India's RBI issues pension-disbursement directions for agency banks
→Agency banks must update government-pension servicing controls immediately
Change
India's RBI issued pension-disbursement directions for agency banks authorised to handle Central and State government pensions.
Why it matters
Agency banks must implement government pension orders without waiting for further RBI instructions. They must maintain life-certificate acknowledgements, grievance controls, pension-slip processes and delay-compensation mechanisms.
Implications
- → Agency-bank pension operations teams must update branch and CPPC procedures immediately under the new RBI directions.
- → Agency-bank customer-service teams must issue life-certificate acknowledgements and maintain pensioner grievance controls.
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Source
View on RBI