Moneycontrol
Mar 02, 2016 09:19 AM IST | Source: PTI

RBI working on e-pension ecosystem

"There are huge issues relating to pension payments. So how do we create an ecosystem where pension payments are really efficient and effective. Whether you can have an ecosystem for a national platform for pension which will be e-pension," he said here at the Civil Accounts Day.

RBI working on e-pension ecosystem

RBI said it is working on an e-pension ecosystem which among other things would also help in resolving issues concerning "ghost pensions".


RBI Deputy Governor H R Khan said that pension payment is one area which needs reforms and is currently receiving the attention of the central bank.


E-pension system, he said, will also help in moving towards "less cash society".


"There are huge issues relating to pension payments. So how do we create an ecosystem where pension payments are really efficient and effective. Whether you can have an ecosystem for a national platform for pension which will be e-pension," he said here at the Civil Accounts Day.


He said just like the EMI calculators for housing loan, "we can have a pension calculator. Because if the systems are in place, there is no need for a whole host of structure to be built around that and you have plenty of disgruntlement of pension has not been correctly calculated and there has been ghost pension and that area also needs reforms".


"We are working on that and hopefully going forward that will be one area which will receive attention," he added.


There are about 55 lakh central government pensioners.

EPFO has 49 lakh pensioners under the Employees Pension Scheme run by it.

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