Pensioners accounts not to have more
than 14 transactions in a Year
Reserve Bank Of India
RBI/2015-16/294
DGBA.GAD.No.2278/31.12.010/2015-16
January 21,2016
The
Chairman & Managing Director/
The Chief Executive Officer
All Agency Banks
The Chief Executive Officer
All Agency Banks
Dear
Sir/Madam
Payment of Agency Commission on
pension accounts
As you may be aware, agency banks
are being compensated at Rs.65 per transaction for handling pension
computation, payment and related services on behalf of Central and State
Governments. As per the norms followed by the Government, a pensioner’s
account should not have more than 14 credit transactions in a calendar year attributable
to pension and related arrear payments, if any.
2. It has however come to our notice
that certain banks are apportioning payment of arrears on account of Dearness
Relief (DR) and/or delay in start of pension monthwise, thus, resulting in
inflated agency commission claims. It is reiterated that number of
commisionable transactions for payment of agency commission on account of
pension in a year should not exceed 14. This includes one monthly credit for
payment of net pension and a maximum of two per year for payment of arrears on
account of increase in DR, if applicable.
3. It is also reiterated that cases
involving payment of arrears on account of late start/restart of pension
qualifies as a single transaction for claiming of agency commission. In other
words, any payment of arrears on account of late start/restart of pension
should be effected in a single credit transaction instead of separate monthly
credits.
4. Some of the Central Government
Departments and State Governments prefer to compute the pension figures on
their own and pass them on to banks for payment. Such transactions may be
included under non-pension payments, on which agency commission is payable on a
turnover basis as per the existing norms (currently at 5.5 paise per Rs.
100/-).
Yours faithfully
(Manish Parashar)
Deputy General Manager
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