MY ARTICLE TO THE PRESS AND DIGITAL MEDIA FOR FAVOR OF PUBLICATION Srinivasa Murti Devulapalli (via: my gmail id) VIJAYAWADA DECEMBER 31, 2017 06:14 (7 hours ago) ("to presidentofind., vpindia, pmindia, Admin, office, speakerloksabha, supremecourt, cagoffice, chavdavanraj, governor, Amit, Subramanian, Shivakumar, philo, bleditor, letters, feedback, newsroom, info, ttedit, writetous, feedback, epaper, editor, feedback ......... and 325 more in all ") AT THE OUTSET, I PRAY KANAKA DURGAMMA THALLI/THAYEE , GODDESS ABODE "INDRA KEELAADRI" OF VIJAYAWADA TO SHOWER HER CHOICEST BLESSINGS ON YOU AND YOUR FAMILY THROUGHOUT .... LET THIS NEW YEAR BRING ALL THE HAPPINESS AND PROSPERITY TO YOU AND ALL YOUR FAMILY MEMBERS....... MY ARTICLE FOR FAVOR OF PUBLICATION MY DEAR MEDIA AMBASSADORS, SUBJECT: PERPETRATED FRAUDS COMMITTED BY THE BANK MANAGEMENTS IN THE EMPLOYEE-CONTRIBUTED PENSION CORPUS FUNDS IN GROSS VIOLATION OF THE NORMS AS ORIGINALLY APPROVED BY THE PARLIAMENT AT THE TIME OF INTRODUCTION OF THE PENSION SCHEME IN THE BANKING INDUSTRY- REQUEST FOR "CAG" AUDIT OF BANK EMPLOYEES PENSION CORPUS FUNDS IN ALL THE BANKS -------------------------- MY PREAMBLE: RIGHT FROM THE MEDIEVAL ERA OF FEUDAL RULE,TILL THE CONTEMPORARY WORLD OF DEMOCRATIC GOVERNANCE, THE PROMINENCE OF THE PRESS HAS BEEN REMAINED UNCHANGED AS THE "FOURTH ESTATE" OF THE SOCIETY UNLIKE THE OTHER "THREE PILLARS"VIZ: GOVERNMENT (CONSTITUTION), LEGISLATURE, JUDICIARY, AS OF NOW. EVEN IN THE PRESENT CONTEXT, PRESS CONTINUES TO BE AN INDISPENSABLE TOOL FOR THE PLEBISCITE- ie. MANDATE OF THE PEOPLE WHICH IS THE ULTIMATE ESSENCE OF ANY DEMOCRACY WORTH ITS NAME- A PIVOTAL PLACEMENT IN THE SOCIETY INDEED!. MANY OF THE SENIOR RETIRED BANKING PERSONNEL,HAVE BEEN GLARINGLY ISOLATED DESPITE THEIR COMMITTED CONTRIBUTION FOR THE COUNTRY'S ECONOMY FOR OVER 30-40 YEARS DURING THEIR PRIME AGE. THE RECENT SUCCESSFUL STRUGGLE BY THE RETIRED SERVICE PERSONNEL FOR "OROP"(ONE RANK ONE PENSION) IS A LIVE EXAMPLE. THEY HAVE BEEN ALL ALONG NEGLECTED BY THE BANK MANAGEMENTS REPRESENTED BY THE IBA(INDIAN BANKS ASSOCIATION) AND ALSO BY THE BANK WORKING UNIONS REPRESENTED BY THE UNITED FORUM OF BANK UNIONS (UFBU) AS WELL-- ULTIMATELY FORCING THEM TO KNOCK THE DOORS OF JUSTICE TO MITIGATE THEIR HARDSHIPS. TO ADD SALT TO THE INJURY, THEIR HARD EARNED PENSION CORPUS WHICH HAS BEEN, CONTRIBUTED FROM OUT OF THEIR MONTHLY SALARIES FOR OVER SEVERAL YEARS, HAS BEEN SUBJECTED TO GROSS MISAPPROPRIATION BY THE SO CALLED "TRUSTEES" TO WHICH THE RETIREES HAVE NO ACCESS DESPITE BEING THE ULTIMATE BENEFICIARIES OF THE TRUST. IT'S NOTHING BUT "STABBING THEM FROM BEHIND THE BACK" SIMPLY BECAUSE-- THE RETIREES ARE NOT REPRESENTED ON THE PENSION TRUST BOARDS CONSTITUTED BY THE RESPECTIVE BANKS. AT THIS POINT,I CONCLUDE MY PREAMBLE FOR THE MAIN CONTENT: -------------------------------------------------------------- MAIN CONTENT: WHY GOVERNMENT NEED TO CAUSE AUDIT BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG)- THE ONLY CONSTITUTIONAL AUTHORITY? BANK EMPLOYEES PENSION CORPUS FUNDS - GENESIS AND COMPOSITION: 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 ARE SIMILAR TO THOSE PREVAILING IN THE RESERVE BANK OF INDIA -AND THAT TOO--WITH THE PRIOR APPROVAL OF THE PARLIAMENT - COUNTRY'S HIGHEST LAW MAKING BODY. 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 WITHOUT THE PRIOR CONSENT OF THE PARLIAMENT. CONTRARY TO THE ABOVE , “IBA” WENT ON ISSUING ITS ADMINISTRATIVE 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 BENEFICIARIES OF THE PENSION TRUST. CREATION OF THE PENSION FUND IN THE BANKS: - THE EMPLOYEES MONTHLY CONTRIBUTIONS GO TOWARDS THEIR PROVIDENT FUND (DEDUCTED FROM OUT OF THEIR SALARIES EVERY MONTH) - AND WHEREAS, THE EQUAL MATCHING CONTRIBUTIONS OF THE EMPLOYER'S SHARE OF THE PF WOULD BE CREDITED TOWARDS THE EMPLOYEES PENSION CORPUS. THESE PENSION CORPUS FUNDS ARE 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 INDUSTRIAL DISPUTES ACT - A STATUTORY PROVISION. 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 TRUST. CONTRARY TO THE ABOVE STATUTORY POSITION, PENSION CORPUS FUNDS HAVE BEEN DIVERTED BY THE TRUST BOARDS OF THE BANKS TO "PRIVATE INVESTMENTS" MUCH DETRIMENTAL TO THE INTERESTS OF THE INNOCENT RETIREES. IT'S NOTHING BUT AN ACT OF "BREACH OF TRUST " ON THE PART OF THE TRUST BOARDS OF THE BANKS. 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 AS ENVISAGED UNDER THE STATUTE. - INVESTMENT OF THE PENSION CORPUS IN GROSS VIOLATION OF THE STATUTORY NORMS AS ORIGINALLY APPROVED BY THE PARLIAMENT. - LOSS OF INTEREST HAS NOT BEEN COMPENSATED TOWARDS THE PENSION TRUST CORPUS FOR THE BELATED PERIOD - UNAUTHORISED TRANSFER OF FUNDS FROM THE PENSION TRUST CORPUS TO P&L ACCOUNTS OF THE BANKS TO COVER UP THE LOSSES OF THE BANKS. – WINDOW DRESSING THE BALANCE SHEETS . IN SHORT, THE ABOVE TANTAMOUNT TO “EMBEZZLEMENT OF FUNDS” – A CRIMINAL OFFENCE. IF THE SAME WERE TO BE INDULGED BY ANY ERRING EMPLOYEE, HE/SHE WOULD HAVE BEEN SACKED FROM THE SERVICE MERCILESSLY AS PER THE SERVICE CONDITIONS, BESIDES PROSECUTING HIM/HER UNDER THE IPC. --- EVEN FOR A PALTRY AMOUNT OF INVOLVEMENT FOR THAT MATTER ! THAT BEING THE REALITGY, CAN THE REPRESENTATIVES OF THE UNIONS ON THE RESPECTIVE PENSION TRUST BOARDS PLEAD FOR THEIR "ESTOPPELS" FROM BEING GUILTY ON PAR WITH THEIR COUNTERPARTS FROM THE RESPECTIVE MANAGEMENTS ON THE ABOVE LOGIC ?? ONLY A THOROUGH INVESTIGATION ON THE ABOVE LINES BY AN ACCREDITED CONSTITUTIONAL AUTHORITY LIKE "CAG" ALONE WILL BE ABLE TO BRING THE TRUTH TO THE SURFACE IN THE INTEREST OF THE INNOCENT RETIREES WHO ARE THE ULTIMATE BENEFICIARIES OF THE PENSION TRUST. NOT WITHSTANDING THE ABOVE, THE FOLLOWING LATEST EPISODE ALONE, BY ITSELF , SUBSTANTIATES MY ABOVE STATEMENTS BEYOND ANY DOUBT AND STAND AS AN EFFECTIVE TESTIMONY WITH AN OCCULAR PROOF: In his recent circular letter No.28/34/2017/34 dated 24th. Sept. 2017 , the General Secretary of All India Bank Employees Association himself, had cautioned all their nation-wide constituents in all the banks highlighting the following incident: (for the sake of brevity, only the relevant portion of the communication is appended here below):- “....That, recently, they 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. That 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. That 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. ......” ------------- All the above factual positions have been brought to the notice of all the concerned :viz. RBI Governor, Ministry of Finance, PMO, Chariman PGC of the Parliament, CJ of Supreme Court, Hon'ble MPs, Human Rights Commission etc. from time to time . The relevant links are appended here for your verification / confirmation as to the veracity of my statements cited above STRESSING the following facts with documentary evidences: viz: AUDITORS CONCERNED SHOULD ALSO BE MADE ACCOUNTABLE All India Bank Retirees Federation – AIBRF, IN ITS CHARTER OF DEMANDS , VIDE REF:No.2017/67 dtd.15 06 2017 REITERATED ITS STANCE FOR “CAG AUDIT” OF THE PENSION TRUST CORPUS. (enclosed pages:10&11 as annexure) - RECENT EPISODE OF PUNJAB NATIONAL BANK WHERE HUGE FUNDS FROM PENSION CORPUS DIVERTED FOR WIPING OF THE LOSSES IN THE BANK’S BALANCE SHEET (WINDOW DRESSING ) vide Lr.dtd. 14.9.17 to RBI (enclosed as annexure) -RECENT EPISODE OF ORIENTAL BANK OF COMMERCE- AS ALREADY REPORTED BY OUR CO-RETIREE VIDE HIS LETTERS Dt.23.12.16, 14.6.17,& 28 08 2017 ADDRESSED TO THE GOVERNOR, RBI WITH OCULAR EVIDENCES. (enclosed as annexure) -AND FINALLY, THE ABOVE REFERRED TO CIRCULAR LETTER REF.No.28/34/2017/34 DATED24 09 2017 ADDRESSED TO ITS CONSTITUENTS IN VARIOUS BANKS, BY THE GENERAL SECRETARY OF ALL INDIA BANK EMPLOYEES ASSOCIATION – AIBEA MADE A SPECIFIC REFERENCE TO AN INCIDENT TO PROVE OUR ABOVE APPREHENSIONS BEYOND ANY DOUBT. Role of the Director Nominees from the Govt. and RBI:- ---------------------------------------------------------------- IN EVERY BANK’S BOARD, NOMINEES FROM THE GOVERNMENT AND RBI PLAY VERY IMPORTANT ROLE. THEY HEAD THE AUDIT COMMITTEES CONSTITUDED BY THE BOARDS OF THE BANKS. IT’S THE MOST IMPORTANT ASSIGNMENT GIVEN TO THESE NOMINE DIRECTORS. CAN ANY BODY BELEIVE THAT THEY ARE NOT AWARE OFF THESE HAPPENINGS?? WHAT IS THEIR ACCOUNTABILITY IN THESE FRAUDS? FOR THAT MATTER EVEN THE STATUTORY AUDITORS ? MY INFERENCE: --------------------- DESPITE OUR CONCERTED EFFORTS FROM TIME TO TIME, NO MEANINGFUL RESPONSE HAS BEEN FORTHCOMING FROM THE CONCERNED AUTHORITIES.... CAN THEIR LONG SILENCE BE CONSTRUED AS THEIR "TACIT APPROVAL" OF THE ABOVE ALLEGATIONS???? THIS IS ONLY A "TIP OF THE ICE BERG" MANY MORE SKELETONS WOULD FALL OUT FROM THE CUPBOARDS IF THOROUGHLY INQUIRED INTO BY THE "COMPTROLLER AND AUDITOR GENERAL OF INDIA- CAG" THE ONLY CONSTITUTIONAL AUTHORITY WHO CAN RENDER JUSTICE TO THE JOB -- THIS IS A "LITMUS TEST " TO THE GOVERNMENT TO PROVE ITS CREDIBILITY ONLY TO INFUSE CONFIDENCE IN THE MINDS OF ALL THE CONCERNED INCLUDING THE VAST BANKING PUBLIC. IF THIS WAY, THE BANKS RESORT TO CHEAT THEIR OWN RETIRED EMPLOYEES, I WILL LEAVE TO YOUR WISDOM TO DRAW YOUR OWN LOGICAL INFERENCE AS TO THEIR (BANKS) SINCERITY TOWARDS THE VAST BANKING PUBLIC ! MY EFFORT IN THIS REGARD ALSO ASSUMES LOT OF IMPORTANCE IN THE CURRENT SCENARIO - WHEN THE GOVERNMENT IS CONTEMPLATING TO BRING ABOUT MAJOR REFORMS IN THE BANKING INDUSTRY. THEREFORE, MY EARNEST REQUEST TO MY MEDIA FRIENDS TO PLEASE THINK IT OVER AND RESPOND SENSIBLY IN THE WAKE OF MY ABOVE STATEMENTS ONLY IN THE GENERAL INTEREST OF ALL THE CONCERNED - LET THERE BE A MEANINGFUL EFFORT TOWARDS PUBLIC AWARENESS. BY THIS WAY ALONE WE CAN MAKE THE GOVERNMENT TO ACT SWIFTLY. HENCE, MY EARNEST APPEAL TO MY FRIENDS FROM THE MEDIA. REGARDS AND GREETINGS I REMAIN, D.S.MURTI ______________________________________________________________________________ D.S.MURTI (Manager-Retd:Syndicate Bank) # 3-23, GF:01 "Ragamalika Residency", Plot#37 Sri Rama Co.Op.Housing Society Ltd Layout; Near Chinmaya Dhyana Mandiram, Ramavarappadu (po); VIJAYAWADA 521108; 0866-2843298; 9989318300; 9398532066 devulapallimurti@gmail.com __________________________________________________________________________________ ABOUT ME: DEVULAPALLI SRINIVASA MURTI (dob: 01 05 1950) ; Manager-Retd from Syndicae Bank (Emp.No.127259) ­­­­­­­­­­­­­­­­­­­­­: Date of Joining the service: 22nd May,1972 ; Date of retirement from the service: 28th . April, 2001. OTHER ASSIGNMENTS HELD: Ex.State Secretary, Syndicate Bank Officers Association, Andhra Pradesh State Unit, & Ex.Treasurer of All India Bank Officers Confederation, Andhra Pradesh State Unit (ie. undivided state of Andhra Pradesh, ) till my retirement in the year 2001 from the service, for over a decade. Presently residing at Vijayawada Note: My various communications/representations addressed to various authorities are appended in the following links for your verification/confirmation as to the veracity of my above statements. https://drive.google.com/file/d/1_dEWxWQLAKg_VEoQB2NNVvGQ1zZ7SmUm/view https://drive.google.com/file/d/1tYT3IBsNh_dgvHmq3g2RcjicoERgGHpH/view https://www.youtube.com/watch?v=Cmdl9V7Yl98 https://drive.google.com/file/d/13MXfcZ-CUdYfOvYBIPW34vIkAtxfZL7b/view https://drive.google.com/file/d/1Y6-yh2h2mB-kJR3EarzeiKbWa0Qt4FEB/view https://drive.google.com/file/d/1cViQcwnABW1xogYwMv0Znq7z6JNHfdha/view https://drive.google.com/file/d/0Bwlxk5JrNIM1VDYtSi1nVGJRUzQ/view https://drive.google.com/file/d/0Bwlxk5JrNIM1bUxXVUp1NjlRc2s/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/u/20329634 https://drive.google.com/file/d/0Bwlxk5JrNIM1Rl9XeGRZeGlFcHc/view https://drive.google.com/file/d/0Bwlxk5JrNIM1UzZEVVBzaDBJbms/view https://drive.google.com/file/d/0Bwlxk5JrNIM1NE1hVFVHWm5NRXc/view https://drive.google.com/file/d/0Bwlxk5JrNIM1ZkhlODBHaEx1OHc/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/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/22176636 https://drive.google.com/file/d/0Bwlxk5JrNIM1NGNTWnExS3RpTU0/view https://drive.google.com/file/d/14oqm1QSPjuk4vr5V9gF8Kibp3zyBVePC/view