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

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

Sharing the details, Smt. Arundhati Bhattacharya Chairman SBI, said that “As per government guidelines, first instalment (i.e.1/4th 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 14th 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.