IDFC FIRST Bank authorised by CPAO for pension disbursement

IDFC FIRST Bank on Wednesday said it has been authorised by the Central Pension Accounting Office (CPAO) to disburse pensions on its behalf.

This allows the bank to disburse pensions to central government pensioners including, All India Service Officers, former Members of Parliament, retired Judges of High Courts and Supreme Court, former Presidents and Vice Presidents of India, and officials of Civil Ministries and Departments (other than Railways, Posts, Telecom and Defence), the lender said in a release.

"Pensioners can now receive their pension directly in their IDFC FIRST Bank savings account," it said.

From a technical point of view, the integration between the CPAO, GoI and IDFC FIRST Bank is complete and is ready for such pension disbursements, IDFC FIRST Bank said.

"We are delighted that the esteemed CPAO, Government of India has authorised our bank to disburse pensions to central government pensioners," said Chinmay Dhoble, Country Head of Retail Liabilities at IDFC FIRST Bank.

Pensioners can also open an IDFC FIRST Bank Savings Account jointly with their spouse to receive pension. In the event of the primary pensioner’s demise, the spouse can continue receiving the family pension in the same account.

The bank has a deposit base of ₹2,27,316 crore and loans and advances of ₹2,31,074 crore.