Bandhan Bank to be a service center for Defence ministry SPARSH pension system
The Defence Accounts Department of the Union Ministry of Defence signed a Memorandum of Understanding (MoU) with Bandhan Bank to onboard them as Service Centers under the System for Pension Administration (Raksha) (SPARSH) initiative.
A statement by the Bandhan bank said that under the MoU, Bandhan Bank will provide services to the defence pensioners and their families through its 557 branches.
The service to the defence personnel will be provided under the System for Pension Administration Raksha (SPARSH).
System for Pension Administration (SPARSH)
SPARSH is a web-based system for processing the pension claims and crediting the pension directly into the bank accounts of defence pensioners without any external intermediary.
This system is administered by the Defence Accounts Department through the Principal Controller of Defence Accounts (Pensions), Prayagraj and caters to all the three Services and allied organizations.
The Bandhan Bank started as an NGO and later it was converted into an NBFC -MFI (Micro Financial institution).
It was converted into a private sector bank in 2015.
The Bank’s Headquarters: Kolkata
MD and CEO: Chandra Shekhar Ghosh
Tagline: Aapka Bhala. Sabki Bhalai
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