Namasthe.
I am forwarding this note received in WhatsApp to me from one of our well wishers / pensioners for the benefit of all of us as still some of our pensioners are unaware of the latest developments and current position on our bank pensioners issues / position.
Those who are aware may ignore it.
With regards,
NVKRao.
PRESENT ADDRESS =
N.V. Krishnaa Rao,
Plot No.309, Phase-2, Saket Colony,
Kapra, ECIL Post, R.R. Dt.,
HYDERABAD-500062. TELANGANA
Mobile = +91 9848027321.
& Emails = nvkrishnarao@gmail.com & nvkrao@yahoo.com
----- Forwarded Message -----
From: KRISHNA RAO N.V. <nvkrao@yahoo.com>
To: N V Krishna Rao. Plot No. 309 Phase 2 <nvkrishnarao@gmail.com>; "nvkrao@yahgoo.com" <nvkrao@yahgoo.com>; Nvkrao <nvkrao@hotmail.com>; "nvkrao@rediffmail.com Rediff. Mail" <nvkrao@rediffmail.com>
Sent: Sunday, 24 February 2019 12:18 PM
Subject: Latest info on Pension.
Dear Sri Manoharan ji,
In case of RBI retirees it is the Central Board of RBI who had passed a unanimous Resolution to extend the updation benefit to the Pensioners of RBI. The Board Resolution was sent to the Government of India for their approval. But Govt. Of India kept the Resolution under carpet. Only when the Governor RBI, particularly Sri Raghuram Rajan, put pressure on the Govt, the Govt responded by addressing a letter to RBI in which they had stated that, "Updation as recommended cannot be considered as it will have far reaching financial implications on the Financial Sector and the Pensioners of PSU banks also demand implementation of Updation of pension which, in the present context of Banking Industry passing through a difficult phase, is not possible. The cost of implementing updation pension is very high and the PSU banks just can't afford the burden. Hence, the proposal is declined.
After the letter was received from the Govt. the aggrieved pensioners of RBI had filed a Writ Petition in Mumbai High Court seeking updation of pension as recommended by the Central Board of RBI. When Mumbai High Court sent a notice to the Govt. to file their counter, the Govt. reiterated the contents of the letter addressed to the Management of RBI. Court took a strong objection to this and stated that the Govt. stand tantamounts to interference in the Autonomy of RBI and the Updation of Pension to the pensioners should be considered immediately as prayed by the Petitioners."
As usual the Govt. moved the Supreme Court with an SLP challenging the orders of Mumbai High Court but the Supreme Court slapped on the face of the Govt by refusing to interfere in the orders of Mumbai High Court and ordered that the Updation benefit should be extended first and then only Govt can appear before the Supreme Court. Now the Updation benefit is being extended to RBI Pensioners wef 01.11.1997.
This stand of the Supreme Court has given a shot in the arm for us and this has strengthened our case.
Please note in the case of RBI pensioners the RBI Management is willing to consider the benefit whereas IBA and PSU Banks have not bothered to implement the provisions of Bank Employees' Pension Regulations 1995. This is mal-implementation of Pension Regulation under the he pretext of huge costs, which is not tenable, in view of huge accumulated funds in the Pension Corpus. We have furnished the Pension Funds position of our Bank, which gives an indication that the Fund is growing year by year and the Pension payout is only 35% of the funds accruing and accumulating ever year. This gives sufficient hint that Pension Updation can be implemented without putting any extra burden on the Pension fund. This point has been emphatically presented in the Petition.
Let us wait for further developments.
With best wishes and regards.
Yours sincerely,
K B Ballur
Sent from my iPhone
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