Circular issued by AIBRF on the above subject is reproduced below
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Ref. No 019/284
07.06.2019
The Office Bearers/ Central Committee
Members/ State Body Chiefs
A.I.B.R.F.
Dear Sir,
Re: Supreme
Court Judgment in the matter of 1616-1684 Index
Re: Treatment to
commutation arrears
We request you to
refer IBA circular no. 4786 dated
03.04.2018 advising member banks to extend benefits to all eligible pensioners
as per the Supreme Court judgment dated 13.02.2018 in the matter of 1616-1684 Index.
2. On receipt of
this advice from IBA most of the member banks have since paid arrears to the
eligible pensioners along with interest @ 9 per cent per annum.
3. However during
the implementation of the court order, many banks have not given proper
treatment for calculation of difference of the commutation arrears,
interest thereon for the delayed period and its
recovery.
4. On getting
information from our affiliates we submitted representation to IBA vide our
letter No. 2018/58 dated 16.06.2018 requesting them to advise the member banks
to pay arrears on the commutation amount paid and payable as per the court
order along with interest at 9 per cent for delayed period. Further some
banks on the representations made by our affiliates also referred the matter to IBA for guidance.
Our affiliate State Bank of Mysore Pensioner Commune had filed Contempt
petition in Supreme Court on this issue.
5. Now we
understand that IBA after examining the issue, has recently advised those
banks who have made representations
to them to calculate difference of commutation payable and paid and pay
the difference amount with interest with simultaneous recovery of installments as and when due as per provisions of pension regulations.
5. Based on the
above advice of IBA, our affiliates are requested to represent to the bank
management for payment of commutation difference with interest.
With Warm Greetings
Yours Sincerely,
(S.C.JAIN)
GENERAL SECRETARY
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