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.
General Instructions: Agency banks are required to implement government instructions promptly, including those related to dearness relief (DR) and other pension-related matters.
Pension Disbursement: Agency banks must disburse pensions to pensioners on a timely basis, ensuring that payments are made before the due date.
Refund of Excess Pension: In cases where excess pension has been paid, agency banks must refund the amount to the government promptly.
Special Provisions: Agency banks must facilitate the withdrawal of pension by old, sick, disabled, or incapacitated pensioners, and ensure the continuation of either or survivor pension accounts after the death of a pensioner.
Reimbursement and Life Certificate: Agency banks must reimburse pension payments and issue acknowledgments for life certificates submitted by pensioners.
Single Window System: A single window system must be established for the reimbursement of pension payments, ensuring efficient and hassle-free transactions.
Customer Service: Agency banks must provide excellent customer service to pensioners, addressing their grievances and queries promptly.
Audit and Compliance: Agency banks must conduct regular internal and concurrent audits to ensure compliance with the guidelines outlined in the master circular.
Annexures and Appendices: The master circular includes annexures and appendices that provide additional information and guidelines for agency banks, including a checklist for internal/concurrent audits and a list of consolidated circulars.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks