Subject: what is the basis for your praising Canarabank

[Srirama Murti]

we, Canarabank pensioners are in dark as to how the bank has calculated arrears in light

of the supreme court judgement dated 13th February 2018.

some are saying Canarabank has done wonder in paying commutation arrears.also

it is told that they paid interest on commlutation arrears @9%. it is told the bank has

recovered the commutation in one stroke.they say there is no provision for second

commutation.how the learned friend says it is second commutation.the judgement is

only on the first commutation irregularities along with basic irregularities.the bank has to

recover commutation in 180 months. even the child would say it.

so, let us be cool till the calculation sheets are received.

-S.S.R.Murthy,ex-canbank

[JSOMA SHEKARA]

The main persons responsible for all this mess are
1. UFBU leaders who signed such agreements and even after court verdict are not coming to help of retirees to at least ensure that verdict is implemented properly. They are keeping silent as if issue is not concerned to them.

2. Second is IBA which boasts of highly reputed law firms as its consultants and which spends lakhs of rupees on litigations.  No file moves in Banks without consent of IBA. IBA so easily will not agree to accept implementing verdict without going for review petition unless their lawyers have advised and fully appraised cleat terms of verdict. IBA knows impact of verdict. In spite of this IBA has not given clear instructions on Commutation and interest payable there on and method of recovery. IBA should have known these issues are not discretionary and part of verdict of SC.

3. It is hard to digest that Banks which are handling billions of worth transactions daily and have panel of lawyers are not able understand Supreme Court verdict and making mess of it.Also we wonder when Bank managements are having copy of SC verdict in their hand, whether they have to go by terms of verdict or IBA instructions?

It is good to see that Mr.S.V.Sreenivasan Gen Sec AIBRF has taken pains to take up issue with Canara Bank to ensure that terms of verdict are implemented in proper spirit and Canara Bank was magnanimous  enough to accede to request. without waiting for IBA clarification. Having said that we must note that CB will not accept demands blindly and it must have consulted its own legal experts and concluded that demands are indeed genuine and implemented same. So this holds good for all other Banks but  they are simply dodging.They are sure retirees are orphans and no body will come to their rescue including govt and Unions.

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