AIBRF Letter No 2014/94 dt. 27-05-14 addressed to  our P.M.Shri Narendra Modi

Respected Pradhan Mantriji

We have great pleasure and proud privilege in extending HEARTIEST CONGRATULATIONS to you on landslide victory of your party in the General Elections under your leadership and now on your election as Prime Minister of the country. Your elevation as Prime Minister has raised new hope and confidence among the people and they have sincerely started believing that the nation will be on high growth path. Your highly popular, motivating and impressive slogan “ACCHE DIN ANNE WALE HAI” has infused new enthusiasm and inspiration  among common man of the country. Your promise “This government (will be) one which thinks for poor, which listens to the poor, the government which lives for the poor” made in the historical central hall of the Parliament on the occasion of your election as PM thrilled the country with high hopes. This country is looking forward for CHANGE and better days ahead under your leadership.

2, All India Bank Retirees’ Federation (AIBRF) is apex body of bank retirees. It was formed about 20 years back to assist bank retirees in resolution of their issues/ problems in particular with the bank management in the post retirement scenario. Today, AIBRF has 47 affiliates with total membership of about 1.25 lakhs retirees. All our members are SENIOR CITIZENS. Main object of our organisation is to ensure dignified and respectful life for our members. AIBRF is independent organisation of bank retirees  without any political philosophy or leaning.

3.  We have been struggling and fighting for the following issues for last 15 years to secure justice for our members.



It is very unfortunate that there is no structured and formal grievance redressal mechanism for bank retirees at all India level. There are more than 3 lakhs pensioners in the banking industries at present and this number is likely to cross 5 lakhs in next 2 years. Retirees have many issue connecting to fixation of pension, eligibility, calculations, review etc. We have been representing and demanding from Indian Bank Association ( IBA) for last 15 years that it should establish proper and effective grievance redressal mechanism at the industry level, consult retiree representatives on their pending issues as and when wage negotiations take place in the banking industry. In the absence of such forum, bank retirees who are senior citizens are forced to approach courts for resolution of their issues and to secure justice. Such legal cases are very large and they are still pending in various high courtsand Supreme Court. To fight such legal battle for individuals who are senior citizens is very painful physically as well as financially. We are at total loss and are unable to comprehend as to why IBA/ Bank Managements are so reluctant to give even audience to the representatives of bank retirees for solution of issues across the table rather than spending huge public money in defending their stand in courts unsuccessfully. Bank Managements have gone to the extend that they are not ready to implement judgements given by Supreme Court in favour of retirees. IBA deal with retirees with highhandedness and refuse to share information on their issues on technical pretence that it is not covered by RTI act.  This attitude of IBA is becoming highly humiliating and insulting for bank retirees.

We approach you with humble request that you should direct IBA and the bank management that they must immediately hold discussion with the representatives of retirees and take them into confidence before signing  next wage settlement


From the year 2005, a section of bank retirees who retired before November 2002 are paid lower dearness allowance compared to those retired after the above date. This is highly discriminative. It may be mentioned that all  government retirees and RBI retirees who have similar type of pension regulations get uniform dearness allowance irrespective of date of retirement.

We request you to ask IBA to stop this discrimination and pay uniform DA to all categories of retirees


In banking industry, pension updation exercise has not been carried out for last 28 years since introduction of pension scheme  in 1995. It is considerable time gap during which 5 wage settlements have taken place in the banking industry revising pay structure of bank employees, inflation has skyrocketed , GDP of the country has increased many fold, bank business and profitability have gone up several times. It is universal practice to revise basic pension of past retirees at the time of each wage settlement for the employees.

We therefore request you, SIR,  to ask IBA/ DFS to carry out updation exercise for past retirees in the banking industry during the ongoing wage settlement to clear backlog of last 28 years


Family pension in banking industry is about 15 percent unlike 30 percent in government sector/ RBI. It is very meagre and becomes very difficult for the family to maintain life with reduced amount of pension after death of the pensioner.

We therefore request you to ask IBA to bring family pension in banking industry at par with government/ RBI.


It is paramount duty of welfare state to ensure proper medical facility for its citizens in particular for SENIOR CITIZENS. It is unfortunate that at present there is no uniform medical scheme available to the retirees in banking industry. Under this situation, retirees have to shell out major portion of their life time savings in case they are required to take treatment for any major illness. It makes their life more difficult in subsequent years.

We therefore request you to ask IBA/ DFS to introduce uniform medical schemes for bank retirees.


Pension scheme was introduced in the banking industry in 1995.  In last 28 years on the representations of unions IBA had given pension option to left over employees/ past retirees 2/3 time in the past, last being in 2010 with the object to provide pension benefits to left over employee/ retirees.

However it is unfortunate that some section of past retirees were debarred from exercising pension option in 2010. There number is not very high and should be around 5 to 6000. They are even struggling for survival in the era of high inflation at the advancing age in the absence of regular source of income,

We therefore request you to ask IBA/ DFS to give one more pension option to left over retirees,


AIBRF Circular No 2014/85 dated 01-04-2014


As you are aware that AIBRF has identified three major pension related issues for resolution in the 10th wage settlement. They are (a) Uniform DA to all pensioners (b) Improvement in family pension on the lines of RBI (c) Updation of basic pension. Accordingly, we have been working for last 3 years to achieve them.

2.  We are happy to inform you that in the meeting held on 14th March, 2014 , UFBU had raised all the above three issues for discussion and negotiation and IBA has agreed to discuss them for solution. On the basis of communication issued by UFBU after the meeting and oral feedback received, IBA is ready to consider demand no 1 & 2 on priority basis and will also examine demand of  pension updation for past retirees keeping in mind the cost factor. We have already submitted detailed note on DA related issues vide our circular no 2014/10 dated 10.02.14.   We below give some vital points/ facts related to the pension updation issue for your information and suggestions if any from your side on the subject.


There are three components in the pension scheme applicable to bank retirees (a) Basic Pension (b) Dearness Allowance (c) One- time payment of commutation on optional basis.

Updation exercise is related to component no (a) i.e. BASIC PENSION. It is universal practice that while reviewing pay and allowances of the employee the first and foremost exercise carried out is RE-SETTING OF THE BASIC PAY  according to the movement of inflation in the intervening period , business growth of the employer and general economic environment of the country.

The similar exercise need to be carried out periodically in the case of pensioners too as pension is nothing but deferred salary payable after the retirement. The basic pension need to be re-set in tune with the increase given to the employees in the basic pay in the wage settlement.

Government of India has been doing exercise of updation of basic pension for its past retirees in each pay commission since 5th Pay Commission in view of the historical decision of the constitutional bench of Supreme Court in famous case of NAKARA V/S UNION OF INDIA.

The another important point to be noted is that whenever we talk of pension updation it necessarily relates to the past retirees. As far as employees are concerned their basic pension gets automatically updated with each wage settlement and with each increase on basic pay.

Pension updation is nothing but to realign the basic pension of the past retirees with the basic pension of future retirees. It should not happen that two members of the pension funds holding similar positions in the organisation  are discriminated  in fixation of the basic pension on the basis of their date of birth and date of retirement.


Pension scheme under the provisions of Pension Regulations 1995 was introduced in the banking industry with retrospective effect of 1st January,1986.

As all of you know the exercise of  pension updation has not been carried out for last 28 years since 1986 despite the fact that it is quite long time period ,  CPI representing inflation has increased 10 times , salaries of the employees  have been revised 5 times, banks net profits have gone up 10 times country’s GDP has gone up 8 times. Therefore there is a very strong case for updation of pension for past retirees.

This situation has created huge backlog in respect of pension updation for the past retirees in the banking industry as can be seen from the following data

Retired Between          CPI merged in          Present CPI           Difference    Basic Pension

1986- 1992                            601                       5501                        4900

1992- 1998                          1149                       5501                        4352

1998-  2002                         1684                       5501                        3817

2002-  2007                          2190                      5501                        3211

2007- 2012                           2664                      5501                        2957

After 2012                            4400                      5501                        1101

This position can be further understood from the following data

Category of  Retiree       B. Pension          B. Pension           Difference

Under 5th sett.      Under 9th sett.

Sub-staff                          760                         5500                             4740

Clerk                               1430                        9150                             7720

Officer MM I                    2010                      12850                          10840

Officer MM II                   2195                      14050                          11865

Officer MM III                  2455                       15750                         13295

Officer SM IV                  2675                       18100                         15425

Officer SM V                   2975                       20200                         17226

Officer TM VI                  3275                       23400                          20125

Officer TM VII                 3500                       26000                          22500

It can be seen from the above statistics that in last 28 years basic pension has gone up by 6 times and the gap will further increase unless updation exercise is carried out for past retirees before conclusion of 10th settlement.


It becomes highly depressing and frustrating  for the past retirees to see that while their basic pension remains stagnant without any review, basic pension of future retirees get automatically updated with every wage revision. They have been therefore agitating on this count and have been demanding updation of basic pension in this settlement with clearance of backlog of all the past settlement.

Let us analyse the reasons for this situation. As all of you know that the pension option was exercised by only 40 percent employees originally in 1995 and majority of employees did not find the pension scheme very attractive on the basis of their own analysis, inputs received from certain quarters and some systematic propaganda carried out against it. It took almost 15 years for the unions to correct this situation. Up to  9th settlement the priority for the unions was not updation exercise for the past retirees but to ensure one more pension option for the leftovers. Therefore for delay in updation exercise, to large extent, employees and retirees can blame themselves.

However, there is qualitative change in the position after one more pension option given to the leftover under 9th settlement and today more than 98 percent retirees are pensioners.


We are happy to mention that today the overall environment towards pension updation for past retirees is favourable and positive in view of the following facts

(1) More than 98 percent retirees are pensioners and now agenda for all concerned is improvement in pension including updation of pension.

(2) All retiree organisations as well as all unions under the banner of UFBU have been demanding pension updation

(3) It is seen that it is being discussed with all seriousness by IBA and UFBU .

(4) RBI retiree federation with full support of  the unions are agitating for pension updation. We understand that RBI Governor, in the meeting with union leaders has given assurance to carry out pension updation exercise  in near future.

(5) LIC & GIC retirees are also demanding pension updation in their organisations and are agitating  for it. LIC comrades are  fighting legal battle for pension updation.

(6) We have come to know from unconfirmed sources that Labour Minister and Department of Personnel in Home Ministry have prepared   detailed note on pension updation in financial sector to be placed before the new government.

(7) United Forum of Bank Unions ( UFBU ) have been relentlessly taking up the matter at IBA/ Government level for solution in the ensuing wage settlement.

(8) AIBRF has been continuously fighting for solution of the issue and last organisational action in this regard  was highly successful dharna programme at Jantar Mantar Delhi on 7th March,2014

(9) Recently three major retiree organisations which represent more than 85 percent of bank retirees including AIBRF have come together on the issue of pension updation and  on some other common demands and have issued joint appeal.



Our demands in this regard are as under

(1) Dearness Allowance should be merged at CPI  4440 as being done for employees under 10th wage settlement for all categories of past retirees.

(2)  Date of effect for updation should be 1st November, 2012, the date agreed for extending benefit to employees under 10th wage settlement.

(3) While constructing new basic pension after merger of DA at CPI 4440, formula given under 6th pay commission for updation should be applied.

(4)  Concept of higher basic pension to the super senior citizen as given to government retirees under 6th pay commission should be introduced for bank retirees under 10th wage settlement.

(5) Basic pension should be restored after 12 years instead of present 15 years for commutation.

(6) Pension Regulations should be suitably amended to make specific provisions for pension updation for past retirees at the time of each wage settlement as originally envisaged  in the settlement signed  for introducing pension scheme in the banking industry.

(7) The matter should be discussed with AIBRF and other retiree organisations  and they should be taken into confidence before finalising the settlement.



The biggest argument coming against pension updation is paucity of funds. Therefore it is necessary to examine the issue from this angle. We would like to place some facts in this regard as under

(1) We have examined data of pension funds of previous years in respect of  some banks received under RTI. It is observed that there is no undue strain on the balance sheets of pension funds during last 15 years despite the fact that dearness allowance has increased by almost 800 percent during this period, one more pension option given to almost 4 lakhs employees/ retirees in 2010 and high increase in commutation amount for new retirees due to inflation factor.

(2) we below give data of pension fund of one bank collected under RTI in support of our contention given above.

(a) Growth in pension fund- From 174.36 crores in 1996-1997 crores to 8767 crores at the end of March 2014. It has increased by about 5000 percent in last 19  years after meeting all pension liability. The major growth in this fund is mainly due to the interest income and statutory contribution received in lieu of provident fund.

(b) The receipts and payment position of  pension fund in this bank during last 5 years are as under

(Amount in crores)

Year                 Receipts                           Payments                    Surplus

( Int. + Contribution)      ( Pension+ Commutation)

2008-09         110.46                                  36.59                              73.87

2009-10           93.79                                  41.84                              51.95

2010-11          455.59                                100.03                            355.56

2011-12           863.8                                  168.05                           695.75

2012-13           944.98                                 194.41                          750.57

(3) Position of  pension funds in other banks too is more or less on similar lines and they have shown healthy growth in last 28 years.

(4) We are of the view that present accounting system of funding pension liability need to be re-looked and it should be made simple and on the lines of government pension funding. Today, total corpus under pension fund in the banking industry is about Rs.1.10 lakhs crores. Legally speaking, this money does not belong to the members of pension fund. But these are basically provisions made by banks for meeting future pension liability in smooth and in uninterrupted manner. Imagine, in case this amount of Rs. 1.10 lakhs crores is transferred to the capital account of banks and pension liability is met out of profit and loss accounts on the lines of employee cost, it can change whole balance sheets of banks and improve their capital adequacy ratio and Indian banks may be re-rated. It can become win-win situation for all concerned. Though it will need lot of changes in the present legal provisions.

On the basis of above analysis, we can say that fund position should not become constraint in the way of carrying out long pending pension updation exercise. Further, the retirees have legitimate claim on profits of banks and additional funds if required for this purpose should come from growing profits of banks.


Pension updation exercise in the ensuing settlement is the most important demand for AIBRF. We have been working and shall continue to work in coming days to achieve it. Our strategy/ efforts on this count can be divided into the following three parts


CORDINATION: We strongly believe that this demand can be achieved with close coordination with UFBU and its constituents who will negotiate the demand with IBA for final agreement under the present format of wage settlement in the banking industry. We are happy that UFBU has included this demand in their charter of demands and have been raising the issue  during negotiation meetings. We shall take further steps to increase the coordination with unions as and when required. In fact we are grateful to Unions and its visionary leaders who could realise the need of pension scheme on the lines of government sector for bank retirees as the best social security in 90s, struggled for it and ultimately achieved it. This is the best gift received by the bank retirees from unions and we shall always salute these great leaders for this precious gift without which life of retiree would have been full of financial hardships and  struggle for survival.

We also believe in developing coordination with apex level retiree organisations for taking joint action to achieve this demand. Recently 3 major retiree organisations have issued joint appeal on retiree demands including demand of pension updation. AIBRF is one of the signatory on the joint appeal. We shall take further steps in this regard as and when needed.

REPRESENTATION  Our next action plan to achieve this demand is to represent the demand before the concerned authorities who matter in this regard like IBA, Government, Members of Parliament, Politicians , Senior Officials of DFS  etc. In fact, we have submitted many representations to them in the past on the issue. We shall take further steps in this regard as and when needed.

We  have been demanding that IBA must hold meeting with representatives retirees on the issue before arriving the settlement. We shall continue to pursue it futher.

AGITATION:  Organisational action programmes are the important tools to struggle and achieve the demands. We have held highly successful DHARNA PROGRAMME at Jantar Mantar, New Delhi on 7th March, 2014. It has given clear message to the concerned authorities that retirees have also capacity to organise agitational programmes effectively. It has also created new confidence among our members.

This route will be further used in the coming days if needed to achieve our demands. We have chalked out many format of agitational programmes which will be rolled out as and when needed depending on the developments in this regard . We call upon our members to be ready to participate in such programmes with full strength.


AIBRF Circular 2014/85 dated 15-05-2014

P.J. Nayak Committee Recommendations on Governance of  Banks in India

Committee was constituted by Reserve Bank of India  under the chairmanship of Shri P.J.Naik to review governance of Boards of banks in India.

The committee has submitted the recommendations which will have far reaching consequences on functioning and ownership of public sector banks in India. If recommendations given by this committee are implemented all public sector banks will stand privatised and will get status they were enjoying before nationalisation of banks in 1969 including adding “ Limited” word with their names.


(1) Government holding in public sector should be brought below 51 percent.

(2) Nationalisation Act and State Bank of India Act should be repealed

(3) The public sector should be incorporated under Companies Act and word “Limited” should be added with the respective name as per the legal requirement of this act.

(4) The public sector banks will come out of purview of CVC/CBI

(5) Performance of public sector will not be monitored by Finance Ministry.

(6) Equity owned by the government after reducing holding below 51 percent should be transferred to the newly formed Investment Company.

(7) Banks will have to arrange requirement of additional capital either from internal generation or tapping the capital market and will not look to the government for budgetary support.

(8) Bank functioning and survival will depend on its performance and quality of assets and profitability.

These recommendations if implemented are nothing but an attempt to privatise public sector banks and hand over huge national financial resources mobilised in last 45 years in the hands of corporate sector which will be used for their benefits rather than for welfare of common man.

The report of the committee will be placed for adoption  before the new government which will be in place  in next few days.

The full report is available on Reserve Bank of India web-site.


(1 ) The employees and retirees will lose WRIT JURISTICTION to protect their legal right.  Legal recourse available will be through civil suits

(2) On scrapping the Nationalisation Act, constitutional guarantee available at present for payment of pension will stand withdrawn.

(3) Bipartite mechanism available for deciding service conditions of employees / retirees may be under threat

(4) Individual private banks may adopt hire and fire policy endangering job security.

(5) Nation savings and precious financial resources will go under the control of private hands which could threaten financial stability of the country which we have witness in western countries during sub-prime crisis of 2008.


We strongly oppose these recommendation and if implemented could prove dangerous and divesting for the nation and common people. We shall lunch agitational programme if the recommendations are not rejected by the government.

Central Committee Meeting: Proceedings

The Central Committee Meeting of AIBRF was held at Bangalore on17th and 18th November, 2013. Earlier, on 16th November 2013, Meetings of Office-Bearers of State Bodies and Office-Bearers of AIBRF was also held. We below submit report on the business conducted in these meetings.


(1)Death of the Founder General Secretary, Late Shri B. P.Bajpai:  The General Secretary reported about death of the founder General Secretary, Shri B.P. Bajpai on 7th November 2013 at the age of 94 at his home town Kanpur and read out the condolence message sent. The house observed silence on his death and on the death of other dignitaries.

(2)Minutes of Last CC Meeting; Minutes of the last Central Committee Meeting held at Pune on 19th and 20th December 2012 were taken as read and were approved unanimously.

(3)Development on Bipartite Talk: The General Secretary presented the developments in detail on the on- going negotiation on 10th wage settlement since the last meeting and efforts being made by AIBRF to achieve  for the retirees from this settlement. The central theme of this settlement as for as retirees are concerned is IMPROVEMENT IN PENSION TERMS and identified 4 issues as core and non negotiable demands (a) Updation of Basic Pension for the past retirees (b) Uniform Dearness Allowance for all (c) Improvement in family pension on the lines of RBI/ Government (d) Uniform Medical Scheme for retirees.


The General Secretary further gave details of efforts made to achieve these   demands during last one year like (a) Meeting with UFBU Constituents on 4-7-213

at Chennai (b) Meeting with the Banking Department Official on 26-02-2013(c)Meeting with UFBU Convenor Shri M.V.Murli at Hyderabad in the month of

September, 2013 (d) Submission of Memorandum to the Finance Minister Shri P.Chidambram by delegation of AIBRF at Chennai (e) Meeting with the

Chairman of Negotiating Committee of IBA at Chennai in November,2013 etc.

In all these meetings the retirees issues in particular the four core demands were highlighted for solution. These efforts have resulted into creating better

awareness on retiree issues  among the concerned authorities.

On this issue, 32 participants spoke giving their views and expectation on the  subject. Taking into consideration the view expressed in the house the following decisions were taken.


(A) AIBRF shall continue to work for developing coordination with UFBU through formal/ informal meetings, exchange of communications to achieve the FOUR CORE DEMANDS in particular. The house passed the following resolution unanimously in this regard


AIBRF firmly believes and work for negotiated settlement and fully support Unions (UFBU) in their efforts to negotiate and arrive the speedy settlement improving service conditions of employees and retirees. The Central Committee in its Meeting held at Banglore on 17 and 18th November,2013 expressed the confidence that pending demands of retirees shall be resolved in the 10th settlement under the leadership of UFBU. It is further resolved that AIBRF shall continue to fight and struggle for rights of retirees in coordination and support of UFBU.

AIBRF shall continue to work to ensure that the representatives of retirees are called by IBA for consultation on retiree issues before signing the 10th settlement


The Central Committee took unanimous decision to grant affiliation to the following retiree organisations on the basis of the proposal placed by the General Secretary

  1. All India Syndicate Bank Retirees’ Association
  2. ING Vsya Bank Retirees’ Association
  3. Karnataka Bank Retirees’ Association
  4. TMB Retirees’ Association

Combined member ship of the above organisations is about 5600. The president   welcome the representatives of these organisations present and thanked them for showing confidence in the policies and programmes of AIBRF. On this occasion the special guest, Comrade P.R.Karant ( General Secretary, All India Karnataka Bank Employees Association) addressed the central committee expressing full support to the retirees issues and to take up them at appropriate level for solution.


It is matter of happiness that more and more retiree organisations from private sector banks are taking affiliation from AIBRF. Today, there are 12 private sector banks and 2 foreign banks as our affiliates. During the discussion in the Central Committee, it was decided unanimously to constitute permanent sub-committee to identify the issues of  retirees belonging to private sector/ foreign banks and work for their solution. The permanent sub-committee shall consist of one office bearer of AIBRF as convenor and one representative from each private/ foreign bank. The President and the General Secretary was authorised to decide the names.


The General Secretary had drawn attention on the house about many areas in management of pension funds which directly affects retirees directly. Attention of the house was drawn on the communication no 2013/ 502 dated 24.08.2013 and no.2013/660 dated 2.11.2013 which identifies the issues related to the management of pension fund and collection of necessary data/ information in this regard  to strengthen our data base which would help our position in interacting/ confronting on the issue effectively. It was decided unanimously to ask affiliates to support in collecting the required data from all public sector banks by invoking provisions of RTI


(A) The General Secretary placed before the house the resignation received from the Vice-President, Shri M.V.G Nair in view of his health problem. The house unanimously accepted conveying appreciation and thanked for his contribution and nominated Shri Ashok Patil (CC Member from Central Bank ) for the remaining period as per the provisions of the constitution..

(B) The General Secretary informed the house about receipt of resignation from Shri S.R.Kulkarni from the post of Chairman in view of his health problem. The house decided to request shri Kulkarni to reconsider the decision. The General Secretary was asked to take necessary action in this regard and report the outcome in the next central committee meeting.

(C) The General Secretary informed the house about nomination received from affiliates in the central committee from as per their entitlement (1) Shri S.V.Dolas- Central Bank of India (2) Shri Dange – Union Bank of India (3) Shri C.N.Bhatt – BOI.

Nominations in Central Committee from above 4 new affiliates will be advised separately shortly.

(D) The house decided to de-affiliate All India Allahabad Bank Retirees’ Association, Lucknow ( Regional Unit ) from AIBRF in view of the fact that federation of retirees have been formed in Allahabad  Bank about 2 years back and this state unit was not prepared to become its part despite continuous persuasion and follow up,


The Treasurer placed before the house Trial Balance giving details of receipts and payments for the period from 01-1-2013 to 30-09-2013 which was approved unanimously by the house.

The General Secretary made appeal to the affiliates for early clearance of their dues in Legal Fund.


Cheque of Rs. 400000 in favour of PM Relief fund as contribution of AIBRF was handed over to the Organising Secretary Shri A.K Bansal with a request to present to the competent authority in delegation.

The General Secretary Report presented in the Central Committee covering 23 issues was endorsed unanimously by the house. The full text of the Report is available on our

In the last house passed vote of thanks  conveying thanks to the host unit ,State Federation of AIBRF, Karnataka Unit  its leader Comrade V.Naik and the entire team for making wonderful arrangements to make the meeting successful .


(AIBRF Circular No 695Dated  27th December, 2013 )

AIBRF has been representing to the government for last 2 years  for improvement in ex- gratia  amount payable to pre-1986 retirees and spouses of deceased of pre-1986 retirees. We are happy to inform you that the government has cleared the proposal for improvement as under


Basic  component has been increased from Rs. 300 p.m. to Rs. 350 P.M.  plus DA at the applicable rates. At the present rate of DA, such retiree will get increase of Rs. 436 pm.


At present such spouses are paid fixed amount of Rs. 1000 pm.  Now it will be changed  into two parts -  Basic Amount of Rs. 175 plus  variable DA at the appropriate rate pm. At the present rates of DA, the amount payable will be Rs. 1525 pm giving increase of Rs. 525 pm. Further it will keep on revising ever 6 months with change in DA slabs


New Affiliates

We are happy to inform you that the following two retiree organisations have taken affiliations from AIBRF. We welcome them in the family of AIBRF and are confident that their joining AIBRF will further strengthen retiree movement.

1. State Bank of Indore Retired Officers’ Association            700 Members

2 Ratnakar  Cooperative Bank  Retiree Association               200 Members.