MY DEAR FRIENDS,
This is in further continuation of my following earlier post dated
19 09 2022 :
PENSION REVISION IN RBI & IT'S IMPENDING "CONTAGIAN EFFECT" ON PSBs WAS ALREADY ACCEPTED BY DFS/MOF THEMSELVES
THE FOLLOWING COMMUNICATION VIUCHSAFE THIS FACT :
✴️QUOTE✴️
Katari Satyanarayana • satyakatar@gmail.com
To:
Prasad C N • cn_prasad59@yahoo.com (& cc to 38 Others.)
20 Sept 2022, 12:36
" Basic pension and additional pension, wherever applicable , shall be updated as per the formula given in Appendix I "
When the question " Wherever applicable " arises, it is for the same class of subjects of the beneficial provision of updation in the statute according to the objectives with which it is laid .
The statutory position as to the similarity of the class of beneficiaries of Pension in lieu of CPF between the employees of both the RBI and Nationalized Banks was categorically and irrefutably reiterated by the MINISTRY OF FINANCE ITSELF IN NO UNEQYIVOCAL TERMS THROUGH IT'S RECORDING OF THE SAID FACT IN IT'S OFFICE NOTE (IR) DATED JAN-FEB. 2018 AS through its CITED INFRA --
( iv) " Contagion effect on PSBs/FIs may have cascading effect on Banking industry as it is mentioned in Industrial level Settlement of 1993 at the time of introduction of Pension in PSBs that applicability, commutation of pension, family pension updating and other general conditions, etc. will be on the lines as in RBI, PSBs retirees have been arguing for updation of pension. Balance Sheet of RBI is integrated with Balance Sheet of GOI, as after providing for necessary expenses etc., all surplus is transferred to the Government ."
Thus, the only exercise for the Boards, RBI and the Ministry of Finance is to proceed with fulfillment of the formalities for prescribing similar formulae for updation to Nationalized Banks under Appendix I on similar lines as could be introduced by RBI w.e.f. 01 03 2019 with prior sanction of GOI dated 05 03 2019
Undoubtedly the objective in bringing out Pension Scheme in lieu of CPF in PS Banks was to keep similarity with the Pension Scheme in lieu of CPF in Reserve Bank of India as both these categories of Financial institutions are the instrumentalities of the "State" falling within the ambit of Article 12 of the Constitution.
As per the said Office Note it is evident that the terms of Pension Settlement dt. 29 10 1993 that form the objectives and reason for introduction of Pension Scheme in lieu of CPF in Nationalized Banks are subsisting and enforceable and for that reason only the earlier request by RBI for updation was denied by GOI ( on the ground that a contagion effect sets in public sector financial institutions ) through its communication dated 26 02 2018 and ultimately relented by sanctioning updation formulae for all the categories of pensioners retired prior to 01 11 2002 through MOF 's communication dated
05 03 2019 .
Let prudence prevail in getting equity upheld at all levels.
TAT SAT
Katari Satyanarayana
Indian Bank retiree,
VIJAWADA
(Camp : London UK)
✴️UNQUOTE✴️
✴️"SUPREME COURT'S LATEST LANDMARK JUDGEMENT"✴️
"PENSION RULES MUST BE INTERPRETED IN FAVOUR OF EMPLOYEE WHEN MORE THAN ONE INTERPRETATION IS POSSIBLE: "SUPREME COURT"
....When Pension Rules are capable of more interpretations than one, the Courts should lean towards that interpretation which goes in favour of the employee ....
MY DEAR FRIENDS ,
NEXT TO THE FAMOUS NAKARA'S CASE, I CONSIDER THE ABOVE ONE AS A LANDMARK JUDGEMENT OF UNIVERSAL APPLICATION.
THIS JUDGMENT OF THE ABOVE TWO HON'BLE JUDGES WILL BE THE PATHWAY FOR MANY MORE PENDING CASES IN FAVOUR OF THE LAMENTING RETIREE FRATERNITY...
IT'S MORE SO AFRESH & LATEST IN THE WAKE OF OUR PENDING CASE FILED BY LATE COM. M C SINGLA & Ors.
|| यतो धर्मस्ततो जयः ||
TRUTH IS LIKE FIRE... WE ARE NOT "SHEEP" & BLIND FOLLOWERS OF THE ERRING UFBU LEADERSHIP..... READ THE WRITINGS ON THE WALL - THE INDELIBLE HISTORICAL FACTS.
REMEMBER! THIS ONLY REQUIRE GUTS TO CALL "A SPADE A SPADE"
నిజం నిప్పలాంటిది... నిజాయితీ కొఱవడిన నాయకుల మీద గుడ్డి నమ్మకం తో ఆత్మవంచన చేసుకోవద్దు .
C With the Divine blessings of Matha Kanaka Durga abode इन्द्रकीलाद्रि - विजयवाद Indrakeeladri- Vijayawada, to bring solace to the grief-stricken hearts of the bank retirees in general and the SUPER SENIORS IN PARTICULAR only in the sole interest of justice & fair play.
||यतो धर्मस्ततो जयः||
I remain – Yours ,
దేవులపల్లి శ్రీనివాస మూర్తి
DEVULAPALLI SRINIVASA MURTI Flat # 102 "Sai Kunj " Lakshminarasimhapuram Colony ,Hasthinapuram North - Hydearbad
Cell :9989318300,
20 09 2022