The Reserve Bank of India (RBI) on Thursday withdrew the previously issued circulars to recover the excess pension given to pensioners by mistake. The central bank withdrew all its three previously issued circulars regarding recovery of surplus pension with immediate effect. In a new circular, it said that the RBI has received information that such methods are being adopted for recovery of surplus / erroneous pension which are not in line with the guidelines and court orders. All three circulars are withdrawn.
The last circular in this regard was issued on 17 March 2016, stating that the surplus amount should be recovered from the amount in the account of the pensioner as soon as the information of excess pension is brought to the notice of the bank. If there is not enough money in the account, the pensioner should be asked to deposit the remaining amount.
If he cannot deposit the lump sum, then the amount should be recovered installment-wise from the pension amount received in future. In the circular issued by RBI, it has been said that for recovery of surplus pension amount, they should get directions from pension giving agency and work accordingly. If the pension has been paid to the pensioner’s account in excess of the bank’s mistake, the bank should immediately return this amount in lump sum. Also Read: Gold Price Today: Gold prices fall; Silver becomes cheaper by Rs. 924 in bullion market, know today’s latest rate
