ESIC ties up with SBI for DBT facility

Employees' State Insurance Corporation has partnered with State Bank of India for direct transfer of benefits electronically into bank accounts of all stakeholders.

As per an agreement signed between the two on Tuesday, SBI will provide e-payment services directly to bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process, an ESIC statement said.

According to the statement, the bank would provide e-payment integration with the enterprise resource planning processes of ESIC through its cash management product e-payment technology platform.

The e-payment integration would effect 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 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 Rajkumar, Director General, ESIC and Sunil Wadhera, Deputy General Manager, SBI.