The Employees' State Insurance Corporation (ESIC) and the State Bank of India (SBI) on Tuesday signed a memorandum of understanding to provide electronic payment services for ESIC beneficiaries.
The payments will be made directly to bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process.
SBI will provide e-payment integration with the enterprise resource planning processes of ESIC through its cash management product e-payment technology platform, according to an official statement.
The e-payment integration will affect statutory benefit payments to ESIC beneficiaries as well as other payees on the real-time basis, reducing time lags and delays. At the same time, it will help to eliminate mistakes and errors caused by repetitive and manual data entries.
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