ESIC Signs an Agreement with SBI for Payments to ESIC Beneficiaries on Real Time Basis

A Memorandum of Agreement has been signed between the Employees' State Insurance Corporation (ESIC) and SBI today in accordance with which, the SBI would provide e-payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process.  The SBI would provide e-payment integration with the Enterprise Resource Planning (ERP) processes of ESIC through its Cash Management Product (CMP) e-payment technology platform.

The e-payment integration would affect statutory benefit payments to ESIC beneficiaries as well as other payees on real time basis, reducing time lags and delays and at the same time, help to eliminate mistakes and errors caused by repetitive and manual data entries. The new system will benefit all stakeholders of ESIC. The agreement was signed in the presence of Shri Rajkumar, DG, ESIC and Shri Sunil Wadhera, DGM, SBI.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.