Govt signs MoU with Bank of Baroda & HDFC Bank to expand reach of SPARSH initiative

Government signs MoU with Bank of Baroda and HDFC Bank to increase reach of Sparsh initiative The Defense Accounts Department (DAD) of the government signed an MoU with Bank of Baroda and HDFC Bank to expand the reach of the SPARSH initiative or the System for Pension Administration (Raksha) (SPARSH) initiative. Controller of Defense Accounts (CDA)-Pension Sham Deo and senior officials of Bank of Baroda and HDFC Bank signed the MoU. Defense Secretary Ajay Kumar, Financial Advisor (Defence Services) Rasika Choubey and Controller General of Defense Accounts (CGDA Avinash Dixit) were also present.

  • More than 7,900 branches of Bank of Baroda and 6,300 branches of HDFC Bank under the MoU will help in providing last mile connectivity to pensioners.
  • The Seva Kendras will act as a touch-to-touch interface for the pensioners and a platform for pensioners to request profile updates, lodge complaints and redress, digital annual identification, pensioner data verification or get detailed information about their monthly pension. will also provide effective means.
  • The initiative aims to touch 17 lakh pensioners out of the total 32 lakh defense pensioners by the end of September 2022.

About Bank of Baroda

Headquarters: Alkapuri, Vadodara
Founded: 20 July 1908, Vadodara
Founder: Sayajirao Gaikwad III

About HDFC Bank –

CEO: Shashidhar Jagadeesan
Owner: Housing Development Finance Corporation
Headquarters: Mumbai
Founded: August 1994, Mumbai

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