Disbursement of Government Pension by Agency Banks
The Reserve Bank of India has issued a master circular outlining the guidelines for the disbursement of government pensions by agency banks.
General Instructions: Agency banks are required to implement government instructions promptly, including those related to dearness relief (DR) and other pension-related orders, which are available on government websites.
Pension Disbursement: Agency banks must disburse pensions to pensioners on a timely basis, with a focus on ensuring that payments are made before the due date.
Refund of Excess Pension: In cases where excess pension has been paid, agency banks must refund the amount to the government promptly.
Withdrawal of Pension: Old, sick, disabled, or incapacitated pensioners may withdraw their pensions through a simplified process.
Reimbursement of Pension Payments: Agency banks must reimburse pension payments to the government in a timely manner.
Continuation of Pension Accounts: After the death of a pensioner, either or survivor pension accounts must be continued as per existing rules.
Life Certificate: Pensioners must submit life certificates to agency banks, which will issue an acknowledgement upon receipt.
Single Window System: A single window system has been introduced for the reimbursement of pension payments.
Customer Service: Agency banks must provide excellent customer service to pensioners, including resolving their grievances promptly.
Checklist and Annexures: A checklist for internal/concurrent audits and an appendix listing consolidated circulars are provided for reference.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks