(RBI) MY FERVENT APPEAL...KINDLY COME TO OUR RESCUE....."SOS" Srinivasa Murti Devulapalli devulapallimurti@gmail.com 14 September, 2017 -05:28 (40 minutes ago) to boahmedabad, bobangalore, bobhopal, bobhubaneswar, bochandigarh, bochennai, boguwahati, bohyderabad, bojaipur, bokanpur, bokolkata, bomumbai, bonewdelhi, bopatna, bothiruvananth., bonewdelhi2, bodehradun, boranchi, boraipur, bojammu TO: The Reserve Bank of India: Mumbai/New Delhi/Kolkotta/Chennai/Bangaluru/Hyderabad etc..... I FORWARD THE FOLLOWING COMMUNICATION RELATING TO THE VARIOUS ANOMALIES CONCERNING THE BANK PENSIONERS AND SERVICING OF TRUST CORPUS FOR YOUR KIND PERUSAL AND TO INITIATE IMMEDIATE CORRECTIVE STEPS: 17TH. AUGUST, 2017 MANYA SHRI ANAND SHARMAJI, HON'BLE CHAIRMAN, PARLIAMENTARY COMMITTEE FOR PUBLIC GRIEVANCS HON’BLE SIR, I FORWARD THE FOLLOWING APPEAL (9TH.AUGUST,2017) EARNESTLY SOLICITING YOUR KIND INTERVENTION TO COME TO OUR RESCUE AT THIS FAG END OF OUR LIVES... PETITION UPDATE MY FERVENT APPEAL TO YOUR EXCELLENCY....KINDLY COME TO OUR RESCUE....."SOS" Srinivasa Murrti Devulapalli devulapallimurti@gmail.com August 09, 2017 YOUR EXCELLENCY, AT THE OUTSET, I TAKE IMMENSE PLEASURE TO GREET YOU FROM THE BOTTOM OF MY HEART, TO BECOME THE FIRST CITIZEN OF OUR GREAT NATION Following is the extract of my latest communication addressed to : 01. His Excellency, President of India : 02. Hon'ble Prime Minister of India; 03. Hon'ble Finance Minister; 04. Council of Ministers in the central cabinet; 05. His Lordships: The Chief Justice of India and other judges of the Hon’ble Supreme Court of India. 06. Secretariats of PMO and Finance Ministry 07. The Hon'ble Members of the Parliament; 08. Hon'ble Speaker; Lok Sabha, 09. Comptroller and Auditor General of India, 10. Office/s of CBI/CVC, 11. Press Council and Accredited Journalists 12. National Human Rights Commission I FERVENTLY APPEAL YOUR EXCELLENCY TO PATIENTLY GO THROUGH THE FOLLOWING CONTENT AND COME TO OUR RESCUE- "SOS" MY PREAMBLE.... OVER 8 LAKH- BANK RETIREES HAVE BEEN ON STREETS VIRTUALLY.... WE ARE HARD HIT BY INFLATION...... A FERVENT APPEAL FROM THE SENIOR MOST BANK RETIREES, WHO HAVE GIVEN THEIR BLOOD AND SWEAT FOR THE GROWITH OF THE COUNTRY’S ECONOMY.......... A CLARION CALL FROM THE SUPER SENIOR BANK RETIREES.....”SOS” WE HAVE BEEN DRAWING THE SAME PENSION/FAMILY PENSION WHICH WAS FIXED ABOUT 20 YEARS BACK WHICH HAS NO RELEVANCE TO THE CONTEMPORARY LIVING STANDARDS. ... WE HAVE BEEN DEPRIVED OF A DECENT AND DIGNIFIED LIVING IN THE SOCIETY AT THIS FAG END OF OUR LIVES...... THE WAGES OF THE SERVING BANK EMPLOYEES HAVE BEEN REVISED FIVE TIMES IN THESE 20 YEARS ..... IN GLARING CONTRAST, WE HAVE BEEN DRAWING THE SAME PENSION/ FAMILY PENSION WHICH WAS FIXED 20 YEARS BACK, WITHOUT ANY REVISION Even the available resources in the Pension corpus can easily pay the revised pension to all retirees with retrospective effect from our of the existing pension fund corpus with out any extra financial burden on the banks/government whatsoever. FIGURES SPEAK BY THEMSELVES...... ------------------------------------------------------------------------------------ Pension Fund details (Amount 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 the year 27,333.95 Pay out of benefits 9,998.06 Percentage of Pay out 36.57%* *(The Pay out % has been steadily on the decline trend in the successive years) ------------------------------------------------------------------------------------ The money held in trust is NOT BEING PROPERLY UTILISED by banks by denying due pension with updation 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 and illogical. WE HAVE BEEN TOTALLY IGNORED AND NEGLECTED BY THE BANK MANAGEMENTS AND THE UNIONS AS WELL TO TREAT AS “ UNTOUCHABLES”. WE ARE NOW “WITH ONE FOOT IN THE GRAVE”... MANY OF OUR COLLEAGUES HAVE ALREADY ATTAINED THEIR “HEAVENLY ABODE” AND WE STILL REMAIN WAITING FOR OUR TURN TO MEET THEM.........PLEASE COME TO OUR RESCUE TO BRING US THE SOLACE..... A CLARION CALL FROM THE SUPER SENIOR BANK RETIREES.....”SOS” NOW , PLEASE GO THROUGH THE FOLLOWING CONTENT PATIENTLY........ Your Excellency, IN FURTHERANCE 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.A SPECIFIC MENTION WAS ALSO MADE IN THE REGULATIONS ITSELF. YOUR EXCELLENCY ! 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. 100% DA Neutralisation and Family Pension were long back resolved by RBI in 2008 and 2013 respectively. In fact, RBI revised the family pension from 15% to 30% of last drawn pay without any sealing. But the same is not made available to the retirees of the Banks. This discrimination is contrary to the provisions of the pension scheme adopted in the Banking Industry. A glaring discrimination indeed ! You may be aware Your Excellency, 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, TANTAMOUNT TO “EMBEZZLEMENT 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? YOUR EXCELLENCY, 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 YOUR EXCELLENCY, 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. It is unfortunate your Excellency, to bring it to your kind notice that neither the bank Managements represented by the IBA, nor the unions represented by UFBU have been serious to resolve our burning issues despite our hue and cry through various forums. In fact, they both have gone to the extent of saying that – we the retires cease to have any relationship with the employers and have no contractual obligations whatsoever and refused to have any dialogue with the organisations representing us for the redress of our legitimate grievances stated supra, vide their “Record Note” dated 25th May, 2015, which reminds us of the historical “Magnacarta” signed by themselves , to leave our fates to the destiny forever. Your Excellency, We are therefore, forced to necessarily bank upon the time-consuming legal recourse which needs to be expedited simultaneously together with other organisational efforts like dharnas, CLC meetings, etc. In this regard, the pains-taking efforts of the leadership of All India Bank Retirees Federation- AIBRF, an apolitical organisation representing us , who have been making their relentless efforts unmindful of the humiliating/frustrating experiences at the behest of IBA and UFBU - The sole architects and copyright holders of their so called "Magnacarta" - ie. "Record Note" of 25th.May, 2015 in their bid to make us to stand before them as "beggers". YOUR EXCELLENCY ! THUS, WE ARE TREATED AS “UNTOUCHABLES” PRACTICALLY -- BOTH BY THE MANAGEMENTS AND THE UNIONS AS WELL. Under the circumstances, we have been left with no other option but to knock the doors of justice for the redress of our legitimate grievances – -though burdensome, frustrating and time consuming. 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! Sincerely Yours, Sd./- (D S MURTI) Encls:6 ------------------------------------------------------------------------------------ D S MURTI ; #3-23 (GF:1) “RAGAMALIKA RESIDENCY” PLOT#37 SRI RAMA CO.OP HOUSING SOCIEYT LAYOUT; NEAR CHINMAYA DHYANA MANDIRAM; RAMAVARAPPADU (PO): VIJAYAWADA 521108; PHONES: 0866-2843298; 9989318300;devulapallimurti@gmail.com -- d s murti PETITION UPDATE EMBEZZLEMENT OF PENSION FUNDS...WHY RBI MAINTAINS SILENCE ???...A MILLION DOLLAR QUESTION !! Devulapalli Srinivasa Murti VIJAYAWADA, India --9 SEP 2017 My Dear Friends, IT WAS PNB AND NOW ONE MORE BANK IS ALSO JOINED- 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: 28.08.2017 Shri Urjit Patel, 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. PROVISION 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/0Bwlxk5JrNIM1bUNZQ0duczBISWc/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 ------------------------------------------------------------------------------------D S MURTI ; #3-23 (GF:1) “RAGAMALIKA RESIDENCY” PLOT#37 SRI RAMA CO.OP HOUSING SOCIEYT LAYOUT; NEAR CHINMAYA DHYANA MANDIRAM; RAMAVARAPPADU (PO): VIJAYAWADA 521108; PHONES: 0866-2843298; 9989318300;devulapallimurti@gmail.com -- d s murti