SBI inks pact with ESIC for direct transfer of benefits

04 Sep 2019

State Bank of India (SBI) has inked pact with Employees' State Insurance Corporation (ESIC) for direct transfer of benefits electronically into bank accounts of all stakeholders.

The bank would provide e-payment integration with the enterprise resource planning processes of ESIC through its cash management product e-payment technology platform. The e-payment integration would effect statutory benefit payments to ESIC beneficiaries as well as other payees on real time basis, reducing time lags and delays and at the same time, help eliminate mistakes and errors caused by repetitive and manual data entries.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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