Can CMD like MVNair ensure long lasting good health of the bank with the help of bad General Managers? Can Mr. Nair portray attractive balance sheet for long without window dressing when his most of General Managers are corrupt, charge sheeted or facing CBI inquiry.
When General Managers are not of sound mind and spotless integrity, can they expect their juniors to be clean and loyal to bank? When executive holding top posts are not honest and loyal to the bank, honest and efficient junior officers in the field cannot dream of getting promotion and good posting.
This is a bank where promotions take place completely on the whims of Interviewer. Officers who do not toe the line of bosses are posted at critical places. Charge sheeted officers, General Managers, DGMs and AGMs in Mumbai or in any Metro are not transferred out of their home town. But officers belonging to other states who are not having any God father at Administrative offices are posted at such branches which were spoilt by flatter and corrupt officers and who left no stone unturned to keep boss happy through gifting of costly and precious items.
After all who can stop this unhealthy culture prevailing in a bank when person sitting at the helm of affairs are corrupt and shielded by God father in Banking Division in Delhi or RBI or Ministry of Finance. There are many Satyam like Raju in all banks. It is a matter of time when real exposure of these mischievous persons takes place. Yes it is true that by the time their exposure takes place career of many good persons will be spoilt, ruined and raped.
I have however no doubt that future generation will curse MVNair and blame his policy for the fate of bank, though MVNair as a man is very much effective, assertive and knowledgeable.
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I raise some questions and hope anyone who knows about the same will reveal the clear picture.
What is total accumulated fund in pension account?
What amount is deposited every month by bank in pension fund on behalf of pension optees?
Or whether it may be confirmed that banks are actually crediting bank’s contributory share in pension fund for each pension opees each month (as in the case of PF opees )? I doubt banks are doing so.
What amount is actually paid by a bank every year to it’s retire employees? And what amount is refunded to retirees every month on an average?
Can anyone mathematically assess the clear picture of anyone bank to ascertain and forcefully confirm that in future banks will face crisis if fresh recovery is not made from PF optees?
Had our learned leaders not agreed for sharing in 7th and 8th Bipartite, bank employees could get higher salary and higher PF contribution. In fact , it appears to me that IBA reduced wage hike during 7th and 8th Bipartite Settlement but did not make actual credit in pension fund what they saved on account of lesser wage hike.
Can anyone confirm that banks are maintaining two separate funds, one for PF optees and another for pension optees? If not, how IBA or UFBU came to conclusion that banks will face crisis of fund if they agreed for second option of pension?
And if there are two separate funds in each bank, can anyone say what is the real balance accumulated in pension fund , what they are likely to get from PF fund if they offer pension offer and what monthly accretion will happen in pension fund keeping in view bank’s contribution of 10% and monthly interest?
Whether pension fund is prudently and wisely managed to earn profit or used as a tool to inflate bank’s operational profit or deposit?
Whether it is not true that banks are parking PF/Pension fund in fixed deposit and earning less interest compared to what they use to pay to employees?
Can anyone confirm that there are no avoidable expenditure from such funds?
Whether Banks are using profitably the amount which is accumulated out of employee’s share in PF of 10% and withheld with bank with PF Trustees? This fund is in hundreds of crores of rupees with each bank and banks need to invest the fund to earn maximum profit and give dividend to employees and not simply park them idly.
Above mentioned questions will help in knowing the probable burden to each bank if all PF optees switch over to pension. These facts are necessary because an employee suffers and lives in crisis for 30 to 40 years when he serves the bank only to make his residual life of hardly 10 years painless and pain free.
Now say whether mountain is going to fall if pension offer is denied to PF optees.
Yes mountain may fall on family if one dies during the serving period or you say in case of premature death. Out of three lac PF optees in bank for whom entire dispute has come on the floor in banking industry, there will be hardly a few thousand cases of premature death and in whose cases banks will have to pay pension for a longer period though with lesser amount of pension. For this one or two thousand of death cases banks is worried so much they are bent upon giving worries to entire banking community. I think Insurance companies in such cases may give better return if the same amount (which is deposited by banks in PF fund every month) is given to them.
IBA and UFBU are jointly trying to impose injustice in the name of social justice.
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