THEBUSINESSBYTES
BUREAU
NEW
DELHI, JANUARY 16, 2026
Punjab
National Bank (PNB), one of the country’s leading public sector lenders, has
reaffirmed its long-standing commitment to India’s uniformed community by renewing
its Memorandum of Understanding with the Indian Army. The renewed MoU, signed
on January 13, 2026, strengthens the bank’s flagship defence-focused offering,
“PNB Rakshak Plus,” extending a comprehensive suite of financial services with
significantly enhanced insurance coverage to serving Army personnel and
pensioners.
The MoU was
exchanged in the presence of Bibhu Prasad Mahapatra, Executive Director of PNB,
and Lt Gen Rajeev Puri, Director General Manpower Planning and Personal
Services, representing the Indian Army, at the office of the Additional General
Personal Services Directorate at Army Headquarters. The agreement was formally
signed by Sudhir Dalal, Chief General Manager of PNB, and Major General V.K.
Purohit, Additional Director General Personal Services. The signing ceremony
was also attended by Major General Dinesh Singh Bisht, Chief Defence Banking
Advisor to PNB, along with senior officials from both institutions.
Under the
renewed arrangement, PNB Rakshak Plus continues to offer robust financial
protection tailored to the unique risks faced by defence personnel. The
enhanced benefits include personal accidental insurance coverage of up to Rs
100 lakh, air accidental insurance cover of Rs 150 lakh, and permanent or
partial disability coverage amounting to Rs 100 lakh. In recognition of the
operational hazards associated with military service, the scheme also provides
an additional cover of Rs 10 lakh in the event of death during operations.
Beyond
insurance, the renewed MoU broadens the scope of benefits for Rakshak account
holders by extending preferential terms on retail loans, specialised debit card
offerings, and a range of banking conveniences. Importantly, these advantages
are not limited to serving personnel alone, as dependents and family members of
Rakshak account holders are also eligible for several of the financial
benefits, reinforcing the bank’s holistic approach to defence banking.
The renewal of
the MoU underscores PNB’s strategic focus on defence banking as a key segment
within its retail portfolio, combining financial inclusion with social
responsibility. By aligning its products with the evolving needs of the Indian
Army, the bank aims to deliver security, convenience and peace of mind to those
who serve the nation.
Reiterating
its commitment, PNB said it remains dedicated to honouring the uniformed
community and will continue to strengthen and expand its support through
customised financial solutions in the years ahead.
