Disbursement of Government Pension by Agency Banks
The Reserve Bank of India (RBI) has issued a master circular outlining the guidelines for the disbursement of government pensions by agency banks.
The circular provides general instructions for the disbursement of pensions, including the timing of payments, recovery of excess or wrong payments, and refund of excess pension payments to the government.
It also covers specific scenarios, such as:
Withdrawal of pension by old/sick/disabled/incapacitated pensioners: Agency banks are required to provide a convenient and hassle-free experience for such pensioners.
Reimbursement of pension payments: Agency banks must reimburse pension payments to the government in a timely manner.
Continuation of either or survivor pension account after death of pensioner: The circular outlines the procedures for continuing pension payments to the survivor or nominee.
Life Certificate- Issuance of Acknowledgement: Agency banks must issue an acknowledgement to pensioners upon receipt of their life certificate.
Single Window System for reimbursement of Pension Payments: The circular introduces a single window system for the reimbursement of pension payments to the government.
The circular also emphasizes the importance of Customer Service, requiring agency banks to provide efficient and courteous service to pensioners.
Additionally, the circular includes an Annex 1 which provides a checklist for internal/concurrent audits, and an Appendix listing the circulars consolidated for the Master Circular.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks