My Dear Friends,
AMMENDMENT TO PENNSION REGULATION #35(1)
You are quite aware that this issue has been pursued by us since long back
Pursuent to the observations as made out in the latest Hon'ble Kerala Hugh Court Orders, our Learned friend Sri C N Venugopalan has addressed a letter reminding the DFS/MOF to expedite corrective steps to ensure justice to the aggrieved.
https://drive.google.com/file/d/1oY3KEwkgyiTICKEmEsZTVrrHg2zMvl0i/view?usp=drivesdk
IN THE PROCESS OF THE CONTEMPLATED LEGAL ACTION TO BE INITIATED SOON BY COM. C N VENUGOPALAN, THE FOLLOWING LETTER HAS NOW BEEN ADDRESSED.
The contents are self-explicit .
Regards & Greetings.
దేవులపల్లి శ్రీనివాస మూర్తి
13 10 2022
Hyderabad
✴️QUOTE✴️
DO. No.221013
13th Oct., 2022
The Secretary [Banking],
Department of Financial Services,
Govt. of India, Jeevan Deep Building, Parliament Street,
New Delhi- 110 001
Dear Secretary,
Grievance No. PMOPG/D/2022/0201565
The above grievance was forwarded to DFS by PMO on 05.09.2022 as it was to be redressed by the DFS.
The grievance related to the wrongs done by the DFS and so the responsibility for its rectification rests squarely with the DFS.
But strangely DFS forwarded it on 27.09.2022 to Indian Banks' Association, an unregistered organisation, which cannot do anything for resolution of
the matter. This is a classic demonstration of passing the buck by the DFS.
BUT STRANGELY DFS FORWAEDED IT ON 27 09 2022 TO INDIAN BANKS' ASSOCIATION, AN UNREGISTERED ORGANISATION, WHICH CANNOT DO ANYTHING FOR RESOLUTION OF THE MATTER. THIS IS A CLASSIC DEMONSTRATION OF "PASSING THE BUCK" BY THE DFS
The Pension Regulations of banks were given previous sanction by DFS, adopted by the Boards of Banks and notified by the DFS in the Gazette of India on 27.09.1995. As such it is obligatory on the part of DFS to ensure that banks implement them in letter and spirit.
Regulation 35 [1] dictates that 'Basic Pension and additional pension, wherever applicable, shall be updated as per formula given in Appendix-I'.
The Honourable High Court of Kerala has, on 16.08.2022, observed in its ruling in Writ Petition [Civil] No.29890 of 2018 viz. M K Ravindran vs. Union of India and Union Bank of India & 41327 of 2018 viz. C Gokulraj vs Union of India & Union Bank of India that pension is to be periodically revised in terms of regulation 35[1].
DFS is on record saying that it can withhold updating of pension in Public Sector Banks only so long as it is not updated in RBI. In spite of this, while according sanction for updating pension in RBI vide letter dated 05.03.2019, similar updating was not granted in Public Sector Banks.
DFS was also causing banks to pay pension out of the Pension Funds which comprise the deferred wages and property of the employees and can pay
pension or family pension only to employees or their families in terms of regulation 5 [2] to the retired whole- time directors of banks who are not employees within the meaning of regulation 2 [n] of the Pension Regulations.
This is nothing but conversion of the Pension Funds held in trust by banks and an act amounting to breach of trust by public
servants and by bankers, a cognizable offence u.s. 405 and 409 of Indian Penal Code.
The grievance fielded by me is remaining unaddressed and unresolved. The IBA is not only incompetent but also powerless and helpless to resolve the
same. I therefore request you to own the responsibility for resolving my grievance at your end and communicate necessary instructions to banks to
abide by regulation 35 [1] and to update pension in banks forthwith for logically resolving the genuine grievance
I appeal to your good sense to take an unprejudiced view of the issue and do justice to the subjects of the pension regulations 1995 without further delay.
It is within your powers. Power and justice must be brought together.
Needless to say, power is meant for service and for helping and not for hurting.
Hope, you will redress the grievance forthwith by setting things right at the earliest.
Thanking You,
Yours faithfully,
C N VEUGOPALAN
✴️UNQOTE✴️