Banks to record pension payment order numbers : RBI

 

RBI pays agency commission (also called turnover commission) to the agency banks for the government business handled by them. It was advised by the RBI to all agency banks to record the pension payment order (PPO) numbers on the passbook of pensioners / family pensioners.

The PPO number is aimed at mitigating 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.


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