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 follow government orders on dearness relief (DR) and other instructions available on official websites.
Pension Disbursement: Agency banks must disburse pensions to pensioners on the last day of the month, ensuring timely payment.
Refund of Excess Pension: In case of excess pension payment, agency banks must refund the amount to the government.
Withdrawal of Pension: Old, sick, disabled, or incapacitated pensioners can withdraw their pension through a authorized person or through a power of attorney.
Reimbursement of Pension Payments: Agency banks must reimburse pension payments to the government on a timely basis.
Continuation of Pension Account: In the event of a pensioner’s death, the either-or-survivor pension account must be continued.
Life Certificate: Agency banks must issue an acknowledgement for life certificates submitted by pensioners.
Single Window System: A single window system must be established for the reimbursement of pension payments.
Customer Service: Agency banks must provide excellent customer service to pensioners, ensuring their grievances are addressed promptly.
Checklist and Annexures: A checklist for internal/concurrent audit and annexures containing a list of consolidated circulars are provided for reference.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks (Updated as on May 17, 2021)