A Supreme Court verdict paved the way for regional rural bank (RRB) employees draw pension at par with nationalised banks, ending a 20 yr old legal battle.
The Government’s special leave petition had been dismissed by the Apex Court, directing the government to implement a pension scheme in all RRBs uniformly as available in nationalized banks as per the bipartite settlement in 1993.
About 27,000 retired RRB employees are set to gain from this historic verdict. The country has 56 RRBs delivering loans primarily to small and marginal farmers and creating financial access in rural belt, with a manpower of 95000.
“A dream comes true, the battle for justice triumphs and the long cherished desire of entire RRB fraternity realised,” All India Regional Rural Bank Employee Association said in a note to its members. The employees will be eligible for pension with retrospective effect from November 1991.
“We are planning to postpone further agitation for the time being,” said the AIRRBEA note jointly signed by president C Rajeevan and secretary general S Venkateswar Reddy.