Under SPARSH programme, Defense Ministry signs an MoU with BoB and HDFC

Defense Ministry signs an MoU with BoB and HDFC: In order to reach 17 lakh defence pensioners nationwide, Defence Ministry has inked an MoU with BoB and HDFC Bank as part of SPARSH.

Defense Ministry signs an MoU with BoB and HDFC: In order to reach seventeen lakh defence pensioners nationwide, the Defence Ministry has inked an MoU with Bank of Baroda (BoB) and HDFC Bank as part of the SPARSH-System for Pension Administration program. Dr. Ajay Kumar, the secretary of defence, stated that by the end of this month, seventeen lakh of the thirty-two lakh defence pensioners will be added to SPARSH.

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Defense Ministry signs an MoU with BoB and HDFC: Key Points

The remaining retirees under this program will be brought as soon as possible.
The average time for pension settlement has decreased dramatically to just 16 days, according to the Defense Secretary.
According to the Ministry, the MoU would designate more than 14,000 bank branches as Service Centers, providing retirees with an efficient way to request profile updates, make complaints and seek redress, verify pensioner data, and more. In the fiscal year 2021–2022, it was said that the SPARSH project has already enrolled one million seniors and distributed 11,000 600 crore rupees.