7th Pay Commission: SBI releases Rs 3,323 crore for defence pensioners

The State Bank of India on Friday announced that the bank has release arrears worth Rs 3,323.24 crore towards 9.94 lakh defence pensioners under 7th Pay Commission on December 29.

"Rs 4,003 crore has already been released under PCDA (P) Circular No. 568 (delinking of qualifying service of 33 years of revised pension for personnel retired before 01.01.2006) to around 4.60 lakh Defence pensioners on December 16, 2016," Rajnish Kumar, Managing Director of SBI said.

In a press release, the bank said that the arrears have been paid as per the government guidelines to all the eligible defence pensioners. 

Moreover, the release mentioned that the bank has largest share of Central Government pensioners and serve approximately 50% of total defence pensioners across the country.