SBI sets up centralised pension processing centers

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