*DEVELOPMENTS IN BANKING INDUSTRY*

*DEVELOPMENTS IN BANKING INDUSTRY*

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The following developments have taken place in the Banking Industry in this month.

1) *RRB CASE :*

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You are aware that there was NO Pension for RRB employees. The Unions went to Court. Finally the Supreme Court, gave Judgement in favour of employees. Govt implemented Pension Rules wef 01-04-2018.

The Unions filed a Contempt Petition No. 1798 of 2018.

The Govt was forced to accept that they will implement Pension Rules wef 01-11-1993.

*The Under Secretary in DFS filed an affidavit on 09-08-2024 stating that Govt will implement wef 1-11-1993 and arrears will be paid in 2 installments before 31-3-2025.*

2) *M C SINGLA CASE :*

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Pension Updation Case viz M C Singla Vs IBA & GOI came up for Hearing in Court No.9 of SC on 21-08-24. Because the Sl No. of the case was later, it did not come up for Hearing. Even on 22nd also, it failed to make to hearing.

*However, the next date given by Court is 28-08-24 & 29-08-24.* ie immediately after a week.

Justice Hima Kohli is due to retire on 31-08-24, it is expected that decision may come this time.

Looking to the positive attitude of the Govt in announcing UPS, we can fairly presume that Pension Updation for Bank & LIC Pensioners is very much on the cards. Dr. Somanathan committee should have definitely made mention of this  in their report. Because LIC and bank pensioners' unions have been pursuing this issue since more than 26 years in the Courts and with DFS/FM. 

Let us wait with our fingers crossed. *NOIP delegation will try to meet DFS in Sept and press for PENSION UPDATION.*

Ashok J Joshi

GS, NOIP.

25-08-2024