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RBI Approved Bank Family Pension

The Indian Bank Association (IBA) has approached RBI for the amortisation of the increased expenditure resulting from the revision in family pension for employees of its member banks covered under the 11th Bipartite Settlement and Joint Note dated November 11, 2020.

The Reserve Bank of India (RBI) has permitted banks to amortise the additional liability on account of revision in family pension over five years beginning 2021-22. Banks have to amortise at least 1/5 th of liability per year . The family pension of employees of banks was revised as part of the 11th Bipartite Settlement and Joint Note dated November 11, 2020.
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