SBI releases Rs. 1465 Crores to defence pensioners under One Rank One Pension scheme

Mumbai, 14^th March 2016: State Bank of India today announced “Release of Arrears to 7.75 lakhs defence pensioners under One Rank One Pension (OROP)” on 14^th March 2016.

Sharing the details, Smt. Arundhati Bhattacharya Chairman SBI, said that “As per government guidelines, first instalment (i.e.1/4^th of the total arrear amount up to Feb, 2016) to service pensioners and full amount of arrears  to ‘Family Pensioners’ and ‘Gallantry Award’ pensioners will be paid on 14^th March, 2016. All pensioners will get revised basic from March, 2016 onwards.

She further added that SBI has largest share of defence pensioners and serves approx. 50% of total defence pensioners across the country. The first tranche of arrear payment by SBI will be around Rs.1465 crores.

She added that the bank has introduced facilities in all branches/ Centralised Pension Processing Centres (CPPCs) to provide arrear details to the pensioners. Also pensioners are welcome to approach any SBI branch for the purpose.

While the bank has taken utmost care in the computation & release of arrears to maximum number of eligible defence pensioners, there could be cases where the bank has not been able to release OROP arrears due to information gaps in the data available with the bank. All such persons may approach their pension disbursing branch and provide the missing information for an early release of the arrears.

About State Bank of India

State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Company provides Domestic Operations, International Operations and Treasury Operations. SBI group consists of SBI and five associate banks. The group has an extensive network, with over 22000 plus branches in India and over 190 offices in 36 other countries across the world. As of 31st Sept, 2015, the group had assets worth USD 432 billion and capital & reserves in excess of USD 25 billion. The SBI has over 1/5th market share of the Indian banking sector. SBI's non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India's financial icon. The bank has over 16,000 domestic branches, 200 foreign branches and close to 57,000 pan-India ATMs.