Millennium Post

Banks must issue life certificate receipts to pensioners: RBI

Reserve Bank on Thursday directed banks to mandatorily issue a duly signed acknowledgement to pensioners upon receiving life certificate from them. RBI said it was receiving complaints from central and state government pensioners and their associations that they were being deprived of regular payment of pension as the banks misplaced their life certificates.

“In order to alleviate the hardships faced by pensioners on this account, all agency banks handling government pension payments may, henceforth, issue a duly signed acknowledgement to pensioners on receipt of the life certificate submitted in physical form,” RBI said in a notification addressed to the Chairman/Chief Executive Officer of all agency banks. Further, it said banks may also enter the details of life certificate in their CBS immediately on receipt and issue a system generated receipt to pensioners. 

As per RBI guidelines, all pensioners are required to furnish a life certificate to the 

pension disbursing bank every year in November for continuance of their pension. This certificate can be submitted at any branch of the pension paying bank. 

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