Wednesday, November 24, 2010

Who will punish corrupt bankers

Housing scam which surfaced yesterday and which resulted in arrest of eight high rank bank officials are only tip of the iceberg. Corrupt officers are sitting on top post of each bank and hence they ensure promotion to only those who are expert in the art of earning money and who is number one corrupt. Interview panel in each promotion process gives the scope to pick and choose yesman for branches where some money can be earned.
I would like to request RBI , Government of India, Ministry of Finance and particularly to all responsible officials to prepare a list of NPA borrowers in various segment of amount involved and try to know the person who sanctioned and who failed to monitor and also who supported indirectly from administrative offices .Officials who are corrupt and who sits in controlling offices manage bad advances through Branches and contribute in generation of more and more bad assets known as Non Performing Assets (NPA).

RBI can direct each bank to furnish such information and then RBI officials can make a study of such report to identify corrupt executives . Now a days such information can be generated through CBS without any loss of time and without any discomfort. Even controlling officer can generate such list if he or she so likes. Excel sheet can be prepared very easily on following columns.

1. NPA Account with value involved upto Rs.5.00 lacs (small borrowers)
2. NPA accounts with dues more than 5 lacs to o 50 lacs (medium size borrowers)
3. NPA accounts with dues more than Rs.50 lacs to Rs.5.00 crores (large borrowers)
4. NPA accounts with dues above Rs5.00 crores. (Very large borrowers)

Each segment should contain following columns so that it can precipitate and clear;ly reflect the name of bad bankers.

1. Name of borrowers
2. Date of sanction
3. Name of Branch head or credit sanctioning officer
4. Name of immediate controlling head called as regional head or circle head or zonal head

Then anyone can select through excel and filter data as per person on all India basis. It means bank should prepare a list of all bad borrowers which have been sanctioned by a top executive say ED, then General Manager, Deputy General Manager and so on up Regional Head and Branch Head. Such list should be prepared for each and every executive in the bank starting from top scale VII to scale I. The person who has created NPA in all branches and Regional Head who selected more and more corrupt branch Manager should be treated as bad bankers.

First make a list of big amount NPA borrowers created by regional head or circle head in India during last five years irrespective of his posting (sanctioned directly by him or through branch manager working under him)’

This will indicate the name of executives who created maximum NPA and prove that such officials are getting fastest promotion and all such people are sitting on top post and hence there is none to punish bad officers.

Such executives have very good relation with top bosses and also powerful persons sitting in RBI and banking division. This is why no action is taken against top officials and in all cases of misdeed junior officers are made scapegoat. Such officers if trapped accidently can manage tactfully even CBI or vigilance officials and ensure closure of files or at least ensure awarding of minimum punishment.

This is why there is dissatisfaction in the branches and administrative offices among junior officers in all banks under public sector. Bank officers are least bothered at field level whether NPA is increasing or profit is shrinking. Clever bankers are always expert in making lame excuses of global recession or bad monsoons or debt relief and so on.

Corrupt officers are quickly promoted and posted at good places in big towns whereas good officers who are serious workers are placed at bad places and in critical branches.

It is therefore dire need of the hour to find out and identify corrupt officers at top level and ensure that they are punished and without which one cannot imagine of NPA coming down in any bank. When top officers will be booked to task , clear cut message will reach upto the bottom level officers and only then juniors officers will desist from corrupt practices and top officers will not post and promote juniors on the basis of flattery or on the basis of golden and diamond gifts they get from juniors.

When bank management can publish the name of bad borrowers in Newspapers, Government of India or RBI or Banking Division in Ministry of Finance can also publish the list of bad bankers. At least thye can prepare a list of such bad executives whose advances invariably become bad and RBI can ensure their demotion forthwith.

Rather name of sanctioning officer and controlling regional head must be published along with the name of each bad borrower published in newspaper. When action can be initiated against borrowers to take possession of assets by banks, why not illegal assets of bad bankers also should be confiscated and sold off before public.

Only a healthy culture in bank can help in reducing NPA percentage and help in becoming top ranked performer bank.. Hitherto CEOs and EDs in banks are showing lesser percentage of NPA by increasing volume of fresh and short period advances or by selling NPAs to Arcs. Days are not far when this manipulative tactics will also fail to salvage banks. It is therefore necessary that actions are initiated before it is too late.

Sunday, October 10, 2010

Exposure of one of the best CMD of Bank

Do you know a Bank of flatterers, sycophants, yes-men and money makers?

Do you know a Bank where most of top executives are accused of corruption, where officers are promoted, posted and transferred as per whims of big bosses and where seniority is meaningless, merit is useless, only godfather is counted?

Where old officers are shunted away and humiliated whereas young but incapable are being given better scale and better posting?

Do you know a bank where goof officers do not to be promoted, do not take part in promotion process, do not want to take initiative, and do not put his knowledge, innovative ideas into action?

Do you know a bank where art of making career and leading a comfortable life is to praise bosses, union leaders, give golden gifts to bosses and union leaders, earn money through illegal means and share the same with bosses and leaders?

Do not bother if accounts becomes NPA, you should know how to rephase them, restructure them, hide them from system driven NPA or ultimately write off them or compromise with borrowers - that too if you get some incentive from bank as well as customers. You need not worry for action even if commit fraud or indulge in corrupt practices, provided you have some God father in higher management or in Union domain. On the contrary you are not safe even if you are dry honest, late sitter, loyal to bank and hard worker if you do not know how to keep your boss happy.

In brief, do you know a bank where manipulation is the backbone for survival and flattery is career maker?
Do you know Bank Where Good officers are afraid of sanctioning credit and bad officers are going up and up by making bad advances? A bank where experienced, knowledgeable, talented officers are kept away from mainstream and deprived of promotion because they do not support lending to bad businessmen and they only make sincere efforts for recovery from NPA borrowers even if their action hurts some or the other executives.

In a bank where Executives are those who know how to keep higher bosses happy , who are expert in keeping RBI people happy and who are well versed in concocting attractive report to please bosses in Banking Division , Ministry of Finance.
Do you know a bank where loan are disbursed and waived only if one has good liasoning with big bosses and big union leaders?

CA s are purchased and gifted to put their signature blindly as CAs normally desire. There are many types of NPA, declared, hidden, system driven, EAS, SMA, restructured standard etc. Latest strategy is to sell NPA to ARC. Notwithstanding this or that, hidden NPA is likely to explode sooner or later.

Who will after all cure the system where all are birds of the same feather in bank or in RBI or in Ministry?

Who will verify and assess he assets of big bosses?

Bosses know the art of making clerks and innocent officers as scapegoat for all of their misdeeds; they use phones and verbal instructions for ill motivated works. When clerks or junior officers commit mistakes, when fraud or robbery takes place in a branch, Manager is held accountable and punished. But when most of the BM indulges in malpractices, Regional heads are not booked to severe task. So bosses need not worry.
After all Time will expose the reality of such bank and its executives, ED and CMD. Let us wait for result of Half year ended and half year to come. Last quarter result exposed Indian Bank. Future will expose some other bank. I do not know when RBI will open the eyes.

The problem is that everyone in the government is accustomed to accepting shoddy work, corruption and reign of injustice perpetuated by gang of flatterers. As a matter of fact evil doers are in all government offices; the huge malady lies in not only one or two banks, but in all departments where government is having direct or indirect control.

I am astonished that efforts are being made to give a hike in the salary of those officers who are executives of banks and who are solely responsible for the mess they have created in bank. These corrupt executive already got preferred treatment in last Bipartite Settlement. Only quality of these executives is that they speak good English to influence their bosses.

Friday, August 06, 2010

Rule for Corrupt, Rule By Corrupt And Rule of Corrupt

A few persons have been removed form corrupt wealth games team after week long serious exposure made by TV media. Actual guilty who promotes and irrigates corrupt activities by verbal or telephonic instruction is more often than not acquitted or awarded. This is why Suresh Kalmadi does not accept the moral responsibility in CWG scam.Mrs. Shiela Dikchhit is beyond blame as because she is CM of Delhi.

It is not Suresh Kalmadi alone who is standing and telling boldly that he will not resign despite clear cut exposure made by Times Now, IBN and other TV channels. In fact Congress Party as a whole is behind him.They are birds of same feather. All are sitting in glass chamber. Almost all top persons in the party or in administration are corrupt. Because only those who are yesmen, who are having expertise in flattery, who know the art of earning bribe and art of sharing the same with bosses, ministers, police person, CBI, vigilance and other linked persons can get promotion, best posting, responsibility of managing big jobs, contractors, advertisers and other bribe fetching activities and it is they who get all favurs from all bosses and heavy weights. Who will then bell the ca t is a million dollar question.

Another bitter truth is that in our country big shots in all offices are always left untouched from punishment in all cases of big scams, scandals, frauds or any irregular activities. In all such cases, clerks, peons, small level officers or persons who do not have any Godfather to back them are made scapegoat. And top level officers and ministers on the other hand get better assignment and quickest promotion.Lalu Yadav became Railway Minister inspite of his clear cut involvement in 1000 crore worth Chhara Ghotala. Even in current case of Commonwealth Game Scam, if proper investigation is made it will undoubtedly reveal that most of team members have black background and corrupt history.

Media will cry and become silent gradually. Some task force committee or some inquiry committee will be formed to look into the mater and submit report and then as usually happens, entire episode will be sent for hibernation for ever. Because such team is also made of same flatterers and commission earner.

In fact this is the true story of Indian politics, Indian judiciary and Indian administration where all cream posts are filled by flatterers, yes-men and such persons who are having PhD in taking care of bosses in money matters, welcome issues and secrecy principles bypassing all moral values. One can become even President of India by this art.

In India honesty and merit is never attached any value in the matter of promotion, posting and allotment of duty. And this is the root cause of rampant corruption. And inaction from judiciary adds fuel to fire. Honesty is seldom, not always the best policy in India. Indian as to learn to respect honesty and sincerity and then only corrupt person can be discarded and weed out from the system and this is a Himalyan Task which can be accomplished by a dare devil person, if at all some such person becomes PM of the country.

Banking industry is full of such officers sitting at the top posts and none at junior level has courage to protest ill-motivated actions of executives.
Mera Desh Mahan, Yahan sub kuch bikta hai, Insaniyat bikti hai,Iman bikta hai, pyar bikta hai, admi bikta hai. Aurat bikti hai aur phir kya bachta hai

Saturday, July 31, 2010

Union Bank Leaders

Leaders on whom lies the fate of an organisation or trade union or a state government or a country have become lover of flattery, have become lover of money and lover of high post without merit. Root cause of all mishappenings, irregularities, fraud or cheating lies in nothing but flattery which shuts the eyes, ears and mind & heart of leaders. Leaders become self cantered and sacrifice the interest of the masses for whom they are meant. They forget God and minimum moral and religious values. New record of corruption will precipitate if a total investigation is made into what Shiela Dikchit has done in Delhi. When a person becomes popular he becomes more prone to bad habits and there are more chances of committing fraud with the system.

Corruption cannot end in India until government takes harsh steps to stop flattery. Yes man and bribe give equally responsible for rampant corruption and for damaging the right course of action. Looting of money from a person through bribe is less harmful than looting of pride, self respect of service men or businessmen or professionals. All is well sir or No Problem sir culture is killing the enthusiasm of real workers, real Indians and real businessmen because flatterers by dint of their actions hypnotize the top officials and ministers and get success in getting undue benefit or up gradation in service or better posting and quick promotion in service at the cost of many genuine workers.

CVC as such cannot stop corruption said to be rampant in work done for Common wealth Games in Delhi because they also become victim of this disease. CVC has to survive in the same system where perpetuators or corruption are sitting at the helm of affairs. Officers at vulnerable and responsible post at CVC or CBI or audit offices are chosen from a team of best flatterers. CVC has to be bold enough and has to stop corruption in transfers, posting and promotion as also in recruitment processes of government employees and bring about maximum transparency, eliminate the channel of Interview which gives rise to whimsical and biased decision. 

When honest and sincere officers are shunted in remote areas or posted in insignificant corners it is but natural that such officers will prefer indulging in flattery than wasting energy in good work.

CVC or for that matter Government of India has to make judicial process quick, affordable effective and honest so that victim of the system may approach court without any fear of repercussion. Fear of punishment may only keep flatterers and corrupt person away from the system. Similarly media has to take pro active and innovative initiativesto expose corrupt practices, conduct sting operation and do all acts deemed fit to expose the mischievous elements occupying top posts in government offices, ministry , banks, insurance companies, CBI, vigilance department, judiciary, tax departments etc who sell transfer, posting and promotions in service sector or who willfully torture and blackmail a good businessmen who do not flatter or bribe an officer.

Friday, July 23, 2010

9th Bipartite Settlement in Banks

I call upon CMDs of various banks to listen the voice of silent protestors, read the contents of writs filed in various high courts, opinion published in website such, open your eyes and ears and act fastly to correct the mistake done on 27.04.2010.

Please do not kill the voice coming from your own heart and mind. None of the respectable, wise, experienced, intelligent , talented, law abiding , and knowledgeable person in the banking industry of lawyers club of India will concur with injustice done to Non pension optees through the 9th Bipartite settlement

Since courts are slow, you cannot perpetuate reign of injustice in wage agreement for long as you are doing injustice in promotion processes and transfer decisions and employees of India cannot allow you to use discriminatory and divisive wage scale defying fundamental Laws of equality enshrined in Indian Constitution.

Various letters have been written to important dignitaries of the country in this regard by so many persons working in different banks. But unfortunately politicians of our country also do not understand the problem of victims for years and years, decades ad decades as long as there is mass movement, violent agitation arsoning, strike, lock out, destruction of public property, closure of banks and ATM, disturbing customer service etc .

It is ridiculous that those politicians in India suggest dialogue with naxalites and terrorists but never try to solve the problem from the root before it takes violent form. The said agreement was also signed after agitation and strike done by bank employees many times during preceding 30 months. It is sad that a few greedy leaders, I say hardly 10 persons spoilt the career and fate of 10 lac employees.

When king is Tuglak, everything is possible. When Koda is Chief Minister of a state, everything is possible. When IAS officers are like Mr Rathod, murder of innocent girl like Ruchika is not surprising. When person like Raju is CMD of Satyam computers, when CAs are dishonest certification of fake balance sheet is not impossible in India and similarly when CAs are corrupt, rating agencies rate on the basis and quantum of bribe and fees they get, happening of fraud or manipulation with balance sheet is not impossible for banks and I it is not astonishing to anyone in India at least.

I submit a copy of letter written by one retired officer.

The Editor,

Business Line

Dear Sir,

Stalemate over banking consensus

Queer banking equations implanted in the Pension Agreement signed along with ninth bipartite settlement attracted nationwide resentment among bank men, delaying its implementation indefinitely. A group of dissatisfied employees secured stay order from Madras High Court putting IBA and bank unions in the defense box. When they merely objected the recovery of a portion of their pay as contribution to Pension Fund for giving them entry to Pension Scheme, the long cherished desire of the retired to get pension is delayed further, adding to their more than a decade old sufferings. The irrational terms providing for recovery of 2.8 time revised pay from new entrants in respected of the employees on rolls as on the date of agreement (27 April, 2010), recovery of 156 percent CPF and interest paid at the time of retirement in respect of the retired, &nbs p; forfeiture of pension from the date of retirement to the arbitrary date of 27 November, 2009 to the retired, payment of commutation reckoning the age as on date of fresh option instead of the age of retirement, non inclusion of resigned employees who have qualifying service for Pension etc . are tools devised to take away huge sums from the prospective beneficiaries of Pension Scheme. ; It becomes wild justice, quite illegal and irrational, in the context of the Pension Regulations being one and the same as on the date of agreement and existing Pension Opted employees have derived the benefit without any levy or penalty. &nbs p; While addressing the anomaly of denying the social security benefit to a large segment by extending them a fresh chance for option, five fresh glaring anomalies have been infused into the scheme, making it a black agreement altogether.

In earlier Bipartite settlements, after setting apart a portion of the total load factor towards Pension Fund, the remainder alone was distributed among CPF opted and Pension opted, putting the former to erosion of emoluments in each agreement, benefitting the latter. ; The proposal initially mooted for a uniform recovery of 1.6 times revised pay for Nov.2007 from all existing employees for sharing pension costs got changed overnight at last hour, settling down for sharing 2.6 times pay from CPF opted alone to their detriment. &n bsp; The 17.5 percent pay hike in the industry for the six days working bank employees in contrast with the 40 percent settled for five days working government staff has inculcated in them a feeling that it is the result of the additional cost of Pension rather than of the low profile bargaining of Unions. They seem to be ignoring the core fact that Pension is the consideration for services rendered and not for a mere option letter exercised on a bit of paper. While Pension opted are getting some amount as arrears of salary, almost the entire amount is snatched away from the other category. Unions that announced the twin achievement of Wage Revision and Pension Option as a grand gala victory took a somersault saying that they had no option other than agreeing to the rude terms of IBA for securing fresh Pension Option.

Recovery of 156 percent of CPF paid in the case of the retired (up to March 2010) would entail to them huge pecuniary loss as many will have to shell out as much as Rs.15.00 lakhs when their counterpart retiring in April,2010 or afterwards will have to pay a meager sum of Rs.0.30 lakhs to Rs.1.20 lakhs only. The impact of the insignificant cut-off date, which does not appeal to any reasoning is a severe blow to several beneficiaries.

The agreement provides for payment of Pension to the retired from 27th November, 2009 alone irrespective of the date of retirement. Though in all fairness, they are eligible to get monthly pension and interest on each payment date from one decade back, they are victimized through recovery of 156 percent of the CPF paid at the time of retirement uniformly. &n bsp; This apparently is a dual penalty to them. The modality is totally enigmatic and carries with it unfairness of an extreme nature.

Pension Regulations for computing commutation recognizes the age next birthday at the time of retirement whereas the agreement stipulates age on the date of fresh option to the detriment of all the retired. &nbs p; This leads to application of entirely different yardstick under the same Regulations to different beneficiaries without any logic. The delay in implementation of the agreement is worsening the situation for the retired.

Non-inclusion of the resigned employees in the scheme is a further anomaly as the resigned possessing enough qualifying service are denied the social security benefit altogether. & nbsp; When VRS retirees who are paid an incentive for going out are also considered for pension, the resigned are to be invariably extended the benefit in all cases where they are paid all other terminal benefits. Qualifying service and not the mode of exist shall be the vesting criterion for Pension unless the termination if a compulsory one through disciplinary procedures.

In financial sector, Public Sector Banks appear to be competing with others to secure the worst employer award by denying proper compensation to the work force who run the shows for the progress of the nation. Even as profits are soaring for each bank, the key men are attempting to add to their cosmetics by transferring higher profits to the exchequer, which goes to part finance the pension and wages of employees in other sectors and government. They should say what banks would have done if all had opted for pension when initially offered. &nbs p; The deprived could not opt earlier when terms of offer contained a penal clause enabling forfeiture of entire past service for participation in strike and were not given fresh chance when the adverse chapter was scrapped in 1999. While denying pension to the retired, banks that function on sole premises of laws of the country and depend on them for each transaction are blatantly flouting substantive law. Retires and working, Pension Opted and CPF opted all are, without exception, growling over the agreement percolating with gross anomalies. The retired who did their best for banks are on crossroads for want of income for subsistence and their decade old sufferings get prolonged as the stalemate on the catastrophic agreement continues. IBA, Unions and Government should evince keen interest and initiate corrigendum steps to rectify all anomalies without further waste of time and bring solace to all.

Yours faithfully,

C N Venugopalan

C N Venugopalan

Ex-Manager, Union Bank of India

Camp: 101 Pinnacle Court,

Apt. # 82, Frankfort,

Kentucky 40601 USA


Friday, July 16, 2010

Bank Management Hai Hai

How many Banks have obeyed the stay order of Madras High Court and not recovered 2.8 times of November 2007 salary from PF optees?

How many banks have not yet started paying arrears as per 9th BPS.?

How many banks have issued pension offer till date and if not why have they recovered from PF optees? Already three months are likely to complete after the date of settlement. Why bank is so slow on the issue of pension offer and so fast on the matter of recovery and similarly why union leaders are so anxious on recovery of levy of Rs.3000/ from their members and not worried for delay in offer of pension? Union leaders are getting farewell gift of five lacs or ten lacs on their retirement from Union Fund. Is this the way to use hard earned contribution made to Unions and Associations by poorly paid bank employees?

Days are not far when union leaders will distribute accumulated union levy amounting to hundreds of crores of rupees among themselves and ask for separate fee if they fight for any aggrieved employee. Are union leaders not more dangerous than our management bosses? I say this because union leaders have threatened to expel officer from their association if they do not pay union levy of Rs.3000/ on account of so called successful historic agreement. Management never dared to issue dismissal threatening to officer employee if they fail to obey any instruction of boss.

Why are employees keeping mum on illegitimate recovery and bent upon getting arrear at the earliest even if it is discriminatory? Why are they afraid of even lodging their protest before accepting arrear payment?

Bank management has signed a historic victory agreement when they have vertically divided the employees in two segments and created an unbridgeable split in banking unity and created dilution in their intensity to fight against the reign of injustice perpetuated by management.

And Bank union leaders on the contrary has committed a historic blunder by signing a discriminatory and divisive agreement on 27.04.2010 for some or the other vested interest and clearly betrayed the cause of unity for which they used to struggle under the banner of communist parties.

At least pension optees are now in support of the agreement. It hardly matters to most of them how loudly PF optees cries and weeps though in the past they all always used to be on the same platform and UFBU was also formed for the same purpose. Banking unity was an example in the community of labour class or working class.

Banks are not in the grip of flatterers. Those who are yes-men are getting timely promotion and getting best posting and in this way a team of flatterers are generated by bank management who blindly support of all action of the management right or wrong. Even union leaders do not fight against such lollipop like promotions and transfers because they say that ultimately their members are getting promotions and cream posting or choice posting though the same may be at the cost of others genuine right. At least veteran union leaders are enjoying posting in Metros and capital towns, they need not perform bank’s job, they may do their side business, they may take share from dirty dealings in credit decision or contract offers corruption and they may get sweet request from corrupt officers for reduction of punishment and so on. Lastly they may get huge gifts from top branch managers, big bribe earners, big customers and last but not the least huge money from union fund on their retirement and on attending an inquiry from Union Fund. Similarly union leaders now plead that the said agreement is good in the light of social security though they know and understand from the core of their heart that recovery from PF optees is not justified from any angle of consideration.

This is called divide and rule policy. Intelligent, talented, experienced, valued and visionary leaders of bank management who occupy the important seats of core committee of IBM as also that of United Forum of Bank Unions are very well aware and they all realize from the core of their heart that injustice has occurred with PF optees, retirees and those who have resigned. They all know very well that courts cannot deliver justice in decades and decades and this is why they are least bothered of courts also. They have gained sufficient experience by giving undue promotions to even charge sheeted officers and by rejecting even good officers. In every circular enlisting name of officers getting promotion they used to mention “subject to court decisions on various writs going on in various courts”

In the same way IBA is bent upon making recovery from PF optees subject to court decisions. But at the same time God knows whether they will issue pension offer or not. Reason for not issuing pension offer, bank will say they are waiting decision from courts. It is not surprising at least for me that even so called union leaders are also keeping mum on this matter for which they feel proud and say that the agreement is historic.

Bank Unity Zindabad?

Friday, July 09, 2010

Trade Unionism in Bank

IBA in its affidavit has stressed on the point that the trade union representing 95% of bank employees signed the agreement and hence Canara Bank petition filed by a union representing only 244 members should be ignored is not acceptable to any one who believes in justice.

Suppose if majority union decides that female employees will be given three increments less than male employees though they male and female perform same duty in the bank. , Can such unconstitutional agreement be treated as valid only because the same has been signed by a union representing majority of members?

Are we living in a jungle of sheep?

Another point is that the disputed agreement was signed by leaders of majority union. If leaders become victim of management, if leaders become hostile to members due to self interest, if leader’s intention become malicious there is all possibility of betrayal such as anti-member decision, divisive wage agreement, discriminatory treatment to divide them, sacrificing the interest of members to serve self interest etc. There is country wide protest and several writs have been filed in various courts of the country against the disputed clause which shows that the said agreement signed by leaders of majority union is not liked by majority of members. When leaders found that member can now resign or revolt against the union, they thought it better to release the arrear in hurry and recover the contribution from PF optees so that intensity of revolt is diluted. Further pension optees who are getting better treatment and who are getting full arrear will not support PF optees. This is called “Divide and Rule” policy. Leaders further took support of management in making recovery of Levy directly from arrear or pay slip to avoid the risk of member not paying levy in anger. All these fact reveal that union leaders realize from the core of their heart that they members are not happy with them.

When late Indira Gandhi, exPrime Minister of India lost her temper, she lost her conscience, she put all her opponents in jail, imposed emergency and without any fear of legal consequences or political reaction she misused the majority of her party in the Parliament to change the basic structure of the constitution. Similarly IBA has divided the bank employees in two segments, one pension optee and another PF optee and there is no doubt that bank management will use this division for imposing illegal recovery on PF optees. To add fuel to fire, IBA has created division even among various union leaders. This is why powerful protest against illegal recovery is not visible and management is taking advantage of this division and submitting illogical plea in the court to defend the discriminatory clause of the Bipartite Settlement. Those employees who are raising voices against misrule of IBA and union leaders are facing threatening of transfer or rejection in promotion process or posting at critical place or transfer from east to west or from north to south. Obviously reign on injustice will continue unabated until courts impose some punitive action against erring officials and leaders.

One more point raised by IBA in their affidavit filed in Madras High Court is that the second option of pension is not mandatory and employee at his will to opt or not to opt for pension. Days are not far when bank will curtail salary of all employees by 50% and give option to employee to continue in service or leave the job. In the initial offer for pension bank did not put any condition and hence there is no logic to put condition of recovery in the present offer of pension.

Union leaders have got no right to damage career of any individual or cause financial loss to any single person, not to speak of 3 lacs employees PF optees. When PF optees have also contributed in pension fund along with pension optees in the past during 7th and 8th Bipartite Settlement, there is no question of making recovery this time only from PF optees only to bridge the gap of 1800 crores. It is worthwhile to mention here that bank management has saved interest to the tune of 1800 crores by merely delaying the settlement for 30 months. Further bank will earn interest on money recovered from PF optees (total of 1800 crores from PF optees) till the court finally stops such illegitimate deduction.

Further when these union leaders called for strike or agitation programme, the same was put in action by all the employees including PF optees and not by PF or pension optees alone. Never in the past, had these union leaders ever told that second option for PF optees will be purchased by paying three months salary to pension fund. Had it been so there was no need to wait for 15 to 17 years, it could have been easily offered by PBA in 1995 itself.

When union leaders and IBA both had unanimous view of 1.6 times recovery and they have expressed the same in their separate affidavits, what happened during last two three days that both parties changed their view and agreed for recovery from only PF optees. Such discriminatory agreement pass the test of existing laws and the provision of constitutionally granted fundamental right called as Equality before law.

Already bank management has been violating spirit of transfer policy and promotion policy just to please union leaders and to conceal the misdeeds of corrupt executives. Management even does not hesitate to compromise lending policy or ethics behind waiver or comprise settlement with willful defaulters.

80% of officers belonging to the state of Jharkhand, Bihar, Orrisa and a few other states are posted outside their parent state and transferred whimsically frequently whereas those of the state of Maharashtra, Tamilnadu and West Bengal are seldom transferred outside their state for three decades and more. In the name of exigencies of work officers are transferred from one corner to other in clear cut violation of transfer policy. Similarly in the name of interview in promotion processes, higher management in nexus with union leaders promote or reject officers as per their sweet will and thus perpetuating arbitrary rule and reign of injustice.
Now they have jointly committed fraud with PF optees, they have cheated PF optees, they have extended biased benefits to scale four officers at the cost of junior level officers, they have caused loss to senior officers by stagnating them and depriving them of annual increments and what not.......

Reason behind continuance of such atrocities is that banks in general give choice posting to union leaders, militant officers, out of turn promotion to inefficient and corrupt employees, avoid punitive action against even fraudulent and charge sheeted employees to create a team of truely loyal and flatterers .This time IBA has created a team of pension optees who will blindly support misrule of Bank Management. If hundred or thousand employees are promoted even if they are not fit for the same, these promotees will become truely loyal to bank bosses. On the other hand if honest and performers are promoted, such promotees will never flatter their bosses or support blindly IBA.This is also a proof of “Divide and Rule” policy adopted by bank management. Similarly Union leaders are never transferred from their home town, they are given preferred treatment, hotel expenses and what not to make them blind supporter of what management do and like to do.

But how long such cruelty will be tolerated is a million dollar question?

How long top executives and CEOs forming IBA will kill their own conscience and commit unethical acts and work against all moral values.

I ask IBA team leaders and veteran trade union leaders to peep into their own mind and heart, try to affirm and reaffirm whether core of their heart permits such divisive and discriminatory agreement. If their heart and soul, their conscience do not allow discrimination, they should at least now rectify their error . It is never too late.