My dear friends, RIGHT FROM THE BEGINNING, I HAVE BEEN APPREHENSIVE OF SOME FOUL PLAY ON THE PART OF THE TRUSTEES, REPRESENTED BY THE UNIONS IN COLLUSION WITH THEIR COUNTERPARTS FROM THE RESPECTIVE BANK MANAGEMENTS, IN THE ADMINISTRATION OF THE PENSION CORPUS MUCH DETRIMENTAL TO THE INTERESTS OF THE BENEFICIARIES OF THE TRUST. IN FACT, I HAVE BEEN PIN POINTING THE SAME AT EVERY TIME AND BEFORE EVERY FORUM WHILE TAKING UP THE MATTER WITH ALL THE CONCERNED IN THE MATTER--VIZ: PERPETRATED FRAUDS COMMITTED BY THE BANK MANAGEMENTS IN THE FOLLOWING AREAS IN GROSS VIOLATION OF THE PENSION REGULATIONS (STATUTORY IN NATURE):-- - BY NOT REMITTING THE MANAGEMENTS CONTRIBUTION TO THE PENSION TRUST CORPUS PROMPTLY. - INVESTMENT OF THE PENSION CORPUS 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? 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 DURING THE COURSE OF MY ONGOING EFFORTS, A FEW INSTANCES HAVE COME TO LIGHT MANIFESTING MY ABOVE APPREHENSIONS BEYOND ANY DOUBT - VIZ: -CHARTER OF DEMANDS AS RELEASED BY OUR ORGANISATION VIZ: AIBRF, AT THE APEX LEVEL VIDE REF:No.2017/67 DTD.15 06 2017 - RECENT EPISODE OF PUNJAB NATIONAL BANK -RECENT EPISODE OF ORIENTAL BANK OF COMMERCE- AS ALREADY REPORTED BY OUR FRIEND SRI SIDHU VIDE HIS LETTER Dt.28 08 2017 ADDRESSED TO THE GOVERNOR, RBI WITH OCULAR PROOFS. -THE FOLLOWING RECENT COMMUNICATION VIDE REF.No.28/34/2017 Dtd. 24 09 2017 TO ALL ITS BANK-WISE CONSTITUENTS BY THE AIBEA IN MANIFESTATION OF OUR ABOVE APPREHENSIONS: QUOTE: CIRCULAR LETTER No. 28/34/2017/34 24-9-2017 ADDRESSED BY THE GENERAL SECRETARY OF AIBEA: 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." WE ARE INDEED SUCCESSFUL TO BRING MASS AWARENESS OF THE FACTUAL POSITIONS. THUS, OWING TO THE PRESSURE BUILT UP BY US, AIBEA HAD TO COME OUT WITH THE ABOVE CIRCULAR (No.28/34/2017 dtd. 24 09 2017 TO THEIR CONSTITUENTS) REITERATING OUR ABOVE APPREHENSIONS. IN THE PROCESS, THEY HAVE ALSO ACCEPTED THEIR FAILURE IN MONITORING THE EMPLOYEES PENSION CORPUS AS THE TRUSTEES TO COLLUDE WITH THE MANAGEMENTS AS HAS ALREADY BEEN STATED ABOVE IN MY PREAMBLE. HOW CAN THEY PLEAD FOR THEIR "ESTOPPEL" NOW ?? FRIENDS, YOU ARE AWARE, THAT I HAVE ALREADY FILED MY APPLICATION UNDER RTI FOR THE AUDITED FINANCIAL STATEMENTS OF A FEW BANKS RECENTLY (9Th.OCTOBER,2017) , THE WAY OUR FRIEND, SRI SIDHU OF OBC HAS DONE. WHILE ACKNOWLEDGING THE SAME, THE GOVERNMENT HAS NOW FORWARDED TO THE CPIOs OF THE CONCERNED BANKS WITH A SPECIFIC DIRECTION TO THE TO EXPEDITE THEIR COMPLIANCE UNDER INFORMATION TO THEM VIDE THEIR REF.No.F.No.12/1072017-Recovery Dtd. 14th. OCTOBER, 2017. I MAKE MY APPEAL TO ONE AND ALL, TO RAISE TO THE OCASSION TO FLOOD THEIR APPLICATIONS UNDER RTI WITH THE DFS; MOF; NEW DELHI CALLING FOR THE DETAILS AND POST THEM TO THE PRESIDENT/PRIME MINISTER/FINANCE MINISTER/RBI GOVERNOR/BOTH THE HOUSES OF THE PARLIAMENT IN ADDITION TO THE MEDIA PERSONS ONLY TO MAKE THE SLEEPING AUTHORITIES CONCERNED TO COME TO SENSES TO RESOLVE OUR BURNING ISSUES. THIS WAY, WE WILL BE STRENGTHENING THE HANDS OF OUR LEADERSHIP AT THE APPEX LEVEL. LET US , TRANSFORM OUR ANGER INTO DEEDS ONLY TO MAKE THE SLEEPING “POWERS THT BE” TO COME TO SENSES TO RESOLVE OUR LEGITIMATE GRIEVANCES. SWIFT ACTION IS THE NEED OF THE HOUR…… “BEAT THE IRON WHEN RED-HOT”……. THERE IS NO SHORT CUT TO SUCCESS….THIS ONLY NEEDS COMMITMENT, CONVICTION, AND COURAGE…. NOTHING ELSE. THERE IS NO SHORT CUT TO SUCCESS….THIS ONLY NEEDS COMMITMENT, CONVICTION, AND COURAGE…. NOTHING ELSE. CLICK THE FOLLOWING LINKS FOR THE DETAILS OF MY RTI APPLICATION https://drive.google.com/file/d/0Bwlxk5JrNIM1Qm5XRUQ1OTFnSUk/view https://drive.google.com/file/d/0Bwlxk5JrNIM1ZkhlODBHaEx1OHc/view https://drive.google.com/file/d/0Bwlxk5JrNIM1cUlhOTdQVUZFNE0/view My dear friends, I attach herewith the letter of acknowledgement dated 14th. October, 2017 received from the Min.of Finance, GOI, New Delhi directing the CPIOs of the concerned Banks in terms of Sec.6(3) of the RTI Act., for your information. (CLICK THE ABOVE LINKS FOR THE DETAILS) I am thankful to our friend Sri Habibullah garu for his co.operation and support in this regard. with and greetings and regards. --------------------------------------------------------------------------------------------- Central Government Act Section 6(3) in The Right To Information Act, 2005 (3) Where an application is made to a public authority requesting for an information,— (i) which is held by another public authority; or (ii) the subject matter of which is more closely connected with the functions of another public authority, the public authority, to which such application is made, shall transfer the application or such part of it as may be appropriate to that other public authority and inform the applicant immediately about such transfer: Provided that the transfer of an application pursuant to this sub‑section shall be made as soon as practicable but in no case later than five days from the date of receipt of the application. -- ----------------------------------------------------------------------------------------- I ONCE AGAIN MAKE MY APPEAL TO ONE AND ALL, TO RAISE TO THE OCCASION TO FLOOD THEIR APPLICATIONS UNDER RTI (CONFINE YOUR APPLICATION TO ONLY ONE BANK AT LEAST) WITH THE DFS; MOF; NEW DELHI CALLING FOR THE DETAILS AND POST THEM TO THE PRESIDENT/PRIME MINISTER/FINANCE MINISTER/RBI GOVERNOR/BOTH THE HOUSES OF THE PARLIAMENT IN ADDITION TO THE MEDIA PERSONS ONLY TO MAKE THE SLEEPING AUTHORITIES CONCERNED TO COME TO SENSES TO RESOLVE OUR BURNING ISSUES. THERE IS NO SHORT CUT TO SUCCESS…. LET US PROTEST EN MASS ! THIS ONLY NEEDS COMMITMENT, CONVICTION, AND COURAGE…. NOTHING ELSE. click the link below for more details/links: https://drive.google.com/file/d/0Bwlxk5JrNIM1cFgxdm8zU0VRQWM/view