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RBI Asks Banks to Comply with PPO Instructions
June 15, 2017
The Reserve Bank of India has asked the bank branches to put the PPO number in the passbooks of the pensionaries to prevent problems resulting from lost PPOs. This is in connection to the memorandum issued by the Finance Ministry’s Central Pension Accounting Office in 2014 that directed the bank branches to record the pension payment order (PPO) numbers in the passbooks of the pensionaries.
According to a RBI’s notification, recording PPO numbers in the passbooks will help limit the problems of getting duplicate PPO as reported by pensioners or their families.
