Updation of RBI employees Pension - upheld by SC.

[Gopabandhu Mohapatra]

BUSSINESS  STANDARD

🔽

UPDATION OF RBI EMPLOYEE'S PENSION IS UPHELD BY SC, REVERSING GOVT OFFICE ORDER🔻

The Bombay High Court on Monday struck down the circular issued by the Reserve Bank of India (RBI) withdrawing pension updation benefits for its employees. The judgment was passed while hearing a petition filed by a retired RBI employee in the Bombay HC.

Responding to the petition, the RBI had filed that the circular was issued following a government order to withdraw the pension updation for its employees. The HC was of the view that the government cannot override a decision taken by the RBI’s central board just by writing a letter.

It added that any order or advice to RBI should be passed within the powers entrusted to the government as per Section 7 of the RBI Act, which states, “The Central Government may from time to time give such direction to the RBI after consultation with the Governor of the bank as considered necessary in the public interest.”

However, these directions have not been given under any statutory provisions and, hence, do not have a legal validity to challenge the RBI circular, the court said. Official sources said an update of pension refers to revising the basic pension upwards after every revision of pay scales. The RBI pension scheme is on the lines of the central government’s pension scheme, in accordance with an RBI circular issued in March 1992.

The circular in question, which had been issued by RBI on October 9 last year, had withdrawn the updation of pension for RBI employees following the government order.

Sources said that, unless RBI or the government approaches the Supreme Court, the circular on withdrawal of pension updation benefits stands null and void. Thus, RBI’s retired employees will have to be paid their full arrears, which had been pruned following this circular.

The Bombay HC judgment is seen as a major development which endorses the autonomy of the RBI’s central board and its earlier decision to update its retired employees’ pension.

Employees have alleged that the withdrawal of the pension updation is totally contrary to the decision of the central government to shower updation benefits, both in salary and superannuation, to millions of its own employees.

They have made other demands too, including a grant of family pension at the rate of 30 per cent without ceiling in line with the Central Government scheme, computation of pension at an enhanced rate and improvement in pension scheme and gratuity consequent upon the acceptance of the recommendations of the Sixth Pay Commission report.

Employees are of the view that the pension issue could have been resolved amicably since its update requires Rs 10 crore only, while the corpus of RBI employees’ contribution fund itself is Rs 4,500-5,000 crore, according to banking sources close to the development. RBI updated the pension scheme in 2003 for pre-November 1997 retirees, aligning their basic pension with the basic pay prevalent at that time. The decision was taken by RBI’s central board in the presence of nominees of the Centre.

Incidentally, the RBI’s pension fund is self-sustaining without any contribution from the exchequer and the Fifth Pay Commission for Central Government employees had stipulated that autonomous institutions like the RBI may have their own pension scheme, subject to their fund position.

Gopabandhu Mohapatra 

[manmohan]

This news is 5 years old.

[Narendra Khutate]

Please quote case number

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[manmohan Obcretiredemployee]

Dear Sir, 

            This letter pertains to 2013 Jan.

Please quote case number

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[Parvatam Veera Bhadra Swamy]

This judgement will help us to quote in the final argument which is coming up shortly and supreme court has to give judgement in our favour.

Moreover general elections are due shortly. If our retiree representatives bring pressure through UFBU chances of getting updating is possible.

PVB Swamy

On Mon 6 Aug, 2018, 10:19 AM manmohan Obcretiredemployee, <obcretire...@gmail.com> wrote:

Dear Sir, 

            This letter pertains to 2013 Jan.

On Sun, Aug 5, 2018 at 11:51 AM, Narendra Khutate <n25...@gmail.com> wrote:

Please quote case number

On Sun 5 Aug, 2018, 10:28 AM Gopabandhu Mohapatra, <gbmoh...@gmail.com> wrote:

BUSSINESS  STANDARD

🔽

UPDATION OF RBI EMPLOYEE'S PENSION IS UPHELD BY SC, REVERSING GOVT OFFICE ORDER🔻

The Bombay High Court on Monday struck down the circular issued by the Reserve Bank of India (RBI) withdrawing pension updation benefits for its employees. The judgment was passed while hearing a petition filed by a retired RBI employee in the Bombay HC.

Responding to the petition, the RBI had filed that the circular was issued following a government order to withdraw the pension updation for its employees. The HC was of the view that the government cannot override a decision taken by the RBI’s central board just by writing a letter.

It added that any order or advice to RBI should be passed within the powers entrusted to the government as per Section 7 of the RBI Act, which states, “The Central Government may from time to time give such direction to the RBI after consultation with the Governor of the bank as considered necessary in the public interest.”

However, these directions have not been given under any statutory provisions and, hence, do not have a legal validity to challenge the RBI circular, the court said. Official sources said an update of pension refers to revising the basic pension upwards after every revision of pay scales. The RBI pension scheme is on the lines of the central government’s pension scheme, in accordance with an RBI circular issued in March 1992.

The circular in question, which had been issued by RBI on October 9 last year, had withdrawn the updation of pension for RBI employees following the government order.

Sources said that, unless RBI or the government approaches the Supreme Court, the circular on withdrawal of pension updation benefits stands null and void. Thus, RBI’s retired employees will have to be paid their full arrears, which had been pruned following this circular.

The Bombay HC judgment is seen as a major development which endorses the autonomy of the RBI’s central board and its earlier decision to update its retired employees’ pension.

Employees have alleged that the withdrawal of the pension updation is totally contrary to the decision of the central government to shower updation benefits, both in salary and superannuation, to millions of its own employees.

They have made other demands too, including a grant of family pension at the rate of 30 per cent without ceiling in line with the Central Government scheme, computation of pension at an enhanced rate and improvement in pension scheme and gratuity consequent upon the acceptance of the recommendations of the Sixth Pay Commission report.

Employees are of the view that the pension issue could have been resolved amicably since its update requires Rs 10 crore only, while the corpus of RBI employees’ contribution fund itself is Rs 4,500-5,000 crore, according to banking sources close to the development. RBI updated the pension scheme in 2003 for pre-November 1997 retirees, aligning their basic pension with the basic pay prevalent at that time. The decision was taken by RBI’s central board in the presence of nominees of the Centre.

Incidentally, the RBI’s pension fund is self-sustaining without any contribution from the exchequer and the Fifth Pay Commission for Central Government employees had stipulated that autonomous institutions like the RBI may have their own pension scheme, subject to their fund position.

Gopabandhu Mohapatra 

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[Venugopal Cheriyachanaseril]

https://drive.google.com/file/d/1tvmCvjlHsTwb4J6xGkLACwcLRfYNtGYs/view?usp=sharing

[mohan p]

 Sir,

Why this news item published in Business Standard years back  related to RBI pension revision   is reproduced here  , right now without a date ?

This is an old news item  published in above  news paper on 19th January, 2013, which is  not relevant to us!

Moreover,as all of us are aware that Pensioners of Reserve Bank of India have already secured Revision of Pension, in March 2019.

Further, RBI pensioners case was not similar to ours.Their Management has already agreed for revision of  pension and issued circular earlier to that effect and subsequently  withdrawn the same as per GOI direction.

  The benefit was secured by them  through consistent struggles jointly with support of serving staff and pensioners.

In our case Revision of Pension/DR related issues  are major pending items, which may be resolved through Bilateral talk with IBA-UFBU. The road map of the same may be clear in coming days while discussion commences.

Let us wait for the developments.

--

[kds nair]

Yes.It is good for us to wait for the result of talks from 28/2/23.

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[Niranjan Cn]

Sir,   Why are you unnecessarily writing to CJI, President, DFS, etc ??  Is it not immaturity on your part in writing such petitions ?  Just to be relevant and pretend of doing a great service to Pensioners cause - please no more petitions .  Whatever you wanted to state and argue - has been dismissed at High Court twice.  Better take rest for time being.

Already Singlas case is pending in Supreme Court - wait for the judgement.  Please do not create any hurdle in pension revision/updation.  It is an earnest request.

Niranjan

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[MOHANDAS RAO]

Friends,

Thanks to the author of the letter to Hon. Justice Chandrachud for providing two jokes for the day!

1) "Pension payment in Public Sector Banks is governed by a subordinate legislation

viz. the Bank Employees’ Pension Regulations 1995. It contains enabling

provisions in prominent letters for periodic revision of pension as and when

wages are revised at the banking industry level. Despite this, the DFS and the

Indian Banks’ Association, a representative body of banks, maintain a stand that

there is no provision in the Pension Regulations for revision / updation of

pension. Nothing could be farther from the truth". 

2) "In banks, pension payment is in lieu of provident fund and not in addition to

provident fund. The employees are given an option to choose between the two.

Unlike in Government where pension payment is met out of budgetary allocation

representing tax payers’ money, pension payment in banks is met mostly out of

the provident fund amount surrendered by an employee to his pension fund and

from the income stream generated from its investment".

Now, we may expect an early updating of our pension!

K. MOHANDAS RAO

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[vrsivaram...@yahoo.in]

Our leaders will show the road in the map only like our pension scheme. If we question they will say no money to lay

the 🛣️ road . Our leaders are more clever in handling the  issues.

Sorry to say this. All unions are mouth pieces of IBA and management. Pre retirees of 2002 will not see updation of PENSION 

So forget about revision and live happily the remaining life of few years. 

[Kalyanasundaram Subramaniam]

Why do you  respond now for an item posted on  Aug 5, 2018?

S Kalyanasundaram 

[mohan p]

Dear Shri.Kalyanasundaram,

 Yes you are right.Inadvertantly I have missed to note the date of original message,when it reached to my mail box as if new.

Perhaps you might have noticed that,the above thread of old message was happened to be forwarded under this forum now by one of the members to post his latest letter.

The  response posted  was on this background.

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[Niranjan Cn]

Sir,  Jokes at its best.  Hope better sense will prevail among pensioners so that they are not misguided by CNVs !!

Niranjan

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[Venugopal Cheriyachanaseril]

Saw your mail just now

Reserve comments 

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[MURALIDHARA E.V. EYUNNY]

Sir I am a resignee from KVB which is signatory to settlement. Why delay in implamenting in spite of getting DFS approval. 

Yahoo Mail: Search, organise, conquer

https://groups.google.com/d/msgid/bankpensioner/CAPyv3rUBaK2GrUApTxQ0TF8MHs9_iw%3DfZV_DuUHw4rQgztXTcw%40mail.gmail.com

.

[Raghunathan D S]

Sir,                                12-4-24

I checked your mail and I wish to state that I am also a Resignee officer from eLvb now DBS/ 31 yrs service. I don't know whether IBA has sent its circular to KVB, as I thought IBA has addressed only to PSB s and I am keeping my fingers crossed whether they would advise taken over banks like mine.    As such I request you to please let me know whether your bank KVB has rec'd circular from IBA as it is one of the pvt sector banks who was party to the settlement as well as a member.  I wish u all the best 

Regards,

Raghunathan 

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[MURALIDHARA E.V. EYUNNY]

Not yet sir. No news. Waiting for today Iba and ufbu meeting

Yahoo Mail: Search, organise, conquer

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[Logu Kuppan]

Dear Sir,

Kindly note this email and send me the messages and latest developments of psb retirees.

Thanking you 

By

LOGANATHAN K

RETD MANAGER,

Canara Bank,

 Chennai 

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[SUMAN KUMAR Suman]

WHEN   OUR BANK  WILL  ISSUE   CIRCULAR

PLEASE  I WANT  TO KNIOW

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suman.