Millennium Post

RBi's gentle reminder to banks: Please obey PPO order

The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost.

The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Processing Centres (CPPCs) and government business departments to instruct their bank branches with pension system to record PPO numbers in all passbooks of pensioners or family pensioners issued by them. This was done to alleviate the difficulties reported by pensioners or their family pensioners to get duplicate PPO, RBI said in a notification on Thursday.

"However, it has been noticed that a few agency banks have not yet implemented the instructions in all their branches. Accordingly all agency banks are therefore advised to record the PPO numbers on the passbook of pensioners/family pensioners," RBI said.
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