ESIC joins hands with SBI for direct transfer of benefits

Employees’ State Insurance Corporation (ESIC) and State Bank of India have recently entered into a partnership for direct transfer of benefits electronically into bank accounts of all stakeholders. According to the agreement, SBI will provide e-payment services directly to bank accounts of all ESIC beneficiaries and payees without any manual intervention as an integrated and automated process. ESIC in a statement said that the bank would provide e-payment integration with the enterprise resource planning processes of ESIC through its cash management product epayment technology platform. The e-payment integration would effect statutory benefit payments to ESIC beneficiaries as well as other payees on real time basis, reducing time lags and delays and at the same time, help eliminate mistakes and errors caused by repetitive and manual data entries. The new system will benefit all stakeholders of ESIC.