PNB Renews MoU with Indian Army to Extend Enhanced Banking & Insurance Benefits

Punjab National Bank (PNB), the nation’s leading public sector bank, has renewed its Memorandum of Understanding (MoU) with the Indian Army, reaffirming its long-standing commitment to serving the armed forces community.

Under the renewed MoU, PNB will continue to offer a comprehensive bouquet of banking services with enhanced insurance coverage and exclusive benefits to serving personnel and pensioners of the Indian Army under its flagship defence banking scheme, “PNB Rakshak Plus.”

The MoU was exchanged in the presence of Bibhu Prasad Mahapatra, Executive Director, PNB, and Lt Gen Rajeev Puri, AVSM, VSM, Director General Manpower Planning & Personnel Services (DG MP & PS), on behalf of the Indian Army, at the office of the Additional General Personal Services (ADGPS) Directorate, Adjutant General’s Branch, Army Headquarters.

The agreement was formally signed by Sudhir Dalal, Chief General Manager, PNB, and Major General V.K. Purohit, AVSM, YSM, SM, Additional Director General Personal Services.

Maj Gen Dinesh Singh Bisht, SM, VSM, Chief Defence Banking Advisor, PNB, was also present at the signing ceremony, along with other senior officials from the bank and the Indian Army.

Enhanced Insurance Coverage under PNB Rakshak Plus

The renewed MoU offers robust insurance benefits to Rakshak Plus account holders, including:

• Personal Accidental Insurance: ₹100 lakh

• Air Accidental Insurance: ₹150 lakh

• Permanent / Partial Disability Coverage: ₹100 lakh

• Additional Cover for Death during Operations: ₹10 lakh

• In addition to insurance benefits, PNB is extending several value-added offerings across retail loans, debit cards, and other banking products to the dependents and families of Rakshak account holders.

PNB reiterated its unwavering commitment to honouring the uniformed community and stated that the bank will continue to strengthen its support to defence personnel and their families in the years ahead.