SBI introduce centralizing pension payment work through its CBS

The largest public sector bank State Bank of India is taking initiatives to provide improved customer service to its customers. Bank under its Business Process Re-engineering Project, took one more step forward by centralizing pension payment work through its Core Banking Solutions (CBS).

Bank has setup fully computerized Centralized Pension Processing Centers in each of the 14 LHO Centers of the Bank, to extend standardized and timely pension payment. About 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 soon will be brought under this domain.

Shri K. Sitaramam, Dy Managing Director & Group Executive (NBG) informed that, with this initiative of the bank pensioners will get very important benefits are. Under this pension will be accurately credited to their account on a common date across the country.

Basic difficulties in the decentralized process have been overcome therefore the receipt of revised instructions from the Government on account of D.A revision etc. and the communication 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 have been assured that the amount paid will be correct and uniform across the country.

As per Govt. directives, one time submission of life certificate in November each year would require a visit to their branch. But for pension, the pensioners are not required to come to the branches for withdrawing their monthly pension. They can 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 will now be able to change their pension branch in a quicker and simpler manner. Pensioners who are keen to avail the benefits of the centralized pension processing can do so by approaching a nearby CBS branch of the Bank to open their account.