Defence pensioners! The Centre will benefit 32 lakh ex-servicemen.
The MoU will create more than 7,900 branches of Bank of Baroda and 6,300 branches of HDFC Bank across India.
This will help pensioners perform profile updates, register grievances, and provide redress.
The government has taken various actions in the past to help defence pensioners.
This move will benefit around 32 lakh veterans who have already left the military.
The defence secretary said the aim is to have 17 lakh pensioners receiving defence pensions.
Under the State Pension Scheme (SPARSH), transferred over to the scheme by September 2022.
All pensioners who are currently receiving defence pensions will be brought onto the SPARSH scheme as soon as possible.
The average time for annuity settlement has been significantly reduced to about 16 days.
It is important to note that many central government pensioners have difficulty receiving their pensions.
The SPARSH initiative helps resolve grievances between businesses and their customers.