BY COURIOUR/POST -------------------------- MY FERVENT APPEAL "SOS" Honorable Sir, At the outset, It’s my pleasure to introduce myself as D. Srinivasa Murti (s/o late Devulapalli Subrahmanya Sastri ) aged about 69 years, retired as Manager (Middle Management) from Syndicate Bank - one of the premiere Banking Institutions in the Public Sector . It is the only bank that took its birth in a remote rural village way back, in 1925. I feel proud to be identified as its retired employee with about 30 years of active service since 1972 (Emp.No.127259) till my retirement in 2001 Our Pension has been remained static for over 15-20 long years. We are thus, hard hit by inflation and consequently have been deprived of a decent and dignified living in the society at this fag end of our lives. To avoid repetition, I annex my appeal addressed to SHRI NARENDRA MODIJI, the Hon'ble Prime Minister ,Govt. of India, as detailed out in the following links, which will throw enough light as to the pathetic plight of the senior most bank retirees. TRANSPARENCY IN THE MANAGEMENT OF PENSION CORPUS: You may be aware sir, that ours is a fund based pension scheme with the employees contribution from out of their salaries every month as also the matching contributions from the employers towards the Pension Corpus which is supposed to be invested in the approved Government Securities to make it self-sufficient for smooth servicing of the scheme as envisaged by the settlement signed under the ID Act . The responsibility of managing/servicing the pension corpus is vested in the hands of the respective boards of trustees formed by the concerned banks who are to take the best interest of the beneficiaries of the Trust. But I am apprehensive of the following: * Are bank managements crediting their matching contributions towards the Pension corpus on monthly basis as is being deducted from the serving employees...?(while disbursing their monthly salaries? – ) * Whether the Investments of pension corpus have been in conformity with the terms of the pension settlement as originally signed under the ID Act? * Whether the interest loss to the Pension Funds for retirees due to the amortisation of Pension cost of banks over 5 years in the IXth BPS, is made good ? else, Is it not an act of -- misappropriation at the corporate level ? (embezzlement of funds) – THOUGH IT BEARS THE POST RATIFICATION BY THE RBI? Supposing, the same were to be indulged by any erring employee, for his/her Misconduct in a stray /isolated instance, he/she would have been sacked from the service mercilessly as per the service conditions !-- Even for a paltry amount of involvement for that matter ! That being the case , Can the representatives of the unions on the respective pension trust boards plead for their “estoppels” from being guilty on par with the managements on the above logic? SIR, ONLY A THOROUGH INVESTIGATION ON THE ABOVE LINES BY AN ACCREDITED INSTITUTION LIKE "CAG" ALONE WILL BE ABLE TO BRING THE TRUTH TO THE SURFACE IN THE INTEREST OF THE INNOCENT RETIREES LIKE US, AS THE BENEFICIARIES OF THE PENSION TRUST . AUDITORS CONCERNED SHOULD ALSO BE MADE ACCOUNTABLE Sir , We are at loss to understand as to how our funds are being managed by the trustees "Behind our back" without even an iota of our knowledge . Hence my request for "CAG" inquiry. Notwithstanding the above, even the available resources in the Pension corpus can easily pay three to four times the present pension to all retirees without any pinch on their profits and without warranting the Government to make any additional budgetary allocation for it . Hon'ble Sir, Our Pension Corpus funds are mismanaged by the bank managements in gross violation of the terms of the Pension Trust , as originally signed under the ID Act. Sir, I invite your kind attention to the contents in the following links which will throw enough light with facts and figures, manifesting my above apprehensions beyond doubt: https://www.change.org/p/hon-ble-prime-minister-of-india-sri-narendra-modi-plight-of-the-bank-retirees-urgency-to-constitute-banking-pay-commission/u/20581433 https://www.change.org/p/hon-ble-prime-minister-of-india-sri-narendra-modi-plight-of-the-bank-retirees-urgency-to-constitute-banking-pay-commission/u/20673112 https://www.change.org/p/hon-ble-prime-minister-of-india-sri-narendra-modi-plight-of-the-bank-retirees-urgency-to-constitute-banking-pay-commission/u/20581433 The recent episode of Punjab National Bank is a live example of swindling away the funds from their employees’ pension corpus in blatant violation of the norms of the pension settlement signed under the ID Act. The relevant details are dwelt at length, with facts and figures in the following links: https://www.change.org/p/hon-ble-prime-minister-of-india-sri-narendra-modi-plight-of-the-bank-retirees-urgency-to-constitute-banking-pay-commission/u/20673112 https://drive.google.com/file/d/0Bwlxk5JrNIM1U1Vydk05dnd3TEE/view Hon'ble Sir, can anyone guarantee that rest of the public sector banks have not resorted to similar type of illegal way of swindling away the funds from the staff pension corpus to wipe out their losses? and its unabated recurrence? It’s indeed! a grave and dangerous situation concerning the Bank retirees as the ultimate beneficiaries of the Trust. Hon’ble Sir, I feel privileged, if you can carve out some of your valuable time out of your tight busy schedule, for making my pleadings to you in person– if need be! I therefore, volunteered to place our grievances and seek your kind intervention and come to our rescue With Greetings and Regards and eagerly looking forward to a word and deed of solace from you Sir ! - "SOS" I Remain, Sir, sd/- (D. S. Murti ) Vijayawada 521108 :July 03, 2017. _______________________________________________________________ D S MURTI; 3-23 (GF:1) "RAGAMALIKA RESIDENCY"; PLOT#37 SRI RAMA CO.OP.HOUSING SOCIETY LAYOUT, NEAR CHINMAYA DHYANA MANDIRAM; RAMAVARAPPADU (PO); VIJAYAWADA 521108; 0866-2843298; 9989318300 devulapallimurti@gmail.com __________________________________________________________________