In a commendable attempt, Memorandum of Understanding (MoU) has been signed between the Indian Army and IndusInd Bank Ltd for opening salary accounts for army personnel of all ranks.
The sole motto behind this step was to refine the salary administration system of the Indian Army in addition to provide improved customer convenience and satisfaction. With this agreement, IndusInd Bank will have to escalate its number of branches by 400 by March 2014 to sustain such huge expansion of business operation.
As per reports, attended by Lt. General Mukesh Sabharwal PVSM, AVSM**, VSM, Adjutant General, the Indian Army and Mr. Romesh Sobti, Managing Director & CEO, MoU was signed by Lt. General S. P Kochhar, AVSM, SM, VSM, AG’s Branch, The Indian Army and Mr. Sumant Kathpalia, Head Consumer Banking, IndusInd Bank.
Confirming the news, Mr. Romesh Sobti claimed, “IndusInd Bank is delighted to join hands with the Indian Army to provide a full range of banking products and services to all cadres of the Indian Army”.
After this, army account holders will be able to get access to a wide range of channels and attractive propositions on loans and investments, including investment advisory services for the armed forces.