I reproduce hereunder the letter addressed to Hon'ble MP by Sri. C N Venugopal on pension updation issue requesting the Bank Retirees to bring it to the knowledge of one & all in support of his petition:

C N VENUGOPALAN
Ex-Manager, Union Bank of India &
Former Director (GoI Nominee) State Bank of Travancore
Nandanam, Kesari Junction, N Paravur, Kerala – 683513 Mob: 9447747994

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CNV:210108 dated 10th January, 2021

To:
Shri. Kanakamedala Ravindra Kumar,
Member of Parliament,
Door No.29-12-22/1 Venkata Ratnam Street, Suryaraopet,
Vijayawada – 520 002

Respected MP & Senior Advocate,

In the wake of non-revision of pension of bank employees for past three decades out of their own deferred wages { which is with no cost to the exchequer } and retired bankers are placed in a pathetic state in old age while their money and property held in Pension Funds are looted by the IBA and bank managements, I earnestly request you to kindly field the following question in the Lok Sabh

UPDATING OF PENSION IN PUBLIC SECTOR BANKS

Will the Hon’ble Minister of Finance be pleased to state:

The reasons for asking the Chairman of Indian Banks’ Association (IBA) and Chairman State Bank of India {at the 73rd Annual General Meeting of IBA} to update the pension of bank retirees {who are left in the lurch in old age by not revising pension for past three decades} and to consider One Rank One Pension to them when Indian Banks’ Association is a non-state actor and it was a matter to be done by the Ministry of Finance through appropriate administrative instructions in the context that:

i) Their pension is payable out of their own deferred wages held in the Pension Fund and updating of pension is not out of the exchequer

ii) Regulation 35 (1) of Bank (Employees’) Pension Regulations, 1995 lays down that “ Basic Pension and Addisitioal Pension, wherever applicable shall be updated….. “

iii) Regulation 56 of the Pension Regulations, 1995 makes it explicit that Pension Scheme in Banks is exactly on the premise of Central Civil Pension Scheme {where pension is updated with the implementation of each Pay Commission requiring similar updating of pension with each Bipartite Settlement}.

iv) Hon’ble Supreme Court has ruled on 01.07.2015 in Civil Appeal No.1123 of 2015 viz. State of Rajasthan & Another Vs. Mahendra Nath Sharma & Others that pension shall not be lower than 50 percent of the running pay bands corresponding to the pre-revised scales of pay rendering those concerned contemnors of Court in not revising the pension of retired bank employees

The question naturally have a telling effect can mitigate hardships to about 2 to 3 lakhs pensioners of public sector banks who are denied the updating of pension which is out of their own money held in Pension Fund by banks and is with no cost to banks or to government.

You are invited to become the savior of a vast community that is denied social justice in the evening of their lives after sacrificing their might for the nation.

With warm regards, I remain

Yours faithfully.

C N VENUGOPALAN

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