EFFECT OF NON ADHERENCE OF PENSION PAYMENT PROCEDURE BY BANKS

.                                        BANK COUNTERS

The effects of non Adherence of pension payment procedures by the Banks have come to light.

This has lead to many over payments and recoveries .

 Now , The PCDA has issued a circular  No.180   in this regards:

Few instances :

1.          Pensioner died, the NOK has informed the Bank, but bank has not acted and the pension was being credited for years accumulating a balance of more than 6 lacs plus.

Bank has  not obtained life certificate in this case. Not bothered to check whether the pensioner was alive or dead.

2.       The Bank was paying  a Basic pension of Rs.80000 instead of Rs.8000/-and no checking , no Auditing. The pensioner was drawing as usual.

3.      Note:  The maximum pension in India  is only Rs.45000/- but the bank has paid above the limit of Rs.80000/- and it is  a very serious negligence..

4.      An Enhanced Rate of family pension is to be paid up to a certain period only. But the bank was paying beyond the period thus  leading to excess payment and then recovery.

Thus putting the poor widows in a financial hardship and mental agony due to sudden Recovery.

5.      And the latest,  non stoppage of Fixed medical allowance  from Defence pensioners in spite of request by veterans to stop paying the FMA.  The bank has given a certificate stating that they have stopped the FMA from such and such month but continue paying the FMA.  And when it is noticed  later, the bank insist the Pensioner to refund the Paid FMA immediately in one lump some .

6.      Dear veteran brothers/ family pensioners, please, it is our duty now to be aware of our own Rate of pension.  Keep in touch with our fellow pensioners  or contact nearby Associations  time to time  and  enquire regarding the Rate of our pension and any other information’s  to avoid the hardship due to Bank’s  Non Adherence of Pension Payment Procedure.