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PNB Signs MoU with ITBP for Financial Benefits and Insurance Coverage.

Banking & Finance | Dated: 27 Feb 2025

In February 2025, Punjab National Bank (PNB), based in New Delhi (Delhi), signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP) at the ITBP Headquarters in New Delhi (Delhi). The agreement aims to offer special financial benefits and insurance coverage to ITBP personnel, pensioners, and their families.

🎯 Key Highlights:

  • - The MoU was signed by S.P. Singh, General Manager (GM), PNB, and Sunil Chander Mamgain, Inspector General (IG), ITBP.
  • - Under the partnership between Punjab National Bank (PNB) and the Indo-Tibetan Border Police (ITBP), ITBP personnel will receive several key benefits. These include Personal Accidental Insurance (PAI) of Rs. 100 lakhs, Air Accidental Insurance (AAI) of Rs. 150 lakhs, and Permanent/Partial Disability Coverage of Rs. 100 lakhs.
  • - Additionally, the agreement also provides coverage for death during operations, offering Rs. 10 lakhs, and covers the cost of imported medicines, including transportation, up to Rs. 10 lakhs. Furthermore, the ITBP personnel will also benefit from air ambulance costs of up to Rs. 10 lakhs.

💡 Other Important Facts:

  • (i) PNB has extended its Rakshak Account benefits to ITBP pensioners receiving their pension from PNB, offering lifetime Personal Accidental Insurance (PAI) coverage of Rs. 50 lakhs and Air Accidental Insurance (AAI) coverage of Rs. 100 lakhs.
  • (ii) PNB has demonstrated its commitment to supporting India’s armed forces, particularly the ‘Himveers’ (personnel) of ITBP, by providing specialized financial products and services.

📚 Test Your Knowledge:

Which bank signed an MoU with the Indo-Tibetan Border Police (ITBP) for financial benefits and insurance coverage?

Correct Answer: Punjab National Bank

🚀 Quick Recap:

About Punjab National Bank

  • MD & CEO : Ashok Chandra
  • Headquarters : New Delhi