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UBI, KVS ties up for centralised salary disbursement
 

Apr 26, 2011

Government-run Union Bank of India (UBI) and Kendriya Vidyalaya Sangathan (KVS) entered into an understanding for centralised salary disbursement of KVS employees across the country. Under the agreement, the bank through its customised web portal will offer a comprehensive solution for disbursement of salary to all the 56,000 KVS employees.

The Memorandum of Understanding (MoU) was signed in the presence of Minister of State for HRD D Purandeswari and UBI. The web portal will ensure transparency in the system and will carry salary details of all employees of KVS schools and regional offices.

The system of salary disbursement developed by the bank for KVS also will be capable of handling various other features like fee collection and management of schools funds, scholarship disbursement and management of funds under any grants and aid programme.

Last month, Securities and Exchange Board of India (SEBI) had issued certificate of registration to the subsidiary of Union Bank of India - Union KBC Mutual Fund. SEBI had also granted their approval to the subsidiary of the Bank 'Union KBC Asset Management Company' to act as the Asset Management Company to Union KBC Mutual Fund.

 
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