New Delhi: Indian Air Force (IAF) has signed a Memorandum of Understanding with the country's largest lender State Bank of India (SBI) for the use of a Corporate Card in its Unit run Canteen.
The Indian Air Force said in a tweet that the collaboration will improve the functioning of URC wherein they would avail an interest-free credit for up to 50 days in addition to saving the cost of interest on an overdraft facility.
"An #MoU was signed between #IAF & #SBI for use of SBI Corporate Card by Unit Run Canteens of IAF. This will improve the functioning of URC wherein they would avail interest-free credit upto 50 days in addition to saving the cost of interest on an overdraft facility. #सक्षमभारतीयवायुसेना", IAF tweeted.
Both the organisations share strong synergy. SBI also provides a concessional banking scheme for the Air Force personnel.
Under the scheme – Defence Salary Package– Air Force personnel get facilities such as free draft and free fund transfer from 16,000 branches of the bank.
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