10 November 2016 Current Affairs: 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 ₹5 lakh and ₹10 lakh up to the age of 70 years; air insurance cover of ₹50 lakh; and term life insurance cover of ₹5 lakh and ₹10 lakh are the other features offered under the MoU.
All the facilities, except term life insurance cover, are also extended to the pensioners.