Bandhan Bank authorised by RBI for disbursing civil pension

by Psu Connect
Date: 29-08-23

This Scheme also covers payment of pension to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India.

Bandhan Bank authorised by RBI for disbursing civil pension

Kolkata: Bandhan Bank, one of the fastest growing private sector banks, today announced that it has been appointed by Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of Central Pension Accounting Office (CPAO), Ministry of Finance, for the civil pensioners.

The Bank will soon be integrating with the office of CPAO to operationalise the disbursement process.

This said authorisation entitles the Bank to disburse pension to the Central Government employees in Civil Ministries/Departments (other than Railways, Posts, and Defence), National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired Judges of the High Courts and the Supreme Court and All India Service Officers.

This Scheme also covers payment of pension to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India.

Debraj Saha, Head – Government Business, Bandhan Bank said, “This new authorisation is a testament to the growing trust that people are placing on the Bank.

It allows us to play a pivotal role in the efficient disbursement of pensions to retirees, contributing to their financial well-being during their golden years. We are now better equipped to serve retirees in a more streamlined, secure, and prompt manner.

We thank the regulators for placing their trust in us with this all-important mandate.”