Agency banks are being compensated at
Rs. 65 per transaction for handling pension computation, payment and related
services. As per norms, a pensioner’s account should not have more than 14
credit transactions in a calendar year (one monthly credit for payment of net
pension and a maximum of two per year for payment of arrears on account of
increase in DR, if applicable.).
It is also reiterated that cases
involving payment of arrears on account of late start/restart of pension
qualifies as a single transaction for claiming of agency commission.
Some of the Central Government
Departments and State Governments prefer to compute the pension figures on
their own and pass them on to banks for payment.Such transactions may be
included under non-pension payments, on which agency commission is payable on a
turnover basis as per the existing norms (currently at 5.5 paise per Rs.
100/-).
Based on RBI Circular dt 21/01/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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