M/o Finance, DFS, by their letter dated 26th June, 2020 have allowed CPF optees in RBI to exercise the option of switching over from CPF to the pension scheme within such period to be specified by RBI.
The following category of CPF optees may now switch over to Pension Scheme as regulated under Reserve Bank of India Pension Regulations.1990 (“Pension Regulations”).
a) Employees in service who continue to be subscribers/contributors to the CPF scheme,
b) Employees who were in the RBI’s service, and who subsequently retired as subscribers /contributors to the CPF scheme,
c) Eligible family members of persons, who were in RBI’s service and who expired subsequently (while in service or after retirement).

The switch over to Pension scheme , in case of category a) optees is subject to transfer of their CPF with accrued interest for credit to the pension fund.

Others shall have to refund the amount of CPF (including non-refundable withdrawal, if any) with accrued interest together with simple interest as decided by RBI from the date of receipt till the date of refund to RBI for credit to the pension fund.

The administrative circular is likely to be issued by RBI soon.

In the present circumstances this is, no doubt, a great achievement.

AIRBIOPF congratulates the optees for continuing their ceaseless efforts to achieve the desired goal and thank the GOI, M/o finance , for acceding to the long pending request.

We also express our deepest and sincere thanks to all organisations in RBI. And special thanks to those who made vigorous and determined attempts in convincing the Ministry about the need of approving the request and seeking help using good offices when required.