Govt signs MoU with Bank of Baroda & HDFC Bank to expand reach of SPARSH initiative

Govt signs MoU with Bank of Baroda & HDFC Bank to expand reach of SPARSH initiative – The government’s Defence Accounts Department (DAD) signed a memorandum of understanding with the Bank of Baroda and HDFC Bank to expand the reach of the SPARSH initiative or the System for Pension Administration (Raksha) (SPARSH) initiative. Controller of Defence Accounts (CDA)-Pensions Sham Dev and senior executives of Bank of Baroda and HDFC bank signed the MoU. defence secretary Ajay Kumar, Financial Adviser (Defence Services) Rasika Chaube and Controller General of Defence Accounts (CGDA Avinash Dikshit were also present.

• Over 7,900 branches of Bank of Baroda and 6,300 branches of HDFC Bank will help in providing last-mile connectivity to pensioners under the MoU.
• Service Centres will act as an interface for SPARSH for pensioners and will also provide an effective medium for pensioners to perform profile update requests, register grievances and seek redressal, digital annual identification, pensioner data verification or also simply fetch detailed information regarding their monthly pension.
• The initiative aims to bring 17 lakh pensioners out of the total 32 lakh defence pensioners on SPARSH by the end of September 2022.

About Bank of Baroda –

Headquarters: Alkapuri, Vadodara
Founded: 20 July 1908, Vadodara
Founder: Sayajirao Gaekwad III

About HDFC Bank –

CEO: Sashidhar Jagdishan
Owner: Housing Development Finance Corporation
Headquarters: Mumbai
Founded: August 1994, Mumbai

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