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 matters.
Pension Disbursement: Agency banks must disburse pensions to pensioners on a timely basis, with a focus on ensuring that pensioners receive their payments without delay.
Refund of Excess Pension: In cases where excess pension has been paid, agency banks must refund the excess amount to the government.
Special Provisions: The circular outlines special provisions for old, sick, disabled, or incapacitated pensioners, including the withdrawal of pension and reimbursement of pension payments.
Life Certificate: Agency banks must issue an acknowledgement upon receipt of a life certificate from a pensioner.
Single Window System: A single window system has been introduced for the reimbursement of pension payments, ensuring a streamlined process.
Customer Service: Agency banks are expected to provide excellent customer service to pensioners, addressing their grievances and concerns in a timely manner.
Internal Audit: A checklist has been provided for internal/concurrent audits to ensure compliance with government business (pension-related) guidelines.
Appendix: The circular includes a list of consolidated circulars and a checklist for agency banks to ensure adherence to the guidelines.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks