Withdrawal of circulars - on Recovery of excess pension made to pensioners

Last updated: 22 January 2021

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The Reserve Bank of India (RBI) has withdrawn several circulars concerning the recovery of excess pension payments made to pensioners. This decision comes after it was noted that recoveries were not always being conducted in line with existing guidelines and court orders. Agency banks are now instructed to consult with the relevant Pension Sanctioning Authorities for guidance on how to proceed with any such recoveries.

Reserve Bank of India RBI/2020-21/84 DGBA.GBD.No.SUO 546/45.01.001/2020-21 January 21, 2021 The Chairman / Chief Executive Officer All Agency Banks Dear Sir, Withdrawal of circulars on Recovery of excess pension made to pensioners It has been brought to the notice of RBI that the recovery of excess /wrong pension payments from the pensioners are being made in a manner that is not in keeping with the extant guidelines / Court orders. 2. This issue has been examined by RBI

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FAQ :

The RBI has withdrawn these circulars because the recovery of excess pension payments from pensioners was not being conducted in a manner consistent with current guidelines and court orders.

The withdrawn circulars are: DGBA.GAD.No.2960/45.01.001/2015-16 dated March 17, 2016; CO.DGBA (NBS) No.44/GA.64 (11-CVL) 90/91 dated April 18, 1991; and CO DGBA (NBS) No.50/GA.64 (11-CVL) 90/91 dated May 6, 1991.

Agency banks are requested to seek guidance from their respective Pension Sanctioning Authorities regarding the process for recovering excess pension payments.

If an excess pension payment arose from a mistake made by the bank, the bank must refund the excess amount to the Government immediately after detection, without waiting to recover it from the pensioners.

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Notification No : RBI/2020-21/84 DGBA.GBD.No.SUO 546/45.01.001/2020-21
Published in Community & General
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12013&Mode=0

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