RBI move on updated pension benefits quashed

RBI move on updated pension benefits quashed: The Bombay High Court on Monday struck down the circular issued by the Reserve Bank of India (RBI) withdrawing pension updation benefits for its employees. The judgment was passed while hearing a petition filed by a retired RBI employee in the...


Excerpts:

"Employees are of the view that the pension issue could have been resolved amicably since its update requires Rs 10 crore only, while the corpus of RBI employees’ contribution fund itself is Rs 4,500-5,000 crore, according to banking sources close to the development. RBI updated the pension scheme in 2003 for pre-November 1997 retirees, aligning their basic pension with the basic pay prevalent at that time. The decision was taken by RBI’s central board in the presence of nominees of the Centre.
Incidentally, the RBI’s pension fund is self-sustaining without any contribution from the exchequer and the Fifth Pay Commission for Central Government employees had stipulated that autonomous institutions like the RBI may have their own pension scheme, subject to their fund position."
That RBI could not decide on pension revision even after seven years from this High Court Order is a shame on the otherwise reputed organisation.
M G Warrier, Thiruvananthapuram

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