Bandhan Bank to disburse civil pension

Kolkata: Private lender Bandhan Bank on Tuesday announced 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) of the Ministry of Finance, for civil pensioners.

The bank will soon be integrating with the office of CPAO to operationalise the disbursement process, it said in a statement.

This said authorisation entitles the bank to disburse pensions 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 the payment of pensions to former Members of Parliament and the payment of pensions 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."