Daily : April 14, 2018

MoU signed by Indian Army on the Defence Salary Package

Question: A Memorandum of Undertaking (MoU) was signed recently between the Indian Army and which of the following Banks on the Defence Salary Package?
(a) Axis Band
(b) HDFC Back
(c) SBI
(d)Mahindra Kotak
Answer: (a) 
Related Facts:

  • On April 13th 2018, a Memorandum of Understanding (MoU) was signed between the Indian Army and Axis Bank on the Defence Salary Package.
  • The first MoU between Axis Bank and the Indian Army was signed in 2011 and was renewed on 24 Mar 2015.
  • The current MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families.
  • The signing-in ceremony was chaired by the Director General (MP&PS), Lt Gen SK Saini and was attended by the top dignitaries of Axis Bank headed by Mr Sanjay Sailas, President and Head, Retail Banking, Axis Bank.
  • Recently, Indian Army has also signed a MoU with HDFC bank. MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to the requirements of serving soldiers, pensioners and families.
  • Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with Axis bank; and also provide them an opportunity to access modern banking facilities.
  • Under the current MoU, apart from other benefits, the Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh and free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years.


New Chairman of the Banks Board Bureau (BBB)

Question: who amongst the following has recently been appointed as new Chairman of the Banks Board Bureau (BBB)?
(a) Sachit Jain
(b) Bhanu Pratap Sharma
(c) M L Shrivastav
(d) O P Singh
Answer: (b)
Related Facts:

  • On April 12th, 2018, the government appointed former DoPT Secretary Bhanu Pratap Sharma as Chairman of the Banks Board Bureau (BBB).
  • Sharma has been appointed for two years.
  • At this post Mr. Sharma replaced Vinod Rai, who was appointed as the first chairman of BBB for a two year term.
  • The term of the first Bank’s Board Bureau headed by former comptroller and auditor general of India Vinod Rai ended on 31 March.
  • While announcing the appointment, Financial Services Secretary Rajiv Kumar said Sharma will have the same mandate as was given Rai.
  • Other members of the bureau include investment banker Vedika Bhandarkar, who has headed the investment banking operations of Credit Suisse India and JPMorgan, and Pradeep Kumar, former managing director of State Bank of India.
  • The founder managing director of rating agency Crisil, Pradip P. Shah, is the fourth member.


Skip to toolbar