My Dear Friends, While reproducing the following content, I would dare to make myself clear to you...... Your actions should instantaneously be transformed into deeds to ascertain the authenticated information under RTI from the authorities concerned as done by our friend Sri M S Sidhu of Oriental Bank of Commerce, who should be our role model to follow. Mind you friends !! unless and until a Mass awareness is exhibited in the form of deeds by each and every one of us, we can not derive the desired results to our expectations.... There is no short cut methods than to transform our anger into deeds action ! We can not expect some one to fight on our behalf. It's nothing but exhibiting our complacency and laziness.... Stop finding excuses to defend our silece and inaction... Stop blaming the leaders - as, it's we , who made them with our mandate. It's also our bounden duty to correct the erring leadership, lest we remain in wilderness for ever. We have got to come out of our own "cocoons" to show our anger in "deeds" to make the powers that be to make them to "force open their eyes" to see ground reality. Com. M. S. Sidhu of Oriental Bank of Commerce should be our "Role Model " to follow. LET EVERY ONE OF US FILE A PETITION UNDER RTI TO THE MINISTRY OF FINANCE CALLING FOR THE DETAILS OF THE BALANCE SHEETS AND INVESTMENT DETAILS OF THE PENSION FUND CORPUS FOR THE LAST TEN YEARS FROM OUR RESPECTIVE BANKS THROUGH THE MINISTRY OF FINANCE. SWIFT ACTION BY ONE AND ALL IS THE NEED OF THE HOUR.... THIS WILL CERTAINLY CREATE RIPPLES IN THE POWER CIRCLES.... No other way out for us ! Let us act at once ! Success shall be ours ! Might is right ! DEVULAPALLI SRINIVASA MURTI (devulapallimurti@gmail.com) ============================== QUOTE: IS THERE A BIG PENSION FUND SCAM....??....?? By : Sri JSOMA SHEKARA Daily we are writing about huge pension funds available with Banks to take care of our Pension demands. Is Pension funds intact? Please go through following cir issued by AIBEA. The question is : When the Govt guidelines is that funds should be invested in approved securities how come Banks concerned had invested funds with a private party that too a debtor of Bank who has already been sanctioned huge loans by banks. How much kickbacks received. Unions representatives are appointed as trustees to monitor pension funds. Why they did not object then? What were auditors doing? How many scams are there unreported? AIBRF has submitted in Courts about huge Pension Funds available with Bank. AIBRF also met UFBU leaders some time back and insisted them to resolve Pension Updation and other demands. Pressure is on UFBU to take up our issues. Is AIBEA preparing grounds for another record note by claiming shortage of Pension Funds due to these scams? We have all worked for 35 years and invested our PF amount in Pension Fund. For Second Pension option thanks to UFBU settlement retirees have invested more to get Pension. But who is this lucky fellow who got our Pension Funds to enjoy in addition to 14000 crores loan? ------ quote: AIBEA CIRCULAR LETTER No. 28/34/2017/34 24-9-2017 TO ALL BANKWISE ORGANISATIONS UNDER AIBEA Dear Comrades, Investments from Employee related funds like Provident Fund, Gratuity Fund and Pension Fund. All of us are aware that due to the consistent efforts and prolonged struggles of AIBEA, there have been improvements in the wages and service conditions of bank employees in the last seven decades. Retirement benefits like PF, Gratuity, Pension, etc. are very important achievements of the organisation to enable the employees to lead a safe, secure and decent life after retirement from the Banks after spending their prime lifetime in their service in the Banks. Before the K C Sen Tribunal in 1949, these were important demands from AIBEA and all our Unions. Right from the period of Sen Award, AIBEA has endevoured to improve these retirement benefits. Pension Settlement of 1993 and Settlement of one more option for pension signed in 2010 are landmark achievements. Since these benefits are payable upon the retirement of the employees, the funds are kept separately in Trust Accounts. The money available in these Funds are invested as per Government guides in approved securities and the return on these investments are equally important to augment the financial position of these Funds. In order to play the watch-dog role, representatives of our Unions are appointed as Trustees in these Trusts in all the Banks. Our Trustee have to play an important and vigilant role so that the Trust Funds are maintained and invested properly and employees’ interests are taken care. Recently, we have come across an experience where the funds from the Pension Fund of a Bank was invested in a private company in the form of Non-Convertible Secured Debenture. The same private company was also given huge loans ( around Rs. 14,000 crores ) by that Bank and other Banks. Rather, it should be said that the Company which was favoured with such a huge loan was also favoured with this investment from the Employees Pension Fund. This account has become NPA and is one among the 12 major accounts before the National Company Law Tribunal. Obviously, the investment in the Debenture Bond also became a dead investment and NPA. Since the Bank’s Pension Fund is an investor and hence a Creditor, the Insolvency Resolution Professional has asked the Pension Fund to submit its claim. It can be anticipated that neither the Bank’s loan would come back nor there is any possibility to get back the money due to the Pension Fund. RBI has already indicated that the Banks have to be ready for deep haircut and be prepared to make provisions for these accounts. Hence neither the Fund will get back the money nor even interest on the NCD Bonds. Hence our Unions and particularly, our Trustees in the employee-related Funds/Trusts should be careful, cautious and vigilant to ensure that such investments are avoided by the management. Any investment in such private companies should be properly scrutinised and verified about their credit ratings, reputation, etc., before our Trustees agree to the same. We should demand all details before an informed decision is taken on such investments. Shortly we will convene a meeting of our Trustees of PF, Gratuity and Pension Fund in various Banks to understand such contingencies, caution to be exercised for agreeing on investments, etc. and to better equip our Trustees. With greetings, Posted by Danendra Jain at 7:13 AM Unquote: CLICK 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?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 https://drive.google.com/file/d/0Bwlxk5JrNIM1N1dycXlZd3NabGs/view