Pension/ Family Pension updated for RBI Pensioners

Pension updated

M/o Finance by their letter dated 21st June 2023 have updated the Pension of RBI Pensioners who retired prior to 1st November,2017 (CPI =4440) with a multiplication factor of 1.63, from 12th June 23 on the undernoted terms and conditions:

Updated Pension – factor

a) Notional increase of 10% in pension plus Dearness Relief for pre-1.11.2017 retirees, which shall result in an overall increase in basic pension by a factor of 1.63.
b) Actual benefits shall be payable only with effect from 12.6.2023.
c) No arrears of pension/ family pension shall be payable for the period prior to 12.6.2023.
For any future revision of pension/ family pension, prior approval of the Central Government would be required, both on quantum of revision as well as on the terms and conditions governing such revision.

Family Pension criteria

Approval of the Central Government for fixing Rs. 20,000/- as the income criteria for deciding dependency for payment of family pension to the eligible dependents, from the date of amendments in the relevant clauses of the RBI Pension Regulations, 1990.

Copies of published Gazette Notification to be laid in the Parliament.

Bank’s circular in this regard will be issued shortly and members will be informed accordingly.

AIRBIOPF is delighted to express heartfelt gratitude to all those who have contributed to the approval of our long pending demand of pension updation. This is a historic achievement for the RBI pensioners who have been waiting for this relief for some years. We hope that this will pave the way for a dignified and comfortable life for the RBI Pensioners who have served the organization with dedication and integrity.

AIRBIOPF expresses gratitude to Finance Minister for approving the long pending demand of RBI Pensioners/Family Pensioners. We are also thankful to the Governor RBI for impressing upon the Ministry the need for approval and expediting it. We appreciate the efforts made by CO HRMD, Working Staff Associations’ and Retirees’ associations and all those individuals and organizations involved in follow up and moving the case.

Congratulations to all pensioners !

And Thanks to the members for their support and cooperation.