Bandhan Bank has announced that it has been appointed by the Reserve Bank of India as an authorized 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 CPAO to operationalize the disbursement process.
This authorization allows the bank to pay pensions to Central Government employees working in Civil Ministries/Departments (other than Railways, Posts, and Defence), the National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired High Court and Supreme Court judges, and All India Service Officers. The past Members of Parliament and past Presidents/Vice Presidents of India are also covered under the plan.
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.”
