A NOTE ON THE IMPENDING URGENCY FOR PENSION REVISION TO BANK RETIREES IN PSBs
1 message
Srinivasa Murti Devulapalli <devulapallimurti@gmail.com>
1 June 2021 at 07:36
To: Narendra Modi <narendramodi1234@gmail.com>, Nirmala Sitharaman <nsitharaman@gmail.com>, dfs@nic.in, cagoffice@cag.gov.in, governor@rbi.org.in
1 JUN 2021 —
TO:
Sri Narendra Modiji, Hon'ble Prime Minister, New Delhi
narendramodi1234@gmail.com
Smt. Nirmala Sitharamanji, Hon'ble Finance Minister, New Delhi,
nsitharaman@gmail.com
The Secretary, DFS : MOF, New Delhi, dfs@nic.in
The Comptroller & Auditor General of India, New Delhi,
cagoffice@cag.gov.in
The Governor, RBI, Mumbai.
governor@rbi.org.in
HON'BLE SIRS / MADAM,
RE: A NOTE ON THE IMPENDING URGENCY FOR PENSION REVISION TO BANK RETIREES IN PSBs
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Referring to the above subject, I wish to place before Yous' Honour, the following for your kind perusal:
A NOTE ON THE IMPENDING URGENCY FOR PENSION REVISION FOR THE RETIREES IN PUBLIC SECTOR BANKS - (By: D S Murti : 9989318300)
You are quite aware that, for the first time in the Banking Industry, Pension Scheme for the employees of the Reserve Bank of India, was introduced in year1990 with the initiative of the Government and the same was intended to be introduced in all the banks in the public sector.
WITH THIS INTENTION ALONE, A "DRAFT COPY OF THE PENSION SCHEME" WAS SENT TO THE CMDs OF ALL THE PSBS TO EXPEDIE THE SAME WITH THE PRIOR CONSENT OF THE BOARDS OF THE BANKS FOR ITS INTRODUCTION , BESIDES TAKING THE CONSENT OF ALL THE UNIONS FOR ITS SMOOTH INTRODUCTION.
WITH THE PRIOR CONSENT OF THE RESPECTIVE BOARDS OF THE PSBs,"MOUs"(As already adopted in the respective Boards of the Banks) WERE SIGNED BETWEEN THE BANK MANAGEMENTS OF THE UNIONS REPRESENTING BOTH THE WORKMEN AND OFFICER - EMPLOYEES IN THE YEAR 1995 - EFFECTIVE FROM 1993 . (However, From 1993, the effective date was further stretched back to 1986 while signing the settlement under the ID Act. for unknown reasons- at the insistence of the Unions)
All the above mandated statutory formalities , had ultimately paved the CLEAR WAY to sign the settlement in 1995 under the ID Act. Ultimately–
BUT.... BY DELIBERATELY OMITTING THE PENSION UPDATION CLAUSE (that was very much present in the signed MOU which is the genesis of this settlement)
IN VIEW OF THE ABOVE , IT IS AN INDISPUTABLE LOGIC THAT THE MOU SIGNED IN THE YEAR 1993 IS CERTAINLY , A SOURCE OF STRENGTH TO THE PENSION REGULATIONS SIGNED SUBSEQUENTLY UNDER THE ID ACT IN THE YEAR 1995.
100% DA NEUTRALIZATION - CREATED DISPARITIES AMONG THE PENSIONERS
100% DA neutralisation was introduced under 8th BPS, on 1.2.2005(w.e.f 1.11.2002) and extended the same to all the serving employees as well as pensioners at the same percentage of neutralisation similar to govt.sector.
BUT THIS WAS GLARINGLY DENIED TO THE SENIOR RETIREES WHO RETIRED UPTO 31 10 2002 WHICH ALSO NEEDS RECTIFICATION SIMULTANEOUSLY.
THIS IS VERY MUCH AGAINST THE PRINCIPLES OF NATURAL JUSTICE AS SPELT OUT BY THE HON'BLE SUPREME COURT'S FAMOUS RULING IN "D.S.NAKARA CASE".
THE SAME WAS EVEN REITERATED RECENTLY BY THE SAME HON,BLE SUPREME COURT IN ITS SPEAKING ORDER DATED 13 02 2018 IN CIVIL APPEAL # 5525 OF 2012 CONCERNING THE SENIOR BANK PENSIONERS WHO RETIRED UPTO 31st. OCTOBER , 2002. THIS IS IN VIEW OF THE FACT THAT A RETIRED SENIOR EXECUTIVE OF THIS SEGMENT IS STILL NOW DRAWING FAR LESS PENSION WHEN COMPARED TO EVEN A CLASS IV EMPLOYEE RETIRED SUBSEQUENTLY
IT IS THIS SEGMENT OF RETIREES WHO HAVE BEEN DEPRIVED OF THEIR LEGITIMATE COMPENSATION AGAINST THE MOUNTING INFLATION- DUE TO THE FACT THAT THEIR BASIC PENSION HAS BEEN STATIC (WITHOUT ANY UPWARD REVISION) FOR OVER 25 LONG YEARS.
IN THE WAKE OF THE PENSION REVISION ALREADY EXTENDED TO THE RETIREES IN RBI, THERE IS AN IMPENDING URGENT NECESSITY TO EXTEND THE SAME TO THE RETIREES OF PSBs AS PER THE PENSION REGULATIONS IN FORCE.
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SUGGESTED PLAN OF ACTION:
Section 19(1) of Act 5 of 1970/1980 says.
(1) The Board of Directors of a corresponding new bank may, after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or any scheme made thereunder, to provide for all ...
" after consultation with the Reserve Bank and with the previous sanction of the Central Government, [by notification in the Official Gazette], make regulations,..."
A simple note put forth by the Administration for calling for a proposal from the Boards on the lines cited supra for urgent consideration of the Executive in this regard is the need of the hour
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https://drive.google.com/file/d/1ggImJ6r0qC0y6mMGlOCCNopJDLOJR-ts/view?usp=sharing
"....THE PENSION FUNDS WERE UTILIZED BY BANKS INCLUDING SBI LAST YEAR TO SETTLE NPA..."
REFERRING TO THE ABOVE, I INVITE YOUR KIND URGENT ATTENTION TO THE CONTENTS OF THE FOLLOWING LINK/S FOR THE CONCERTED EFFORTS ON MY PART TO BRING TO THE NOTICE OF THE VARIOUS AUTHORITIES IN THE GOVERNMENT / JUDICIARY FROM TIME TO TIME AS TO THE EMBEZZLEMENT OF EMPLOYEES PENSION CORPURS IN THE BANKS WITH PRIMA-FACE EVIDENCE SUPPORTED BY OCULAR PROOFS.
:AREAS OF MISAPPROPRIATION:
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- 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)
IN SHORT, THE ABOVE TANTAMOUNT TO "EMBEZZLEMENT OF FUNDS" - A COGNIZABLE CRIMINAL OFFENCE (BREACH OF TRUST)
IF THE SAME WERE TO BE INDULGED BY ANY ERRING EMPLOYEE IN A STRAY INCIDENCE, HE / SHE WOULD HAVE BEEN DISMISSED FROM THE SERVICE MERCILESSLY AS PER THE SERVICE CONDITIONS. THIS IS BESIDES PROSECUTING HIM /HER UNDER THE IPC FOR "CRIMINAL BREACH OF TRUST" EVEN FOR A PALTRY AMOUNT OF INVOLVEMENT FOR THAT MATTER.
ON THE SAME LOGIC, ALL THE MEMBERS OF THE PENSION TRUST BOARDS OF THE BANKS ARE ALSO PUNISHABLE WITHOUT ANY EXCEPTION.
IN FACT TIME AND AGAIN, I HAVE BEEN REQUESTING FOR A "CAG" AUDIT ON THE ABOVE LINES, WHICH IS THE ONLY CONSTITUTIONAL AUTHORITY WHO ALONE CAN RENDER JUSTICE TO THE JOB IN THE SOLE INTEREST OF JUSTICE AND FAIRPLAY.
MY ABOVE APPREHENSIONS PROVED TO BE CORRECT AS CONFIRMED BY NONE LESS THAN THE MINISTRY OF FINANCE - (MOF/DFS) - BY THEMSELVES WHILE REPLYING TO A GRIEVANCE AS DETAILED HEREUNDER: "..THE PENSION FUNDS WERE UTILIZED BY BANKS INCLUDING SBI LAST YEAR TO SETTLE NPA. "
GRIEVANCE REFERENCE : # PMOPG/E/ 2021/0374799
NAME OF THE COMPLAINANT : A A VAIDYA
DATE OF RECEIPT AT PMO : 16 05 2021
DATE OF REPLY BY MOF/DFS : 20 05 2021
https://drive.google.com/file/d/1bFlun1YQwaNfJ6pzctPpUHyX7fxi6RdM/view?usp=sharing
IN VIEW OF THE FOREGOING, I ONCE AGAIN EARNESTLY REQUEST YOURS' HONOUR TO COME TO OUR RESCUE AT THIS FAG END OF OUR LIVES IN THE SOLE INEREST OF JUSTICE & FAIRPLAY.
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......
I remain – Yours' Honour,
దేవులపల్లి శ్రీనివాస మూర్తి
DEVULAPALLI SRINIVASA MURTI
devulapallimurti@gmail.com
01 06 2021
Ramavarappadu (PO) :: VIJAYAWADA 521108
9989318300
CLICK THE FOLLOWING LINK FOR THE MEMBERS' FEEDBACK :
I CONGRATULATE ALL MY FRIENDS WHO REGISTERED THEIR FEEDBACK TO ENABLE THE AUTHORITIES CONCERNED TO TAKE NOTE OF THE SAME AND TO ACT SWIFTLY TO UNDO THE DAMAGE CAUSED TO THE INNOCENT RETIREES FOR OVER THREE DECADES !!!
--
d s murti