Copy of Letter sent by Mr S Ramachandran to Honourable FM, Mr Arun Jaitley
(with copies sent to PM, Law Minister, RBI Governor)
This matter has been taken up by IBA in its HR committee meeting held on 06.04.2015 and decided to allow encashment leave from 30.04.2015, as the managing committee of IBA decided to allow such encashment. IBA is not statutory body, its HR committee or Managing Committee have no force of law, as they are not the committees of statutory body. They cannot amend the Regulation Officer Employees ( Discipline and Appeal ) regulations 1976/1982 of PSU banks. Further the effective date can be that of 13.01.2006 of DOPT and not that of managing committees meeting date. IBA has opened its eyes after 9 years, it does not mean if IBA does not take action on this, the position of law change
State Bank of India
Bank of Baroda
In May 2015
State instruments and other banks who are all governed by Banking Regulations Act, 1949, aroused out of income derived from general Public of the country, and spending the same without any authority of law and not accountable to any Public Authorities, by way of submitting its accounts, has to be checked and controlled by an independent and competent authority, in the interest of Rule of Law and Public Interest.