(1) An employee compulsorily retired from service as a penalty on or after 1st day of November. 1993 in terms of UCO Bank Officer Employees’ (Discipline and Appeal) Regulations, 1976 or awards/ settlements may be granted by the authority higher than the authority competent to impose such penalty, pension at a rate not less than two-thirds and not more than full pension admissible to him on the date of his compulsory retirement if otherwise he was entitled to such pension on superannuation on that date.”.;
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(2) Whenever in the case of a bank employee the Competent Authority passes an order awarding a pension less than the full pension admissible under these regulations, the Board of Directors shall be consulted before such order is passed
(3) A pension granted or awarded under sub-regulation (1) or, as the case may be, under sub-regulation (2), shall not be less than the amount of minimum pension payable under regulation 36 of these regulations.