Bandhan Bank, a rapidly growing private sector bank, has been appointed by the Reserve Bank of India (RBI) as an authorized pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO), Ministry of Finance, for the civil pensioners. The bank will integrate with the Central Pension Accounting Office (CPAO) to operationalize the disbursement process.
This authorization allows the bank to disburse pensions to Central Government employees in Civil Ministries/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 Supreme Court, and All India Service Officers. The scheme also covers pension payments to former Members of Parliament and 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.”
