The Reserve Bank of India has decided to withdraw three circulars issued by its Department of Government and Bank Accounts (DGBA) concerning the recovery of excess / wrong pension paid by agency banks with an immediate effect.

 

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In its notification, the central bank spoke about the three of its circulars issued (two of which were issued in 1991, and one in 2016) under its signature stand withdrawn. It requested the agency banks (banks authorized to conduct government business in various States) to seek guidance from their respective pension sanctioning authorities regarding the process to be followed for recovery of excess pension paid to the pensioners. The RBI advised the Agency banks that, in case the excess pension payment has arisen on account of mistakes committed by the bank, then the amount paid in excess should be refunded to the Government in lump sum shortly after the detection, without waiting for recovery of any amount from the pensioners.

In its notification, the RBI spoke about the fact being brought to its notice, in which the recovery of excess / wrong pension payments from the pensioners was being made in a manner that is not in keeping with the extant guidelines /court orders.

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