Private lender Bandhan Bank announced on Wednesday that it has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide corporate salary accounts for defense personnel.
The ‘Bandhan Bank Shaurya Salary Account’ will offer several benefits, including a zero-balance savings account, financial protection for personnel and their families, and attractive interest rates, the bank stated.
“Bandhan Bank, with its nationwide presence, is committed to supporting the nation through various initiatives. We are excited to strengthen our partnership with the IAF and deliver a superior banking experience,” said Rajinder Babbar, Executive Director and Chief Business Officer of Bandhan Bank.
The partnership was formalised with the signing of an MoU between Air Vice Marshal Updesh Sharma VSM, Assistant Chief of the Air Staff (Accounts & Air Veterans), Ministry of Defence, and Debraj Saha, Head – Government Business Group, Bandhan Bank, in the presence of Sujoy Roy, Head – Branch Banking, Swati Dutt, Head – Central Government Business, and senior officials from the IAF and BandhanBank.
Additionally, Bandhan Bank has been appointed as an agency bank by the Reserve Bank of India (RBI). It has also been authorized by the Central Board of Direct Taxes (CBDT) to handle tax collection and facilitate the disbursement of central civil and railway pensions.
Currently, Bandhan Bank operates 6,300 banking outlets, with its total business reaching ₹2.73 lakh crore, the statement added.
