It has been reported several time in the past , written to Prime Minister, President of India and to all important dignitaries on many occasions that for last one decade and more CEO, CMD and top ranked officers of Public sector banks in collusion with , union leaders, association stalwarts ,officials of RBI , Banking Division and Ministry of Finance have not been making adequate provision or making less provisions towards pension or gratuity payment to employees who retire from banks only to show artificial profit and to conceal the misdeeds of top bankers and politicians and to save the image of policy of banking reformation launched and promoted by Doctor economist Mr. Manmohan Singh in 1991 and then supported by UPA government .
Now RBI has given instruction to banks to provide for pension payment at least for retire employees. This amount of provision is estimated to be Rs.4000 crore by RBI. If provision towards pension payment towards serving employees is done which is supposed to be done I assume the amount will come to at least one lac crore and all banks will come in loss and face capital erosion. As such CMD of banks in general through IBA are demanding amortization of provision towards pension payment for coming five years so that burden of provision may be staggered in coming five years.
It is shocking for all those who do not know the level of corruption prevailing in the banking industry. Foul game being played by top bankers is not less dangerous than the game played by Mr. Raju of Satyam Computers.
It s shocking for those media men and economists who considered public sector banks as the best performer and those who are swayed away by sweet promises and tall claim of achievement made by CMD of various banks master mind of fraudulent activities .
It is shocking for government officials who considered Public sector banks as safe and healthy.
But it is not astonishing for bank employees who voiced their protest on fraudulent attitude of CEO, who filed writs in various High courts against injustice in 9th Bipartite settlement signed on 27th of April 2010 in between IBA and union leaders of bank employees,.
Long ago it was reported by many bankers that Union leaders and top ranked officers are not making provision towards pension payment and team of Chartered Accountants are selling their signatures and certifying false and inflated profit and concocted balance sheet.
It is worthwhile to mention here that all companies in the country have to give equal contribution towards Provident Fund as much as they deduct from their employees. Banks also used to contribute equal amount in provident fund for their employees as long as employees in general were member of provident fund. When bank employees opted for pension, banks were supposed to contribute similar amount towards pension fund so that future liability arising out of pension payment could be met without any adverse impact on profitability of banks. But unfortunately many banks stopped making provision towards pension to show inflated and false profit and to remain in good book of RBI officials, Ministry of Finance and also to falsely glorify the policy of liberalization and globalization promoted by Mr. Manmohan Singh.
It is never too late. I expect even now the government will ensure accurate provision towards pension payment.
When banks are unable to meet even legitimate expenses for their serving employees there is no justification in considering the banks as healthy and promoting bank officials as ED or CMD. Also there is no justification for Union leaders considering themselves as protector of interest of bank employees. Rather Managing Director of banks and Union leaders who perpetuated fraudulent and such mischievous activity in banks and RBI officials who allowed this to happen for years together should be adequately punished.
It is pertinent to mention here that on this point as many as 16 writs are pending in various High courts in India .IBA is still silent spectator of Chirharan of bank employees. None of even VVIPs are least bothered of justice. Reign of injustice will continue as long as corrupt leaders are sitting on top posts.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/state-run-banks-brace-for-rs-4000-cr-hit-this-fiscal/articleshow/8032719.cms
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