Sub: Master Circular- Disbursement of Pension by Agency Banks
Ref No: – RBI/2012-13/103 DGBA.GAD.No.H- 4/31.05.001/2012-13
Applicable to : All Agency Banks
The present Master Circular incorporates important issued on the subject up to June 30, 2012
Brief Highlights :
The payment of pension to retired Government employees is governed by the relevant Schemes prepared by concerned Ministries/Departments with the approval of Controller General of Accounts, Ministry of Finance, Government of India or by State Governments and involves payment of basic pension, increased Dearness Relief and other benefits as and when announced by the Governments
Way back in 2004, RBI encouraged State Governments to send the Government Orders relating to Dearness Relief to RBI in electronic format and also hard copy to enable Reserve Bank to host the same on its website.