If you or someone in your family has worked for the Indian Railways and is now retired, this information is important for you.
The Reserve Bank of India (RBI) has given permission to Bandhan Bank to provide pensions to retired railway employees.
Bandhan Bank, a private bank, will soon connect its system with the Railway Ministry to handle the pension distribution process.
With this approval from RBI, the bank will be able to assist approximately 50,000 retired individuals each year from 17 regional offices and eight production units of Railways across the country.
Debraj Saha, Head of Government Business at Bandhan Bank, mentioned that Indian Railways is one of the biggest employers in the country.
This decision will enable pensioners to access competitive rates and other services provided by the bank.
RBI has authorized Bandhan Bank to distribute pensions through e-PPO on behalf of the Railway Ministry, allowing the bank to offer pensions to all former Railway Ministry employees.
Indian Railways employs around 12 lakh people, making it the largest employer in the country.
Bandhan Bank will initiate the pension distribution process in collaboration with the Railway Ministry.
In the quarter ending September, Bandhan Bank’s net profit tripled to Rs 721 crore, a substantial increase of 245 percent compared to Rs 209 crore in the same period last year.
The bank has added about 10 lakh customers in the current quarter, bringing the total number of customers to 3.17 crore.
As of September 30, 2023, the bank operates more than 6200 outlets, including 1621 branches and 4,598 banking units.
