RBI asks banks to pay 8% interest for delay in crediting pensions - Moneylife

RBI asks banks to pay 8% interest for delay in crediting pensions - Moneylife

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This move is a comfort for pensioners. The principle should be further extended with appropriate modifications in respect of various other categories of depositors and savers. Some banks have an ‘auto renewal’ facility for Fixed Deposits kept with them. Now that the country is moving aggressively towards financial inclusion and everyone having something to do with money will have a bank account, even before AADHAAR, it should be the aim to link any financial transaction to a bank account. Any payment, as and when it becomes due should get credited to the bank account of the client, if s/he has provided details of bank account. Delay in credit after due date and normal reasonable administrative delay (say, seven working days), should entitle the beneficiary to receive interest at rates comparable with those paid on long term savings. 
 M G WARRIER

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