The Central Pension Accounting Office (CPAO) has authorized IDFC FIRST Bank to make pension payments on behalf of the government. The bank is now able to make pension payments to central government pensioners including All India Service Officers, former Members of Parliament, retired High Court and Supreme Court judges and former Presidents and Vice Presidents of India.
The bank said that pensioners can now get their pension credited to their IDFC FIRST Bank savings account. The technical integration between CPAO, the Government of India and IDFC FIRST Bank has been completed, making the bank ready for pension disbursement operations.
The authorization by CPAO demonstrates the bank’s dedication to providing pensioners with easy financial solutions according to Chinmay Dhoble who serves as Country Head of Retail Liabilities at IDFC FIRST Bank.
The pensioner has the ability to establish a joint savings account with their spouse for maintaining uninterrupted pension payments. The family pension will go to the spouse after the primary pensioner passes away through the same account.
The bank maintains a deposit base of ₹2,27,316 crore and total loans and advances of ₹2,31,074 crore while it continues to develop its financial services for government pensioners.
