Bandhan Bank has been appointed by Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) for the civil pensioners. The bank will soon be integrating with the office of CPAO, Ministry of Finance, to operationalise the disbursement process.
The 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 payment of pensions to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India.
Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.
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