Second Pension option to Normal VRS optees

IBA has clarified that second option of pension will not be available to normal VRS optees  i.e. VRS optees who have taken VRS under Bank's Service Regulation ( the option is available for  VRS optees under SVRS scheme) .  AIBOA is contemplating to take the matter in the court of law.
Click here  to view  AIBOA Circular.

Pesion Option - Medical examination for commutation

As per available information following banks have issued circulars for 2nd Pension option.
1.United Bank of India
2. Punjab National Bank
3. Indian Bank
4. Corporation Bank 
5. Oriental Bank of Commerce 
6. Bank of India

According to annexure  to the circular issued by Indian Bank , those retirees who want to commute the pension , are required to submit medical certificate after examination by a medical practitioner. For Bank of India also medical examination is compulsory in case of  commutation. In other banks' circulars there is no mention of medical examination.

IBA guiedelines on Pension Option

Immediately after lifting the stay by Madras High Court on certain pension provisions in 9th BPS , IBA has issued the guidelines to the banks for implementation of second option of pension. Click on the link below to view the IBA circular.
IBA guidelines for second option of pension 

Annexure to  IBA Circular - Pension Option Formats

Stay by Madras High Court vacated

Stay by Madras High Court on pension settlement is lifted on today i.e. 10/08/2010

Minimum Pension / Family Pension

As the payscales  are revised under 9th BPS , the family pension and minimum pension payable have been revised for the employees retired on or after 01/11/2007. AIBOC/ IBA has issued circular in this regard. Click on  the link given below to view detailed circular.
AIBOC Circular