BANKS SHOULD COMPENSATE THE PENSIONER FOR THE DELAY
RBI is receiving several complaints from the pensioners alleging inordinate delay in disbursing the revised pension and arrears.
The position was reviewed by RBI and Customer Service Department. They have issued instructions to the agency banks as under:-
“Pension paying banks should compensate the pensioners for the delay if any in crediting the pension/arrears thereof by paying compensation at Bank Rate Plus 2% Penal Interest for the delay after the due date automatically without waiting for any claim from them.”
This is applicable to all delayed pension payment made since October, 2008.
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