MoU between Ministry of Defence and Bank of Baroda and HDFC Bank for automated pension system.

As a result of this partnership, more than 14,000 bank branches throughout India have joined and will be able to link retirees, particularly those who reside in distant areas, to last-mile services.

The remaining pensioners will be brought to SPARSH as soon as possible, according to Defense Secretary Dr. Ajay Kumar, who stated that the goal is to enroll 17 lakh of the 32 lakh defense retirees in SPARSH by the end of September 2022. Approximately 16 days is now the new average for the length of time it takes to settle a pension, he noted.

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