Finmin asks IBA to look at bank retirees' demands within seven days

Indian Finance Minister Nirmala Sitharaman Interview

The finance ministry has asked the banking industry lobby, the Indian Banks' Association (IBA), to look at certain demands raised by retired bank employees related to retirement benefits.

During the meeting with the All India Bank Pensioners & Retirees Confederation (AIBPARC) on June 19, Finance Minister Nirmala Sitharman asked IBA to respond to the demands of the association within seven days, said (AIBPARC) President K.V. Acharya to Moneycontrol.

"The FM said that she will talk to the IBA and ask them to give their response to all of the issues within the week," said Acharya.

The association has put demands including, pension updation, 100 percent uniform rate of DA neutralisation, and medical insurance scheme premium to be borne by the banks for retirees among others.

"We have also raised the issue of reckoning special allowance for computation of pension and gratuity, pension Option to Resignees who completed pensionable service and consultative Status to Pensioners Organisations with IBA," said J D Sharma, Vice President All India Banks Pensioners And Retirees Confederation.

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Binoy Viswam, a Rajya Sabha representative for the Communist Party of India (CPI), wrote to Union Finance Minister Nirmala Sitharaman pleading with her to start a pension update process for retirees in the banking industry, which he described as their "justified right," ANI reported.

In a letter to Nirmala Sitharaman, Binoy Viswam said that the banking industry had not had its pensions updated in the previous 28 years, therefore denying sources of income.

Communist Party of India (CPI) Rajya Sabha MP Binoy Viswam has written a letter to Union Finance Minister Nirmala Sitharaman urging her to initiate a pension updation exercise for retirees of the banking sector which he called their "justified right".

Binoy Viswam in a letter to Nirmala Sitharaman said that no pension updation exercise was carried out for the banking sector in the past 28 years which is effectively depriving sources of sustenance.

"I write this letter to convey to you the plight of thousands of retirees and pensioners, who after years of dedicated service to the country, are struggling to meet ends pending pension updation. No pension updation exercise was carried out for the banking sector in the past 28 years which is effectively depriving sources of sustenance after employees gave their best years to the organization they served," he said in his letter ANI reviewed.