ICICI Bank renews MoU with the Indian Army to offer special benefits to the Army personnel

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ICICI Bank renews MoU with the Indian Army to offer special benefits to the Army personnel

Mumbai: ICICI Bank renewed its Memorandum of Understanding (MoU) with the Indian Army, to offer a range of specially curated enhanced benefits and new features through its ‘Defence Salary Account’, to all serving as well as retired Army personnel. The MoU was signed in Delhi by Lt. Gen R.P. Kalita, UYSM, AVSM, SM, VSM, Director General- Manpower Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank. 

As part of the MoU, the Bank offers a comprehensive bouquet of benefits like a zero balance account, preferential allotment of lockers and unlimited free transactions on ICICI Bank as well as Non-ICICI Bank ATMs in India, thereby providing exceptional flexibility to the Army personnel. As part of the renewed benefits, the Bank is offering an array of insurance benefits to the Army personnel. The account holders get a personal accident insurance cover of Rs. 50 lakh along with insurance of Rs. 10 lakh in case of death in terrorist action, which is the highest among all banks offering ‘Defence Salary Account’. As part of the insurance cover, in case of accidental death, the Bank is offering Rs. 5 lakh for education of children and additional Rs. 5 lakh for the girl child of the deceased Army personnel. These benefits are available to the personnel across all ranks. 

Speaking about the new offering, Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank said, “We are honoured to renew MoU with the Indian Army and extend a bouquet of banking services and benefits that are specially curated to provide comfort and convenience to the Army personnel in daily transactions, easy access to banking through our large network of branches, ATMs and digital banking channels. Additionally, to provide increased protection to the personnel and their families, we are offering enhanced insurance covers as well as financial assistance for the higher education of the children of the personnel. We believe that this renewed proposition will benefit a large section of the serving and retired Army personnel.” 

As part of the Bank’s commitment to the Defence Forces, ICICI Bank will automatically extend all benefits of the renewed MoU to the Army personnel who are existing customers of the ‘Defence Salary Account’. There will be no requirement for the existing account holders to visit a branch or complete paperwork to upgrade to the benefits of the renewed MoU. 

Benefits of ‘Defence Salary Account’ are also extended by the Bank to regular employees of Military Engineering Services (MES) , Border Roads Organisation (BRO) and other Defence Civilians. 

Some of the enhanced and new features of ICICI Bank’s ‘Defence Salary Account’ include:

  • Personal accidental insurance cover of Rs. 50 lakh and additional Rs 10 lakh in case of death in terrorist action
  • Air accidental insurance cover of Rs. 1 crore; permanent total and permanent partial disability insurance cover of Rs. 50 lakh
  • As part of the insurance cover, in case of accidental death, educational benefit of Rs. 5 lakh for children and additional Rs. 5 lakh for the girl child of the deceased Army personnel
  • Personal accidental insurance is extended to Gentlemen Cadets, Re-employed Officers and Retired Defence Personnel upto 80 years of age
  • The Army personnel gets life time free credit card from the Bank’s premium gemstone collection
  • The Bank will set up an exclusive toll free ‘Defence Banking Helpline’ for Defence Banking customers, shortly

 To apply for the account, the Army personnel can visit the nearest ICICI Bank branch or contact ICICI Bank officials during the Bank’s outreach to cantonments / regiments for the Defence Salary Account. 

For news and updates, visit here and follow us on Twitter at www.twitter.com/ICICIBank 

For media queries, write to: corporate.communications@icicibank.com

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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