ICICI Bank will pay the assistance in two equal tranches in 2017 and 2018.
New Delhi: Private sector bank ICICI has committed financial assistance of Rs. 10 crore to the Indian armed forces.
The country's largest lender said that it will pay the assistance in two equal tranches in 2017 and 2018, which will be utilised towards welfare activities and betterment of the families of ex-servicemen who have lost their lives guarding the nation.
MD and CEO ICICI Bank, Chanda Kochhar handed over a cheque for Rs 5 crore to Defence Minister Nirmala Sitharaman at a function in the Raksha Mantralaya recently.
This fund will be used for two programmes to support the daughters of the armed forces personnels. The first will be used towards the postgraduate education of the widows of ex-servicemen and also support education for their wards.
The second scheme will be used to provide financial assistance towards marriages of the daughters of the ex-servicemen. This donation is aligned to ICICI Bank's commitment towards nation building through various initiatives that promote inclusive and sustainable growth.
The Kendriya Sainik Board, an apex body of the Government of India, which formulates policies for resettlement and welfare of ex-servicemen and their dependents, will undertake the administration of the programme.