Latest about pension updation

1 May

UNITED FORUM OF RESERVE BANK OFFICERS & EMPLOYEES issued a circular dated 28th April 2014 the para 2 of which states:
Bank took note of our concerns  and assured that Bank would be making endeavour to address those and protect the interests of employees and retirees, regarding fixation of pay for pension, “rationalization” of perks and perquisites, alignment with the banking sector including SBI  for compensation package with A+ position every five years following settlements there, appropriate amendment of RBI pension regulations etc.”
The circular does not detail anything further.

However,we understand from their sources that United forum has consented to the Bank’s following proposals.

1. Updation of pension every ten years:

2.Bank will extend one more pension option to those who did not opt for it earlier

3.Basic pension to be based on last drawn pay instead of average of TEN months’ last drawn pay.with appropriate Amendments to Pension Regulations.

4. Alignment with Banking Industry and SBI to retain A+ position.The wages shall be reviewed and revised in the context of the settlements in the Industry.
5.Rationalization of perks.

  • The Bank will now, as a reply to the Government’s  earlier letter give  its consent in principle. Appropriate approval from  the Central Board of Directors will also be sought in the matter. 

In short, RBI would recommend the above proposals to  MOF,  Govt. of India for their final approval. After the GOI  gives its assent , necessary instructions in the matter would be issued to the offices.
Those retirees  who  did not  opt for pension earlier  should be ready now with  money to  opt when  the bank invites them to do so.
Download circular



16 Responses to “Latest about pension updation”

  1. VRRAO 01/05/2014 at 10:17 pm #

    Thanks for the update.Regards


  2. VRRAO 02/05/2014 at 11:17 pm #

    Let us pray good senses will prevail on the decision makers.When is the next central Board meeting;must be in this month.


  3. premsunderdas 07/05/2014 at 5:46 am #

    can any RBI staff clarify the quantum of benefit, say, a Grade B may get?


  4. nani saha 22/05/2014 at 11:02 pm #

    D/Sir, It is learnt that pension updation will be w.e.f. 01/11/2012. Have you any information regarding this ?

    Please mail me details whatever you have information regarding Updation of Pension. I also learnt that you have a club of e-mail A/c holders of ex-RBites. Will you make me member of that club?

    With regards, Nani Gopal Saha Ex- RBI officer


    • wdtom 26/05/2014 at 11:13 am #

      your request for membership to Ex-rbites has been forwarded to the moderator at to whom you may contact in the matter.As regards pension updation unconfirmed sources say that the matter is under the consideration of GOI


  5. VRRao 27/05/2014 at 8:00 pm #

    It is almost a month since we heard anything about Pension Updation/Pension Option.Sir any fresh update?


  6. VRRao 04/06/2014 at 10:17 pm #

    The Bank replied to MOF in the first week of May on Pension.The MOF will be busy now adjusting to new Political bosses.After that they will be busy with budget preparation due in July.Therefore we can not expect any reply from MOF to the Bank’s letter before August.
    The wait continues.


  7. Gunda Yamanappa Asst.Manager (Retd) RBI Hyderabad 02/07/2014 at 9:06 pm #

    The staff retired in 2001 have completed their 70 th Birth Day.How long they have to wait?
    Hope the wise councel prevails on MOF and release the approval letter soon, atleast aftr the bidget session,


  8. Gunda Yamanappa Asst.Manager (Retd) RBI Hyderabad 02/07/2014 at 9:08 pm #

    read as budget spelling error is regretted in my comments just posted Thanks


  9. Rajkumar verma 06/07/2014 at 1:54 pm #

    Latest information on banks pension revision/updation and progress in BPS.


    • wdtom 11/07/2014 at 12:10 pm #

      After the Budget things are likely to move


  10. VRRao 01/09/2014 at 8:56 am #

    Alas!September has come.4 months since we have heard anything on the Pension updation/Pension option.
    Any thing moving?



    • wdtom 28/09/2014 at 3:13 pm #

      things seem to be stuck! pray to god only


  11. shanker swarup sharma ex agm and secretary all india rbi officers asson new delhi.o9312206451 17/09/2014 at 10:13 pm #

    we are thankful and express our heartiest gratitude to the forum leaders.


  12. VRRao 08/10/2014 at 9:47 am #

    It appears nether the United Forum nor the Bank is seriously pursuing the Case.The Bank’s HRMD as well as the Governor as usual continue to give assurances in a progressively diluted form.It is almost 6 months we heard any thing .Any thing latest?


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