MY DEAR FRIENDS,
IS YOUR MONEY SAFE WITH THE BANKS WHICH ACTS IN BREACH OF TRUST EVEN IN THE CASE OF THEIR OWN EMPLOYEES. CAN WE TRUST THE DFS THAT SANCTIONS THE LAWS AND FAILS TO IMPLEMENT THEM???
I HAVE JUST COME ACCROSS AN INTERESTING & THOUGHT - PROVOKING WRITE UP WHICH IS BENIG FORWARDED..
|| यतो धर्मस्ततो जयः||
దేవులపల్లి శ్రీనివాస మూర్తి
✴️ QUOTE✴️
BANK PENSION -BANKS, IBA AND DFS
✴️ DEPARTMENT OF FINANCIAL SERVICES [DFS] GAVE PREVIOUS SANCTION TO PENSION REGULATIONS OF BANKS, BOARDS OF BANKS ADOPTED THEM, DFS NOTIFIED THEM IN THE GAZETTE OF INDIA.
✴️ REGULATION 35 [1] LAYS DOWN THAT BASIC PENSION AND ADDITIONAL PENSION, WHEREVER APPLICABLE, SHALL BE UPDATED AS PER FORMULAE GIVEN IN APPENDIX –I.
✴️ REGULATION 56 LAYS BARE THAT THE PENSION SCHEME IN BANKS IS ON THE PREMISE OF CENTRAL CIVIL PENSION.
✴️ HIGH COURT OF KERALA OBSERVES THAT IN TERMS OF REGULATION 35 [1] PENSION IS TO BE UPDATED IN TANDEM WITH THE REVISED SCALES OF PAY ARISING OUT OF BIPARTITE SETTLEMENTS AND ALSO THAT REGULATION 56 MAKES IT EXPLICIT THAT PENSION SCHEME IN BANKS IS AKIN TO CENTRAL CIVIL PENSION.
✴️ REGULATION 5[2] LAYS DOWN THAT PENSION FUND CAN BE USED ONLY FOR PAYMENT OF PENSION OR FAMILY PENSION IN ACCORDANCE WITH THE PENSION REGULATIONS.
✴️ REGULATIONS 2[ɳ] STATES THAT ONLY OFFICERS AND WORKMEN ARE EMPLOYEES [DIRECTORS ARE NOT EMPLOYEES].
✴️ BANKS PAY PENSION TO RETIRED WHOLE-TIME DIRECTORS OUT OF THE PENSION FUNDS WHICH COMPRISE THE CPF [DEFERRED WAGES] OF EMPLOYEES AND CPF REFUNDED BY RETIRED EMPLOYEES AND.
✴️ PAYMENT OF PENSION TO WHOLE-TIME DIRECTORS OUT OF THE PENSION FUNDS OF EMPLOYEES IS IN BREACH OF TRUST AND MISAPPLICATION OF PENSION FUND.
✴️ BANKS SAY THAT THEY PAY PENSION TO WHOLE-TIME DIRECTORS AS PER INSTRUCTIONS OF THE GOVERNMENT [DFS].
✴️ BANKS PLEAD THEY NEED INSTRUCTIONS FROM DFS/ IBA FOR UPDATING PENSION OF EMPLOYEES [WHEN THE [PENSION REGULATIONS WERE MADE WITH THE PREVIOUS SANCTION OF THE DFS, WERE ADOPTED BY THE BOARDS OF THE BANKS AND NOTIFIED BY THE DFS IN THE GAZETTE OF INDIA AND IT IS THEIR RESPONSIBILITY TO IMPLEMENT THE REGULATIONS IN LETTER AND SPIRIT]
✴️ IBA IS ONLY A VOLUNTARY ASSOCIATION OF BANKS THAT CANNOT MEDDLE WITH THE PENSION REGULATIONS, WHICH ARE STATUTORY.
✴️ IS YOUR MONEY SAFE WITH THE BANKS WHICH ACTS IN BREACH OF TRUST EVEN IN THE CASE OF THEIR OWN EMPLOYEES. CAN WE TRUST THE DFS THAT SANCTIONS THE LAWS AND FAILS TO IMPLEMENT THEM
✴️UNQUOTE✴️
With the Divine blessings of Matha Kanaka Durga abode इन्द्रकीलाद्रि - विजयवाद Indrakeeladri- Vijayawada, let us hope 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.
With Greetings & Regards,
|| यतो धर्मस्ततो जयः ||
I remain – Yours,
దేవులపల్లి శ్రీనివాస మూర్తి
DEVULAPALLI SRINIVASA MURTI Hydearbad
Cell : 9989318300
17 11 2022