A Memorandum of Agreement has been signed between the Employees’ State Insurance Corporation (ESIC) and SBI today in accordance with which, the SBI would provide e-payment services directly to the bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process. Also Read - Bank Strike: Many Public Sector Banks to Remain Closed Across India on November 26, Here's Why

The SBI would provide e-payment integration with the Enterprise Resource Planning (ERP) processes of ESIC through its Cash Management Product (CMP) e-payment technology platform. Also Read - SBI PO 2020 Recruitment: State Bank of India to Recruit 2000 Probationary Officers, Exam Dates Released

The e-payment integration would affect statutory benefit payments to ESIC beneficiaries as well as other payees on a real-time basis, reducing time lags and delays and at the same time, help to eliminate mistakes and errors caused by repetitive and manual data entries. The new system will benefit all stakeholders of ESIC. The agreement was signed in the presence of Shri Rajkumar, DG, ESIC and Shri Sunil Wadhera, DGM, SBI. Also Read - SBI CBO Exam 2020 Date Released at sbi.co.in, Exam To Be Held on THIS DATE