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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.