Finance Ministry's BIG Step For Central Govt Pensioners; Issues THIS Directives To Banks

New Delhi: In a big step towards addressing the grievances of central government employee pensioners, the finance ministry has issued a directive to the banks asking them to credit money by end of every month.

The finance ministry in an office memorandum (OM) has directed banks to ensure timely disbursement of pensions and family pensions.

"Attention is invited to the provisions contained in Scheme for Payment of Pensions to Central Government Civil Pensioners by Authorized Banks’, according to which authorised banks’ Centralized Pension Processing Centers (CPPCs) of authorized anks are to credit the monthly pension/family pension in the account of pensioner/family pensioner by the last working day of the month to which they relate except for the month of March for which it should be credited on the first working day of the succeeding month i.e. April,” said the finance ministry.

The Ministry's OM stated that the delay in credit of pension/family pension is being seen in a serious light by it, warning that any lackluster on the issue might lead to necessary action.

"The delay in credit of pension/family pension has been viewed very seriously. The CPPCs are hereby instructed to ensure that the monthly pension/family pension is credited in the pensioner’s/family pensioner’s account every month as per prescribed timelines. Any delay, in credit of pension/family pension beyond prescribed timelines, will be viewed very seriously and necessary action, as deemed fit, will be taken," it added.

In order to monitor timely disbursement of pension/family pension all Centralized Pension Processing Centers (CPPCs) are instructed to furnish a report regarding the crediting of pensions of the monthly pension electronically invariably by the forenoon  of the last working day each month, said the ministry.