Value of MOU

[Kalyanasundaram Subramaniam]

We often cite the MOU of 1993 between AIBEA and IBA and say that our pension should be on the lines of RBI and as RBI has updated, our pension  should also be updated. 

We forget that this clause of parity with RBI has not been carried to the final Regulation of 1995. 

See today's editorial in the Economic Times https://economictimes.indiatimes.com/opinion/et-editorial/making-mountains-out-of-molehills/articleshow/129784051.cms?from=mdr

Here the opening para goes like this : We so do love the MOU. After all, a memorandum of understanding sounds like a firm handshake and a done deal. But what it is, is a non-legally binding document between parties. 

S Kalyanasundaram