Money & Banking

RBI tells banks to record pension payment order numbers

Our Bureau Mumbai | Updated on January 12, 2018 Published on June 08, 2017

The Reserve Bank of India has advised all agency banks to record the pension payment order (PPO) numbers on the passbook of pensioners/family pensioners.

The RBI’s instruction in this regard comes as it has noticed that a few agency banks have not yet implemented the instructions in all their branches.

RBI pays agency commission (also called turnover commission) to the agency banks for the government business handled by them.

The PPO number is aimed at alleviating the difficulties reported by pensioners to get duplicate PPO in case the original going missing, transfer of pension account, and commencement of family pension to spouse or dependent children after the death of the pensioner, among others.

Published on June 08, 2017
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