The country's largest lender, ICICI Bank 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.
"Our Indian Armed Forces bravely guard our borders and protect us. Many of these men have valiantly fought and made the ultimate sacrifice of laying down their lives for our country. 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," said Chanda Kochhar.
"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. This is our small contribution to these daughters of the nation and our thoughts and best wishes will always remain with the families," she added.
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. (ANI)