to serving personnel and their families. The partnership aims to improve financial security through customised banking solutions, insurance coverage, and concessional loan facilities.
Focus on Financial Security and Welfare Support
The agreement is designed to strengthen the overall welfare framework for Assam Rifles personnel by offering a comprehensive set of banking and insurance benefits. These include improved life and health insurance coverage, along with exclusive financial products tailored for defence personnel.
Officials stated that the initiative reflects a long-term commitment to supporting the financial well-being of those serving in the paramilitary forces.
Key Highlights of the MoU
Under the newly signed agreement, Assam Rifles personnel will benefit from several exclusive offerings, including:
- Enhanced insurance coverage for serving members
- Health insurance benefits for personnel and their families
- Concessional interest rates on retail loan products
- Dedicated salary and banking solutions for defence staff
- Additional financial protection including accident and disability cover
The initiative also introduces a customised “Rakshak Plus Salary Package,” aimed at improving financial stability and offering structured benefits for both serving and retired personnel.
MoU Signing Ceremony in Shillong
The MoU was signed at the Headquarters of the Directorate General Assam Rifles in Laitkor, Shillong. The ceremony was attended by senior officials from both organisations.
Key dignitaries present included:
- Lt Gen Vikas Lakhera, AVSM, SM, Director General Assam Rifles
- Maj Gen D.S. Bisht (Retd), Chief Defence Banking Advisor
- Sanjeev Bhardwaj, General Manager, PNB
The agreement was formally signed by Brig Sandip Chatterjee, SM, on behalf of Assam Rifles, and Mr. Bijender Singh, Zonal Manager, Guwahati Zone, representing PNB.
Strengthening Financial Inclusion for Defence Personnel
Experts believe such collaborations play a significant role in expanding financial inclusion and ensuring long-term economic security for defence and paramilitary personnel across India. The tailored banking solutions are expected to provide greater financial resilience and accessibility for service members and their families.
About Punjab National Bank
Punjab National Bank (Punjab National Bank) is one of India’s leading public sector banks, offering a wide range of banking and financial services including retail banking, corporate banking, loans, insurance partnerships, and digital banking solutions. The bank continues to focus on inclusive growth and specialised financial products for defence personnel, farmers, and small businesses.
