sparsh pension in time

SPARSH Pension is being Credited within Scheduled Time : Detailed Process Here

Defence pensioners are still waiting for Pension ?  Yes the monthly pension for the month of March 2024 is yet to be credited.  Its a natural phenomena that the pay and pension for the month of March is always paid in the First Week of April.

However, since the implication of the SPARSH Pension system, it has been noticed that the Pension of the Defence pensioners are used to pay on the last day of the month.  A msg received on your mobile phone and an email also regarding the amount of pension and the expected date on which the pension for the month of March will be paid by Team SPARSH.

According to the msg received as mentioned below your pension will be credited on 01 April 2024.  The content of the msg was as under 

So, you may expect that the pension will be credited to your pension bank account by the end of the day. Banks are open today, 01 April 2024 and they are working their internal function and no public dealing is allowed there. 

The patent of Pension and salary of Govt offices are done through NEFT – Batch processing on Banks Server and it takes time to release the amount to the large number of the beneficiaries.  As on date approx 32 lakh Defence Pensioners are getting pension through the SPARSH and all are to be paid their pension.  So, it is understood that it will take time to credit the amount to each and every pensioner as and when your turn comes in this batch processing system.

To understand the process you may read the detailed process of the payment from the Govt fund to Pensioners is done.

Mechanism of NEFT settlements through an illustration can be better understood. Suppose Dept A wants to transfer Salary / pension from the consolidated account  of the department held with the bank XYZ to the pensioners who have an account with Bank PQR . Here is how the NEFT settlement process works.

Step 1: Initiation

Dept A  initiated the NEFT transfer through  XYZ Bank’s Net Banking platform .   The Dept will provide the necessary information, including the transfer amount, the beneficiary’s bank name (in this case – PQR Bank), branch name, account number, the Indian Financial System Code (IFSC code) of the PQR  Bank branch and the beneficiary’s contact number.

Step 2: Batch Processing

NEFT settlements take place in half-hourly batches throughout the day. Once you have initiated the transaction, it takes up to 30 minutes for your transaction to be included in the next available batch based on the time you initiated the transfer.

Step 3: Batch Submission

XYZ Bank submits the batch containing the NEFT transaction to the Reserve Bank of India (RBI). The batch also comprises multiple transactions from different customers.

Step 4: RBI Processing

The RBI receives the batch from XYZ Bank and processes it after verifying the submitted details of each transaction, including the beneficiary’s bank and account information. It then transfers the funds from the XYZ Bank account to the PQR Bank accounts of all the beneficiaries.

Step 5: Confirmation

Once the fund transfer is successfully completed, the sender and beneficiary receive a confirmation notification from their respective banks stating that the funds have been transferred.

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