On Sep. 4, IND LAB approved centralized pension payment system.
IND LAB approved new centralized pension payment system (CPPS), this new system will enable pension disbursement across any bank or branch in India.
Document dated Sep. 4, 2024, received from IND LAB Sep. 6, summarized on Sep. 9.
New System
Pension payments will be disbursed uniformly without the need for transferring pension payment orders between offices, simplifying process for pensioners relocating banks.
The next phase will include transitioning to Aadhaar-based payment system (ABPS).
Effectiveness
The CPPS will be a part of the IT modernization initiative, launching on Jan. 1, 2025.
