by

Rajesh Goyal   

February 2012 :  One of the burning issues for the bankers has been the pension issue.    First it was the allowing of 2nd Pension option, which has been only partially met and still resignees and compulosyr retired officers and large number of workmen have been denied the same.   Then there is issue of 100% DA neutralisation, which is still hanging in fire.  Third issue is that of updation of pension.   Moreover, bankers have been demanding liberalisation of pension regulations so that they become eligible for full pension after 20 years service.   In this regard, lot of confusion prevails among the bankers about what are rules at RBI.

Therefore, I decided to consolidate some of the recent developments in RBI in this regard.   Bankers can download the same and read.   They will notice that RBI which is a regulator for banks have much more liberal Pension policies than banks.    IBA has been too fussy on even small issues and vehemently oppose any demand by bankers for liberalising the pension regulations so that bankers are on par with Central Govenment employees and / or RBI employees.

(a) Reserve Bank of India Pension Regulations 1990 (see below the amendments introduced recently)

(b) Reserve Bank of India Staff Regulations 1948

(c) Gazette Notification Allowing Liberal Pension to RBI Employees

(d) Request for Pension Updation (letter of January 2013) - for RBI employees

(e) Recent improvements in Pension regulations for RBI employees