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Number of authorized organizations participating in dispensation of pension and benefits to be increased in Azerbaijan

07 October 2011 09:22 (UTC +04:00)

According top Central Bank of Azerbaijan, CBA 1st deputy chairman Alim Guliyev noted the reforms in pension system, issues arising from increase of pensions and benefits are on the focus of attention.

It was noted that, dispensation of pensions and benefits are conducted by the banks authorized by State Social Protection Fund. Dispensation of pensions and benefits are conducted by IBA in Baku and Sumgayit, Kapital Bank in regions. As of September 1, IBA operates 622 ATMS (354 in Baku, 268 - regions) and Kapital Bank operates 416 ATMs (108 in Baku, 308 in regions).

Representations of both banks noted that, they had established treasury junctions to eliminate the lacks in dispensation of pensions and benefits and provide the ATMS with cash more operatively, in the separate areas by the support of CBA. At the same time, the communicational channels are distributed for GSM channels and this supports to construct new ATMs.
It was offered to apply modern technologies - â€œSMS informatizationâ€, during delivering of pension and benefits to population. Thus, the conducted controls show that in most cases the reason of long queue is connected with controlling of balances at the ATMs during giving of pension and benefits. It was noted that the application of this service allows informing the pensioners about the transfer of funds from the account of the payment card.

Director General of the Central Bank Agshin Valiyev said that the CBA established its activity on the basis of â€œclean money in circulationâ€ policy and has enough cash money reserve for providence of both the economy and pensioners.

At the end of the meeting, the Central bank tasked correspondent banks to take appropriate steps in this direction.

Besides, State Social Protection Fund of Azerbaijan was recommended to apply SMS informatization service among the pensioners in order to eliminate the occurrence of queue in front of the ATMs during the dispensation of pensions and benefits , as well as to create opportunity for dispensation of pension and benefits by slippery schedule on regions and cities. At the same time, it was noticed that the number of correspondent banks, involved in dispensation process of pension, grants and benefits should be increased and the pensioners should be given free-choice in this process.