Bandhan Bank authorised by RBI for disbursing civil pension

Private sector lender Bandhan Bank has been designated by the Reserve Bank of India (RBI) as an authorised pension disbursement bank for civil pensioners on behalf of the Central Pension Accounting Office (CPAO). The bank will collaborate with the CPAO and the Ministry of Finance to implement the pension disbursement process. This authorisation allows Bandhan Bank to distribute pensions to central government employees in civil ministries and departments, excluding railways, posts, and defence.

Scheme beneficiaries

The scheme beneficiaries also include retired judges of high courts and the Supreme Court, All India Service Officers, former Members of Parliament, as well as former Presidents and Vice Presidents of India. This step aligns with the bank's role in facilitating pension payments for various categories of individuals and institutions.

"This scheme also covers the payment of pensions to former Members of Parliament and the payment of pensions and other amenities to former Presidents and Vice Presidents of India," the private sector lender said. 

(With PTI Inputs)