Corporation Bank has signed a memorandum of understanding (MoU) with the Indian Army on the defence salary package.Corporation Bank would provide free/ concessional services to the Army under the MoU.The services include free drafts, cheque books, funds transfers to any bank in India through RTGS/ NEFT, free ATM cards, unlimited transactions on all ATMs, including that of other banks. Free personal
accident insurance cover of RS5 lakh and Rs10 lakh up to the age of 70 years; air insurance cover of RS50 lakh; and term life insurance cover of Rs5 lakh and Rs10 lakh are the other features offered under the MoU.
All the facilities, except term life insurance cover, are also extended to the pensioners. Adjutant-General Lt Gen Rakesh Sharma chaired the signing ceremony. Gopal Murli Bhagat, Executive Director of the bank, was present on the occasion.
Corporation Bank:
Corporation Bank is a public sector banking company headquartered in Mangalore, India. The bank has pan-India presence with 8,000 functional units comprising 2200 branches, 1800+ ATMs and 3,000 branchless banking units as of 30 January 2015.
Corporation Bank, the oldest banking institution in the erstwhile undivided South Canara District of the Madras Presidency and one of the oldest banks in India, was founded on 12 March 1906 in the Temple Town of Udupi, by a small group of philanthropists led by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadu.
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