Bandhan Bank has received authorization from the Reserve Bank of India (RBI) to disburse pensions through e-PPOs on behalf of the Ministry of Railways.
The bank plans to integrate with the Ministry of Railways to facilitate the pension disbursement process. This approval allows Bandhan Bank to distribute pensions to retired employees of the Ministry of Railways, serving around 50,000 Indian Railways retirees annually across offices, including 17 zonal railways and 8 production units.
Existing and new customers of Bandhan Bank will have access to competitive interest rates, senior citizen privileges, and the bank’s extensive branch network and digital banking platform.
Debraj Saha, Head of Government Business at Bandhan Bank, sees this authorization as an opportunity to provide retired railway employees with the bank’s best products and services at competitive rates. Indian Railways, the largest employer in the country, has a workforce of nearly 12 lakhs.
