PNB Signs MoU with Indian Army to Extend Enhanced Banking and Insurance Benefits
Enhanced insurance cover and exclusive banking benefits extended to serving soldiers and Army pensioners under PNB Rakshak Plus
New Delhi | January 16, 2026: Punjab National Bank (PNB), one of India’s leading public sector banks, has strengthened its long-standing association with the armed forces. Recently, PNB signed an MoU with the Indian Army to continue and enhance exclusive banking benefits for serving personnel and pensioners.
PNB Renews Defence Banking Partnership
On January 13, 2026, PNB signs MoU with Indian Army under its flagship defence banking scheme, PNB Rakshak Plus. Through this renewed agreement, the bank will provide improved insurance cover and a wide range of financial services to Army personnel and veterans.
As a result, soldiers and pensioners will continue to receive dedicated and priority banking support across the country.
Senior Officials Present at MoU Exchange
The MoU exchange took place at the Additional General Personal Services (ADGPS) Directorate, Adjutant General’s Branch, Army Headquarters.
The event was held in the presence of:
- Shri Bibhu Prasad Mahapatra, Executive Director, PNB
- Lt Gen Rajeev Puri, AVSM, VSM, Director General Manpower Planning & Personal Services, Indian Army
The agreement was formally signed by:
- Shri Sudhir Dalal, Chief General Manager, PNB
- Major General V.K. Purohit, AVSM, YSM, SM, Additional Director General Personal Services
Additionally, Maj Gen Dinesh Singh Bisht, SM, VSM*, Chief Defence Banking Advisor, PNB, attended the ceremony along with other senior officials.
Insurance Benefits Under PNB Rakshak Plus
Under the renewed MoU, Army personnel will receive robust insurance protection, including:
Key Insurance Covers
- Personal Accidental Insurance: ₹100 lakh
- Air Accidental Insurance: ₹150 lakh
- Permanent or Partial Disability Cover: ₹100 lakh
- Additional Cover for Death During Operations: ₹10 lakh
These benefits ensure strong financial security for soldiers and their families.
Extra Benefits for Families and Dependents
Moreover, PNB is offering special advantages on retail loans, debit cards, and other banking products. These benefits will also extend to the dependents and family members of Rakshak account holders. Therefore, the scheme supports the entire household, not just the service member.
PNB Reaffirms Commitment to the Armed Forces
Through this initiative, PNB signs MoU with Indian Army once again to reaffirm its dedication to the uniformed community. The bank continues to honor the service and sacrifice of soldiers by delivering reliable, tailored, and accessible banking solutions.
Going forward, PNB aims to deepen this partnership and serve defence personnel with the same trust and respect they show the nation.
Also Read : Union Bank of India Q3 FY26 Results: Net Profit Jumps 18% to ₹5,017 Crore
