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Penal interest of 8% to be paid by Banks on delayed payment of Pension/Pension arrears-RBI Circular dated 13-04-2012

RBI Circular dated 13-04-2012 regarding 8% penal interest as penalty on delayed credit of pension/revised pension/arrears.
RESERVE BANK OF INDIA 
www.rbi.org.in

DGBA.GAD.No. H-6760 / 45.01.001 /2011-12

April 13, 2012

1. The Chairman / Managing Director
Associate Banks of SBI
2. The Chairman and Managing Director
All Nationalised Banks and ID81 Bank Ltd.
3. The Managing Director
ICICI Bank Ltd., Axis Bank Ltd., HDFC Bank Ltd.

Dear Sir

Pension payments to Central / State Government pensioners by Agency banks – Compensation for delay

Please refer to our circular DGBA.GAD.No.H-6212 / 45.01.011 / 2010-11 dated March 11, 2011, on the captioned subject, wherein we had advised the agency banks that all the pensioners, including non-State resident pensioners, would be compensated for delay in credit of pension / revised pension / arrears, for the delayed period beyond the due date at the “Bank Rate plus two per cent” penal interest.

2. Recently. the Bank Rate, which was kept unchanged at 6 per cent since April 2003, has been aligned with Marginal Standing Facility (MSF) rate and currently stands at 9.5 %. Henceforth, whenever there is an adjustment to the MSF rate, the Reserve Bank will consider and align the Bank Rate with the revised MSF rate.
3. It has now been decided todelink the penal interest levied for delayed credit of pension / revised pension / arrears, from the Bank Rate plus two per cent, and charge a fixed interest rate of 8 per cent on such delays. This rate will be subject to review by RBI as considered appropriate.

4. You may please issue suitable instructions to your concerned Regional Offices / branches authorized to disburse pension, accordingly.

5. Please acknowledge receipt.

Yours faithfully,
sd/-
(CG. Biswal)
Deputy General Manager
delay+pension+payment+penalty+rbi+circular

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COMMENTS

WORDPRESS: 3
  • binoy roy 11 years ago

    To the respected sir

    I am B.k.Roy ex sgt of indian air force ex207923.

    CERTIFIED OF DISCHARGE SAY THAT IS MY RANK

    (CPL/A/SGT/P.)

    my date of birth 13-6- 1932,date of enrolment

    in the I A F 17/12/1951, date of discharge

    31-01-1968, i am qualifying service 16year,

    166 day.my no- PPO NO-S/9825/1968.

    sir,idon't know my clear pension per month, i will

    withdraw my difarent

    pension every months, from allahabad bank, branch of rajnagar.branch code-950.a/c no-22414332/3-8

    BANK ADDRESS,VILL+PO-RAJNAGAR,P.S-DASPUR,DIST-MEDINIPUR(WEST),PIN-721211,WEST BENGAL

    pls sir i want know my clear pension.

    i want know my basic pension and current da

    pls sir help me.

    LAST WITHDRAL AMOUNT MONTH OF JULY 2013-Rs-10,600.
    I WANT KNOW THAT IS MY CORRECT PENSOIN OR INCORECT PLS SIR HELP ME.

    thank you ex207923 sgt benoy kumar roy.
    BINOY KR ROY

    ex207923

    RANK-(CPL/A/SGT/P.)

    DOB-13/06/1932

    DOE-17/12/1951

    DOR-31/01/1968

    TOTAL SERVICE PERIOD-16Y-1M-14DAY

    PPO NO-S/9825/1968

    PAYING BANK NAME-allahabad bank

    A/C no-22414332/3-8

    branch of rajnagar.

    branch code-950.

    BANK ADDRESS,
    VILL+PO-RAJNAGAR,
    P.S-DASPUR,
    DIST-MEDINIPUR(WEST),
    PIN-721211,
    WEST BENGAL

    MY ADDRESS
    EX.SGT-BINOY KR ROY

    vill+po-harirampur

    p.s-daspur

    dist-paschim medinipur

    pin code-721211,

    WEST BENGAL.

    phone-09735729806

    mail- [email protected]
    thanking you

    ex-sgt b.k.roy
    ex207923

  • Abdul Jabbar 11 years ago

    Dear Sir/Madame,This is A bdul Jabbar Kazi an Exserviceman from corps of EME Indian Army.Though i was in Gp B and being served for 14 years and discharged on )3 April 1987,i am getting minimum pension of Rs.3500 Basic which is not correct,From SUVIGYA calculator i confirmed that my pension should be Rs.4590 Basic w.e.f.sept 2012.I sent my grievance to central grievance cell & to cppc State bank of India,but there is no action.Can any one tell me where to approach for getting correct pension and the disability pension which is stoped from 1996.