New Delhi: The Reserve Bank of India has issued a Master Circular regarding the Disbursement of Government Pension by Agency Banks.
In a circular issued earlier this month (April 1), the RBI has said that pension paying banks should compensate the pensioner for delay in crediting pension/ arrears at a fixed interest rate of 8 percent per annum.
RBI said that the circular is followed after several complaints from pensioners alleging inordinate delay in disbursing revised pension and arrears.
“Pension paying banks have been advised to put in place a mechanism to obtain immediately the copies of pension orders from the pension paying authorities directly and make payments without waiting for receipt of instructions from the Reserve Bank of India so that pensioners should get benefits announced by the Governments in the succeeding month’s pension payment itself,” said the RBI circular.
The RBI advised the banks to adhere to the following:
When the agency bank is calculating pension, the branch should continue to be a point of referral for the pensioner lest he/she feels disenfranchised.
All branches having pension accounts should guide and assist the pensioners in all their dealings with the bank.
Suitable arrangements should be made to place the arithmetic and other details about pension calculations on the web, to be made available to the pensioners through the net or at the branches at periodic intervals, as may be deemed necessary and sufficient advertisement is made about such arrangements.
All claims for agency commission by banks in respect of pension payments must be accompanied by a certificate from ED/CGM in charge of government business that there are no pension arrears to be credited/ delays in crediting regular pension/arrears thereof.
All agency banks disbursing pension are advised to provide considerate and sympathetic customer service to the pensioners, especially to those pensioners who are of old age.
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