Finance Ministry meets Banks to look at ways to support Agniveers

The finance ministry on Thursday held meeting with state run banks and financial institutions to identify ways in which they can support the ‘Agniveers’, short term army recruits, on completion of their tenure.

Earlier this week, cabinet approved a new recruitment scheme for armed forces called Agnipath, the youth selected under this scheme will be known as Agniveer and will serve in the armed forces for a period of four years.

In a statement the finance ministry noted state run banks, insurers and financial institutions will explore employment opportunities for ‘Agniveers’ in suitable capacities based on their educational qualifications and skills through suitable benefits or relaxations.

"Banks would explore possibilities of supporting ‘Agniveers’ through suitable credit facilities for skill upgradation, education for setting up businesses and to take up self-employment," the statement noted adding that the existing government schemes such as MUDRA, Stand Up India etc. would be leveraged for extending such support to ‘Agniveers’.