The Bankers are fully aware of the negative attitude of the top management of the banks and IBA in respect of denial of pension option to a large majority of officers although the Joint Note clearly intended to cover all such officers.   However, the narrow minded officers at IBA and also at the respective banks adhered to the dictates of the top management so that as many as possible officers were denied the pension option.   All these poor bankers are running from pillar to post and fighting the legal battle for getting their right.  The present attitude of the IBA and the top management of the banks indicates that they are in no mood to agree to their requests and are ready to fight upto Supreme Court.   The case of such bank employees is so strong that in all liklihood they will win, but by that time, a good number of officers will not be in this world.

It is high time for the bank management (CMDs and EDs) to ensure that their employees get a fair deal and are regulations are interpreted in such a way that it is in favour of the bank employees.

Coming to the specific above case, there is a need that a proviso be added to the Pension Regulations whereby the family of an employee who has applied for voluntary retirement under Regulation 29, but he dies before his application is accepted by the management in the 3 month notice period, will be entitled to take all the benefits and the employee's applications will be deemed to have been accepted one day before the date of death.    Such cases will be few (may be 10 in a year for the whole banking industry), but it will be a great relief for the unfortunate family members whose head had died just before acceptance of his VRS aapplication.