Family Pension Of PSB Employees Hiked To 30% Of Last Pay, Could Go Up To ₹35,000

Mumbai: Finance Minister Nirmala Sitharaman announced the enhancement of the family pension of Public Sector Bank (PSB) employees, allowing pensions of up to ₹30,000-₹35,000.

The cap on pay has been removed and a uniform slab of 30% on pensioner’s last drawn salary will be in force.

FM Sitharaman, who is in Mumbai, met heads of public sector banks (PSBs) today. “We Reviewed the annual performance of Public Sector banks and also the implementation of announcements of various COVID-19 related packages and Aatmanirbhar Bharat package,” FM Nirmala Sitharaman said.

The decision comes after Finance Minister Nirmala Sitharaman’s meeting with heads of public sector banks (PSBs) today reviewed the financial performance of lenders and the progress made by them in supporting the pandemic-hit economy.

The meeting with the MD and CEO of PSBs assumes significance given the importance of the banking sector in generating demand and driving consumption, reported PTI.

Here’s what the Finance Minister said:

1. PSBs have been requested to have interactions with exporters’ bodies to understand their requirements, FM Nirmala Sitharaman.
2. Banks have been requested to work with state governments to push “one district, one export” agenda, said FM Nirmala Sitharaman.
3. FM Sitharaman has also asked banks to extend assistance to the fintech sector.
4. FM Sitharaman said that deposits piling up in states of eastern India, but credit needs to be expanded.
5. Despite the customer requirements during the COVID-19 pandemic, work of amalgamation of banks has not suffered, FM state
6. There will be credit outreach efforts by banks in every district of this country to keep the momentum of stimulus, said FM Sitharaman
7. She further said that she has requested banks to work with state governments to push the ‘one district, one export’ agenda.
8. Further, the Banks have been asked to come up with special plans for northeast states, she said.

Finance Minister is on a two-day visit to Mumbai, where she is undertaking the annual performance review of public sector banks for the financial year 2020-21 today, with the heads of all PSU banks.

Watch the press briefing here: 

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