Bank of Baroda, a government-owned bank, has been designated as a Pension Disbursing Bank in West Bengal under ‘The Employees’ Pension Scheme-1995’ (EPS-1995). This development follows the signing of a Memorandum of Understanding (MoU) between the bank’s Kolkata Zone and the Employees’ Provident Fund Organisation (EPFO), Regional Office, Kolkata.
Benefits for Pensioners
This initiative is set to significantly benefit pensioners across West Bengal by leveraging Bank of Baroda’s extensive network. The bank operates approximately 300 branches and 400 ATMs in the state, providing pensioners with convenient access for monthly pension withdrawals and document submissions.
Focus on Enhanced Services
Speaking on the partnership, Sanjay K. Tiwary, General Manager and Zonal Head, Bank of Baroda, Kolkata Zone, stated:
“Bank of Baroda is recognized for its superior banking services. This association will empower us to provide seamless pension disbursement services. It will especially benefit employees of Central PSUs, State PSUs, municipalities, and industrial establishments in West Bengal.”
Overview of EPS-1995
Krishna Shanker, Regional PF Commissioner, elaborated on the scheme, stating that ‘The Employees’ Pension Scheme-1995’ was introduced by the EPFO on 19th November 1995 as a social security initiative. The scheme aims to ensure financial stability for employees after retirement by providing pension benefits.
This collaboration is expected to enhance convenience for pensioners and strengthen the framework of social security for retired employees in the state.
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