(1) The age of retirement of an officer employee shall be as determined by the Board in accordance with the guidelines issued by the Government from time to time.
Provided that the Bank may, at its discretion, on review by the Special Committee/Special committees as provided hereinafter in sub-regulation (2) retire, if it is of the opinion that it is in the public interest, an officer employee on or at any time after the completion of 55 years of age or on or at any time after the completion of 30 years of total service as an officer employee or otherwise, whichever is earlier;
Provided further that before retiring an officer employee, at least three months' notice in writing or an amount equivalent to three months' substantive salary, shall be given to such officer employee;
Provided further that an Officer aggrieved by the order of the Competent Authority, as provided in Sub - Regulation (2), may, within one month of the passing of the order, give in writing a representation to the Board of Directors against the decision of the Competent Authority, and on receipt of such representation from the concerned officer, the Board of Directors shall consider his representation and take a decision within a period of three months. Where the Board of Directors decides that the order passed by the Competent Authority is not justified, the concerned officer shall be reinstated as though the Competent Authority has not passed the order.
(2)
Provided also that nothing in this regulation shall be deemed to preclude an officer employee from retiring earlier pursuant to the option exercised by him in accordance with the rules in the Bank.
Explanation An officer employee shall retire on the last day of the month in which he completes his age of retirement.
Provided that an officer employee whose date of birth is on the first day of a month shall retire from service on the afternoon of the last day of the preceding month on attaining the age of retirement.
The Bank shall constitute a special committee/special committees consisting of not less than three members to review, whether an officer employee should be retired in accordance with the first proviso to sub-regulation (1). Such committee/committees shall, from time to time, review the case of each officer employee, and no order of retirement shall be made unless the Special Committee/Special Committees recommends in writing to the Competent Authority the retirement of the officer employee.
GUIDELINES OF GOVERNMENT UNDER REGULATION 19(1) The age of retirement of all Officers will be 60 years. It is also clarified that:
(a)
(b) Subject to the provisions of the Rules, every officer shall retire from the service on the afternoon of the last day of the month in which he attains the age of 60 years provided that the officer whose date of birth is first of month, shall retire from the service on the afternoon of the last day of the preceding month on attaining the age of 60 years.
No extension shall be given to any officer employee beyond 60 years of age.
Termination of Service