Skip to main content

Don't deny pension for want of Aadhaar: EPFO to banks

By
Don't deny pension for want of Aadhaar: EPFO to banks
The circular also said people who do not have Aadhaar should be encouraged to get it
The Employees’ Provident Fund Organisation (EPFO) has asked banks to not deny monthly pension to people for want of Aadhaar cards or biometric authentication. Instead, they can use other documents such as life certificates.The April 9 circular from the EPFO said people should not be denied their pension if biometric identification — fingerprint or iris scans — fails. An entry mentioning the cause should be made in an exception register.
The circular also said people who do not have Aadhaar should be encouraged to get it, and till they do so, a life certificate could be accepted as an alternative.“The register will contain the details of exceptions granted, along with the life certificate, the Aadhaar number or the Aadhaar enrolment number. This can be reviewed and audited periodically by senior management of the bank,” the circular said
The EPFO said agreements it signed with banks for disbursement of pension laid down their duties, including collection of necessary certificates from pensioners in November every year.Since 2016, life certificates were being obtained digitally as Jeevan Pramaan. Submission of Jeevan Pramaan was facilitated through the Umang application on mobiles.
“Some complaints have been received from pensioners who are being turned away …for want of Aadhaar or …authentication. Because of this, pensioners are not able to get and submit Jeevan Pramaan,” the circular said.it added, “Banks should also make special arrangement for the bed-ridden, differently-abled, or senior citizens who are unable to visit the Aadhaar-enrolment centres.”
“After due verification through alternate identification documents as deemed necessary by the bank, pensions may be disbursed,” it said.
The Business Standard, New Delhi, 11th April 2018

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more