Context:
IDFC FIRST Bank has been authorised by the Central Pension Accounting Office (CPAO) to disburse pensions to central government pensioners, including:
- All India Service Officers
- Former Members of Parliament
- Retired Judges of High Courts and the Supreme Court
- Former Presidents and Vice Presidents of India
- Officials of Civil Ministries and Departments (excluding Railways, Posts, Telecom, and Defence)
Integration and Technical Readiness
- The integration between CPAO and IDFC FIRST Bank is complete, enabling seamless pension disbursements directly into pensioners’ IDFC FIRST Bank savings accounts.
Joint Account Facility for Family Pension
- Pensioners have the option to open a savings account jointly with their spouse. In the event of the primary pensioner’s demise, the spouse can continue receiving the family pension in the same account.
Financial Snapshot of IDFC FIRST Bank
- Deposit Base: ₹2,27,316 crore
- Loans and Advances: ₹2,31,074 crore
This authorisation positions IDFC FIRST Bank to enhance its services by facilitating pension disbursements for central government pensioners, reflecting its commitment to expanding public sector banking services.
