Master Circular – Disbursement of Pension by Agency Banks
The Reserve Bank of India (RBI) has issued a master circular regarding the disbursement of pension to government pensioners through agency banks.
The circular consolidates the existing guidelines and instructions related to the payment of pension to central and state government pensioners.
Key points:
Hosting of Government Orders: State governments are required to host government orders on dearness relief (DR) and other pension-related matters on their websites.
Payment of Pension to Central Government Pensioners: Public sector banks have been instructed to minimize delays in paying DR to pensioners. The practice of forwarding government orders through RBI has been discontinued.
Acceptance of Nomination: Agency banks are required to accept nominations in forms ‘A’ and ‘B’ for central civil and railway pensioners.
The circular aims to streamline the pension payment process and reduce delays in the disbursement of pension to government pensioners.
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Download: Master Circular – Disbursement of Pension by Agency Banks