My Dear Friends, It was PNB and now one more bank is also jointed - viz: Oriental Bank of Commerce. Many more skeletons may fall out from the cupboards of other banks too - if peeped into. Can RBI's long silence be taken as its tacit approval of the allegations now being made by the fraternity of Bank Pensioners ???.... A Million Dollar Question !! wish to share with you, The following true extract of the communication dtd. 28 08 2017 addressed to Shri Urjitt Patel, Hon'ble Governor, Reserve Bank of India by one of our colleagues from the fraternity of Bank Retirees - viz: Shri M.S. Sidhu #1509 Sector 11D Chandigarh-160011 Mobile :9876101509 contents of which are self-explicit. My hearty congratulations to Sri M.S.Sidhu for his initiative for the cause of the fraternity of bank retirees. He stands as a source of inspiration to many of us to follow him. My hearty congratulations to Sri M.S.Sidhu for his initiative for the cause of the fraternity of bank retirees. He stands as a source of inspiration to many of us to follow suit, so as to create "ripples in the power circles" QUOTE: Dear Sir, Banks in collaboration with Unions, RBI and Statutory auditors are looting the pension Fund to show more profitability so that CMD can claim Bonus. Let Individuals of different Banks ,under RTI get Audited Balance sheet of pension fund for the Last 5 years and you will find so many unauthorised entries. The retirees associations/federation will also not do this. The application under RTI has to be from an individual. Then take up matter with banks and RBI. I am reproducing my letter to RBI in this regard along with audited Balance sheets and Income Tax Rules. RBI so far has not replied. Shri Urjit Patel, 28.08.2017 Honorable Governor, Reserve Bank of India, Central office, Shahid Bhagat Singh Marg, Mumbai—400001 Dear Sir, Sub: Gross violation of Pension Regulations (Oriental Bank of commerce) Ref: My letter dated 23.12.2016 Ref: RBI letter CH. CIPC.920/1557/01.002/2016-17/DATED 22.03.2017. Ref: My letter dated 14.06.2017 It is more than 8 months that I had lodged complaint and yet not received any response from RBI. It appears that along with PSB’S, RBI has also become NPR. (Non-performing Regulator) Further to my letter dated 14.06.2017, I am submitting copy of certified audited Balance sheets of Pension Fund Trust of OBC for the years 31.03.2016 & 31.03 2017. Before pointing out the fraudulent entries in these balance sheets I would like to bring it to your notice that: THE NOMINATED DIRECTOR OF RBI IS THE HEAD OF THE AUDIT COMMITTEE OF ALL PUBLIC-SECTOR BANKS. 1.PROVION FOR NON-PERFORMING INVESTMENTS: Balance sheet dated 31.03.207 shows an expenditure of Rs.5000000/-. Pension regulation 13(PAYMENT OUT OF THE FUND) of pension regulations 1995 states: The Payment of benefits by the trust shall be administered for grant of pensionary benefits to the employee s of the Bank or the family pension to the families of the deceased employees of the Bank. Then how an amount of Rs.50,00,000/- has been debited to the Fund. Regulation 12 of the Pension Regulations deals with Investment of the Fund. This stand amended vide Gazette notification no. 3937 dated 26.01.2002. (All amendments with prior approval of RBI). It states that the amount not utilized shall be invested in the manner specified in sub-rule (2) of 67 of Income Tax Rules,1962. (copy enclosed). The perusal of the Rule 67 shows that all Investments are to be made in Govt. Bonds, Securities and Mutual funds which are either issued by RBI or are monitored/controlled by RBI or SEBI. If these securities have become Non-Performing that means G.O.I has become non-performing or RBI has become non-performing. THIS IS AN UNAUTHORISED FICTITIOUS ENTRY MADE BY THE M.D OF THE OBC TO INFLATE PROFIT FIGURE. 2.MONTHLY CONTRIBUTIONS: Pension Regulation 7(a) of pension regulations 1995 states: The Fund shall consist of the following: (a) the contribution by the bank at the rate of ten percent, per month of the pay of the employees. The Monthly contribution figures shown in this regard in the audited balance sheet are as under: 1. 31.03.2015 Rs.37,76,31,742/- 2. 31.03.2016 Rs.117,40,64,165/- 3. 31.03.2017 Rs.57,89,05,068/- THE AUDITORS REPORT DOES NOT SHOW ANY NOTE WITH REGARDS TO ENTRIES MENTIONED BELOW. In these three years there is an increase in number employees and there is no change in Pay of the employees and yet vide fluctuations. Please look into these anomalies. 4.AMORTIZATION AMOUNT: While giving second option of pension to employees in 2010, as per settlement employees were to contribute 30% and 70% was to be contributed by Banks. Banks never contributed 70% and yet pension was being paid unauthorizedly. The Banks contribution was Amortized by RBI for five years giving reason that the amortized amount is to be used to meet the Capital adequacy norms and to meet enhanced gratuity from the pension fund. The amortized amount was to be refunded by 31.03.2015. The perusal of balance sheets of OBC pension fund shows following entries as expenditure: 1. 31.03.2016 Rs.83,37,303.00 2. 31.03.2017 Rs.88,32,219.07 I would like that RBI gives justification of these entries as nominated director is head of audit committee. On the basis of e-mail of Department of Banking Supervision to Oriental Bank on 14.06.2017, the bank has sent me the details of deposits made in Pension Fund on account of Amortization vide letter dated 15.06.2017. the letter shows a deposit of Rs.179.90 crores during the year2014-15. But the balance sheet dated 31.03.2015 does not show any such entry. If the balance sheet is correct then the bank has given misleading and wrong Information. 5.INTREST PAID ON SECURITIES: The following amounts stand debited in the Audited Balance sheets of the Bank 1. 31.03.2015 Rs. 14,73,06,052.00 2. 31.03.2017 Rs. 1,36,69,320.00 Pension fund is not a mutual fund attracting deposits, neither it sells securities so that it has to pay Interest on those securities. Unless the fund is used for the Private purpose by M.D. These entries are in gross violation of all pension regulations and yet exists despite audit by statutory auditors appointed by RBI and NOMINATED DIRECTOR OF RBI BEING HEAD OF AUDIT COMMITTEE. It indicates that Auditors and nominated directors are part of the fraud committed by M.D. OBC and have signed the balance sheet with such fraudulent entries for some consideration. Chief General Manager of RBI also inspects the H.O. of the Bank every year. It appears that CGM has also been signing the inspection reports with cupped hands and folded eyes for some consideration when he is competent enough to find such discrepancies. . The insignia of RBI bears the image of TIGER. Hope it has not become toothless. You are requested to investigate the complaint in right earnest. All the unauthorized entries be reversed and up to date statutory provisioning be done in the pension fund with 18% Interest. The outcome of your investigation/action taken by RBI be kindly intimated to me on regular basis. Thanking you, Yours Sincerely, M.S. Sidhu #1509 Sector 11D Chandigarh-160011 Mobile :9876101509 C.C. 1. President of India: With request to direct G.O.I to follow statutory rules & regulations C.C. 2. Prime Minister’s Office: With your sincere efforts, Sir, you will succeed in SWACH BHARAT—in Environment but there is great need of SWACH BHARAT – (MIND) OF Bank Boards & RBI. C.C.3.Sh. Arun Jaitely, Minister of Finance: With request to look into accountability of High officials of RBI and Oriental Bank. C.C. 4.Sh. Pradeep Kumar Sinha. Cabinet Secretary C.C.5.Sh. Ashok Lavasa, Secretary Finance: With request to verify if similar things are happening in other PSB’s. C.C.6. Sh.Rajiv Mehrishi. Comptroller and Auditor General of India.: with request to audit Pension Fund accounts of all Public-Sector Banks from 1.04.2010 so that the G.O.I and all the public know, what mischief Banks are doing with their own employees. If Banks can cheat own employees, it can easily cheat bank account holders. C.C.7. Sh. K. V. Chaudary, (Chief Vigilance Commissioner). The complaint be registered against senior officials of RBI and OBC for violation of Vigilance guidelines. C.C.8. Sh. Mukesh Jain M.D &CEO (Oriental bank of Commerce) with request to refurbish the Pension Fund which was looted during the Previous regime. C.C.9. Director CBI.: With a request to register First Information Report against high officials of RBI and Oriental Bank of Commerce for financial embezzlement in the Pension Fund. Progress in the case be intimated. UNQUOTE: CLICK THE FOLLOWING LINKS : https://drive.google.com/file/d/0Bwlxk5JrNIM1TTFHMmV2bmlvTmc/view 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 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/21259108 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/20432294 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/21259108