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Payment of Agency Commission on pension accounts – RBI Circular on 21.1.2016

January 22, 2016 Leave a Comment

Payment of Agency Commission on pension accounts – RBI Circular on 21.1.2016

Reserve Bank Of India

RBI/2015-16/294
DGBA.GAD.No.2278/31.12.2010/2015-16

January 21,2016

The Chairman & Managing Director/
The Chief Executive Officer
All Agency Banks

Dear Sir/Madam

Payment of Agency Commission on pension accounts

As you may be aware, agency banks are being compensated at Rs.65 per transaction for handling pension computation, payment and related services on behalf of Central and State Governments. As per the norms followed by the Government, a pensioner’s account should not have more than 14 credit transactions in a calendar year attributable to pension and related arrear payments, if any.

2. It has however come to our notice that certain banks are apportioning payment of arrears on account of Dearness Relief (DR) and/or delay in start of pension monthwise, thus, resulting in inflated agency commission claims. It is reiterated that number of commisionable transactions for payment of agency commission on account of pension in a year should not exceed 14. This includes one monthly credit for payment of net pension and a maximum of two per year for payment of arrears on account of increase in DR, if applicable.

3. It is also reiterated that cases involving payment of arrears on account of late start/restart of pension qualifies as a single transaction for claiming of agency commission. In other words, any payment of arrears on account of late start/restart of pension should be effected in a single credit transaction instead of separate monthly credits.

4. Some of the Central Government Departments and State Governments prefer to compute the pension figures on their own and pass them on to banks for payment. Such transactions may be included under non-pension payments, on which agency commission is payable on a turnover basis as per the existing norms (currently at 5.5 paise per Rs. 100/-).

Yours faithfully

(Manish Parashar)
Deputy General Manager

Authority: https://rbidocs.rbi.org.in/

Related posts:

  1. Central Pension Disbursement Agency (CPDA) – Disbursement of Pension to Ex-Servicemen
  2. Payment of Arrears of pension to pre-2006 pensioners w.e.f. 01/01/2006 – CPAO Orders on 21.1.2016
  3. Simplification of pension payment procedure-submission of certificates by retiring Armed Forces Personnel along with pension papers
  4. Revision of pension of Pre-2006 pensioners – PCDA Circular on 14-08-2015
  5. Pre-2016 retirees to get enhanced pension, arrears by Aug-end
  6. Amendment to Payment of Wages Act – Only through cheque or accounts transfers – Clarification
  7. CPAO : Automatic Restoration of Commutation of pension and payment of Additional Pension
  8. Banks Penal Charges for Savings Accounts – List of Banks with detail
  9. Reduction of Other ATM Free Transactions from 5 to 3 Per Month
  10. Non transfer of Pension files from banks to other PDAs: PCDA Circular 190 dated on 16.3.2017

Tagged With: Pensioners Issues, RBI, RBI Orders Filed Under: Pension, Pensioners Issue, RBI

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