MUMBAI, INDIA | NOVEMBER 26, 2024-Tata Consultancy Services (TCS) has broadened the scope of collaboration with SPARSH (System for Pension Administration – Raksha) – the digital pension solution launched for defense personnel in India – by three more years.
The scheme in its present form has more than 30 lakh pension beneficiaries and ensures the efficiency of disbursements in the most transparent manner.
Since its commencement in 2020, SPARSH has practically halved the average processing time of a pension application from 12 – 18 months to just 14 days.
Initial pension disbursements now have a turnaround time of five to seven working days. For payment, TCS reduced the processing time for the One Rank One Pension (OROP) scheme from six months to two weeks, which resulted in 1.8 million retirees being served in a record time of 15 days.
SPARSH has assisted the Indian government in reducing costs by a whopping ₹250 crore per year after the consolidation of its platforms, operational desktops, and channels for digitized records, all the way back from the year of 1914.
Besides, TCS is also looking into the feasibility of reverse payment systems for managing overpayments.
According to Girish Ramachandran, President of Growth Markets and Public Services at TCS told the audience,
“SPARSH is a demonstration of our commitment that technology can improve society, in this case by ensuring that pensioners have access to reliable, quick and clear services and by providing a new standard for the delivery of public service’’.
The record brings together more than 50 organizations and 2,302 offices while paying more than 2.82 lakh crore rupees in pensions.
TCS is considered a great pension systems changer, with positive experiences in the UK’s National Employment Savings Trust and Irish pension schemes.
Tej Paul Bhatla, SVP and Business Head, Public Services – India, further noted,
“This partnership symbolizes TCS’s ethos of contributing towards nation-building, so that the nation’s defenders get service, but this time, powered with the latest technology.”
The further relationship only helps to cement TCS’s enormous importance in Indian digital transformation, powering key services such as RTGS, NEFT, and the passport issuance service.
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