Memorandum of Understanding with Banks operating Salary Accounts

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Memorandum of Understanding (MoU) were signed for an initial period of one year with UTI Bank, Centurion Bank, ICICI Bank, HDFC Bank, SBI and Syndicate Bank for special benefits for naval personnel operating their salary accounts in these banks. The MoU's are now being revised for a period of three years, as and when they fall due. In addition to the above banks, Indian Bank and Bank of India have also agreed to extend similar benefits to defence personnel for a period of three years, wef Oct 04.