In exercise of the powers conferred by clause j of sub section 2, read with sub section 3, of section 58 of the Reserve Bank of India Act

7034 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 754] NEW DELHI , WEDNES DAY , NOVEMBER 8, 2023/ KARTIKA 17, 1945 CG-MH-E-08112023-249959 (1) (2) (3) 1.11.2002 की क) 1.1.86 से 31.10.87* 1.5 2.06 3.63 ख) 1.11.87 से 31.10.92* ग)1.11.92 से 31.10.97* 206) =₹ 363) - 1.38 =₹ 138) 2.44 =₹ 244) =₹ 176) RESERVE BANK OF INDIA (Central Office ) (HUMAN RESOURCE MANAGEMENT DEPARTMENT) NOTIFICATION Mumbai , the 31st October , 2023 No. CO. HRMD No. S9781 / 21.01.000 / 2023 -24.—In exercise of the powers conferred by clause (j) of sub - section (2), read with sub -section (3), of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board, with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Reserve Bank of India Pension Regulations, 1990, namely: - 1. Short title and commencement. - (1) These regulations may be called the Reserve Bank of India Pension (Amendment) Regulations, 2023. (2) Except as otherwise provided, they shal l come into force on the date of their publication in the Official Gazette. 2. In the Reserve Bank of India Pension Regulations, 1990 (hereinafter referred to as the said regulations), in regulation 2, in sub -regulation 8, for clause (b), the following claus es shall be substituted, namely: - “(b) son or daughter (including widowed or divorced daughter) till he or she attains the age of twenty -five years or upto the date of his or her marriage or re -marriage or till the date from which he or she starts earning a sum as decided by the Bank with the approval of the Central Government from time to time, whichever is earlier; and also includes a son/ daughter adopted legally before retirement as well as a posthumous child; (c) parents who were wholly dependent on the employee when he or she was alive, provided that the deceased employee had left behind neither a widow or widower, nor a child and that the earning of the parents per month is not more than the sum as decided by the Bank with the approval of the Centra l Government from time to time.”. 3. In regulation 3 of the said regulations, in sub -regulation (1), after the figures and words “1st November 1990”, the words and figures “and before 1st January, 2012” shall be inserted. 4. In regulation 6 of the said regulations , in sub -regulation (1), in clause (b), for the figures “3,500/ -”, the figures “9,000/ -” shall be substituted. 5. In regulation 7 of the said regulations, for the figures “3,500/ -” the figures “9,000/ -” shall be substituted. 6. In regulation 25 of the said regulations, s ub-regulations (2) and (3) shall be omitted; 7. In regulation 27 of the said regulations, in sub -regulation (2), for the figures “3,500/ -”, the figures “9,000/ -” shall be substituted. 8. In regu lation 28 of the said regulations, for the figures “3,500/ -”, the figures “9,000/ -” shall be substituted. 9. In regulation 32 of the said regulations, - (a) in sub -regulation (3), - (i) for the figures “65”, the figures “67” shall be subs tituted; (ii) the following proviso shall be inserted, namely: - “Provided that in case the employee died before 22nd May, 1998, the family pension at this higher rate shall be payable for a period of 7 years or till the deceased employee would have attained the age of 65 years had he survived, whichever is less.”; (b) in sub -regulation (4), - (i) for the figures “65”, the figures “67” shall be substituted;. (ii) the following proviso shall be inserted, namely: - “Provided that in case the employee died before 22nd May, 1998, the family pension at this higher rate shall be payable for a period of 7 years or till the deceased employee would have attained the age of 65 years had he survived, whichever is less.”. (c) for sub -regulation (5), the following sub -regulation shall be substituted, namely: - “ (5) With effect from 1st March, 2019, the ordinary rate of family pension shall be 30% of pay uniformly, subject to a minimum of Rs. 9,000/ - per mon th and a maximum of 30% of the highest pay per month in the Bank. Explanation In the case of a part -time employee, the minimum and maximum amount of family pension shall be in proportion to the rate of wages applicable.”; (d) in sub -regulation (6), for clauses (b) and (c), the following clauses shall be substituted, namely: - “(b) in case of a son, until he attains the age of twenty -five years or until he gets married or until he starts earning a sum as decided by the Bank with the approval of the Central Government from time to time, whichever is earlier; (c) in case of an unmarried daughter, until she attains age of twenty - five years or until she gets married or until she starts earning a sum as decided by the Bank with the approval of the Central Government from time to time, whichever is earlier; (d) in the case of a widowed or divorced daughter, until she attains the age of twenty -five years or until she re -marries or unti l she starts earning a sum as decided by the Bank with the approval of the Central Government from time to time, whichever is earlier; (e) in the case of dependent parents, upto the date of death.”; (e) in sub -regulation (7), after clause (c), the following clause shall be inserted, namely; - “(d) Family pension shall become payable to any one of the eligible dependent parents.”. 10. After regulation 32 of the said regulatio ns, the following regulation shall be inserted, namely: - “33. Basic pension of pensioners With effect from 1st March 2019, retired on or before 31st October, 2012 is notionally increased at the rate of 10% in pension plus dearness allo wance with each of the three wage revisions effected in 2002, 2007 and 2012, as mentioned in the table below, namely: - TABLE Sl. No. Category of retirees Multiplication factor for notional fixation of revised pension over existing basic pension (1) (2) (3) As on 1.11.2002 As on 1.11.2007 As on 1.11.2012 (A) (B) (C) 1. Pre 1.11.2002 retirees a) 1.1.86 to 31.10.87* b) 1.11.87 to 31.10.92* c) 1.11.92 to 31.10.97* d) Pensioners retiring from 1.11.97 to 31.10.02 (* Pensioners whose pension has been updated in terms of Court’s order) (e.g. existing basic pension=₹100) 1.5 (Revised Pension=₹150) 2.06 (Revised Pension=₹206) 3.63 (Revised Pension= ₹363) 2. Retirees from 1.11.02 to 31.10.07 (existing basic pension=₹100) - 1.38 (Revised Pension=₹138) 2.44 (Revised Pension=₹244) 3. Retirees from 1.11.07 to 31.10.12 (existing basic pension=₹100) - - 1.76 (Revised Pension=₹176) Note: Actual benefits shall be payable from 1st March, 2019, without payment of arrears for the period falling before this date. By Order of the Central Board, (At Meeting held on September 01, 2023 - Agenda No.8) AJAY KUMAR , Executive Director [ADVT. -III/4/Exty./ 534/2023 -24] Note: The principal regulations were published in the Gazatte of India, Part III, Section 4 vide Notification No. 1, dated 23rd March, 1991 and subsequently amended vide the following notifications, namely: - (i) No.4, dated the 7th February, 1992; (ii) No.5, dated the 4th June, 1996; (iii) No.6, dated the 12th December, 1996; (iv) No. HRMD CO No. 3809/21.01/2012 -2013, dated the 7th D ecember 2012; (v) No. Co. HRMD No. 6563/21.01/2017 -18, dated the 28th August, 2017. 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