look news india
The Reserve Bank of India (RBI) periodically releases new guidelines in the interests of banks and their customers. In this sequence, now RBI has taken an important decision in the interest of pensioners, which will give relief to millions of retired employees across the country.
The RBI has clarified that if banks delay pension payment, they will have to pay 8 percent annual interest to pensioners. This rule will apply to all central and state employees who deserve pension.
What is RBI’s new rule?
- Pension is a permanent and regular source of financial assistance like salary.
- If the pension is not deposited by any bank on the scheduled date, then that bank will have to pay interest at the rate of 8% per annum.
- This instruction is clearly mentioned in the Master Circular of RBI.
Pensioners will not have to take any action to get interest
- According to RBI, this compensation will be automatically deposited in pensioners’ account.
- For this, pensioners do not need to make any claim or application.
- If the bank delays, it will have to deposit interest along with the pension amount itself.
Instructions to banks: Strictly follow the rules
- RBI has given strict instructions to all banks to ensure these rules.
- RBI has also said that bank should prioritize timely payment on time and do not wait for separate instructions from the Reserve Bank.
- Banks will also have the responsibility to provide better service to customers.
Transparency in banking system will increase
- This decision of RBI will not only provide relief to pensioners, but will also increase transparency and accountability in the banking system.
- This step will ensure the protection of the rights of retired employees.
- Timely pension to the elderly will strengthen their financial condition and they will not have to face any inconvenience.
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