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RBI Authorises Bandhan Bank for Disbursing Civil Pension

Published on August 31, 2023
Current Context: The RBI appointed Bandhan Bank as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO), Ministry of Finance, for civil pensioners.
RBI Authorises Bandhan Bank for Disbursing Civil Pension
  • The bank will soon be integrating with the office of the CPAO 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

Question:

Q.1 Which bank was appointed by the RBI as an authorised pension disbursement bank on behalf of the CPAO?
a. HDFC Bank
b. Bandhan Bank
c. ICICI Bank
d. Axis Bank
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