The trustees shall comply with all such directions as may be given by the Bank for the proper functioning of the Fund. Provided that all such direction shall be given in writing and shall specify the purpose or objective
10. Books of accounts of the Fund
(1) The accounts of the Fund, shall contain the particulars of all financial transactions relating to the Fund in such form as may be specified by the Bank.
(2) Within sixty days from the date of publication of the Balance Sheet of -the bank the trust shall prepare a financial statement of the trust indicating therein the general account of assets and liabilities of the trust and forward a copy of the same to the Bank.
3) The Accounts of the Fund shall be audited in accordance with the provisions of section 10 of the Act.
P a g e 15 | 73
11. Actuarial investigation of the Fund The Bank shall cause an investigation to be made by an Actuary into the financial condition of the Fund every financial year, on the 31st day of March, and make such additional annual contributions to the Fund as may be required to secure payment of the benefits under these regulations:
Provided that the Bank shall cause an investigation to be made by an Actuary into the financial condition of the Fund, as on the 31st day of March immediately following the financial year in which the Fund is constituted.
12. Investment of the Fund All moneys contributed to the Fund or received or accruing after that date by way of interest or otherwise to the Fund, may be deposited in a Post Office Savings Bank Account in India or in a current account or in a savings account with any scheduled bank or utilized in making payment of pensioner benefits in accordance with Pension Regulations and to the extent such moneys as are not so deposited or utilised shall be invested in the manner specified in sub-rule (2) of rule 67 of Income Tax Rules, 1962
13. Payment out of the Fund The Payment of benefits by the trust shall be administered for grant of pensionary benefits to the employees of the Bank or the family pension to the families of the deceased employees of the Bank.
P a g e 16 | 73
CHAPTER IV QUALIFYING SERVICE
14. Qualifying Service Subject to the other conditions contained in these regulations, an employee who has rendered a minimum of ten years of service in the Bank on the date of his retirement or the date on which he is deemed to have retired shall qualify for pension.
15. Commencement of qualifying service Subject to the provisions contained in these regulations, qualifying service of an employee shall commence from the date he takes charge of the post to which he is first appointed on a permanent basis.
16. Counting of service on probation Service on probation against a post in the Bank if followed by confirmation in the same or any other post shall qualify.
17. Counting of periods spent on leave All leave during service in the Bank for which leave salary is payable shall count as qualifying service:
Provided that extraordinary leave on loss of pay shall not count as qualifying service except when the sanctioning authority has directed that such leave not exceeding twelve months during the entire service, may count as service for all purposes including pension.
18. Broken period of services of less than one year.
If the period of service of an employee includes broken period of service less than one year, then if such broken period is more than six months, it shall be treated as one year and if such broken is six months or less it shall be ignored;
Provided that provisions of this regulation shall not apply for determining the minimum service required to make an employee eligible for pension.
P a g e 17 | 73
19. Counting of period spent on training Period spent by an employee on training in the Bank immediately before his appointment shall count as qualifying service.
20. Counting of past service in the erstwhile Bank In the case of an employee who is permanently transferred to a service in the Bank from any other Bank on merger, amalgamation of any other Bank with the Bank to which these regulations apply, the continuous service rendered by such an employee in any other Bank on permanent basis, if any, followed without interruption, by permanent appointment, or the continuous service rendered under that Bank in a permanent capacity, as the case may be, shall qualify;
Provided that nothing contained in this regulation shall apply to any such employee who is appointed on contract basis or on daily wage basis or on consolidated wages.
21. Period of suspension Period of suspension of an employee pending enquiry shal1 count for qualifying service where, on conclusion of such enquiry, he has been fully exonerated or the suspension is held to be wholly unjustified, and in other cases, the period of suspension shall not count as qualifying service unless the Competent Authority passing the orders under the Service regulations of Discipline and Appeal Regulations or Settlements governing such cases expressly declares at the time that it shall count to extent as such authority may declare.
22. Forfeiture of Service
(1) Resignation or dismissal or removal or termination o;' an employee from the service of the Bank shall entail forfeiture of his entire past service and consequently shall not qualify for pensionary benefits;
(2) An interruption in the service of a Bank employee entails forfeiture of his past service, except in the following cases, namely -
(a) authorised leave of absence;
(b) suspension, where it is immediately followed by reinstatement, whether in the same or a different post, or where the bank employee dies or is permitted to retire or is retired on attaining the age of compulsory retirement while under suspension ;
P a g e 18 | 73
(c) transfer to non-qualifying service in an establishment under the control of the Government or Bank if such transfer has been ordered by a competent authority in the public interest;
(d) joining time while on transfer from one post to another.
(3) Notwithstanding anything contained in sub-regulation (2), the appointing authority may, by order, commute retrospectively the periods of absence without leave as extraordinary leave.
4) (a) In the absence of a specific indication to the contrary in the service record, an interruption between two spells of service rendered by a bank employee shall be treated as automatically condoned and the pre-interrupt ion service treated as qualifying service
(b) Nothing in clause (a) shall apply to interruption caused by resignation, dismissal or removal from service or for participation in a strike;
Provided that before making an entry in the service record of the Bank employee regarding forfeiture of past service because of his participation in strike, an opportunity of representation may be given to such bank employee.