State Bank of India, under its Business Process Re-engineering Project, has now taken one more step forward by centralizing pension payment work thereby leveraging its Core Banking Solutions
To provide further improved customer service to its customers, the State Bank of India , under its Business Process Re-engineering Project, has now taken one more step forward by centralizing pension payment work thereby leveraging its Core Banking Solutions. Fully computerized Centralised Pension Processing Centers have been set up in each of the 14 LHO Centers of the Bank, to extend standardized and timely pension payment. Twenty two lakh pension accounts handled by over 6800 branches spread across the country have already been covered under this initiative, and the remaining CBS branches are also being brought under this ambit very shortly.
Shri K. Sitaramam, Dy Managing Director & Group Executive (NBG) informed that, with this initiative, very significant benefits are now available to pensioners. Pension is accurately credited to their account on a common date across the country. Difficulties inherent in the decentralized process have been overcome – thus the receipt of revised instructions from the Government on account of D.A revision etc. and the transmission to all branches including in far flung areas is no longer required. The amended rules are very quickly taken care of at the central level. The pensioners also have the assurance that the amount paid is correct and uniform across the country. In terms of Govt. directives, one time submission of life certificate in November each year would require a visit to their branch. At all other times, the pensioners need not come to the branches for withdrawing their monthly pension. They can instead withdraw money any time- anywhere (24X7) through over 8500 ATMs of State Bank free of cost or even know / transact through Internet Banking. Pension payment slips and details of pension paid will continue to be given by the Pensioner’s branch.
Shri Sitaramam added that the Central Govt. pensioners under Central Civil and Defence category can now change their pension branch in a quicker and simpler manner. Pensioners desirous of availing the benefits of the centralized pension processing can do so by approaching a nearby CBS branch of the Bank to open their account.
Sourced From: Adfactors Public Relations Pvt Ltd
SBI stock price
On December 19, 2014, State Bank of India closed at Rs 304.25, down Rs 2.8, or 0.91 percent. The 52-week high of the share was Rs 2977.85 and the 52-week low was Rs 287.20.
The company's trailing 12-month (TTM) EPS was at Rs 15.70 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 19.38. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.92.
READ MORE ON State Bank of India, Business Process Re-engineering Project, LHO Centers , pension, K. Sitaramam
Set email alert for
ADS BY GOOGLE
video of the day
Rupee weakness modest, see yields at 7.60% in Q1: Deutsche