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.
Nomination: Pensioners are advised to submit their nominations to ensure seamless transfer of pension to their nominees in the event of their demise.
Pension Account Management: Agency banks must credit pension to joint accounts, record PPO numbers in passbooks, and update PPOs for changes in pension amounts.
Pension Payment and Recovery: Banks must issue pension slips, stagger pension payments, and recover excess or wrong payments made to pensioners. Refunds of excess pension payments must be made to the government.
Special Provisions: Old, sick, disabled, or incapacitated pensioners can withdraw their pensions through a simplified process. Reimbursement of pension payments will be made through a single window system.
Defence and Railway Pensioners: Specific guidelines are provided for the payment of pensions to defence and railway pensioners.
Customer Service and Training: Agency banks must provide adequate customer service and training to their staff to ensure smooth pension disbursement.
Digital Life Certificate: Pensioners are required to submit digital life certificates to facilitate timely pension payments.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks