Mumbai, Mar 4 (GCBusiness) As a token of respect for the armed forces and their families, Private Sector lender Federal Bank, on Monday launched two unique schemes for their welfare.
From the academic year 2019-20 onwards, children of armed forces personnel who gave up their life for the nation, will receive scholarship up to Rs 1 lakh per year for pursuing higher studies, the bank release said.
Students who have secured admission under merit in Government aided and self-financing colleges for MBBS, Engineering, BSc Nursing, BSc Agriculture including BSc (Hons) Co-operation & Banking with Agriculture Sciences conducted by Agriculture Universities and MBA will be eligible to apply for scholarships under the scheme.
In addition to the scholarships given by the Bank to 100 meritorious students in general category, a standing quota of 25 scholarships has been created for the benefit of the dependent children of armed forces.
Furthermore, in honor of the armed forces, the Bank has decided to make a contribution out of its own sources to Armed Forces Welfare Fund as below. The Bank will contribute an amount equal to the number of online transactions done by the Bank’s customers in the month of March 2019 to Army Welfare Fund. With a considerable number of transactions in the Bank happening online and a fast growing client base, the Bank expects that the contribution envisioned will be sizeable