Our client is the first commercial bank in India. It holds a prominent place among the public sector banks on account of its network of 4659 branches, 1 extension counters along with 10 satellite offices at various centres throughout the length and breadth of the country.
The bank needed a pension payment module for central and state treasury pensioners. It required the module to be implemented at centralised location and statuary / e-scroll reports to be generated from the system for submitting to RBI & various government organizations.
With our expertise in providing state-of-the-art solutions to the banking industry, we delivered pension payment module to the bank with right-fit functionalities. We enabled the bank to enter new PPOs (Pension Payment Order) along with pensioner details, family details, component and other details. Additionally, we equipped the module to accept revisions through the system and calculate arrears or recovery. The module helped the bank to generate reports for RBI submission.
With our implementation of pension payment solution, the bank was able to complete the entire payment process within a short time. We reduced manual calculations by facilitating automated calculation of arrears/recovery through the system.