ICICI Bank commits Rs 10 cr for welfare of armed forces

The fund will be utilised towards welfare activities and betterment of the families of ex-servicemen who have lost their lives guarding the nation, ICICI Bank Managing Director and CEO Chanda Kochhar

New Delhi, October 9: ICICI Bank Managing Director and CEO Chanda Kochhar said ICICI Bank committed a financial assistance of Rs 10 crore to the Indian Armed Forces.

The fund will be utilised towards welfare activities and betterment of the families of ex-servicemen who have lost their lives guarding the nation, ICICI, country's largest private sector lender said in a statement.

The contribution would be made in two equal tranches by the bank as part of its Corporate Social Responsibility (CSR) initiative. A cheque worth Rs 5 crore was handed over to Defence Minister Nirmala Sitharaman here today as part of the initiative.

"While no amount of assistance is enough to fill the loss for the families, this gesture is our humble endeavour to contribute towards their betterment. Our assistance will aid the young children and widows of the soldiers to get an education thereby enabling them to gain knowledge, get a job and earn a sustainable livelihood," she said.

This fund will be used for two programmes. The first will be towards the post-graduation education of the widows of the soldiers and also support education for their wards. The second scheme will be to provide financial assistance for marriages of the daughters of ex-servicemen.

The Kendriya Sainik Board (KSB) will undertake the administration of the programme. KSB is an apex body that formulates policies for resettlement and welfare of ex-servicemen and their dependents.

PTI