VRS ARE DEPRIVED OF 1% ADDITIONAL INTEREST ELIGIBLE TO STAFF??????.

[Sukumaran Ramaraj]

Sir,

              I am R. Sukumaran, Came out in 2011 from BANK OF INDIA under VRS. As for as my knowledge, only during the time of golden handshake the deposit rate was reduced, that too for for a short period, then it has been reverted, thanks to UNION/ASSOCIATION for the timely intervention.Now I am enjoying 1% additional rate of interest as ex-staff.

              Regarding medical assistance I am holding SWASTHYA BIMA policy for Rs. 500000/- for a premium of Rs 7079/- per year for my wife and self jointly or individually. Of which Rs. 5000/- is reimbursable. Hope all the retirees of of BANK OF INDIA including VRS retirees will be enjoying this facility.

              For your information I have put up 34 years in BANK OF INDIA, out of this for about 17 years from 1995 to 2011, I was not a member of any union as an award staff. Yes, Definitely I would like to forget the the period of KV Krishnamoorthy, then Chairman of the Bank. At the same  time we worked  for BANK OF INDIA  and not for any individuals.

               At the same time definitely I don't know what happened in your case.

[Ajit Naik]

Mr. Sukumaran,

I am proud to be an ex-staff of a very prestigious Bank - Bank of India. But unfortunately during implementation of VRS 2000scheme we had persons like KV Krishnamoorthy as our chairman. When the VRS-2000 scheme retirees of all banks were getting benefit of 1% additional Rate of interest (applicable to staff/ex-staff) on compulsorily deposited VRS amount (also termed as deposit under lien for certain period, mostly 5 years), only Bank of India VRS -2000 scheme retirees were deprived of this benefit though some of the Top positions of AIBOC and its Management committee were held by BOI leaders. These leaders though fully knowing the injustice suffered by VRS retirees of BOI did not take up the issue with the Management of BOI. I was retired und VRS scheme on 31-12-2000. I was issued Term Deposit receipt with 11 % ROI soon after my retirement. After KVK's notorious circular, the TD receipt issued to all (5-6) VRS retiree was collected back by the branch. (Mapuca -Goa) and fresh receipt was issued carrying 10 % ROI.

Within 3-4 months of implementation of VRS 2000 scheme, in the industry level the lien period was removed by the banks on such deposits issued to VRS employees. By that time of 3-4 months, the rate of interest scenario was volatile and drastically on downward trend and the applicable maximum ROI on staff deposits in BOI was only 10 %. (and not 11 % initially given to retirees in BOI).  In such a situation, how can you thank Unions / Association? Did I (and many more vrs 2000 scheme retirees of BOI) not lose the benefit of 11 % for entire period (60 months) of TDR? Association did not bother to set right this loss suffered by many BOI vrs 2000 scheme retirees. They could have taken up the issue with IBA, Finance ministry. They did nothing. They could have easily set right the grave injustice done by KVK on VRS retirees of BOI but they did not act as these leaders were scared of KVK during his tenure as Chairman and were just involved in protecting their own interests (such as not getting disturbed by transfer and continuation of certain benefits hitherto enjoyed by them). If these leaders were interested in doing justice to vrs 2000 scheme retirees, they could have taken up the issue with the management soon after the term of KVK was ended in BOI.

 

The medical insurance scheme enjoyed by you is extended only to retirees of BOI who had put up service of more than 30 years, whereas in some of the other banks such facility is extended even to retirees who had put up 20-25 years of service. I had served in BOI for 29 years. If I am eligible for medical insurance from BOI like you, please get inform me the Circular Number of BOI.

 

It is well known fact that AIBOC in general opposed implementation of VRS 2000 scheme and hence they totally neglected VRS 2000 scheme retirees. What I suffered under the very nose of Association under AIBOC, because of their inaction is put up above.

 

Apart from that, I am of the firm opinion that retirees should have only one Association in the industry level for all categories of retired staff so as to put forward our issues effectively.  My e-mail was written in to response to e-mail in bankpensioner group on the subject CIRCULAR 15/15 DT 6 TH APRIL OF AIBPARC and many comments on it. Many have discussed in this forum about the role of AIBOC on following issues which has very badly affected retirees financially.

(a)    Not taking up seriously about 100% neutralization of DA to pre 2002 retirees.

(b)   Wrong advice to its members for opting PF without grasping the effect of inflation and interest rate scenario in the changed/changing economic situation on account of globalization.

 

These AIBOC leaders never bothered to protect the interest of retirees when they were in service. After their retirement they are interested in retirees, may be NEW ENLIGHTENMENT!

Regards,

Ajit N. Naik

[L S RAMAN]

AS per Supreme court verdict in respect of five year addl service the VRS optees should not be discriminated against in respect of all terminal and other benefits..

D.Raman.L.S

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[Narayan T Hegde]

Dear Ajit,
We are hopeful of introduction of industry-level Group Medical Ins. Scheme,for all
retirees,irrespective of the mode of exit.As such,I am hopeful of a great relief for retirees like
you.Let us wait for a little more time,till 23/05/2015.
N T Hegde.

On Mon, 13 Apr 2015 15:44:54 +0530 "'Ajit Naik' via bankpensioner"
wrote
> Mr. Sukumaran,I am proud to be an ex-staff of a very prestigious Bank -

Bank of India. But unfortunately during implementation of VRS 2000scheme we had
persons like KV Krishnamoorthy as our chairman. When the VRS-2000 scheme
retirees of all banks were getting benefit of 1% additional Rate of interest
(applicable to staff/ex-staff) on compulsorily deposited VRS amount (also
termed as deposit under lien for certain period, mostly 5 years), only Bank of
India VRS -2000 scheme retirees were deprived of this benefit though some of
the Top positions of AIBOC and its Management committee were held by BOI leaders.
These leaders though fully knowing the injustice suffered by VRS retirees of BOI
did not take up the issue with the Management of BOI. I was retired und VRS
scheme on 31-12-2000. I was issued Term Deposit receipt with 11 % ROI soon
after my retirement. After KVK's notorious circular, the TD receipt issued to
all (5-6) VRS retiree was collected back by the branch. (Mapuca -Goa) and fresh

receipt was issued carrying 10 % ROI.Within 3-4 months of implementation of VRS 2000 scheme, in

the industry level the lien period was removed by the banks on such deposits issued
to VRS employees. By that time of 3-4 months, the rate of interest scenario was
volatile and drastically on downward trend and the applicable maximum ROI on
staff deposits in BOI was only 10 %. (and not 11 % initially given to retirees
in BOI). In such a situation, how can
you thank Unions / Association? Did I (and many more vrs 2000 scheme retirees
of BOI) not lose the benefit of 11 % for entire period (60 months) of TDR?
Association did not bother to set right this loss suffered by many BOI vrs 2000
scheme retirees. They could have taken up the issue with IBA, Finance ministry.
They did nothing. They could have easily set right the grave injustice done by KVK
on VRS retirees of BOI but they did not act as these leaders were scared of KVK
during his tenure as Chairman and were just involved in protecting their own
interests (such as not getting disturbed by transfer and continuation of
certain benefits hitherto enjoyed by them). If these leaders were interested in
doing justice to vrs 2000 scheme retirees, they could have taken up the issue

with the management soon after the term of KVK was ended in BOI.The medical insurance scheme enjoyed by

you is extended only
to retirees of BOI who had put up service of more than 30 years, whereas in
some of the other banks such facility is extended even to retirees who had put
up 20-25 years of service. I had served in BOI for 29 years. If I am eligible
for medical insurance from BOI like you, please get inform me the Circular

Number of BOI.It is well known fact that AIBOC in general opposed

implementation of VRS 2000 scheme and hence they totally neglected VRS 2000
scheme retirees. What I suffered under the very nose of Association
under AIBOC, because of their inaction is put up above. Apart from that, I am of the firm opinion that
retirees
should have only one Association in the industry level for all categories of
retired staff so as to put forward our issues effectively. My e-mail was written in to response to
e-mail in bankpensioner group on the subject CIRCULAR 15/15 DT 6 TH APRIL OF
AIBPARC and many comments on it. Many have discussed in this forum about the
role of AIBOC on following issues which has very badly affected retirees
financially.(a)
Not taking up seriously about 100% neutralization
of DA to pre 2002 retirees.(b)
Wrong advice to its members for opting PF
without grasping the effect of inflation and interest rate scenario in the

changed/changing economic situation on account of globalization.These AIBOC leaders never bothered to

protect the interest
of retirees when they were in service. After their retirement they are

interested in retirees, may be NEW ENLIGHTENMENT!Regards,Ajit N. Naik

On Sunday, 12 April 2015 7:00 PM, Sukumaran Ramaraj wrote:


Sir,
I am R. Sukumaran, Came out in 2011 from BANK OF INDIA under VRS. As for as my knowledge, only
during the time of golden handshake the deposit rate was reduced, that too for for a short period, then
it has been reverted, thanks to UNION/ASSOCIATION for the timely intervention.Now I am enjoying 1%
additional rate of interest as ex-staff.
Regarding medical assistance I am holding SWASTHYA BIMA policy for Rs. 500000/- for a premium of Rs
7079/- per year for my wife and self jointly or individually. Of which Rs. 5000/- is reimbursable. Hope
all the retirees of of BANK OF INDIA including VRS retirees will be enjoying this facility.
For your information I have put up 34 years in BANK OF INDIA, out of this for about 17 years from 1995
to 2011, I was not a member of any union as an award staff. Yes, Definitely I would like to forget the
the period of KV Krishnamoorthy, then Chairman of the Bank. At the same time we worked for BANK OF
INDIA and not for any individuals.
At the same time definitely I don't know what happened in your case.

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[bhaskara sarma]

Dear Raman LS,

If that is the order by this time we should have got 100 percent DA neutralisation by going to Supreme Court directly..Why our leaders are not exploring such opportunity.

With regards,

P B Sarma.

[Gopalakrishnan Ramachandran]

Leaders will not advise going to court as they were party to all the agreements. But they can pressurize and negotiate with IBA for rectification.

G.Ramachandran
CB-SVRS.

[Sudesh Kalra]

Respected Sh. R.Sukumaran,

               Kindly provide full details of  Swasthya Bima Policy, Bank of India Circulars etc. if possible.

Mine case is VRS 2000

19 yrs. 3 months of service

Grateful to  You , Sir

S.K.Kalra

9311283095

[L S RAMAN]

The matter is now pending with supreme Court in three appeals filed by the concerned PSBS.It is not possiblr to go the appealate court direct.Let ue hope to get justice in the apex court..

Dr,Raman.L.S.

On Tue, Apr 14, 2015 at 9:48 AM, bhaskara sarma <pbsa...@gmail.com> wrote:

[Narayana Rao CP]

Dear Mr.Bhaskara Sarma,

               It is not easy to get the case admitted.  SBI Case filed directly in SC was dismissed with directions to approach Delhi High Court and SBI Association has filed the same before DHC.

Perhaps, Dr.Raman is not aware of legal system.

                             Thanking you,

                                                                                                             Yours faithfully,

                                                                                                              Narayana Rao C P

[bhaskara sarma]

Dear Narayana Rao,

Each case is unique.But if a judgement of Supreme Court is not implemented we have to go to Supreme Court directly.

With regards,

P B Sarma.

[cpvnair]

It is a case of jurisdiction.Some cases are to be filed in high courts.Supreme court is only a reviewing judicial authority.It is not known why SBI case was filed first in the SC!

 

 

warm reg

 

 

 

CPVNAIR

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[Ajit Naik]

Dear Mr. Sudesh Karla,

Bank of India Swasthya Bima Policy is a medical Insurance scheme jointly with National Insurance company, a sort of group insurance scheme meant for its customers. The benefit of the scheme can also be taken by the staff members as per the same terms applicable to customers. Such Medical Insurance schemes are in force in many PS Banks with one of the General Insurance companies. You can approach PNB, BOI, Syndicate Bank, Corporation Bank, Indian Bank and many more banks. In most of such schemes family floater medical insurance policy is issued at a reasonably cheaper rate for (2+2 dependent children} and generally maximum policy amount is Rs.5 lacs. Indian Bank has wonderful policy "AROGYA RAKSYA" in 3 categories A, B and C and the maximum floater limit is Rs.10 lacs at a very reasonable cost.

In Bank of India, there is a medical benefit scheme for retirees (for some retiree and not ALL] who have put up more than 30 years service. Under the scheme, there is option for for opting for  Bank of India Swasthya Bima Policy and claim for premium. Mr. Sukumar is claiming premium of Rs.5000/- under the scheme.    

How our leaders agreed for this minimum 30 years stipulations while framing the Medical Assistance scheme to retirees,  ignoring decisions of High Courts and Supreme Court is a mystery. Like many Bank Management CEOs so called our leaders from AIBOC also did not bother to respect court orders/directions and neglected the interest of retirees and put them in financial hardship to certain extent.

We can only hope for the best at the end of the current BPS and negotiating parties take cognizance of various court judgments.

[Narayana Rao CP]

Dear Shri Baskara Sarma,

           Please understand that it is not necessary that every Judgment of Supreme Court covers every similarly placed persons and consequently, other than original petitioners, every body else has to approach jurisdictional High Court.  It may be easier to obtain positive Judgment, duly quoting SC Judgment.  

           When Judgment in Mohandas's case in respect of VRS 5 Years is delivered, the Banks, some which were parties to the said Judgment did not extend the benefit to other retirees of the same bank.  It was extended only after IBA advised banks to implement the decision of SC.  Still, Associate Banks have not yet extended pension benefit to other retirees retired under VRS - 2001 after serving 15 - 20 years, even though SC has decided in respect of Civil Appeal filed by State Bank of Patiala.  Others have to approach High Court and there is no Jurisdiction in SC.

            Thanking you,

                                                                                                                          Yours faithfully,

                                                                                                                          Narayana Rao C P  

[bhaskara sarma]

Dera Narayana Rao,

Nowadays people at various levels have become inhuman and using judicial delays as tools to delay and deny genuine benefits.There is no punishment for wasting lakhs of rupees in unnecessary litigation.It takes 10 or 20 years to get justice.Even then they are not paying any interest.All these things are happening because people at higher levels are not working consciously.Written BPS is not implemented in letter and spirit leave alone oral understandings.IBA assured that the pension scheme is similar to that of central govt employees and unlike that of SBI.That is why employees opted for pension as second benefit.The DA formula is to be similar to that prevailing in RBI as per pension regulations.As per pension regulations there is provision for updation also.But what happened to all these written commitments and oral understandings.When people at various levels do not work consciously and honour written commitments or oral understandings and judicial remedies take 20 to 25 years,who can save ?Things will drag on like LIC case.I doubt even a Communist govt may not do justice.During 1998 Inderjit Gupta was Dy Prime minister but nothing happened to the bank pensioners or retirees at that time.We had very High expectations when Manmohan Singh became Prime Minister.But highly corrupt administration prevailed under him.People at every level must be conscious of their duties and their social responsibility.

With regards,

P B Sarma.

[L S RAMAN]

The supreme court appellate judgements are prima facie applicable to the parties who have appealed against the lower court order.If others want the benefit they may get themselves impleaded,lest they have to file anothr petition involving addl cost and delay.

Dr.L.S.Raman.