MY LETTER TO CJ:SCI ON EMBEZZLEMENT OF FUNDS IN THE BANK EMPLOYEES PENSION CORPUS – THE LIFE-TIME SAVINGS OF THE THE BANK EMPLOYEES ARE IN DANGER -REQUEST TO ORDER FOR "CAG" AUDIT - "SOS"
My dear friends,
RE : EMBEZZLEMENT OF FUNDS IN THE EMPLOYEES PENSION CORPUS - THE LIFE-TIME SAVINGS OF THE THE BANK EMPLOYEES ARE IN DANGER - REQUEST TO ORDER FOR "CAG" AUDIT -
WHY NEED A CAG AUDIT ?...........
Our Basic pension has been static ever since we retired from the service - say around 20 years ago. The plight of our family pensioners is still worse. We have not been protected against the mounting inflation till date -- ever since the day we retired from the service 20 years ago.
But, the salaries of the serving employees have been revised five times during these 20 years !
Contrary to the statutory position, our 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 like us. It's nothing but AN ACT OF "BREACH OF TRUST" ON THE PART OF THE TRUST BOARDS OF THE BANKS.
AREAS OF MISAPPROPRIATION:
- By not remitting the managements contribution towards the pension corpus promptly as envisaged in the regulations.
- By Diverting the Pension Corpus funds to Private investments
- Loss of interest for the belated period is not compensated.
- Misappropriation of the Corpus Funds to cover up the Banks' losses (Window dressing)
Further, our pension corpus is a "sinking fund" as it covers only the employees who are going to retire upto 31 03 2010 alone. (The rest of all, who joined the service subsequently- w.e.f 01 04 2010, are covered under the National Pension Scheme (NPS) introduced in the Banking Sector. )
There is no clear and specific guidelines from the R.B.I./Finance Ministry about Management and utilisation of this fund . Therefore, the Bank authorities are taking unilateral decision of using this fund and in many cases this fund is invested in speculative and un remunerative investments by the Banks authorities resulting considerable shrinkage of this fund.
We have been deprived of our legitimate compensation against the mounting inflation. As a consequence, the remaining huge surplus would be left with the banks themselves without any proper utilization as envisaged under the Pension Regulations in force.
Ultimately, the huge left-over surplus belonging to us, would remain with the Banks/Govt. for ever. By that time, many of the retirees would have left for their "Heavenly Abode" without enjoying their hard-earned life-time savings.
Thus, It looks to me as though "THE GOVERNMENT WANTS TO FILL ITS COFFERS WITH OUR COFFINS !"
NEED FOR CONSOLIDATION OF PENSION FUNDS:
Considering the seriousness of the issue, AIBRF has come out with a proposal of consolidation of Pension Fund. As a part of that programme, some of us have already filed applications under RTI Act for the details of the Pension Corpus in the Banks. (for details, please click the links furnished herein.)
MY CONCLUDING APPEAL:
My Dear friends ! Let me make it very clear to you that, Leadership is not a proxy to fight on our behalf ! No Governments worth their names had never before look at the Bank working class sympathetically in the past, and the present Government is not an exception. The only language they understand is - "COLLECTIVE ACTION PROGRAMMES" AND THE WRITINGS ON THE WALL !!
Therefore, It's our participation in collective action programmes like this alone would give strength to our organisation leadership to achieve our legitimate demands.
Let us come out of the cocoons of shy/lethargy with flying colours to ensure bright future.......
Let us join the crusade with Courage, Conviction and Commitment.
My letter dtd.18 08 2018 to CJ:SCI & Others. https://drive.google.com/file/d/1x31K_HRIJLKREVB2675bBiIAQqPq9bbf/view?usp=sharing
https://drive.google.com/file/d/1MW53uhebg3CyebvHtcKa23iWLbdCkvby/view?usp=sharing
Need for constitution of Consolidated Pension Fund & My application dtd. 9th. August, 2018 filed under RTI Act:
https://drive.google.com/file/d/1dyAuA_XDb1br0wQMMTga4fmSkuhoMhHo/view?usp=sharing
100% D A CASE - A TEST FOR ENDURANCE:
https://drive.google.com/file/d/1FNO6WxD8czkjBOxEH3VamMOner6wfDsL/view
With regards & greetings,
I remian--Yous,
దేవులపల్లి శ్రీనివాస మూర్తి/Devulapalli Srinivasa Murti
-- d s murti