Page 6 - Banking Finance February 2025

BANK UPDATE

The issuance attracted participants any bank branch. The Central Board of
from Asia, Europe, the Middle East, Trustees (CBT) of EPFO has conducted Attention Subscribers
Africa, and the US. pilots to ensure smooth implementa- Please renew your Subscription of The
tion of the Centralized Pension Pay- Insurance Times Journal to receive
BCRC Proposes Reforms ment System (CPPS). copy of the journal uninterruptedly.
for Bank Mitras and CBCs The Ministry of Labour has also simpli- You can now pay by GPAY, Phonepe,
fied criteria for empanelling banks for Paytm, Amazon, ICICI Pay, BHIM UPI
The Business Correspondent Resource
Council (BCRC) has proposed key re- EPF contributions, including agency
forms to enhance the infrastructure and scheduled banks with a collection
and financial stability of Bank Mitras share of 0.2%. The EPFO credited 8.2%
and Corporate Business Correspon- interest for FY24 and increased the
dents (CBCs). Suggestions include in- withdrawal limit for housing, educa-
creased financial support, an infra- tion, marriage, and illness needs.
structure grant fund, and the creation
of an India Business Correspondent Amitava Chatterjee Ap-
Equity Fund (IBCEF).
pointed MD & CEO of J&K
"Such measures will strengthen the
role of CBCs in financial inclusion, par- Bank
ticularly in underserved areas," said J&K Bank has announced Amitava
BCRC CEO D Tripathy. The proposals Chatterjee as its new Managing Direc-
aim to ensure that frontline banking tor and CEO, effective December 30,
workers can access the latest technol- 2024. Chatterjee, currently Deputy
ogy and achieve operational efficiency. Managing Director of SBI, succeeds
Baldev Prakash.
EPFO Simplifies Pension With over three decades of experi-
Withdrawals Across Bank ence, Chatterjee has held key roles,
including MD & CEO of SBI CAPS and
Branches CGM of New Delhi and Jaipur Circles.

Starting January 2025, 77 lakh Employ- His leadership has involved high-value Sashi Publications Easy Payment
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6 | 2025 | FEBRUARY | BANKING FINANCE