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.
Pension Payments: Pension payments should be staggered to avoid congestion at bank branches. Excess or wrong payments made to pensioners should be recovered, and refunds should be made to the government.
Special Provisions: Old, sick, disabled, or incapacitated pensioners can withdraw their pensions through a relaxed procedure. Reimbursement of pension payments will be made through a single window system.
Customer Service: Banks should provide excellent customer service to pensioners, including the facility to continue either or survivor pension accounts after the death of the pensioner.
Digital Life Certificate: Pensioners are required to submit a digital life certificate to facilitate timely payment of pensions.
Audit and Compliance: Banks should maintain a checklist for internal and concurrent audits to ensure compliance with government business (pension-related) guidelines.
Annexures and Appendices: The Master Circular includes annexures and appendices that provide additional information and clarify the procedures for disbursement of government pensions.
Chat with the Master Circular:
Download: Master Circular – Disbursement of Government Pension by Agency Banks