MoD Signed MoUs with 4 Banks To Onboard Them As ‘SPARSH’ Service Centres

Current Context: The Defence Accounts Department (DAD) of the MoD signed Memoranda of Understanding (MoUs) with four banks: Bank of India, Canara Bank, Central Bank of India, and Utkarsh Small Finance Bank.

• These banks are being onboarded as SPARSH (System for Pension Administration (Raksha) Service Centres across 1,128 branches in the country.
• These service centres will assist pensioners with services like profile updates, grievance registration, and digital identification.
• The access to these centres will be provided free of cost, with nominal service charges being borne by the DAD.
• With these MoUs, SPARSH services would now be available at over 26,000 branches of a total of 15 banks across the country.
• The MoUs were signed on June 5, 2024.
• The signing ceremony took place in New Delhi.

Question:

1 What is the purpose of onboarding banks as SPARSH Service Centres?

• A) To offer loans to pensioners
• B) To assist pensioners with services like profile updates, grievance registration, and digital identification
• C) To provide investment advice to pensioners
• D) To conduct training sessions for pensioners

Answer: B) These service centres will assist pensioners with services like profile updates, grievance registration, and digital identification.