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 the government’s orders on dearness relief (DR) and other instructions available on the official websites.
Nomination: Pensioners are advised to submit their nominations to ensure seamless transfer of pension to their nominees in the event of their demise.
Special Provisions: Specific guidelines are provided for All India Service officers retiring from the Government of India, credit of pension to joint accounts, and recording of PPO numbers in passbooks.
Pension Payment and Recovery: The circular outlines procedures for staggering pension payments, recovery of excess or wrong payments, and refund of excess pension payments to the government.
Convenience Measures: Agency banks are required to facilitate the withdrawal of pension by old, sick, disabled, or incapacitated pensioners and provide reimbursement of pension payments.
Digital Life Certificate: The circular emphasizes the importance of obtaining digital life certificates from pensioners to ensure uninterrupted pension payments.
Category-wise Pension Payment: Separate guidelines are provided for the payment of central civil pensions, defence pensions, railway pensions, and telecom pensions.
Customer Service and Training: Agency banks are required to provide adequate customer service and training to their staff to ensure efficient pension disbursement.
Annex 1 and Checklist: The circular includes an annexure and a checklist relating to pension payments to ensure compliance with the guidelines.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks