Rajamahendravaram: Indian Overseas Bank pensioners meet held

Rajamahendravaram: A meeting of the Association of Retired IOB Employees (ARISE) was held under the chairmanship of retired Chief Manager Ganji Venkateswara Rao at the Indian Overseas Bank Rajahmundry branch on Monday. IOB retired AGMDr K Gowri Sankar Rao presided over the meeting.

Joint General Secretary of ARISE AP and Telangana States & Deputy General Secretary of All India Bank Pensioners and Retirees Confederation (AIBPARC) KBG Tilak informed that currently, the pension fund of banks has crossed Rs 4 lakh crore. This is sufficient to meet the ongoing demand of bank pensioners including SBI.

RBI Formula as per Regulation 35 (1) of BEPR 1995 is applicable for pension updation with effect from March 1st 2019, he said. Special allowance component introduced in the 10th BPS will be counted towards gratuity and basic pension.

Banks are asked to bear the annual premium of IBA medical insurance for the retirees. Indian Banks Association discussed the status of consultation with AIBPARC and other bank pensioners and retirees organisations to negotiate with Mumbai. Indian Overseas Bank will soon issue a circular as per the 12th bilateral settlement signed by the Indian Banks Association (IBA) with the United Forum of Bank Unions (UFBU).

The meeting thanked the Executives of Retail Banking Division, CO, Chennai for the increase of loan limits for various categories of IOB pensioners from Rs 5 lakh to Rs 10 lakh, and Rs 3 lakh to Rs 6 lakh. Satyanarayana Murthy, Tummala Venkateswara Rao and Ganji Venkateswara Rao of Medavara were honoured IOB pensioners who are above 70 years of age. IOB Senior Manager, Rajahmundry IOB Branch Ch Radhika assured to provide adequate support to the pensioners.