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RBI withdraws circulars on recovering excess payments made to pensioners

Pensioners had complained that the 'recovery of excess /wrong pension payments' was being done in violation of guidelines and court orders

Governor Shaktikanta Das has pledged to stay accommodative well into 2021 as he tries to dig the economy out of an unprecedented technical recession
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If the entire amount of over payment cannot be adjusted from the account, the pensioner would be asked to pay forthwith the balance amount of over payment

Anup Roy Mumbai
The Reserve Bank of India (RBI) on Thursday withdrew three circulars on recovery of excess payments made to pensioners, saying the documents didn’t follow guidelines and court orders. 

In a circular issued on March 17, 2016, the RBI had said as soon as the excess payment made to a pensioner comes to the notice of the paying branch, “the branch should adjust the same against the amount standing to the credit of the pensioner’s account to the extent possible including lumpsum (sic) arrears payment.” 

If the entire amount of over payment cannot be adjusted from the account, the pensioner would be asked

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First Published: Jan 21 2021 | 6:01 PM IST

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