Bandhan Bank has said that it has been appointed by the Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO), Ministry of Finance, for civil pensioners. The Bank will soon be integrating with the office of the CPAO to operationalise the disbursement process.
This said authorisation entitles the Bank to disburse pensions to the Central Government employees in Civil Ministries and Departments (other than Railways, Posts, and Defence), the 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.
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This Scheme also covers the payment of pensions to former Members of Parliament and the payment of pensions and other amenities to former Presidents and Vice Presidents of India.
Debraj Saha, Head, Government Business, Bandhan Bank, said, “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.”