My Dear Friends,

MIS APPLICATION OF PENSION CORPUS FUNDS AT THE BEHEST OF DFS/MOF/GOI

 
IN THE WAKE OF THE UNWARRANTED HARASSMENT METED OUT AGAUNST THE RETIREES FOR IVRR THREE DECADES, OUR LEARNED FRIEND COM. CN VENUGOPALAN HAS ADDRESSED A COMMUNICATION TO THE SECRETARY OF DFS/MOF, GOVT. OF INDIA BRINGING TO HIS NOTICE  THE GROSS MISAPPLICATION OF EMPLOYEES PENSION FUNDS BY  ENHANCING PENSION PAYMENT TO THE WHOLE TIME DIRECTORS OF THE BANKS AS PER THE DIRECTIVES OF THE GIVERNMENT.

THIS ACTION ON THE PART OF THE GOVERNMENT IS IN TOTAL CONTRIDICTION TO THE PENSION REGULATIONS IN FORCE.

IN THIS CINNECTION WE CONEMPLATE TO PROCEED LEGALLY AGAINST ALL THE CONCERNED.  THE ABOVE IS SENT PER REGD. POST.

MY HEARTY CONGRATULATIONS TO OUR LEARNED FRIEND COM. C N VENUGOPALAN GARU FOR HIS INITATIVE.

AS AN INITIAL STEP,  THE FOLLOWING COMMUNICATION IS ADDRESSED THE CONTENTS OF WHICH ARE SELF-EXPLICIT.

✴️QUOTE✴️

C N VENUGOPALAN
EX-MANAGER, UNION BANK OF INDIA &
FORMER (INDEPENDENT) DIRECTOR (GOI NOMINEE) STATE BANK OF 
TRAVANCORE (2011-14)
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Nandanam’ Kesari Junction, N Paravur, Kerala- 683 513 MOB-9447747994 E-mail.ceeyenveegmail.com
No.220922 22nd Sept.2022
The Secretary (Banking),
Department of Financial Services,
Government of India,
Jeevandeep Building,
Parliament Street, New Delhi- 100 001
Sir,
Payment of pension to Whole Time Directors of Nationalised 
Banks - a payment outside the Bank (Employees’) Pension 
Regulations, 1995
I bring the following for your kind attention and request to take corrective
measures at the earliest.
In terms of the Bank (Employees’) Pension Regulations, 1995 (BEPR, 
1995) :—
"Employee" means any person employed in the service of the Bank, 
whether as a workman on full time work on permanent basis or on part 
time work on permanent basis on scale wages or as an officer and who 
opts and is governed by these regulations, but does not include a person 
employed either on contract basis or daily wage basis or on consolidated 
wages;” (Regulation 2 (n)).
‘The Fund shall have for its sole purpose the provision of the payment of 
pension or family pension in accordance with these regulations to the 
employee or his family’,( regulation 5(2)). In other words, the fund cannot 
pay pension / family pension to the Whole Time Directors)(who are not 
employees) /their families
The last date of option for pension was 26.01.1996 in respect of any 
category of employee is within 120 days of the notification dated
29.09.10995 as set out in regulation 3 of the BEPR, 1995.
Department of Financial Services, without amending the BEPR 1995,
decided to extend the benefit of combined service for grant of pension

to officers of Nationalised Banks who are appointed as Whole Time 
Directors of Nationalised Banks effective from 01.04.2012 and 
communicated vide letter F No. 13/5/2009-BO.1 dated 3rd April, 2012.
Three categories of Whole Time Directors viz. (i) Officers appointed as 
Whole Time Directors after the effective date, (iii) Officer holding 
position as Whole Time Director on the effective date and who opt for 
the benefit pursuant to option provided to him and (iii) Whole Time 
Directors who retired from service of any nationalised bank prior to the 
effective date and who is drawing pension from the bank from where he 
held the career post and who opts for such benefit pursuant to option 
provided to him were offered pension in terms of the instructions 
conveyed to nationalised banks.
The Whole Time Directors do not come within the definition of employee 
as assigned to it under the Bank Employees Pension Regulations, 1995 
and as such the pension paid to them pursuant to the instructions dated 
3
rd April, 2012 is not a payment in accordance with the Pension 
Regulations envisaged under regulation 5 (2).
Pension Funds held by nationalised banks comprise the CPF of employees 
and CPF refunded by employees who retired on or after 01.01.1986 and 
bank’s share of CPF was a component of salary paid to them during their 
past service. As such, the pension fund is the deferred wages of the 
employees and their property in terms of article 300 AA of the 
Constitution. Obviously, this is misapplication of the property of the 
employees held under trust by banks in their Pension Funds and paying 
it as pension to the Whole Time Directors, as per your instructions 
vide the letter dated 3rd April, 2012.
I request you to collect the details of misapplication of the pension funds 
of banks and to immediately make good to the pension funds the amounts 
misspent in this manner.
Thanking you,
Yours faithfully,
C N VENUGOPALAN
✴️UNQUOTE✴️

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,
 23 09 2022