New Delhi:
Private sector lender Bandhan Bank said on Tuesday 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) for the civil pensioners.
The bank will soon integrate with the office of CPAO, the Ministry of Finance, to operationalize the payout process, according to a press release.
The authorization entitles the bank to pay pensions to central government employees in civil ministries/departments (excluding railways, posts and defence), National Capital Territory of Delhi, Union Territory Administrations without legislature, retired judges of the Supreme Courts and the Supreme Court. Court and all Indian service officers.
This scheme also covers the payment of pensions to former MPs and the payment of pensions and other provisions to former presidents/vice presidents of India, the private sector lender said.
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