The bank shall be entitled to recover the dues to the Bank on account of housing loans, advances, license fees, other recoveries and recoveries due to staff cooperative credit society from the commutation value of the pension or the pension or the family pension.
50. Commercial employment after retirement –
(1) If a pensioner who immediately before his retirement was holding the post of an officer and wishes to accept any commercial employment before the expiry of one years from the date of his retirement, he shall obtain the previous sanction of the Bank to such acceptance.(amendment as per SC 6098 date 30.05.2014)
(2) Subject to the provision of sub-regulation (3), the Bank may, by order in writing, on the application by a pensioner, grant, subject to such conditions, if any, as it may deem necessary, permission, or refuse for reasons to be recorded in the 45 of 66 order, permission to such pensioner to take up the commercial employment specified in the application.
(3) In granting or refusing permission under sub-regulation (2) to a pensioner for taking up any commercial employment, the bank shall have regard to the following factors, namely:
a) the nature of the employment proposed to be taken up and the antecedents of the employer;
b) whether his duties in the employment which he proposes to take up might be such as to bring him into conflict with the Bank;
c) Whether the pensioner while in service had any such dealing with the employer under whom he proposes to seek employment as it might afford a reasonable basis for the suspicion that such pensioner had shown favors to such an employer.
d) Whether the duties of the commercial employment proposed involve liaison or contract work with Bank.
e) whether his commercial duties will be such that his previous official position or knowledge or experience under bank could be used to give the proposed employer an unfair advantage;
f) the emoluments offered by the proposed employer; and g) any other relevant factor.
(4) Where within a period of sixty days of the date of receipt of an application under subregulation (3) the bank does not refuse to grant the permission applied for or does not communicate the refusal to the applicant, the bank shall be deemed to have granted the permission applied for:
Provided that, in any case, where defective or insufficient information if furnished by the applicant and it becomes necessary for the Bank to seek further clarifications or information from him, the period of sixty days shall be counted from the date on which the defects have been removed or complete information has been furnished by the applicant.
(5) Where the bank grants the permission applied for subject to any conditions or refuses such permission, the applicant may, within thirty days of receipt of the order of the Bank to that effect, make a representation against any such conditions or refusal and the bank may make such orders thereon as a deems fit:
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Provided that no order other than an order cancelling such condition or granting such permission without any condition shall be made under this sub-regulation without giving the pensioner making the representation an opportunity to show cause against the order proposed to be made.
(6) If any pensioner takes up any commercial employment at any time before the expiry of one years from the date of his retirement without the prior permission of the Bank or commits a breach of any condition subject to such permission to take up any commercial employment has been granted to him under this regulation, it shall be competent for the bank to declare, by order in writing, and for reasons to be recorded therein that he shall not be entitled to the whole or such part of the pension and for such periods as may be specified in the order: (amendment as per SC 6098 date
30.05.2014)
Provided that no such order shall be made without giving the pensioner concerned an opportunity to show cause against such declaration:
Provided further that in making any order under this sub-regulation, the bank shall have regard to the following factors, namely:
i. the financial circumstances of the pensioner concerned;
ii. the nature of, and the emoluments from, the commercial employment taken up by the pensioner concerned; and iii. any other relevant factor.
(7) Every order passed by the bank under this regulation shall be communicated to the pensioner concerned.
(8) In this regulation, the expression “commercial employment” means –
(i) an employment in any capacity including that of an agent under a company (including a banking company), cooperative society, firm or individual engaged in trading, commercial, industrial, financial or professional business and includes also a directorship of such company (including a banking company) and partnership of such firm, but does not include employment in under a body corporate, wholly or substantially owned or controlled by the Central Government or a State Government ;
(ii) setting up practice, either independently or as a partner of a firm, as adviser or consultant in matters in respect of which the pensioner – a) has no professional qualifications and the matters in respect of which the practice 47 of 66 is to be set up or is carried on are relatable to his official knowledge or experience, or b) has professional qualifications but the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or c) has to undertake work involving liaison or contact with the offices or officers of the bank.
Explanation – For the purpose of this clause, the expression “employment under a Cooperative society” includes the holding of any office, whether elective or otherwise such as that of President, Chairman, Manager, Secretary, Treasurer, and the like, by whatever name called in such society.
51. Nomination –
(1) The trust shall allow every employee governed by these Regulations to make a nomination conferring on one or more persons the right to receive the amount of pensionary benefits under these Regulations in the event of his death before that amount becomes payable, or having become payable , has not been paid.
Such nomination shall be made in such form as may be specified by the Bank from time to time.
(2) If any employee nominates more than one person under sub-regulation (1),he shall, in his nomination, specify the amount or share payable to each of the nominees in such a manner as to cover the whole of the amount of the pensionary benefits that may be payable in the event of his death.
(3) A nomination made by an employee may at any time, be modified or revoked by him after giving a written notice to the trust of his intention of doing so in such form as the bank may from time to time specify.
(4) A nomination or its revocation or its modification shall take effect to the extent it is valid on the date on which it is received by the trust.
52. Date from which pension becomes payable –
(1) Except in the case of an employee to whom the provisions of regulation 34 or regulation 46 apply, a pension other than family pension shall become payable from the date following the date on which an employee retires. (as per Pension (Amendment) Regulations, 2017)
(2) Family Pension shall become payable from the date following the date of death of the employee or the pensioner.
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(3) Pension including family pension shall be payable for the day on which its recipient dies.
Provided that pension including family pension to those who opted to join the Bank Employees’ Pension Scheme on or after the 27th April, 2010 shall be payable with effect from the 27th November, 2009. (as per Pension (Amendment) Regulations, 2017)