Central government on Wednesday approved the Indian Banks' Association's (IBA) proposal to increase the family pension to 30 per cent of the last salary drawn, in order to provide relief to families of bank employees.

In an official statement, the Ministry of Finance said that this move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. This was announced by Debasish Panda, Secretary, Department of Financial Services (DFS), Ministry of Finance, at a press meet addressed by Union Finance Minister Nirmala Sitharaman in Mumbai today.