SCPC: Pension Arrears Delayed By Banks

Dear sir,
I share the views of your readers and your concern regarding the delay caused by all Public Sector banks in disbursing the Pension arrears. While the individual pensioner's loss may not be considerable due to this delay, Banks/ Govt stand to benefit a lot by delaying this payment.
A small calculation
Let's assume SBI, Mumbai region has about 10000 Lt col Pensioners with an average arrears due as Rs 1 Lac. That is a conservative assumption, i guess. By delaying this payment even for a month, there is Rs 10000 x 1 lac= Rs 100 crores in the kitty which @ a nominal 8% interest fetches Rs 66 Lac per month. If we include arrears due to PBOR and other officers ranks which remain unpaid and consider it at all India Level, the amount gained by the banks by this unethical practice of delaying payment shall be phenomenal. No wonder the banks don't respond and with the kind of governance we have, the pensioners woes are only multiplying.
The solution for this lies probably in getting a firm directions issued to all the banks that should there be a delay in credit of arrears beyond a reasonable period (say 1 month from the date of promulgation of govt orders), the banks should pay a penal interest of say 12% on the uncredited arrears for the period of delay. This will make the banks scramble for fast clearance and credit of dues to Pensioner's accounts, and the pensioners can relax knowing that should there be a delay at all in getting their dues, there is a decent interest coming alongwith it. Of course, we do have some thick skinned banks who will still not respond, but at least the pensioners interests are protected through courts.
This suggestion may be considered for what it is worth.
Regards,
Col Rajaraman (Retd)
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