State Bank of India - payment of update pension for bank pensioners

Madam Nirmala Seetaraman
Finance Minister of India,
NEW DELHI.
Dated the **th November ****,
Secunderabad.
Respected Madam

AUTONOMY FOR BANKS IN HR MATTERS
NON PAYMENT OF UPDATED PENSION TO EMPLOYEES AND FIXATION OF PENSION AT **% OF SALARY.

Self- Ganti Laxmi Narasimham, Chief Manager (OAD), Zonal Office, Bhubaneswar, PF No ****** retired on **st October ****. My basic pension was fixed at Rs *****/-. After this, wage settlements were done for batches ****-**, ****-**, and ****-** and are also expected for ****-** in due course.

In terms of the Department of Financial Services, New Delhi letter No F**/***/****-IR dated *nd November **** addressed to Sri C N Venugopalan, Manager, Union Bank of India and GOI Nominee Director of State Bank of Travancore (****-****) it has made clear that the Bank has managerial autonomy in HR Matters. A copy of this letter has already been sent to all Banks by DFS. As such managerial autonomy in HR matters also extends to Pension Updation.

The Board of Directors of the Bank has adopted pension Regulations in consultation with the Reserve Bank of India and also with the prior approval of the Central Government. Further, Para ** of Computation of Pension and Sub para (*) c of SBI Employees Pension Fund Regulations, ****- Published vide Notification No CDO/PM/**/SPL/**** dated the **th September **** pension is paid to a member unless it has been sanctioned by the Trustees under these regulations. Which reads as under:-

(*) (a) The employees of the banking institution who have become members of the Fund, pursuant to clause (a) of regulation *, shall be entitled to receive such pension, as may be decided by the Central Board of the Bank.

(b) The decision of the Central Board, as regards the eligibility of such employees to become members of the Fund and the benefit of pension to which they are entitled, shall be final, conclusive, and binding on such employees.

(c) The employees of the banking institution, who have retired, prior to the date of such acquisition or amalgamation, but have become members of the Fund, pursuant to clause (b) of regulation * or clause (c) of regulation *, shall be entitled to receive such pension including enhancement and family pension if any, as may be determined by the Central Board of the Bank, pursuant to the settlement, industry level, or otherwise and the pension rules and regulations by which they were governed prior to the date of acquisition or amalgamation. Further, I also request you to change the present **%/**% formula and change it to **% average emoluments or last pay whichever is higher to all pensioners as was done to RBI Employees vide Para ** of RBI Pension Regulation Act- ****.

I also request you kindly acknowledge this e-mail.

Considering the above, I request you to permit the Chairman, State Bank of India, Central Office, Mumbai for updating my pension in terms of regulation **-*(c) of the Pension Regulations-**** in sympathy with each wage settlement after my retirement and pay me the arrears at an early date.
Thanks in anticipation of your favorable action.
Ganti Laxmi Narasimham.