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RBI authorises Bandhan Bank to disburse pension on behalf of Indian Railways
Railway pension

RBI authorises Bandhan Bank to disburse pension on behalf of Indian Railways

| @indiablooms | 14 Dec 2023, 12:46 am

Kolkata: Private sector lender Bandhan Bank on Wednesday announced that it has been authorised by the Reserve Bank of India (RBI) for the disbursement of pensions through e-PPOs on behalf of the Ministry of Railways.

Indian Railways is the largest employer in the country with an employee strength of nearly 12 lakhs.

The Bank will soon be integrating with the Ministry of Railways to operationalise the pension disbursement process.

This authorisation enables Bandhan Bank to disburse pensions to all employees of the Ministry of Railways who have retired from their service.

This mandate also provides the Bank access to around 50,000 average Indian Railways retirees every year across all offices including 17 zonal railways and 8 production units of Indian Railways.

This will provide the existing as well as new customers of Bandhan Bank an opportunity to avail the world-class banking services, competitive interest rates along with senior citizen privilege provided by the Bank. Pensioners also get access to more than 1640 branches and the digital banking platform of Bandhan Bank.

Head – Government Business Debraj Saha, “Indian Railways is one of the prestigious and largest employers in the country. Authorization to disburse pensions to retired employees of railways provides an opportunity to serve them with the best products and services of the bank.

It also allows retired employees to enjoy the most competitive rates provided by Bandhan Bank.

"This mandate by the Ministry of Finance, Railways and RBI is a testament of the confidence and trust placed by the regulators and government on our bank.

"This new authorisation allows us to play a pivotal role in the efficient disbursement of pensions to Indian Railway's retirees, contributing to their financial well-being during their golden years.

"We are now better equipped to serve retirees in a more streamlined, secure, and prompt manner.”

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