Kendriya Vidyalaya Sangathan (KVS) and Union Bank of India today entered into an understanding for centralised salary disbursement of KVS employees across the country.
Under the agreement, a comprehensive solution for disbursement of salary to all the 56,000 KVS employees will be offered by the bank through a customised web portal.
The MoU was signed in the presence of Minister of State for HRD D Purandeswari and the bank’s chairman-cum-managing director M V Nair.
Nair said the web portal will carry salary details of all employees of KVS schools and regional offices and ensure "transparency" in the system.
He said the system of salary disbursement developed by the bank for KVS 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.