Defence Ministry signs MoU with BoB, HDFC under SPARSH

Defence Ministry signs MoU with BoB, HDFC under SPARSH: The Defence Ministry has signed an MoU with Bank of Baroda and HDFC Bank under the SPARSH (System for Pension Administration).

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Aim: To cover pension of seventeen lakh defence pensioners across the country.

The Defence Secretary, Dr Ajay Kumar has announced that the average time in pension settlement has come down significantly to about 16 days. Till now, the SPARSH initiative has crossed one million pensioners onboard mark and disbursed 11,600 crore rupees in the 2021-22.