IBA has issued circular directing member banks to extend second option of pension to officers who took VRS under Bank Officers' Service Regulations (OSR). Family members of such officers , who are deceased but who were in service at that time, are also eligible for family pension. Officers who took VRS under Bank OSR were denied second option of pension at the time when second option of pension was extended to other categories of officers and award staff.
Click here to view IBA circular
IBA has issued corrigendum to above circular on 12/11/2012.
Click hee to view corregendum to IBA circular