## Report on Reserve Bank of India Employees Gratuity and Superannuation Fund Regulations
**1. Executive Summary:**
This report analyzes the Reserve Bank of India (RBI) Employees Gratuity and Superannuation Fund Regulations, 1975, and subsequent amendments, specifically the RBI Employees Gratuity and Superannuation Fund Amendment Regulations, 2021, based solely on the provided text. The core purpose of the original regulations is to establish and manage a fund for gratuity and superannuation benefits for RBI employees. The 2021 amendment, retroactive to March 31, 2021, clarifies the definition of "year" and modifies the reporting timeline for the Fund's accounts. These changes are intended to ensure efficient management and reporting of the fund.
**2. Introduction:**
The purpose of this report is to provide an informative overview of the Reserve Bank of India Employees Gratuity and Superannuation Fund Regulations, 1975, as amended by the RBI Employees Gratuity and Superannuation Fund Amendment Regulations, 2021, based on the provided official gazette notification. This analysis focuses on the key provisions and likely impact of these regulations, drawing inferences only from the available text.
**3. Policy Overview:**
* **Original Policy:** Reserve Bank of India Employees Gratuity and Superannuation Fund Regulations, 1975
* **Core Objectives:** As inferred from the provided text, the primary objectives of the original policy are to:
* Establish and maintain a fund (the "Fund") dedicated to providing gratuity and superannuation benefits to officers and other employees of the Reserve Bank of India.
* Define the sources of funding for this Fund (e.g., transfers from other RBI funds, appropriations by the Bank).
* Establish the governance structure and administration of the Fund by the Central Board or its Committee.
* Define the permissible disbursements from the Fund (pensions, gratuities).
* Ensure proper accounting and auditing of the Fund.
**4. Background and Rationale:**
The 2021 amendment addresses the need for clarification regarding the definition of "year" and the timeline for submitting audited accounts. The amendment likely aims to align the Fund's reporting period with the standard financial year-end (March 31st) and to provide a revised deadline for submitting the audited statement of accounts, ensuring efficient administrative oversight.
**5. Key Provisions / Changes:**
This section focuses on the changes introduced by the 2021 amendment:
* **Specific Part of Original Policy Changed:**
* Regulation 2 (Definitions)
* Regulation 7 (Statement of Accounts)
* **New Rule/Provision:**
* **Regulation 2(c):** "Year means the year ending on the 31st March."
* **Regulation 7:** "The accounts of the Fund shall be made up as at the end of each year and an audited statement of the accounts shall be submitted to the Central Board or its committee not later than the end of September every year."
* **Difference/Effect of Change:**
* The amendment to Regulation 2(c) establishes a clear and unambiguous definition of "year" as the period ending on March 31st.
* The amendment to Regulation 7 changes the deadline for submitting the audited statement of accounts to "not later than the end of September every year."
**6. Target Audience and Stakeholders:**
Based on the provided text, the following are the directly affected parties:
* The Reserve Bank of India (RBI) itself, specifically the Central Board and its Committee, which are responsible for administering the Fund.
* Officers and other employees of the Reserve Bank of India who are beneficiaries of the Gratuity and Superannuation Fund.
* The auditors responsible for auditing the Fund's accounts.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Central Board of the RBI or its designated committee is responsible for the overall administration of the fund and ensuring compliance with the regulations.
* **Timelines:** The amendment to Regulation 7 establishes a clear timeline: The audited statement of accounts must be submitted to the Central Board or its committee no later than the end of September each year.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of the amendments are:
* **Improved Clarity:** The defined meaning of "Year" helps in uniform and unambiguous interpretation.
* **Streamlined Reporting:** By explicitly defining the reporting deadline, the amendment aims to ensure the timely submission of audited financial statements.
* **Enhanced Administrative Efficiency:** Clear timelines and definitions contribute to the efficient administration and oversight of the Fund.
**9. Conclusion:**
The RBI Employees Gratuity and Superannuation Fund Regulations, 1975, as amended in 2021, provide a framework for managing employee gratuity and superannuation benefits. The 2021 amendments, focusing on clarifying the definition of "year" and establishing a clear reporting deadline, aim to enhance the transparency, efficiency, and accountability of the Fund's operations. These changes are significant for ensuring that the Fund is managed effectively and that beneficiaries receive their entitled benefits in a timely manner.
Key Entities Referenced
NEW DELHI: Place of publication in India.
Reserve Bank of India: Organization issuing the notification.
Reserve Bank of India Act, 1934: Law under which the powers are conferred.
Central Board: Governing body of the Reserve Bank of India.
Central Government: Government body providing sanction.
RBI Employees Gratuity and Superannuation Fund Amendment Regulations, 2021: Regulations being amended.
Reserve Bank of India Employees Gratuity and Superannuation Fund Regulations, 1975: Regulations being amended.
Reserve Bank of India Employees' Provident Fund: Fund related to superannuation benefits.
Reserve Bank of India Pension Regulations, 1990: Regulations related to pension.
Reserve Bank of India Payment of Gratuity to Employees Rules, 1947: Rules governing gratuity payments.
Reserve Bank of India Employees' Pensions Fund Regulations: Regulations that stand repealed.
Mumbai: Location of Reserve Bank of India Central Office.
RAJANI PRASAD: Chief General Manager.
Mayapuri, New Delhi: Location of the Government of India Press.
Delhi: Location of the Controller of Publications.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxचxx.G-अID.E-0xx6x0 52022-235596
CG-MH-E-06052022-235596
असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 242] नई कदल्ली, िक्र र्ार, मई 6, 2022/र्िै ाख 16, 1944
No. 242] NEW DELHI, FRIDAY, MAY 6, 2022/VAISAKHA 16, 1944
भारतीय ररज़र् वबकैं
(केंद्रीय कायालव य)
(कॉर्पोरेट कायनव ीजत और बजट जर्भाग)
अजधसचू ना
म ंबई, 21 अप्रैल, 2022
एफ़.स.ंकॉकाबजर्/जनजध/S57/05.12.003/2022-23 - भारतीय ररज़र् व बैंक अजधजनयम, 1934 (1934 का 2) की
धारा 58 के उर्पधारा (2) के खंड (ज)े द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, भारतीय ररज़र्व बैंक, केंद्रीय बोडव, केंद्र
सरकार की र्पूर् व मंजूरी स े एतद्दर्ारा भारतीय ररज़र्व बैंक कमचव ारी उर्पदान एर् ं अजधर्र्षिता जनजध जर्जनयमार्ली, 1975 म ें
संिोधन करने हते जनम्नजलजखत जर्जनयमों का प्रार्धान करता ह,ै अथावत ् :-
1. सजं िप्त िीिकव और प्रारंभ- (1) इन जर्जनयमों को भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध (संिोधन)
जर्जनयमार्ली, 2021 कहा जाएगा।
(2) इन्ह ें31 माचव, 2021 से प्रभार्ी माना जाएगा।
2. भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध जर्जनयम, 1975 म,ें अथावत:् -
(1) जर्जनयम 2 म,ें खंड (सी) के स्ट्थान र्पर जनम्नजलजखत को प्रजतस्ट्थाजर्पत ककया जाएगा
‘(सी) “र्ि”व का आिय 31 माच वको समाप्त होन ेर्ाला र्ि वह।ै ’
(2) जर्जनयम 7 के स्ट्थान र्पर जनम्नजलजखत को प्रजतस्ट्थाजर्पत ककया जाएगा, अथावत:् -
3098 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
‘7. खातों का जर्र्रण
जनजध के खातों को प्रत्येक र्िव के अंत में बनाया जाएगा और खातों का एक लेखा र्परीजित जर्र्रण प्रत्येक र्िव जसतबं र
के अंत तक केंद्रीय बोडव अथर्ा उसकी सजमजत के समि प्रस्ट्तत ककया जाएगा।’
रजनी प्रसाद, म ख्य महाप्रबंधक
[जर्ज्ञार्पन III/4/असा./58/2022-23]
जर्र्रणात्मक ज्ञार्पन : यह स्ट्र्पष्ट ककया जाता ह ै कक इन जर्जनयमों के र्पूर्गव ामी प्रभार् के र्पररणामस्ट्र्रूर्प ककसी भी व्यजि र्पर
प्रजतकूल प्रभार् नहीं र्पड़ेगा।
नोट: भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध जर्जनयमार्ली,1975 को सरकारी राजर्पत्र में प्रकाजित
नहीं ककया गया था क्योंकक भारतीय ररज़र्व बैंक अजधजनयम, 1934 में र्िव 1988 के संिोधन से र्पूर्व ऐसा कोई प्रार्धान
नहीं था।
भारतीय ररज़र् वबकैं कमचव ारी उर्पदान एर् ंअजधर्र्षिता जनजध जर्जनयमार्ली, 1975
भारतीय ररज़र् व बैंक अजधजनयम, 1934 (1934 के 2) की धारा 58 की उर्प-धारा (2) के खंड (ज)े द्वारा प्रदत्त िजियों का
प्रयोग करते हुए, केंद्रीय बोडव, केंद्र सरकार की र्पूर्व मंजूरी के साथ, एतद्दर्ारा भारतीय ररज़र्व बैंक के अजधकाररयों एर्ं अन्य
कमवचाररयों के संबंध में उर्पदान र् अजधर्र्षिता जनजध के गठन एर्ं प्रबंध हते जनम्नजलजखत जर्जनयमों का प्रार्धान करता ह,ै
अथावत ् :
1. सजं िप्त िीिकव
इन जर्जनयमों को भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध जर्जनयमार्ली, 1975 कहा जाएगा।
2. र्पररभािाए ं
इन जर्जनयमों म,ें जब तक कक प्रसंग से अन्यथा अर्पेजित न हो;
(क) “जनजध” का आिय भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध से ह,ै जैसा कक जर्जनयम 3 म ें
संदर्षभत ककया गया ह।ै
(ख) “अजधर्र्षिता लाभ” में भारतीय ररज़र्व बैंक कमवचारी भजर्ष्य जनजध में ककया गया अंिदान िाजमल नहीं ह।ै
(ग) “र्ि”व का आिय 31 माच वको समाप्त होन ेर्ाला र्ि वह।ै
3. जनजध का गठन
भारतीय ररज़र्व बैंक के र्पास भारतीय ररज़र्व बैंक कमवचारी उर्पदान एर्ं अजधर्र्षिता जनजध नामक जनजध होगी एर्ं उसम ें
जनम्नजलजखत जमा ककए जाएंग-े
(क) जर्जनयम 8 के उर्प-जर्जनयमन (2) के अंतगवत इसमें अंतररत की गई सभी आजस्ट्तयां
(ख) बैंक के अजधकाररयों एर्ं अन्य कमवचाररयों को भ गतान ककए जाने र्ाले अजतररि उर्पदान सजहत उर्पदान, अथर्ा
अन्य अजधर्र्षिता लाभ के कारण उत्र्पन्न बैंक की देयताओं को र्पूरा करन े के जलए इन जर्जनयमों के प्रारंभ होन े की
जतजथ से र्पूर् वबैंक द्वारा जर्जनयोजजत सभी धन;
(ग) बैंक द्वारा तय की गई आर्जधकताओं र्पर उर्पदान एर्ं र्पेंिन भग तान के जलए बीमांककक मूल्यांकन के आधार र्पर
जनधावररत की गई राजि;
(घ) भारतीय ररज़र्व बैंक कमवचारी भजर्ष्य जनजध के प्रिासकों द्वारा भारतीय ररज़र्व बैंक कमचव ारी भजर्ष्य जनजध
जर्जनयमार्ली, 1935 के जर्जनयम 8 बी के संदभव में इसम ेंअंतररत धनराजि ;
(ङ) भारतीय ररज़र् व बैंक र्पेंिन जर्जनयमार्ली, 1990 के जर्जनयम 31 के संबंध म ें सेर्ाजनर्ृत्त कमवचाररयों द्वारा
लौटाई गई धनराजिया;ं
(च) भारतीय ररज़र्व बैंक र्पेंिन जर्जनयमार्ली, 1990 द्वारा िाजसत सभी कमवचाररयों द्वारा भारतीय ररज़र्व बैंक
कमवचारी भजर्ष्य जनजध जर्जनयमों के अंतगवत जमा ककए गए क ल अंिदान के बराबर की धनराजि;[भाग III—खण् ड 4] भारत का राजर्पत्र : असाधारण 3
(छ) बैंक की राय के अन सार, आर्श्यक समझी जान े र्ाली ऐसी राजि जजसका संबंध जनम्नजलजखत से हो -
(i) जनजध में जमा राजि का ििे ;
(ii) बैंक के अजधकाररयों एर्ं अन्य कमवचाररयों की संख्या;
(iii) अजतररि उर्पदान सजहत उर्पदान अथर्ा अन्य अजधर्र्षिता लाभों के भग तान हेत बैंक की उर्पार्षजत देयता ;
तथा
(iv) अन्य कोई प्रासंजगक संदभव।
4. जनजध का प्रिासन
यह जनजध बैंक के र्पास रहगे ी एर्ं इन जर्जनयमों के प्रार्धानों के अंतगवत बैंक की जनजध होगी एर्ं केंद्रीय बोड व अथर्ा केंद्रीय
बोडव सजमजत द्वारा प्रिाजसत की जाएगी।
5. ब्याज
बैंक द्वारा प्रत्येक र्िव की समाजप्त र्पर उस र्िव के अतं म ें जनजध में माजसक िेि राजि र्पर गणना की गई राजि को उस दर र्पर
जमा करेगा, जजस दर र्पर अंजतम बार भारतीय ररज़र्व बैंक कमचव ारी भजर्ष्य जनजध र्पर ब्याज जमा ककया गया था।
6. जनजध स ेसजं र्तरण
जनजध के धन का प्रयोग जनम्नजलजखत भ गतान के जलए ककया जाएगा:
(क) बैंक की सेर्ा से सेर्ाजनर्ृत्त उन अजधकाररयों एर्ं अन्य कमवचाररयों के र्पेंिन भ गतानों के जलए, जो संबंजधत जतजथयों
र्पर, उनकी सेर्ाओं र्पर लागू जनयमों एर्ं ितों के अन सार, बैंक की सेर्ा से सेर्ाजनर्ृत्त हुए थे।
(ख) भारतीय ररज़र्व बैंक (कमवचाररयों को उर्पदान का भ गतान) जनयमार्ली, 1947 अथर्ा तत्समय लाग ू ककसी कानून के
अंतगतव बैंक द्वारा भ गतान ककए जाने र्ाले अजतररि उर्पदान सजहत उर्पदान, अथर्ा अन्य अजधर्र्षिता लाभों के
भ गतान हते ।
7. खातों का जर्र्रण
जनजध के खातों को प्रत्येक र्िव के अंत म ें बनाया जाएगा और खातों का एक लेखा र्परीजित जर्र्रण प्रत्येक र्िव जसतंबर
के अंत तक केंद्रीय बोडव अथर्ा उसकी सजमजत के समि प्रस्ट्तत ककया जाएगा।
8. जनरसन एर् ंव्यार्जृ त्त
(1) इन जर्जनयमों के प्रारंभ होने र्पर और इसकी तारीख से, भारतीय ररज़र्व बैंक कमवचारी र्पेंिन जनजध जर्जनयमार्ली
जनरजसत मानी जाएगी।
(2) इन जर्जनयमों के प्रारंभ होने से ठीक र्पूर्व भारतीय ररज़र्व बकैं कमवचारी र्पेंिन जनजध की आजस्ट्तयां और देयताएं
जर्जनयम 3 में जनर्ददष्ट जनजध को अंतररत हो जाएंगी।
(3) उर्प-जर्जनयम (1) द्वारा जनरसन के बार्जूद, उि जर्जनयमों के तहत ककया गया कोई भी कृत्य या की गई कोई भी
कारवर्ाई इन जर्जनयमों के तहत ककया गया या की गई कारवर्ाई मानी जाएगी जैसे कक ये जर्जनयम उस जतजथ को
लाग ूथ ेजजस कदन ऐसा कृत्य या ऐसी कारवर्ाई की गई थी।
RESERVE BANK OF INDIA
(Central Office)
(CORPORATE STRATEGY AND BUDGET DEPARTMENT)
NOTIFICATION
Mumbai, the 21st April, 2022
F. No. CSBD/Funds/S57/05.12.003/2022-23.—In exercise of the powers conferred by clause (j) of
subsection (2) of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board, with the
previous sanction of the Central Government, hereby makes the following regulations to amend the
Reserve Bank of India Employees’ Gratuity and Superannuation Fund Regulations, 1975, namely: –
1. Short title and commencement – (1) These regulations may be called the RBI Employees’ Gratuity and
Superannuation Fund (Amendment) Regulations, 2021.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(2) They shall be deemed to have come into force with effect from March 31, 2021.
2. In the Reserve Bank of India Employees’ Gratuity and Superannuation Fund Regulations, 1975,
(1) in Regulation 2, for clause (c), the following shall be substituted, namely, -
‗(c) ―Year‖ means the year ending on the 31st March.‘.
(2) in Regulation 7, the following shall be substituted, namely, -
‗7. Statement of Accounts
The accounts of the Fund shall be made up as at the end of each year and an audited statement of the
accounts shall be submitted to the Central Board or its committee not later than the end of September
every year.’.
RAJANI PRASAD, Chief General Manager
[ADVT.-III/4/Exty./58/2022-23]
EXPLANATORY MEMORANDUM: It is clarified that no person will be adversely affected as a result
of the retrospective effect being given to these regulations.
Note: The Reserve Bank of India Employees’ Gratuity and Superannuation Fund Regulations, 1975 were
not published in the Official Gazette as there was no provision in the Reserve Bank of India Act, 1934 prior
to its amendment in 1988.
Reserve Bank of India Employees' Gratuity and Superannuation Fund Regulations, 1975
In exercise of the powers conferred by clause (j) of sub-section (2) of Section 58 of the Reserve Bank of
India Act, 1934 (2 of 1934), the Central Board, with the previous sanction of the Central Government,
hereby makes the following regulations for the constitution and management of a Gratuity and
Superannuation Fund in respect of officers and other employees of the Reserve Bank of India, namely:
1. Short title
These regulations may be called the Reserve Bank of India Employees' Gratuity and Superannuation
Fund Regulations, 1975.
2. Definitions
In these regulations, unless the context otherwise requires:
(a) "Fund" means the Reserve Bank of India Employees' Gratuity and Superannuation Fund,
referred to in regulation 3;
(b) "Superannuation benefits" do not include contributions to the Reserve Bank of India
Employees' Provident Fund;
(c) "Year" means the year ending on the 31st March.
3. Constitution of Fund
The Reserve Bank of India shall have a Fund to be called the Reserve Bank of India Employees'
Gratuity and Superannuation Fund and there shall be credited thereto-
(a) all the assets transferred to it under sub-regulation (2) of regulation 8;
(b) all moneys appropriated by the Bank, before the date of commencement of these regulations, for
meeting the liability, on account of gratuities, including additional gratuities or other
superannuation benefits payable to officers and other employees of the Bank;
(c) the amount, as determined, on the basis of actuarial valuation of the Bank's liability towards
gratuity and pension payments done at such periodicity, as decided by the Bank;
(d) the amounts transferred to it by the Administrators of the Reserve Bank of India Employees'
Provident Fund in terms of Regulation 8B of the Reserve Bank of India Employees' Provident Fund
Regulations, 1935;
(e) the amounts refunded by the retired employees in terms of Regulation 31 of the Reserve Bank of
India Pension Regulations, 1990;[भाग III—खण् ड 4] भारत का राजर्पत्र : असाधारण 5
(f) an amount equal to the total contributions made under the Reserve Bank of India Employees'
Provident Fund Regulations by all the employees governed by the Reserve Bank of India Pension
Regulations, 1990;
(g) such amount, as in the opinion of the Bank, may be necessary having regard to –
(i) the balance of the amount standing to the credit of the Fund;
(ii) the number of officers and other employees of the Bank;
(iii) the accrued liability of the Bank for the payment of gratuities, including additional gratuities
or other superannuation benefits; and
(iv) any other relevant consideration.
4. Administration of the Fund
The Fund shall be held by the Bank and subject to the provisions of these regulations shall belong to
the Bank and be administered by the Central Board or the Committee of the Central Board.
5. Interest
The Bank shall credit to the Fund at the end of every year an amount calculated on the products of
monthly balances in the Fund at the end of that year, at the rate at which interest was last credited to the
Reserve Bank of India Employees' Provident Fund.
6. Disbursements from the Fund
The moneys in the Fund shall be utilised for making payments
(a) on account of pensions to officers and other employees who have retired from the service of the
Bank in accordance with the terms and conditions of service applicable to them as on the relevant
dates on which they retired from the service of the Bank:
(b) on account of gratuities including additional gratuities or other superannuation benefits, payable by
the Bank under the Reserve Bank of India (Payment of Gratuity to Employees) Rules, 1947, or
any law for the time being in force.
7. Statement of Accounts
The accounts of the Fund shall be made up as at the end of each year and an audited statement of the
accounts shall be submitted to the Central Board or its committee not later than the end of September
every year.
8. Repeal and Saving
(1) On and from the commencement of these regulations, the Reserve Bank of India Employees'
Pensions Fund Regulations shall stand repealed.
(2) The assets and liabilities of the Reserve Bank of India Employees' Pensions Fund immediately
before the commencement of these regulations shall stand transferred to the Fund referred to in
regulation 3.
(3) Notwithstanding the repeal by sub-regulation (1), anything done or any action taken under the said
Regulations shall be deemed to have been done or taken under these regulations as if these
regulations were in force on the date on which such thing was done or such action was taken.
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and Published by the Controller of Publications, Delhi-110054.