The Employees` State Insurance Corporation (ESIC) recently signed an agreement with the State Bank of India (SBI) to help streamline the process of disbursing benefits to ESIC beneficiaries.
Under the terms of the agreement, SBI will provide electronic payment services to ESIC beneficiaries, including those who receive regular cash benefits, such as sickness and disability benefits, as well as those who receive medical benefits.
The agreement is expected to benefit over 2 crore ESIC beneficiaries across the country and will help reduce the time and effort required to disburse benefits. This will enhance the overall efficiency of the ESIC system and improve the lives of millions of workers who rely on ESIC benefits.
The ESIC is a statutory body established by the Central government to provide health and social security benefits to workers in India. It is responsible for the implementation of the Employees` State Insurance Act, 1948, which provides for comprehensive social security coverage to workers in the organized sector.
The SBI is India`s largest bank with a vast network of branches and ATMs across the country. The bank offers a wide range of financial services, including electronic payment services, to individuals and businesses.
The agreement between ESIC and SBI is a significant step towards digitalization and automation of government services in India. It will help to improve the efficiency and transparency of the ESIC system, which will ultimately benefit the workers and their families.
The use of electronic payment systems will eliminate the need for physical checks and reduce the time required for the disbursement of benefits. The system will also help to minimize the risk of fraud and error, which can often occur with manual processes.
Overall, the agreement between ESIC and SBI is a positive development for the welfare of workers in India. It represents a forward-thinking approach towards modernizing government services and utilizing technology to improve the lives of citizens.