(1) a) Subject to Sub-Regulation 3 of Regulation 16, where the Bank is satisfied that the performance of an Officer is unsatisfactory or inadequate or there is a bonafide suspicion about his integrity or his retention in the Bank’s service would be prejudicial to the interests of the Bank and where it is not possible or expedient to proceed against him as per the disciplinary procedure, the Bank may terminate his services on giving him three months’ notice or emoluments in lieu thereof in accordance with the guidelines issued by the Government from time to time.
b) Order of termination under this Sub-regulation shall not be made unless such Officer has been given a reasonable opportunity of making a representation to the Bank against the proposed order.
c) The decision to terminate the services of an Officer Employee under Subregulation (a) above will be taken only by the Chairman & Managing Director.
d) The Officer employee shall be entitled to appeal against any Order passed under Sub-Regulation (a) above, by preferring an Appeal within 15 days to the Board of Directors of the Bank. If the appeal is allowed, the Order under Sub- Regulation (a) shall stand cancelled.
e) Where an Officer employee whose services have been terminated and who has been paid an amount of three months’ emoluments in lieu of notice and on appeal his termination is cancelled, the amount paid to him in lieu of notice shall be adjusted against the salary that he would have earned, had his services not been terminated and he shall continue in the Bank’s employment on the same terms and conditions as if the order of termination had not been passed at all.
f) An Officer employee whose services are terminated under Sub-Regulation (a) above shall be paid Gratuity, Provident Fund including employer’s contribution and all other dues that may be admissible to him as per rules notwithstanding the years of service rendered.
g) Nothing contained herein above will affect the Bank’s right to retire an Officer employee under Regulation 19(1).
(2) An Officer shall not leave or discontinue his service in the Bank without first giving a notice in writing of his intention to leave or discontinue his service or resign. The period of notice required shall be three months and shall be submitted to the Competent Authority as prescribed in these regulations.
Provided further that the Competent Authority may reduce the period of three months, or remit the requirement of notice.
(3) (i) An Officer against whom disciplinary proceedings are pending shall not leave/discontinue or resign from his service in the Bank without the prior approval in writing of competent authority and any notice or resignation given by such an Officer before or during the disciplinary proceedings shall not take effect unless it is accepted by the Competent Authority.
(ii) Disciplinary proceedings shall be deemed to be pending against any employee for the purpose of this Regulation if he has been placed under suspension or any notice has been issued to him to show cause why disciplinary proceedings shall not be instituted against him and will be 14 deemed to be pending until final orders are passed by the Competent Authority.
(iii) The Officer against whom disciplinary proceedings have been initiated will cease to be in service on the date of superannuation but the disciplinary proceedings will continue as if he was in service until the proceedings are concluded and final order is passed in respect thereof. The concerned Officer will not receive any pay and/or allowance after the date of superannuation. He will also not be entitled for the payment of retirement benefits till the proceedings are completed and final order is passed thereon except his own contributions to CPF.
CHAPTER – V ALLOWANCES Dearness Allowance