Pension recovery gets a fairness check from RBI
Synopsis Government pensioners will now have stronger protection against unexpected deductions from their accounts. The Reserve Bank of India has mandated that banks must inform
Synopsis Government pensioners will now have stronger protection against unexpected deductions from their accounts. The Reserve Bank of India has mandated that banks must inform pensioners and obtain their consent before recovering any excess pension payments. This new directive ensures that individuals are aware and agree to any adjustments, preventing abrupt debits and requiring a written undertaking from pensioners for future recoveries.
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