Circular issued by AIBRF on the above subject is reproduced below
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Ref. No 019/284 07.06.2019
The Office Bearers/ Central Committee Members/ State Body Chiefs
A.I.B.R.F.
Dear Sir,
Re: Supreme Court Judgment in the matter of 1616-1684 Index
Re: Treatment to commutation arrears
We request you to refer IBA circular no. 4786 dated 03.04.2018 advising member banks to extend benefits to all eligible pensioners as per the Supreme Court judgment dated 13.02.2018 in the matter of 1616-1684 Index.
2. On receipt of this advice from IBA most of the member banks have since paid arrears to the eligible pensioners along with interest @ 9 per cent per annum.
3. However during the implementation of the court order, many banks have not given proper treatment for calculation of difference of the commutation arrears, interest thereon for the delayed period and its recovery.
4. On getting information from our affiliates we submitted representation to IBA vide our letter No. 2018/58 dated 16.06.2018 requesting them to advise the member banks to pay arrears on the commutation amount paid and payable as per the court order along with interest at 9 per cent for delayed period. Further some banks on the representations made by our affiliates also referred the matter to IBA for guidance. Our affiliate State Bank of Mysore Pensioner Commune had filed Contempt petition in Supreme Court on this issue.
5. Now we understand that IBA after examining the issue, has recently advised those banks who have made representations to them to calculate difference of commutation payable and paid and pay the difference amount with interest with simultaneous recovery of installments as and when due as per provisions of pension regulations.
5. Based on the above advice of IBA, our affiliates are requested to represent to the bank management for payment of commutation difference with interest.
With Warm Greetings
Yours Sincerely,
(S.C.JAIN)
GENERAL SECRETARY
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