I FERVENTLY APPEAL TO YOU SIRS ! TO PATIENTLY GO THROUGH THE FOLLOWING CONTENT AND COME TO OUR RESCUE- "SOS" MY PREAMBLE; IN FURTHERENCE OF THE SETTLEMENT (SIGNED UNDER THE ID ACT) DATED 29th. OCT.1993 BETWEEN THE BANK MANAGEMENTS REPRESENTED BY “IBA” AND THE UNIONS REPRESENTING THE EMPLOYEES – “PENSION REGULATIONS OF 1995” WERE ADOPTED BY ALL THE BANKS. THESE REGULATIONS WERE FORMULATED ON SIMILAR LINES TO THE ONE PREVAILING IN THE RESERVE BANK OF INDIA. THUS, THESE REGULATIONS FORM PART AND PARCEL OF THE SETTLEMENT SIGNED UNDER THE INDUSTRIAL DISPUTES ACT - A STATUTORY PROVISION. THE PARTIES TO THE ABOVE SETTLEMENT HAVE NO AUTHORITY, WHATSOEVER, TO ALTER / MODIFY THE TERMS / PROVISIONS OF THE SETTLEMENT ALREADY INCORPORATED AS ABOVE, SUBSEQUENTLY AT A LATER DATE. CONTRARY TO THE ABOVE , “IBA” WENT ON ISSUING ITS ADMNISTRATIVE GUIDELINES SUBSEQUENTLY TO ITS MEMBER BANKS OVER RULING THE PROVISIONS OF THE SETTLEMENT MUCH DETRIMENTAL TO THE INTERESTS OF THE PENSIONERS , WHO ARE THE ULTIMATE BENEFICIERIES OF THE PENSION TRUST. You may be aware sir, that ours is a fund based pension scheme with the employees contribution (towards PF) from out of their salaries every month and where as 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 Pension Trust ultimately. PERPETRATED FRAUDS COMMITTED BY THE BANK MANAGMENTS IN THE FOLLOWING AREAS IN GROSS VIOLATION OF THE PENSION REGULATIONS (STATUTORY IN NATURE): - BY NOT REMMITTING THE MANAGEMENTS CONTRIBUTION TO THE PENSION TRUST CORPUS PROMPTLY. - INVESTMENT OF THE PENSION CROPUS IN GROSS VIOLATION OF THE TERMS OF THE SETTLEMENT SIGNED. - LOSS OF INTEREST HAS NOT BEEN COMPENSATED TOWARDS THE PENSION TRUST CORPUS. - UNAUTHORISED TRANSFER OF FUNDS FROM THE PENSION TRUST CORPUS TO P&L ACCOUNTS OF THE BANKS TO COV ER UP THE LOSSES OF THE BANKS. – WINDOW DRESSING THE BALANCE SHEETS . IN SHORT, THE ABOVE, TANT AMOUNTS TO “EMBZLEMENT OF FUNDS” 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 WE ARE HARDHIT BY INFLATION. OUR PENSION & FAMILY PENSION HAS BEEN REMAINED STATIC FOR OVER 15-20 YEARS WITHOUT ANY REVISION INSPITE OF SEVERAL WAGE SETTLEMENTS TOOK PLACE IN THE BANKING INDUSTRY. WE ARE UNABLE TO MAKE OUR “BOTH ENDS MEET” AT THIS FAG END OF OUR LIVES. WE ARE TREATED AS “UNTOUCHABLES” PRACTICALLY -- BOTH BY THE MANAGEMENTS AND THE UNIONS AS WELL. 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 – THERE ARE NO REPRESENTATIVES FROM THE RETIREES ON THE PENSION TRUST BOARDS OF THE BANKS. Our Pension INCLUDING FAMILY 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. WE HAVE BEEN HARD HIT BY INFLATION FOR OVER 20 YEARS.... 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?source_location=minibar 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 Many of our colleagues ALREADY attained their HEAVENLY ABODE. WE STILL REMAIN WAITING FOR OUR TURN TO MEET THEM. ..... “SOS” Eagerly Looking forward to your word and deed of solace your HONOUR !