NEW DELHI: In a landmark move to streamline salary disbursements for government employees, Central Bank of India has signed a Memorandum of Understanding (MoU) with the Employees’ Provident Fund Organisation (EPFO). The agreement will enable EPFO employees across all PAN India offices to receive their salaries through Central Bank of India accounts, along with comprehensive insurance coverage.
The MoU was executed by Mr. Shishram Tundwal, Zonal Head – Delhi of Central Bank of India, and Mr. Brij Mohan Singh, RPFC-I of EPFO, during a formal ceremony attended by senior officials from both organisations.
Key Officials Present During the MoU Signing
The signing ceremony saw the presence of several senior dignitaries, emphasizing the significance of this collaboration:
- Ms. Roli Shukla Malge, FA & CAO of EPFO
- Mr. G. R. Suchindranath, Additional Central PF Commissioner of EPFO
- Mr. A. K. Paliwal, Regional Provident Fund Commissioner-II of EPFO
- Mr. Vikash Purbey, Incharge and Deputy General Manager of Central Bank of India
The participation of top leadership ensured complete administrative alignment from day one and highlighted the strategic importance of this partnership.
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Why This Partnership Was Needed
EPFO manages social security contributions for millions of organized sector employees. Its own staff, spread across numerous offices nationwide, previously relied on multiple banks for salary disbursal, which often caused delays and inconsistencies.
By partnering with Central Bank of India, EPFO now ensures:
- Uniform salary disbursal processes across all offices
- Faster salary crediting and better access to funds
- Seamless banking experience through extensive branch networks and digital platforms
This collaboration simplifies payroll management, improves service delivery, and ensures financial security for EPFO employees.
Impact on EPFO Employees and Operations
The MoU will directly benefit thousands of EPFO employees nationwide. Key advantages include:
- Insurance coverage bundled with salary accounts
- Access to funds from any branch across India
- Digital banking options such as mobile banking and net banking
- Preferential loan rates and special savings schemes
- Streamlined payroll leading to same-day salary disbursal across all offices
The move also strengthens EPFO’s control over salary reconciliation and reduces administrative hurdles caused by coordination with multiple banks.
Benefits for Central Bank of India
For Central Bank of India, this partnership expands its customer base by adding a large number of government employees. It also opens avenues for future government banking mandates, enhancing the bank’s footprint in public sector banking.
About Central Bank of India
Central Bank of India, a leading public sector bank, offers a wide range of financial products and services, including personal and corporate banking, loans, insurance, and digital banking solutions. With a vast branch network across India, the bank plays a crucial role in delivering accessible and secure banking services nationwide.
About EPFO
The Employees’ Provident Fund Organisation (EPFO) is a statutory body under India’s Ministry of Labour and Employment, managing mandatory provident funds, pension schemes (EPS 1995), and insurance (EDLI 1976) for organised sector employees.
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