FIGURES SPEAK BY THEMSELVES.......... ----------------------------------------------------------------------------------------------------------- Pension Fund details (Ammount in Rs.Crores) All Public Sector Banks ( as on 31.03.2014 ------------------------------------------------------------------------------------------------------------------ Closing balance 1,58,782.61 Contributions received during the year 7,789.27 Income from investments 11,919.89 Actuarial gains 7,624.79 Total Accretions during he year 27,333.95 Pay out of benefits 9,998.06 Percentage of Pay out 36.57% ------------------------------------------------------------------------------------------------------------------ "Pension Funds of banks are abounding in resources and banks can pay three to four times the present pension to all retirees without any pinch on their profits and without the government having to make any budgetary allocation for it The money held in trust is mismanaged by banks in the process of denying due pension with up-dation as provided in regulation 56 of Pension Regulations. The Pension Fund need not service employees who are recruited after 01.04.2010 who are governed by PFRDA Scheme and a rapidly growing Pension Fund is meaningless. As the fraud and embezzlement has taken place during the tenure of the previous governments, the current government can win over the millions of victims who will ever be grateful to the present government if the anomalies are rectified. The process will also help the Finance Minister and other concerned Ministers to act with probity and carry out their oath of office by doing away with the step-motherly treated meted out retired bankers. " (Author of the content: Sri C N Venugopalan -Former Director, State Bank of Travancore and Ex-Manager, Union Bank of India) who in fact , made a valiant effort for the cause of the Bank Pensioners/Retirees)