Bandhan Bank, a prominent private financial institution, revealed on Tuesday that it has been selected by the Reserve Bank of India (RBI) to serve as an authorized bank for disbursing pensions on behalf of the Central Pension Accounting Office (CPAO) under the Ministry of Finance. This responsibility pertains to the civil pensioners’ category.
According to an official statement, the bank will be actively collaborating with the CPAO’s office to establish the operational framework for seamless pension disbursements.
The aforementioned authorization empowers Bandhan Bank to undertake the distribution of pension payments to personnel affiliated with the central government’s civil ministries and departments (excluding railways, postal services, and defense), the National Capital Territory of Delhi, Union Territory administrations without legislatures, retired judges of High Courts and the Supreme Court, as well as All India Service Officers.
