Copy of Representation dated 24 05 2019 by the ALLAHABAD BANK RETIREES’WELFARE SOCIETY to the Secretary, MoF is reproduced below for information:
The Secretary
Department of Financial Services
Ministry of Finance,
Jeevan Deep Building,
Parliament Street, New Delhi
Respected Sir,
Subject – Revision /Updating of Pensions of Bank Pensioners
Reference – Page Number 263 to 265 of the File No 11/5/2001- IR of
Department of Financial Services, Ministry of Finance.
The Governor of RBI had by letter dated 06.10.2017 requested the Ministry of Finance for Updating of Pension to RBI Pensioners, which was declined by letter dated 26.2.2018, stating contingent effect resulting in similar demands in Public Sector Banks, most of which are currently facing financial difficulties.
The pages under reference are note-sheets relating to decision taken by Ministry of Finance on the request by Governor of RBI to Revise/Update pensions of RBI pensioners, to bring them at the level of Pay Revision done for Period of 1.11.2007 to 31.10.2012.The noting by officers of DFS, at Page Number 263 to 265 of File No 11/5/2001- IR, are of dates from 31.1.2018 to 22.2.2018
The Page Number 264 (Copy of Page No 264 enclosed for ready reference as Annexure – 1) with Heading – Periodic Updating of Pension at Para No (ii) & (v) reflects following information –
a. At Para No (ii) “At present Pension Corpus is around Rs.12000 Crores”.
b. At Para (v) “RBI has informed the financial cost of updating in RBI is 857.52 crores. As it may have contingent effect, IBA has informed total cost of updating pension in PSBs could be Rs.95000 Crores. PSBs will not be in a position to take this burden.”
The Note sheet started on the request letter date 6.10.2017 of RBI, thus it can safely be said that figures could be latest of Sept-2017, if the Audited Figures of March-2017 were not taken as being six months old.
1. Comparison of Cost of Pension Updating for RBI Vs for PSBs Pensioners
Logic of Comparison
The Pensions Regulations -1995 applicable to Bank Employees are pari-materia and are on same lines as are in RBI. The Pensioners in RBI and Public Sector Banks are the retirees of the same period from 1.1.1986 onwards and the Pay Revision Block Periods are also same. Thus it can safely be concluded that Updating Cost for Bank Pensioners at the same level of 4440 CPI will also be same at percentages.
i. Updating Cost for RBI pensioners, as percentage of Pension Corpus of RBI was = 857.52/12000x 100 = 7.146%
ii. The IBA has informed the Cost of Updating at Rs.95000 Crores. The Corpus of 26 Nationalized Banks as on 31.3.2017 was Rs. 164647.01 Crores and as on March -2018 it was Rs.178188.80 Crores (Inclusive of seven associates of SBI merged with SBI effective from 1.4.2017). Considering the Corpus as mean of 2017 & 2018, the Corpus in Sept-2017 can be accepted at Rs.171417.91 Crores. Going by the Cost of Updating Pensions for PSBs, as given by IBA was Rs. 95000 Crores. Thus the Cost as informed by IBA comes to - 95000/171417.90 x100 = 55.42% of Corpus of PSBs.
2. Comparison Based on Number of Pensioners - RBI Vs PSBs Pensioners
i. The Number of Pensioners of RBI was 34400 as mentioned by Shri L.R.Pranb – General Secretary of All India Reserve Bank Retired Employees Association in his request letter dated 10.2.2019, for pension updating addressed to Hon’ble Finance Minister. The Number of Pensioners in 26 Banks was 4.41 lacs. Thus number of Pensioners of 26 Nationalized Banks is 12.82 Times of Number of RBI Pensioners.(441000 divided by 34400)
ii. The Pension Corpus of 26 Banks was at Rs 171417.91 Crores as against Pension Corpus of Rs.12000 Crores of RBI. Thus Pension Corpus of 26 Nationalized Banks is 14.28 Times of Pension Corpus of RBI. (171417.91 divided by 12000). Therefore the maintained Pension Corpus of 26 Banks is not only equally sufficient as compared to Pension Corpus of RBI; rather the Pension Corpus of 26 Nationalized Banks is 111.39 % of needed corpus. (14.28 divided by 12.82 =111.39%)
Both type of comparisons are very much logical, because the Pensions Regulations are similar, potential beneficiaries are also of the same Pay Revision Periods from 1.1.1986 to 31.10.2007 to bring them to similar level of Pay Revision of 1.11.2007 to 31.10.2012 at same level of 4440 CPI. Rather the Pay Scales of RBI are higher than pay scales of PSBs; therefore Pension Corpus of Nationalized Banks has more cushions as compared to that for RBI in percentage terms to meet Actuarial Valued Net Present Obligations of Pensions.
Conclusion – In the light of above comparison, it is concluded that by no stretch of imagination the updating costs of pensions of the similar type of beneficiaries can have that much deviation. The Cost of updating pension of RBI pensioners is 7.146% of Corpus but for Pensioners of PSBs, IBA informed at 55.42%. It translates to meet 7.55 time (55.42 /7.146) increase of Pension in PSBs, as compared to similar Pensioners of RBI who had retired till 31.10.2007.
3. WHY IBA informed such exorbitant figure?
i. The IBA has no accountability as it is not a Public Body and is avoiding with full force to remain out from ambit of RTI Act-2005. The appeal filed by IBA against the order of Chief Information Commissioner is proof of this fact that IBA do not want to be accountable for any of its misguiding actions.
ii. The details of such acts of IBA are within the knowledge of Ministry of Finance as is evident from the reply of Ministry of Finance to unstarred question number 508 in Parliament on 20.7.2018. (Copy of reply by MOF in Parliament is enclosed for ready reference as Annexure - 2).
This Annexure -2, explains with examples as how IBA had suppressed facts, gave incorrect information and misled the Ministry of Finance on lot many occasions. Not only this, the document discloses that IBA had given different guidelines to different Banks on the same Pension Regulations, 1995.
Examples Page No 5 & 6 of Annexure -2
a. IBA by letter dated 12.03.2014 advised to some of the Banks to give Second Option of Pension to resigned employees who had served for 30 years.
b. Some Banks have Provision of Voluntarily Retirement after 20 years of service, some have after 30 years and some do not have Provision of Voluntarily Retirement. This anomaly has not been appraised by IBA to Ministry of Finance.
c. The Clause in Pension Regulations that resigned employee will forfeit right to pension was unjustly and unilaterally introduced in Regulations by IBA and IBA admitted this fact by letter to Govt, of India dated 06.08.2012.
iii. The IBA has never tried to get estimates of cost of updating pension as was assured by Record Note date 25.5.2015 signed between IBA and Associations of Bank Employees/Officers. On frequent reminders by Associations of Pensioners, IBA always replied that Data is being obtained from Banks. Now all of a sudden without obtaining Data of Pensioners from 26 Banks, IBA informed updating Costs as Rs.95000 Crores, which is 55.42% of Pension Corpus of PSBs. How this figure of 95000 Crores was arrived at by IBA, requires details to support it.
iv. By Record Note dated 25.5.2015 , IBA had not only clearly declined to consider any proposal for Updating Pensions, but had gone to the extent of saying that No Contractual Relationship exists between Banks and Pensioners .(Copy enclosed for ready reference – Annexure -3)
In the light of facts as above the negative attitude of IBA towards Pensioners need no further proofs. The Banks having the status of “State” within the meaning of Article -12 of Constitution of India are being indirectly controlled by IBA on issues of Pensions, whereas IBA, has no accountably for wrong guidelines given to Banks. The IBA which cannot go beyond the mandates given by Banks, which too are only in the matter of Wage Negotiations, once in five years have most of the time trespassed into the affairs of Pensioners by misguiding Banks, which is well spelt by Ministry of Finance by reply to unstarred question No 508 in Parliament on 20.7.218.
4. Revision/ Updating Given to RBI Pensioners
The Updating has been given to RBI Pensioners Retired till 31.10.2007. The number of survived pensioners and family pensioners of 26 Nationalized Banks is approx.1.45 lacs only and Actuarially Valued Required Pension Corpus for them is just Rs.19924 crores only as on 31.3.2018. This low PVO for these pensioners is for the reason that they are in average age of 76years, with further expected life of average 6 years only as per IALM Chart (2006-08) for longevity in Indian Conditions. Now when the total Corpus of Rs 19294 Crores is estimated sufficient for Payment of Pensions for their remaining life of average six years, the updating cost at 8 % against 7.146% for RBI is calculated as 8% of 171417.91 at Rs.13713.43 Crores only.
The figure of Rs. 95000 Crores as informed by IBA will increase the pension to 600% from Present Monthly Pensions and thus their pensions will go two times of the pension of retiree under Pay Revision of 2012 to 2017. The updating to that extent can never be either demanded by retirees of pre 2007 period nor can it be the rational thought for updating the pensions.
5. Updating Cost of Pension of Pensioners of 26 Nationalized Banks-
(i) As has been calculated at Para No 2(ii) above that the Pension Corpus of 26 Banks is not only equally sufficient in comparison to Pension Corpus of RBI; rather the Pension Corpus of 26 Nationalized Banks is 111.39 % of needed corpus. The Updating cost of Pensions in RBI was 7.146% to update the pensions of Retirees till 31.10.2007. At para Number 4 above based on same pattern of RBI, the updating cost to Bank Pensioners is calculated to be Rs.13813.43 Crores for the retirees of same period – till 31.10.2007, which can be met within the Present Corpus which is 111.39% of needed.
(ii) Pensioners are under almost similar pension benefit both in RBI and PSBs; the required Pension Corpus of 26 Nationalized Banks is 13.39% extra based on same parameters of requirements of Pension Corpus for RBI. Thus updating to all pensioners retired till 31.10.2012 is very much feasible within this extra 11.39%, which is Rs.20292.95 of Rs.178188.80 Crores Corpus in March-208, to bring Pensioners of 26 Nationalized Banks at Pay Revisions of effective from 1.12.2012.
6. Therefore the plea of IBA that PSBs will not be in a position to take the burden of updating/revision the pensions is nothing but an act of misguiding the Ministry of Finance, and such statements by IBA may damage the image of Nationalized Banks as the common men may take such statement in the sense that Banks are not capable of even fulfilling the justified obligation towards own pensioners. The Banks are very much in position to absorb the cost of updating pensions within the corpus of 178188.80 Crores as on 31.3.2018 , which they are maintaining 11.39% extra than Pension Obligations if assessed with same parameters of Actuarial Valuation for Corpus of RBI.
Pensions Updating costs for RBI Pensioners was 7.146% of Corpus, it can be safely concluded that pension updating to PSB’s Pensioners can be given not only to reties up to 31.10.2007, but also to those retired till 31.10.2012, within the Corpus of Rs.178188.80 Crores as on 31.3.2018 of 26 Nationalized Banks.
7. The page Number – 9 of Annexure- 2 (Reply by MOF in parliament) have mention of Pension Corpus of Rs.249122 Crores, probably including of State Bank of India, which we have excluded in our letter, because State Bank of India has different Pension Scheme to its employees and their updating is not related with pension of PSBs. Moreover the comment of Ministry of Finance at page Number – 9 is worth noting.
Quote -
“Banks have made robust pension funds of Rs249122 crores, which would be more than enough to cater to these employees.”
We therefore request you to kindly examine our submissions, which are based on the facts that Pensions are similar in RBI and PSBs, therefore the Cost of Updating Pensions will also be on same percentage. We urge upon you to kindly assess the proposal of updating pension to PSBs also and we are sure that your office will find it feasible within the present pension corpus to sanction updating of Pensions of Bank pensioners also. We hope for early favorable response.
Sincerely yours
(S.K.Mishra)
Secretary
Source:IB.NEWS
Department of Financial Services
Ministry of Finance,
Jeevan Deep Building,
Parliament Street, New Delhi
Respected Sir,
Subject – Revision /Updating of Pensions of Bank Pensioners
Reference – Page Number 263 to 265 of the File No 11/5/2001- IR of
Department of Financial Services, Ministry of Finance.
The Governor of RBI had by letter dated 06.10.2017 requested the Ministry of Finance for Updating of Pension to RBI Pensioners, which was declined by letter dated 26.2.2018, stating contingent effect resulting in similar demands in Public Sector Banks, most of which are currently facing financial difficulties.
The pages under reference are note-sheets relating to decision taken by Ministry of Finance on the request by Governor of RBI to Revise/Update pensions of RBI pensioners, to bring them at the level of Pay Revision done for Period of 1.11.2007 to 31.10.2012.The noting by officers of DFS, at Page Number 263 to 265 of File No 11/5/2001- IR, are of dates from 31.1.2018 to 22.2.2018
The Page Number 264 (Copy of Page No 264 enclosed for ready reference as Annexure – 1) with Heading – Periodic Updating of Pension at Para No (ii) & (v) reflects following information –
a. At Para No (ii) “At present Pension Corpus is around Rs.12000 Crores”.
b. At Para (v) “RBI has informed the financial cost of updating in RBI is 857.52 crores. As it may have contingent effect, IBA has informed total cost of updating pension in PSBs could be Rs.95000 Crores. PSBs will not be in a position to take this burden.”
The Note sheet started on the request letter date 6.10.2017 of RBI, thus it can safely be said that figures could be latest of Sept-2017, if the Audited Figures of March-2017 were not taken as being six months old.
1. Comparison of Cost of Pension Updating for RBI Vs for PSBs Pensioners
Logic of Comparison
The Pensions Regulations -1995 applicable to Bank Employees are pari-materia and are on same lines as are in RBI. The Pensioners in RBI and Public Sector Banks are the retirees of the same period from 1.1.1986 onwards and the Pay Revision Block Periods are also same. Thus it can safely be concluded that Updating Cost for Bank Pensioners at the same level of 4440 CPI will also be same at percentages.
i. Updating Cost for RBI pensioners, as percentage of Pension Corpus of RBI was = 857.52/12000x 100 = 7.146%
ii. The IBA has informed the Cost of Updating at Rs.95000 Crores. The Corpus of 26 Nationalized Banks as on 31.3.2017 was Rs. 164647.01 Crores and as on March -2018 it was Rs.178188.80 Crores (Inclusive of seven associates of SBI merged with SBI effective from 1.4.2017). Considering the Corpus as mean of 2017 & 2018, the Corpus in Sept-2017 can be accepted at Rs.171417.91 Crores. Going by the Cost of Updating Pensions for PSBs, as given by IBA was Rs. 95000 Crores. Thus the Cost as informed by IBA comes to - 95000/171417.90 x100 = 55.42% of Corpus of PSBs.
2. Comparison Based on Number of Pensioners - RBI Vs PSBs Pensioners
i. The Number of Pensioners of RBI was 34400 as mentioned by Shri L.R.Pranb – General Secretary of All India Reserve Bank Retired Employees Association in his request letter dated 10.2.2019, for pension updating addressed to Hon’ble Finance Minister. The Number of Pensioners in 26 Banks was 4.41 lacs. Thus number of Pensioners of 26 Nationalized Banks is 12.82 Times of Number of RBI Pensioners.(441000 divided by 34400)
ii. The Pension Corpus of 26 Banks was at Rs 171417.91 Crores as against Pension Corpus of Rs.12000 Crores of RBI. Thus Pension Corpus of 26 Nationalized Banks is 14.28 Times of Pension Corpus of RBI. (171417.91 divided by 12000). Therefore the maintained Pension Corpus of 26 Banks is not only equally sufficient as compared to Pension Corpus of RBI; rather the Pension Corpus of 26 Nationalized Banks is 111.39 % of needed corpus. (14.28 divided by 12.82 =111.39%)
Both type of comparisons are very much logical, because the Pensions Regulations are similar, potential beneficiaries are also of the same Pay Revision Periods from 1.1.1986 to 31.10.2007 to bring them to similar level of Pay Revision of 1.11.2007 to 31.10.2012 at same level of 4440 CPI. Rather the Pay Scales of RBI are higher than pay scales of PSBs; therefore Pension Corpus of Nationalized Banks has more cushions as compared to that for RBI in percentage terms to meet Actuarial Valued Net Present Obligations of Pensions.
Conclusion – In the light of above comparison, it is concluded that by no stretch of imagination the updating costs of pensions of the similar type of beneficiaries can have that much deviation. The Cost of updating pension of RBI pensioners is 7.146% of Corpus but for Pensioners of PSBs, IBA informed at 55.42%. It translates to meet 7.55 time (55.42 /7.146) increase of Pension in PSBs, as compared to similar Pensioners of RBI who had retired till 31.10.2007.
3. WHY IBA informed such exorbitant figure?
i. The IBA has no accountability as it is not a Public Body and is avoiding with full force to remain out from ambit of RTI Act-2005. The appeal filed by IBA against the order of Chief Information Commissioner is proof of this fact that IBA do not want to be accountable for any of its misguiding actions.
ii. The details of such acts of IBA are within the knowledge of Ministry of Finance as is evident from the reply of Ministry of Finance to unstarred question number 508 in Parliament on 20.7.2018. (Copy of reply by MOF in Parliament is enclosed for ready reference as Annexure - 2).
This Annexure -2, explains with examples as how IBA had suppressed facts, gave incorrect information and misled the Ministry of Finance on lot many occasions. Not only this, the document discloses that IBA had given different guidelines to different Banks on the same Pension Regulations, 1995.
Examples Page No 5 & 6 of Annexure -2
a. IBA by letter dated 12.03.2014 advised to some of the Banks to give Second Option of Pension to resigned employees who had served for 30 years.
b. Some Banks have Provision of Voluntarily Retirement after 20 years of service, some have after 30 years and some do not have Provision of Voluntarily Retirement. This anomaly has not been appraised by IBA to Ministry of Finance.
c. The Clause in Pension Regulations that resigned employee will forfeit right to pension was unjustly and unilaterally introduced in Regulations by IBA and IBA admitted this fact by letter to Govt, of India dated 06.08.2012.
iii. The IBA has never tried to get estimates of cost of updating pension as was assured by Record Note date 25.5.2015 signed between IBA and Associations of Bank Employees/Officers. On frequent reminders by Associations of Pensioners, IBA always replied that Data is being obtained from Banks. Now all of a sudden without obtaining Data of Pensioners from 26 Banks, IBA informed updating Costs as Rs.95000 Crores, which is 55.42% of Pension Corpus of PSBs. How this figure of 95000 Crores was arrived at by IBA, requires details to support it.
iv. By Record Note dated 25.5.2015 , IBA had not only clearly declined to consider any proposal for Updating Pensions, but had gone to the extent of saying that No Contractual Relationship exists between Banks and Pensioners .(Copy enclosed for ready reference – Annexure -3)
In the light of facts as above the negative attitude of IBA towards Pensioners need no further proofs. The Banks having the status of “State” within the meaning of Article -12 of Constitution of India are being indirectly controlled by IBA on issues of Pensions, whereas IBA, has no accountably for wrong guidelines given to Banks. The IBA which cannot go beyond the mandates given by Banks, which too are only in the matter of Wage Negotiations, once in five years have most of the time trespassed into the affairs of Pensioners by misguiding Banks, which is well spelt by Ministry of Finance by reply to unstarred question No 508 in Parliament on 20.7.218.
4. Revision/ Updating Given to RBI Pensioners
The Updating has been given to RBI Pensioners Retired till 31.10.2007. The number of survived pensioners and family pensioners of 26 Nationalized Banks is approx.1.45 lacs only and Actuarially Valued Required Pension Corpus for them is just Rs.19924 crores only as on 31.3.2018. This low PVO for these pensioners is for the reason that they are in average age of 76years, with further expected life of average 6 years only as per IALM Chart (2006-08) for longevity in Indian Conditions. Now when the total Corpus of Rs 19294 Crores is estimated sufficient for Payment of Pensions for their remaining life of average six years, the updating cost at 8 % against 7.146% for RBI is calculated as 8% of 171417.91 at Rs.13713.43 Crores only.
The figure of Rs. 95000 Crores as informed by IBA will increase the pension to 600% from Present Monthly Pensions and thus their pensions will go two times of the pension of retiree under Pay Revision of 2012 to 2017. The updating to that extent can never be either demanded by retirees of pre 2007 period nor can it be the rational thought for updating the pensions.
5. Updating Cost of Pension of Pensioners of 26 Nationalized Banks-
(i) As has been calculated at Para No 2(ii) above that the Pension Corpus of 26 Banks is not only equally sufficient in comparison to Pension Corpus of RBI; rather the Pension Corpus of 26 Nationalized Banks is 111.39 % of needed corpus. The Updating cost of Pensions in RBI was 7.146% to update the pensions of Retirees till 31.10.2007. At para Number 4 above based on same pattern of RBI, the updating cost to Bank Pensioners is calculated to be Rs.13813.43 Crores for the retirees of same period – till 31.10.2007, which can be met within the Present Corpus which is 111.39% of needed.
(ii) Pensioners are under almost similar pension benefit both in RBI and PSBs; the required Pension Corpus of 26 Nationalized Banks is 13.39% extra based on same parameters of requirements of Pension Corpus for RBI. Thus updating to all pensioners retired till 31.10.2012 is very much feasible within this extra 11.39%, which is Rs.20292.95 of Rs.178188.80 Crores Corpus in March-208, to bring Pensioners of 26 Nationalized Banks at Pay Revisions of effective from 1.12.2012.
6. Therefore the plea of IBA that PSBs will not be in a position to take the burden of updating/revision the pensions is nothing but an act of misguiding the Ministry of Finance, and such statements by IBA may damage the image of Nationalized Banks as the common men may take such statement in the sense that Banks are not capable of even fulfilling the justified obligation towards own pensioners. The Banks are very much in position to absorb the cost of updating pensions within the corpus of 178188.80 Crores as on 31.3.2018 , which they are maintaining 11.39% extra than Pension Obligations if assessed with same parameters of Actuarial Valuation for Corpus of RBI.
Pensions Updating costs for RBI Pensioners was 7.146% of Corpus, it can be safely concluded that pension updating to PSB’s Pensioners can be given not only to reties up to 31.10.2007, but also to those retired till 31.10.2012, within the Corpus of Rs.178188.80 Crores as on 31.3.2018 of 26 Nationalized Banks.
7. The page Number – 9 of Annexure- 2 (Reply by MOF in parliament) have mention of Pension Corpus of Rs.249122 Crores, probably including of State Bank of India, which we have excluded in our letter, because State Bank of India has different Pension Scheme to its employees and their updating is not related with pension of PSBs. Moreover the comment of Ministry of Finance at page Number – 9 is worth noting.
Quote -
“Banks have made robust pension funds of Rs249122 crores, which would be more than enough to cater to these employees.”
We therefore request you to kindly examine our submissions, which are based on the facts that Pensions are similar in RBI and PSBs, therefore the Cost of Updating Pensions will also be on same percentage. We urge upon you to kindly assess the proposal of updating pension to PSBs also and we are sure that your office will find it feasible within the present pension corpus to sanction updating of Pensions of Bank pensioners also. We hope for early favorable response.
Sincerely yours
(S.K.Mishra)
Secretary
Source:IB.NEWS
Why all these hurdles , when let the Bank Employees Retirees demand the handling of Pension Fund by themselves through a committee of members from the Pensioners' fraternity. After all, the fund is created from our own resourses collected while in service
ReplyDeleteRBI issues guidelines for lending policies of banks. Banks cannot transgress these policies. RBI has foisted a cashflow based NPA norm totally incompatible with an asset based lending structure. By compelling liquidation of assets at a fraction of it's value on ground of certain accounts triggering NPA norms, without reference to it's going concern based value, RBI has let loose havoc on banks. Having a say in policy as well as individual banks executive board, RBI is wearing 2 hats but takes no responsibility for either. RBIs income is what is extracted from Banks and their role as custodian of forex. If RBI can afford pension updation for it's own employees, how can it not support bank employees demand for the same facility.
ReplyDeleteIt's high time the various organisations of bank trade unions come together and file an urgent petition before the SC citing adequacy of corpus funds to meet the demands of pension updation. When courts can take up urgent petitions like RAFALE and Ayodya what is the obstacle in addressing on urgent basis a great and glaring one as regards pension matters which are dragging on endlessly while retirees die out slowly awaiting relief.
ReplyDeleteDo we need courts to address this issue or should not the Govt and IBA take an urgent decision. If need be all pension trade unions can simply join the BJP and start the drum beating. No point in holding soiled red flags and plain fist flailing as these have so far not yielded any dividend.
D.A. must be merge 1st and all burden must be bare by central govt. All banks pensioners
ReplyDeleteAIBRF and Others can go for Actuarial
ReplyDeleteValuation feasibility report on the
lines of IBA to get factual facts and
figures and make it public to convince
Ministry of Finance.
Good suggestion but should we try to reinvent the wheel when pension corpus of all banks are sufficient to cover the entire cost of pension updation.
DeleteAccording to me IBA stands for Illegal Banks Association. Any organisation with more than 20 members need to be registered. Otherwise it is an illegal association of persons. IBA is an illegal entity .
ReplyDeleteCan anybody enlighten how the IBA has arrived Rs95000 cores as additional burden on pension updation?
ReplyDelete