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 ARE CONEMPLATING TO PROCEED LEGALLY AGAINST ALL THE CONCERNED. HENCE 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
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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,
(ii) 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
3rd 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