* CHRONICLE - PENSIONERS CONVERGE HERE, DISCUSS ISSUES OF THEIR CHOICE * CHRONICLE - WHERE EVEN CHAT COLUMN PRODUCES GREAT DISCUSSIONS * CHRONICLE - WHERE MUSIC IS RISING IN CRESCENDO !

Monday, July 04, 2016

    * This is a letter addressed by CN Venugopalan to Members of Parliament.
To read Appendix, CLICK BELOW

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980
Section 10 (7)

After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is necessary under any law, or which are usually provided for by banking companies, a corresponding new bank may, out of its net profits, declare a dividend and retain the surplus, if any.

Section 19 (1)

The Board of Directors of a corresponding new bank may, after consultation with the Reserve Bank and with the previous sanction of the Central Government, 1[by notification in the Official Gazette], make regulations, not inconsistent with the provisions of this Act or any scheme made thereunder, to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of this Act.

Section 19 (4)

Every regulation shall, as soon as may be after it is made under this Act by the Board of Directors of a corresponding new bank, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.

Bank (Employees’) Pension Regulations,1995

Regulation 5 (2)
The Fund shall have for its sole purpose the provision of the payment of pension or family pension in accordance with these Regulations to the employee or his family. 

Regulation 5 (3)
The Bank shall be a contributor to the Fund and shall ensure that sufficient sums are placed in it to enable the trustee to make due payments to beneficiaries under these Regulations

Regulation 11.

Actuarial investigation of the Fund – The bank shall cause an investigation to be made by an Actuary into the financial condition of the Fund every financial year, on the 31st day of March, and make such additional annual contribution to the fund as may be required to secure payment of the benefits under these Regulations;

Regulation 52 (1)
Except in the case of an employee to whom the provisions of regulation 43 and regulation 46 apply, a pension other than family pension shall become payable from the date following the date on which the employee retires. (2) Family Pension

Regulation 56
Residuary provisions - In case of doubt, in the matter of application of these Regulations, regard may be had to the corresponding provisions of Central Civil Service Rules,1972 or Central Civil Services (commutation of pension) Rules, 1981 applicable for Central Government employees with such exceptions and modifications as the Bank, with the previous sanction of the Central Government, may from time to time, determine.