The Employee`s State Insurance Corporation (ESIC) recently signed an agreement with the State Bank of India (SBI) as part of its efforts to offer better services to its stakeholders. The agreement was signed on June 7, 2021, and was announced by the Ministry of Labour and Employment.
ESIC is a statutory body that provides social security and health insurance to workers in India. It is responsible for implementing the Employees` State Insurance Act of 1948, which is a social welfare scheme aimed at providing financial assistance and healthcare benefits to employees and their families. SBI, on the other hand, is a leading public sector bank in India with a wide network of branches and ATMs across the country.
Under this agreement, SBI will provide e-payment services to ESIC beneficiaries, including employees and pensioners. The bank will also facilitate the disbursement of cash benefits under the ESIC scheme through its network of branches and ATMs. This will ensure timely and hassle-free payment of benefits to the beneficiaries.
This agreement is expected to benefit over 3.5 crore ESIC beneficiaries across the country. It will also help ESIC in its efforts to digitize its services and provide convenient and efficient services to its stakeholders. With SBI`s vast network and expertise in the field of digital payments, the partnership is expected to bring significant benefits to ESIC and its beneficiaries.
The agreement is also in line with the government`s vision of promoting digital payments and financial inclusion in the country. The use of e-payments is expected to reduce the cost of transactions and improve transparency and accountability in the disbursement of benefits under the ESIC scheme.
In conclusion, the agreement between ESIC and SBI is a positive step towards providing better services to ESIC beneficiaries and promoting financial inclusion in the country. The partnership is expected to bring significant benefits to both organizations and contribute to the overall well-being of workers in India.
