MY DEAR FRIENDS
OF LATE, AIBEA LEADERSHIP FRANTICALLY PRETENDS HIS IGNORANCE THRIUGH HIS RECENT PUBLIC SPEACHES AS TO THE VERY EXISTENCE OF THE PENSION UPDATION CLAUSE ON RBI LINES... THAT TOO..... AFTER HAVING BEEN SIGNED THE MINUTES FOR PENSION UPDATION ON RBI LINES WAY BACK 26 03 1994 ITSELF ALONG WITH HIS OTHER UFBU CONSTITUENTS.. WHAT A BLATENT LIER INDEED!
ULTIMATELY WE HAVE TO LOOK AT THE SUPREME COURT FOR JUSTICE...
Listen to my following audio link
https://drive.google.com/file/d/1_uGwRS1Iwejaa6ruwV4pyyaYaiyzpa8M/view?usp=drivesdk
WHY DID IBA DELIBERATELY AVOID ANY DISCUSSION ON THE ISSUE OF PENSION UPDATION WITH UFBU DURING THE CLC PROCEEDINGS ON 01 07 2022 ????
FOLLOWING IS THE ANSWER WITH SOUND ANALYSIS AS MADEOUT BY OUR LEARNED FRIEND, COM. KATARI SATYANARAYANA GARU.
IN FACT, HE SECURED THE OFFICE NOTES OF THE DFS/MOF (JAN/FEB 2018)THROUH RTI BASED ON WHICH A SWORN AFFIDAVIT WAS FILED BY DFS/MOF AGAINST THE RESTORATION OF PENSION UPATION IN RBI WHICH WAS ULTIMATELY TURNDOWN BY THE SUPREME COURT TO PASS IT'S FINAL VERDICT IN FAVOUR OF THE RBI RETIREES. -THAT'S HOW PENSION UPDATION WAS RESTORED IN RBI IN 2019 THREE YEARS AGO.
THE DETAILS ARE FURNISHED HERE:
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1. Earlier it was being claimed by the players in the blame game against the hapless bank retirees that there was no regulation for updation in RBI Pension Regulations1990 and hence there can not arise the question for updation of pension in Nationalised Banks despite the amendment to Regulation 35(1) brought in 2003.
2. Now that the GOI had approved and accorded sanction of the formula for updation through its directive dated 05 03 2019 to RBI , the decks got cleared for adopting of similar formula by the Boards of Nationalised Banks under Appendix I of Regulation 35(1) since the necessity for application of similar updation of Basic Pension ( wherever applicable) had arisen by virtue of the said sanction which was being put into operation prospectively from 01 03 2019 by RBI.
3. Hence as per the Agreement of the Boards mainly with the Union of AIBEA under Clauses 6 & 12 of the Industrial level Pension Settlement dt. 29 10 1993 , a situation had arisen for prescription of similar formula in PS Banks also in consonance with the said Objectives of Pension Settlement which was the basis for notification of Pension Regulations,1995 in lieu of CPF.
4. The said fact for a Tenable Demand from the beneficiaries of the Pension Settlement under ID Act that could arise from PS Banks for similar updation formula when once it gets sanctioned to RBI ,was clearly and categorically reiterated by the very GOI that holds the mandate under Section 19(1) of Act 5 of 1979/1980 to sanction Updation Formula to Nationalised Banks was duly got reiterated in its Office Note pages 263-265 on the issue of updation of pension to RBI as reproduced infra.---
Point No.(iv) of paragraph 5. on the subject " Periodic updation of pension " in page No. 264 of the Office Note dt. Jan - Feb, 2018 of the Department of Financial Services - (IR), Ministry of Finance clearly depicts as follows:
(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."
5.Since the GOI itself had not denied or disputed the binding nature of undertaking of the Boards with AIBEA in the said Industrial Level Pension Settlement dated 29 10 1993, nothing contrary to the subsisting provisions of the said Pension Settlement can ever be brought out by all the parties concerned with and showing due regard to the said settlement in any manner detrimental to the legitimate expectations of the beneficiaries of the said Pension Settlement which alone forms the basic objective and reason for bringing out statutorily the Pension Regulations,1995 in lieu of CPF.
6. Thus it is evident that all the parties concerned with the issue of adopting of formula for updation of pension sanctioned to RBI by the Boards of Nationalised Banks appear to be pretending the non existence of the Pension Settlement as is evident from the inconsistent stances being resorted to like -
-the Boards that entered into Pension Settlement and got to make out a similar formula for updation as in RBI prescribing it under Appendix I - but disowns responsibility as if they were waiting for a directive / advice from IBA as if IBA alone has been vested with the authority to do so in derogation of requisite mandate held by the Boards themselves under Section 19(1) & 19(4) of the Act 5 of 1970/1980.
-the RBI that has got the mandate to approve similar formula for updation which is not inconsistent with the Act and the provisions of Regulation 35(1) read with Regulation 56- but that do not show its inclination to apply its mind while according its earlier consent for the illegal terms of Settlements and Joint Notes ( 27 04 2010 etc ) that are got to be brought out as amendments though inconsistent with the provisions of the said Act and it's Subordinate Legislation, the Pension Regulations,1995.
- the GOI that holds the mandate to sanction similar formula for updation as sanctioned by itself to RBI to PS Banks as is well noted as having a 'contagion effect' that was cited in page 264 of its Office Note but not inclined to initiate necessary procedural formalities on its own - which claims on the one hand that the Committee of IBA got appointed for that purpose will look into the issue of updation formula and on the other hand declares that the Board of Nationalised Bank is duly mandated to bring out Pension Scheme and Amendment to Regulations including the formulae for updation of pension under Regulation 35(1) that was duly got amended in 2003 for the purpose as if it could realise the truth after decades of deliberations only.
- the parties to the Pension Settlement mainly of AIBEA that had the responsibility to make out similar demand for Updation Formula as sanctioned to RBI in safeguarding the interest of the beneficiaries of the Pension Settlement, the hapless Bank Retirees - but apparently claims ignorance of existence of Pension Settlement dt. 29 10 1993 and that updation is an issue arising out of public's talking only.
- the IBA , where ever it plays the role of advisor to the Boards of Nationalised Banks that has got not to ignore the sanctity and tenable nature of the Pension Settlement that formed the objective and reason for bringing out Pension Regulations, 1995 in lieu of CPF - but fails to show its commitment to statutory obligations of its member Boards of Nationalised Banks .
- the Judiciary that had to apply its mind while dealing with the matters pertaining to the relevant statutory provisions and with due jurisdiction only - but fails to comply with just requirements under the apparent duress from the Executive that obviously controls It in the given circumstances as on record.
- the so called leadership of the beneficiaries of Pension Regulations,1995 that has got to give credence only to the statutory provisions - but otherwise appears to be inclined to show its incompetent allegience to the erring parties cited supra .
7. None holds any discretion either for fixing up of any conditionalities for implementation of the statute or for bringing out modifications to Regulations inconsistent with the statutory provisions, for, the respective Objectives and Reasons for bringing out those statutes are omnipresent for the abidence of all the parties concerned.
Let prudence prevail at all the levels of hierarchy.
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