Equitas Small Finance Bank signs MoU with Controller General of Defence accounts, Ministry of Defence for being the SPARSH service centre

Equitas is the first small finance bank inducted for the SPARSH programme
Offering services to the defence pensioners and their families aligns with the ethos of the bank – better growth of the society

17 December 2022: Equitas Small Finance Bank Limited, one of the leading SFBs, recently signed a Memorandum of Understanding (MoU) with the Controller General of Defence accounts, Ministry of Defence, Government of India. The MoU will allow Equitas to be a SPARSH (System for Pension Administration (Raksha) service centre to provide data verification for pensioners.

Defence pensioners and their families can avail a few services for the pension account from branches PAN India. Some of the key services include, annual issuing of life certificate (digital or manual), change of bank details for pension account, information of pensioners and the accounts. We also offer the best of interest rates for senior citizens along with the host of other value-added services like insurance benefits (IHO) and attractive reward points program. The defence personnel can walk in and raise service requests without being charged for the same. This makes Equitas the first small finance bank inducted by the government for the SPARSH programme.

Elated on signing the MoU, Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said- “It gives us immense pleasure that Equitas will now be serving the people who served the nation at the forefront. Our ethos of beyond banking and growing together with society are moving a step ahead with this MoU. We thank the Ministry of Defence to give Equitas the opportunity for the SPARSH programme.” In addition to the strong foundation, financials and growth of the bank over the number of years, the social initiatives of Equitas Small Finance Bank created a major impact on the defence department during decision-making.

Shri. Sham Dev, IDAS, Controller, O/o PCDA (Pensions), Prayagraj, Ministry of Defence, Government of India and Shri. Vasudevan Govindarajulu, National Head-Government Business, exchanged the agreement in the presence of Shri. Giridhar Aramane, IAS, Defence Secretary, Government of India and Smt. Rasika Chaube, Financial Advisor (Defence Services). The Ministry of Defence also signed the MoU with five other banks viz. Indian Postal Payment Bank, Union Bank of India, Axis Bank Ltd., ICICI Bank Ltd. and Bandhan Bank.