FLASH NEWS RECEIVED FORM THE PARLIAMENT JUST NOW.. A FEW MUNUTES AFTER THIS POST OF MINE
https://drive.google.com/file/d/1UxXKDV3FuTWDmaCit4NDI_FIi_HcsTWQ/view?usp=drivesdk
WHILE IBA-UFBU NEGOTIATIONS ON RESIDUAL ISSUES ARE STILL IN PROGRESS AS ON THE DATE,...
FLASH NEWS RECEIVED FORM THE PARLIAMENT JUST NOW.. A FEW MINUTES AFTER THIS POST OF MINE...
*HON'BLE MINSTER'S REPLY ON THE FLOOR OF THE HOUSE TO THE QUESTION RAISED BY OUR HON'BLE MP Dr. RAVIKUMAR ON PENSION REVISION ISSUE TODAY*
✴️ *QUOTE* ✴️ *"..IBA has further informed that the committee set up to look into the matter of pension updation of PSBs _"HAS SUBMITTED ITS REPORT TO THE HON'BLE SUPREME COURT"_ and the matter is still sub-judice"*
✴️ *UNQUOTE* ✴️
*Hon'ble D Ravikumar MP happend to be our ex-colleague in Syndicate Bank He has been always helpl to our requests from time to time . We are indeed very much thankful for his deeds*
_*దేవులపల్లి శ్రీనివాస ముర్తి*_
REFUSAL TO UPDATE PENSION IN PUBLIC SECTOR BANKS BY THE DEPARTMENT OF FINANCIAL SERVICES
MY DEAR FRIENDS,
Amendments carried out to Pension Regulations impermissible under sections 19 (1) and 19(4) of the Act, it being inconsistent with the stipulated regulations of Banks by the Department of Financial Services.
This is with a view to unjustly depriving the bank pensioners who were offered 2nd option upon recovering the managements' portion of PF contributiosions together with interest thereon very much beyond the scope & jurisdiction of the DFS/MOF under the Pension Regulations.
https://drive.google.com/file/d/10ihIqXJ-pf-8FyOVNLHWDl9Yuz29xWFK/view?usp=sharing
In the above back drop, our learned friend Com. CN VENUGOPALAN took up the issue directly with DFS/MOF vide ref. No.No.230213 dated 13th. February, 2023.
In addition to the above, Com. Venugopalan has also addredsed a seperste letter under the title:
SUB: REFUSAL TO UPDATE PENSION IN PUBLIC SECTOR BANKS BY THE DEPARTMENT OF FINANCIAL SERVICES
�️QUOTE�️"...It is also pertinent that the DFS has directed the public sector banks to pay pension out of the Pension Fund to the whole-time directors of banks who are not employees as defined by regulation 2 [n] of the Pension Regulations especially when regulation 5 [2] determines the sole purpose of the Pension Fund is payment of pension or family pension to the employee or his family in accordance with the [se] regulations...."�️UNQUOTE�️
THIS NOTHING BUT CONVERSION OF THE PENSION FUND HELD IN TRUST FOR PAYMENT OF PENSION / FAMILY PENSION TO THE EMPLOYEE FOR PURPOSES OTHER THAN THAT ENVISAGED BY THE TRUST.
HENCE THE ONGOING CRIMINAL PROCEEDINGS BY THE MMC KOLHAPUR, AGAINST THE CANARABANK PENSION TRUST BOARD MEMBERES HAVE BEEN REGISTERED FOR PROSECUTION UNDER CRIMINAL BREACH OF TRUST UNDER "ORGANISED CRIME" AS DIRECTED BY HON'BLE MUMBAI HIGH COURT. IMMENCE THANKS TO COM. VASANTH VANKUDRE, OUR VALIENT CRUSADER.
BOTH THE LETTERS ARE ADDRESSED TO THE MINISTRY OF LAW & JUSTICE, GOI, NEW DELHI
https://drive.google.com/file/d/1XlXPiqcPUUD0GOnKmiacXGwzOnY61Z8k/view?usp=sharing
CONTENTS ARE SELF-EXPLICIT
✴️QUOTE ✴️
C N VENUGOPALAN
Ex-Manager Union Bank of India, mail: eeyenvee@gmail.com
No. 230213 13 February, 2023.
The Secretary,
Ministry of Law & Justice, 4th Floor, Janpath Bhavan-Wing B, New Delhi -110 001
Respected Secretary,
SUB: REFUSAL TO UPDATE PENSION IN PUBLIC SECTOR BANKS BY THE DEPARTMENT OF FINANCIAL SERVICES
I bring to your kind attention that the Department of Financial Services [DFS] is groping in the dark and refusing to update the pension in the banks under its control in breach of various settlements and the Pension Regulations of the banks, which are statutory.
The breaches of different kind are as follows:-
1. The Settlement dated 29.10.1993 entered into under the Industrial Disputes Act, 1947 between IBA and AIBEA.
Clause 6 of the settlement reads as under:
[Dearness relief to pensioners will be granted at such rates as may be determined from time to time in line with the dearness allowance formula in operation in Reserve Bank of India]
Clause 12 of the settlement reads as under:
[Provisions will be made by a scheme, to be negotiated and settled between the parties to this Settlement by 31st December, 1993 for applicability, qualifying service, amounts of pension, payment of pension, commutation of pension, family pension, updating and other general conditions, etc. on the lines as are in force in Reserve Bank of India] In terms of Clause 6 and Clause 12 of the Settlement, the Pension Scheme in banks ought to be on the same lines of the Pension Scheme in Reserve Bank of India.
Clause 14 of the settlement reads as under:
[The terms and conditions hereof shall continue to govern and bind the parties until the Settlement is terminated by either party giving to the other a statutory notice as prescribed in law at the material time] Clause 14 of the settlement further states that the terms of the settlement shall continue to govern and bind the parties until the settlement is terminated by either party]. Notwithstanding that the settlement is still operative, pension revision in the banks covered by the Settlement is put on hold by the DFS despite the revision of pension in the Reserve Bank of India with effect from 01.03.2019:-
by a factor of 3.63 for pensioners who retired prior to 1.11.2002,
by a factor of 2.44 for pensioners who retired during the period from 1.11.2002 to 31.10.2007 and by a factor of 1.76 for pensioners
who retired during the period from 1.1.2007 to 31.10.2012.
2. Breach of regulation 35 [1] of the Bank Employees Pension Regulations [Pension Regulations].
Regulation 35 [1] of the Pension Regulations as notified on 29.09.1995 stood as “In respect of employees who retired between the 1st day of January, 1986 but before 31st day of October, 1987, basic pension and additional pension will be updated as per the formulae given in Appendix-I” and was later amended in 2002/2003 as:
“Basic pension and additional pension, wherever applicable shall be updated as per the formulae given in Appendix -1”.
The Appendix – I contained the formula for updating basic pension in respect of workmen who have retired on or after the 1st day of November, 1992 but before the 1st day of September, 1993 and in respect of officers who have retired on or after the 1st day of July, 1993 but before the 1st of May, 1994 in addition to the formula for updating pension of employees retired during the time zone of 01.01.1986 to 31.10.1987 and other formulae for reckoning Special allowance etc of employees.
Apparently, the reference to the employees who retired during 01.01.1986 to 31.10.1987 in regulation 35 [1] was out of place and the Appendix -I was meant for
granting the benefit of updating of pension even to employees who retired prior to 29.09.1995 and does not mean that updating of pension was not available to employees who retired after 31.10.1987.
It is preposterous to expect the inclusion of a formula for updating pension to those who retire after the commissioning of the Pension Scheme as updating in their case is to take place on the basis of future pay levels about which no one can know in advance. Any doubt in this regard is set at rest with the amendment to the regulation carried out during 2002/2003 by laying down that “Basic pension and additional pension, wherever applicable, shall be updated as per the formulae given in Appendix -1”.
Stress to the updating was supplied by substituting the words “will be updated” with “shall be updated” and also by adding the words ‘’wherever applicable’. Though the reference to Appendix -1, was not removed from the regulation, it became superfluous.
Had the updating not been intended, there was no need for mentioning the word “updated” and also for subsequently amending the Regulation.
3. Regulation 56 of Bank [Employees’] Pension Regulations:
The regulation reads as :
“In case of doubt, in the matter of application of these Regulations, regard may be had to the corresponding provisions of Central Civil Service Rules, 1972 or Central Civil Services (Commutation of Pension) Rules, 1981 applicable for Central Government employees with such exceptions and modifications as the Bank, with the previous sanction of the Central Government, may from time to time, determine”
The regulation, though termed as residuary provisions and is placed as the last regulation, is the most important of all the regulations with pervasive applicability on all other regulations, in case of any doubt in the matter of their applicability.
The regulation further makes it clear that except to the extent of exceptions and modifications determined by the Board of the Bank with the previous sanction of the Central Government, the Pension Regulations are identical to the Central Civil Service Rules, 1972. The Banks have not so far identified any exceptions
and modifications from the Central Civil Service Rules, 1972 making
them inapplicable to bank pensioner and as such just in the same way Central Civil Pension gets updated with the implementation of each Pay
Commission, the pension in banks is to be updated with the revision in pay scales arising out of the Bipartite Settlements from time to time.
In spite of [1] [2] and [3] above, the DFS is nonchalantly closing the
request for updating pension with weird observations like:
“Pension was introduced as a funded scheme in nationalised banks in the place of the Contributory Provident Fund, on the basis of consensus arrived at between unions /associations of bank employees and the Indian Banks’ Association (IBA), which negotiated on behalf of the participating banks. Accordingly, banks board framed Employees’ Pension Regulations in exercise of their powers under section 19 of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970/1980. Pension in banks is thus payable as per the agreement arrived at between bank union/ associations and the banks and bank Board have accordingly made regulations governing the same.These regulations do not have provision for revision of pension. Pensioners /retirees of banks are being granted Dearness Relief on pension and the same is being increased from time to time i.e. on half yearly basis. As regards revision of pension of retirees of bank employees, the matter is sub-judice in Hon’ble Supreme Court of India” In the above, the observation that “Pension in banks is thus payable as per the agreement arrived at between bank union/associations” turn out to be ludicrous as the Pension in banks is payable as per the Pension Regulations, which is statutory.
The DFS is taking asylum under the sub judice nature of the issue of updating with the Supreme Court, which is also ridiculous as any petition lying with Supreme Court does not prevent the settlement of the issue outside the Court. The Court will rather be happy if the issue is settled outside amicably. But DFS is making bad use of the judiciary for obstructing the flow of justice to the subjects.
It is also relevant in this context that the pension in banks is payable out of the Pension Funds which are mostly created out of the CPF of employees and the CPF refunded by retired employees and families of deceased employees who were admitted to the Pension Scheme. As such, the payment of pension is out of the deferred wages and property of the employees and not out of the revenue accounts of banks or from the budgetary allocations of the government.
It is also pertinent that the DFS has directed the public sector banks to pay pension out of the Pension Fund to the whole-time directors of banks who are not employees as defined by regulation 2 [n] of the Pension Regulations especially when regulation 5 [2] determines the sole purpose of the Pension Fund is payment of pension or family pension to the employee or his family in accordance with the [se] regulations.
This amounts to conversion of the Pension Fund held in trust for payment of pension or family pension to the employee for purposes other than that envisaged by the Trust
Since the DFS is seemingly at its wits’ end in the implementation of the statutory Pension Regulations, I request your good self to kindly apprise it of the aforesaid aspects for their proper implementation.
I am enclosing a write up compiled by me covering the various aspects and I earnestly look forward to receiving details of action initiated by you for proper compliance of the Pension Regulations by the DFS.
Thanking You,
Yours faithfully
C N VENUGOPALAN
✴️UNQUOTE✴️
https://drive.google.com/file/d/1FDP6sgGLyIMufdjlYWO1RjlW8Z9sCgZd/view?usp=drivesdk_
FURTHER, THE PENDING CRIMINAL CASE AT MMC KOLHAPUR FILED AGAINST THE CANARA BANK PENSION TRUST BOARD BY OUR VALIENT COM. VASANTH VANKUDRE IS ALSO POSTED ( _As already clarifed by Mumbai High Court in this regard upon seeking prior clarification by the MMC-Kolhapur_ ) TO 23 03 2023 FOR ISSUENCE OF NOTICES TO ALL ALL THE INDIVIDUALS OF THE PENSION TRUST.
IN CASE THEY ABSTAIN FROM THEIR PHYSICAL PRESENCE BEFORE THE MMC'S COURT AT KOLHAPUR AT THE STIPULATED DATE, "NON BAILABLE ARREST WARRANTS" WILL BE SERVED AGAINST ALL THE MEMBERS OF THE CANARA BANK'S PENSION TRUST WITHOUT ANY EXCEPTION - AN INEVITALE HARD REALITY.
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 ||
దేవులపల్లి శ్రీనివాస మూర్తి
HYDEARBAD 500079
9989318300
13 02 2023