COPYOF AN EMAIL FROM A SBI PENSIONER TO FM.
Dr K Srinivasa Rao, MA CAIIB PhD
I post below a painful message written by a senior retired banker of SBI which all banker should read and assess their future.
Chief General Manager
State Bank of India
B.612, Western Plaza, Shaikpet,
Hyderabad 500 104
Ph: +91 917 703 9420.
To
Smt Nirmala Sitaraman, 21-11-21
Hon’ble Finance Minister,
Govt. of India, New Delhi.
Dear Smt Nirmala Sitaraman Madam,
I take the liberty to mention that, as a poor pensioner of SBI, I had already addressed a few letters to you bringing to your notice the plight of not only myself but that of innumerable other old pensioners of SBI who are being systematically and cruelly deprived for decades by SBI of the right amount of monthly pension due to them
Our ancients left us a very valuable principle on which to conduct our lives. That is, “Satyam Vada, Dharmam Chara”. So, I will set out a few truths and request you, as before, to ”Let Truth Triumph” in accordance with our national motto “Satyameva Jayathe”.
The Truth is that I retired in 1994 after more than 37 years of service in SBI, having joined it as an Officer. As a Chief General Manager, I had command over hundreds of officers and other staff. Despite all the name, fame and glamour of my position, the basic pension component in the monthly amount I receive is meagre and measly and has never been revised since 1994. It is now less than what I have to pay my servant maid !
The Truth is that the small rise in my monthly gross pension amount is due to a half-yearly revision of Dearness Allowance, amounting to less than Rs.500. This amount does not at all neutralise the terrible way in which prices are rising. It is fixed on some arbitrary formula that does grave injustice to us. (When I was in service I used to pay 65 paise for a liter of petrol, now I have to pay Rs.120 per liter).
The Truth is that we the older pensioners of SBI can mention without any shyness or false modesty that we and we alone were responsible for bringing the SBI to its present pre-eminent position. We toiled very hard to go into the field seeking the small industrialist and the small farmer to convince him to obtain bank finance and avoid private finance,in his own interest and that of the economy. We toiled day and night for years in infusing in SBI the ideals of a truly nationalised bank which was brought into being by conversion of the old imperialistic Imperial Bank of India.
The Truth is that on the efficacy of SBI only were some other private sector banks converted into public sector banks later in 1969.
The Truth is that the Reserve Bank of India is not a commercial bank having direct public contact or experience or any risk-taking. All the same, recently its pensioners were granted updation of pension, and the principle of “One Rank, One Pension” is accepted.
The Truth is that the bureaucrats in the Finance Department or other Departments of GoI who assume power over the banking system are not people who grew with the system and gained practical experience, but have learnt the art of dictating terms just through their hat and off-the-cuff reaction. All the same, their own pensions are updated and full DA neutralisation takes place automatically.
The Truth is that if the RBI and the Finance Department bureaurats had given proper advice to our highly respected and sincere PM Shri Modi ji, the demonetisation in 2016 would just have stopped with the abolition of Rs.500 and Rs.1000 notes which were accused of being the means of black money and corruption in India. But, on what principle God knows, new notes of Rs.2000 were introduced and they are playing havoc with the economy, leading to more corruption and black money and the undermining of a free and fair election system which is so essential in a democracy.
The Truth is that despite the PM’s deep anxiety and sincere effort to put the economy on a digital basis for the most part in accordance with modern technological trends, actually CIC (Currency in Circulation) has increased as a percentage of the GDP, instead of going down. To reverse the deterioration and tax evasion, let the GoI abolish the Big Note and see the rise in most transactions being conducted on a noncash basis. Or, if GoI believes that the Big Note is playing a wonderful role, let them introduce a still Bigger Note (of Rs.10000 or Rs.20000 denomination) and see the economy take a dive into an abyss just in a few months.
The Truth is that you were kind enough to tell the bank managements, more than a year ago, to become kind to their pensioners,.
The Truth is that, nothing, nothing, NOTHING whatever has been done in the past more than one year by IBA to whom your directive was addressed. The IBA is a loose club of banks and, by its own admission, is not a legal entity. It only appointed some Committee to “look into the matter” which is looking into the actuarial calculations as to what happens in pension updation is granted, and so on and so forth, while bank pensioners are dying almost every week one by one. The IBA is looking for a site to dig a well just when the building has caught fire.
The Truth is that SBI is an institution governed by a separate Act and does not bear comparison with other banks which were nationalised subsequently. Its pension fund has enough funds belonging to the pensioners. The pensioners of SBI are unlike the bureaurats to pay whom the GoI taxes people. The RBI too does not earn its income by hard sweat and risk-taking unlike commercial banks who do lending with the funds borrowed from the public and have to pay the depositors whether or not they earn a return on their lendings, and have to pay for bad debts out of their own present or previous profits. All the same, RBI pensioners have been given updation of pension just out of the blue just as the bureaurats also enjoy great pensions.
The Truth is that the Club IBA’s move to club SBI with other banks despite SBI having a robust pension fund balance looks to be a ploy to reject SBI pensioners’ demand for updation of their pension on the ground that if their request is granted, then the pensioners of other PSBs also demand updation despite the possibility of their banks not having enough funds. The IBA has not submitted, even after one year, a proposal to you the Hon’ble FM of the country so far. Its strategy seems to be to reject the legitimate demand of SBI pensioners on the ground that other banks may not be able to afford updation for their own pensioners. Its intention does not seem to be to recommend updation of SBI pensions and ask other banks to find out their own way of updating their pensions. If IBA thinks SBI is not on a different footing from other banks, then IBA should recommend abolition of SBI Act and bring it on par with other banks. Will it dare to do so? Will it dare to do so in the case of RBI also?
The Truth is that IBA appears to be in a mood to drive SBI pensioners to the Court. Some SBI pensioners had already gone to the Delhi High Court and their case number is 1875/2013. Despite Supreme Court’s directions to DHC to decide the case in six months, all that the DHC has done is to adjourn the case for more than 10 x 6 times. When the lower Courts themselves disregard the instructions of the Supreme Court, then where does the common man and in particular the poor SBI pensioner go for justice? When the legitimate rights of A are trampled upon by a gangster B and A protests, the reply of B to A in our country is to ask A to go to the Court. B knows that it may take twenty years or more for A to get justice, if at all. It has become a joke to ask people to go to Court if they are harmed. Probably IBA wants SBI pensioners also to try their luck in a Court again. If and when justice comes, there won't be any SBI pensioner alive. Then the problem gets automatically solved and IBA will take the credit for it.
The Truth is that no Truth is self-evident but has to be established by deep investigation of facts and circumstances. In order to reap their own benefits, vested interests set up own stories, which masquerade as truths but are actually fake and false, on way of the real Truth’s journey.
The Truth is that as FM of the country, you have the power to override all impediments and road blocks such as Committees, Sub-committees, Meetings, Reports, Calculations, Formulas, etc etc. SBI pensioners have a clear ground and have the need for an immediate solution for their suffering. On behalf of all SBI pensioners, I beseech you to order immediate updation of pension for SBI pensioners, full neutralisation of the cost of living, enforcement of the “One Rank, One Pension” rule, and payment of interest for the amount for the period unjustly and cruelly denied to them.You can please also take up the case of PSB pensioners soon thereafter, if need be through IBA, which is struggling for a way out after thoughtlessly combining SBI issue with that of PSBs.
You have been good enough to grant great relief in the case of Family Pensions recently. Kindly show the same urgency and concern in granting the much-needed relief to SBI pensioners first.
Thanking you and with best wishes, Yours sincerely,
(Dr K Srinivasa Rao)
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फोरम आफ बैंक पेंशनर एक्टिविस्टस्
Forum of Bank Pensioner Activists
PRAYAGRAJ
न त्वहं कामये राज्यं न स्वर्गं नापुनर्भवम्।
कामये दुःखतप्तानां प्रणिनामार्तिनाशनम्॥
हिमालयं समारभ्य, यावत् इंदु सरोवरम्।
तं देवनिर्मितं देशं, हिन्दुस्तानं प्रचक्षते।।
Sister Nirmala Sitaraman
Hon'ble Finance Minister,
Govt of India,
New Delhi
Respected Sister,
Please give us some time out of your busiest time.
It has been one year since your intervention in the matter of Pension Revision of Bank Pensioners. Bank Pensioners are waiting for Pension Revision with gratitude that you can declare pension revision anytime, as you have done in the case of Family Pension.
Pension Revision is related to 5 lakh Pensioners and 5 lakh working bank employees who are eligible for Pension. The Prime Minister has also praised the contribution and conscientiousness of the bank employees many times in public forums. No former Prime Minister has ever done this.
Regarding the plight of Bank Pensioners & openly appreciating the contributions of former Bankers, which you expressed in the media on 30.10.2020 and IBA's annual meeting on 10.11.2020 or the way you spoke about to Banks & IBA Chiefs and Finance Secretary and asked them to give the right due of Pensioners, it is unmatched, as no Finance Minister has ever said / done this and it is a symbol of your big heart and human sensitivity.
Thousands of Pensioners have died in the last one year, who had hoped to get their Pension revised due to your intervention. There is inordinate delay and Pensioners are getting restive, discouraged and disappointed. They feel, IBA and Banks are trying to delay the Pension Revision ignoring your sentiments. We do not agree with this concept, but, for sure, are concerned about the delay. The entire bank employees community will be eternally indebted to you for what you did in favor of pensioners with a sincere heart, keeping human sensibilities, justice and rights paramount.
It is the heartfelt aspiration of Bank Pensioners that if the announcement of Pension Revision is done by the Hon'ble Prime Minister, then the Bank Pensioners will be proud and favored by the Prime Minister.
This is a big problem and its solution will also be a big task. This problem is pending for the last 3 decades and Modiji has inherited this problem, like the one rank-one pension problem. Prior to this, the pension of the Reserve Bank was revised by the Modi government in March 2019, which was reversed by the Manmohan Singh government in August 2008.
Requesting you, please advise the Secretary, Department of Financial Services, to take appropriate steps so that there is no further delay in this work. Every day of delay is breaking someone's dreams. After your intervention, every pensioner is taking the pension revision as the ultimate truth, Dhruv sartya. May this faith be fulfilled as soon as possible, please do something like this.
Respectful Regards,
(J. N. Shukla)
National Convenor
26.11.2021
9559748834
Copy to:
Dr. Bhagwat Karad,
Hon. State Minister of Finance,
GOI, New Delhi
- with similar request.
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