Bandhan Bank has been appointed as an authorized pension disbursement bank by the Reserve Bank of India (RBI) for civil pensioners. The bank will integrate with the Central Pension Accounting Office (CPAO) to operationalize 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, “We thank the regulators for placing their trust in us with this all-important mandate.”
