Pensionary benefits to employees who were in service of the banks as on 27.04.2010 and died thereafter

IBA has clarified that the family of the employee eligible to exercise the option who died on or after 27.4.2010 shall be entitled for full pension from 27.11.2009 or from the date of retirement which ever is later till the date of death and family pension thereafter.  They will also be eligible for commutation of pension; provided they comply with the terms of the settlement / Joint Note. AIBOC has issued circular in this regard. Click on the link below to view the circular.

AIBOC Circular

Pension Calculations for employees retired between Nov. 2007 and July 2008

Indian Banks Association has issued guidelines for the calculation of basic pension of employees who retired between Nov 2007 and July 2008.  Pension Basic  is calculated on last 10 months average basic. Last 10 months basic of these employees falls in two bipartite settlements i.e. for some months - 8th BPS and for some another months - 9th BPS.  In such cases, for  arriving at average basic pension , certain percentage of D.A. is added to the basic pension of 8th BPS. IBA has issued detailed guidelines in this regard. For viewing the IBA guideline click on the link below.

IBA circular on pension calculation dtd 13/10/2010 

UFBU to take up pensioners' issues like updation of pension, 100% neutralisation of DA etc

UBFU has decided to take up pensioners' issues , in the meeting held at Mumbai on 07/10/2010. UFBU has issued  a circular in this regard. Relevant paras of the circular are reproduced below.

Pension Scheme: As discussed in the earlier meetings, it was decided to pursue issues like improvements in pension scheme on the lines of Government scheme as amended under the 6th Pay Commission, periodical updation of pension, 100% DA neutralization on pension to all pensioners, improvement in Family pension, Ex Gratia paid to Pre-1986 retirees/their widows, etc. besides taking up the issues of pension benefit to those sections of retirees who are not presently covered by the scheme/settlement.

Interaction with Retirees organizations: Representatives of United Forum of Retirees organisations met UFBU during the meeting and submitted their views and suggestions on the various issues concerning the retired employees. They sought the support of the UFBU in pursuing these issues and UFBU assured them of the same.

Click here to view UFBU circular.

Source : AIBOA website

Harassed whistleblower forced to give up fight, buy peace with bank

Here is a story of a retired general manager of a nationalized bank   who was  victimized  after he blew the whistle on his senior, then chairperson and managing director.   

    He moved the Delhi high court for relief when the CVC closed his complaint and the bank hit back. Later he invoked the RTI Act to show the massive amount the bank was spending on lawyers to frustrate him.                                                  

    Unexpectedly he has now given in. A month ago, he signed an agreement with the bank . He has given  an undertaking to the bank  that he will withdraw all cases and contempt petitions filed against  CMD The retired GM has also promised that he will not take the issue to the print and electronic media in future.

Click on the link below to read the  news item

Harassed whistleblower forced to give up fight, buy peace with bank - The Times of India

Retired bank employees are eligble for engagement as Business Correspodents by banks

RBI has issued a circular regarding Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs) ( Circular No.RBI/2010-11/217 DBOD.No.BL.BC.43 /22.01.009/2010-11 dtd September 28, 2010 ) In this circular RBI has issued detailed guidelines for engaging Business Correspondents by banks. According to para 2 (i), to the annexure of this circular, retired bank employees are also eligible for engagement as Business Correspondents by a bank.

Click here to view RBI Circular