A recent press report said that Kendriya Vidyalaya Sangathan (KVS) and Union Bank of India,India’s largest state-owned banks, have signed a Memorandum of Understanding (MoU) for salary disbursement of KVS employees across the country.
According to the agreement, the bank has accepted to offer inclusive solution for disbursement of salary to all the 56,000 KVS employees a customised web portal. The Memorandum of Understanding was signed in the presence of Minister of State for HRD D Purandeswari and the bank’s chairman-cum-managing director Nair.
Mr. Nair, Chairman and Managing Director of the bank, said that the web portal will carry salary details of all employees of KVS schools and regional offices and ensure transparency in the system. He added saying that the system developed by the bank for the salary disbursement of KVS is competent in handling features such as fee collection and management of schools funds, scholarship disbursement and management of funds under any grants and aid program.
Union Bank of India has more than 600 branches and a network of more than 1,100 ATMs. Its standard contributions include checking and savings accounts, credit and debit cards, and home loan, education loan, and business loans.