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Defence Ministry to payout Rs 51,000-crore pension

News:

  • The Defence Ministry is implementing a plan to credit Rs 51,000 crore worth of pensions directly into the accounts of ex-servicemen.
  • The MoD has sanctioned a new policy to directly send money to pensioners through the Real Time Gross Settlement (RTGS) process.
  • Initial estimates by the Controller General of Defence Accounts (CGDA) indicate that an annual saving of over Rs 180 crore will be effected through this change by cutting out the 32 banks, that were earlier the distribution agency for pensions.
  • If all pensioners are brought under the centralised PDA system where MoD will credit pension in pensioners Bank accounts through NEFT/RTGS, saving of Rs 180 cr could be achieved.
  • Pensioners just need to indicate a joint bank account of their choice along with their Aadhar number.

Source: ET

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