Executive Summary:
This document contains two notifications from the Oriental Bank of Commerce (OBC), amending existing regulations. The first amendment modifies the Oriental Bank of Commerce Employees Pension Regulations, 1995, and the second modifies the Oriental Bank of Commerce Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000. Both amendments, referred to as the 2013 amendments, take effect upon publication in the Official Gazette.
Key Points / Main Content:
Amendment to Employees Pension Regulations:
* **Regulation Name:** Oriental Bank of Commerce Employees Pension Amendment Regulations, 2013.
* **Effective Date:** Upon publication in the Official Gazette.
* **Amendment Details:** In Regulation 50, sub-regulations 1 and 6 of the Oriental Bank of Commerce Employees Pension Regulation, 1995, the phrase "two years" is replaced with "one year."
Amendment to Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations:
* **Regulation Name:** Oriental Bank of Commerce Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Amendment Regulations, 2013.
* **Effective Date:** Upon publication in the Official Gazette.
* **Amendment Details:** In Regulation 4, sub-regulation 1 of the Oriental Bank of Commerce Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000, the phrase "two years" is replaced with "one year."
Impact Analysis:
Oriental Bank of Commerce Employees and Officer Employees:
* **Impact:** The amendments alter the stipulation regarding the period of "two years" to "one year" in the respective regulations concerning pension and post-retirement job acceptance in the private sector.
* **Action Required:** Familiarize themselves with the updated regulations and understand the implications of the change from "two years" to "one year."
Key Entities Referenced
Banking Companies Acquisition and Transfer of Undertakings Act, 1980: A law that empowers the government regarding the acquisition and transfer of banking companies.
Oriental Bank of Commerce: A bank, formerly known as Oriental Bank of Commerce. Notifications pertain to regulations concerning its employees and pension schemes.
Reserve Bank of India: The central bank of India, consulted in the amendment of regulations.
Central Government: The government of India, providing sanction for the regulations.
Oriental Bank of Commerce Employees Pension Regulations, 1995: Regulations governing the pension of employees of Oriental Bank of Commerce.
Oriental Bank of Commerce Employees Pension Amendment Regulations, 2013: Amendments to the 1995 pension regulations of Oriental Bank of Commerce employees.
Gurgaon, Haryana: Location of the Head Office of Oriental Bank of Commerce.
Oriental Bank of Commerce Officer Employees Acceptance of Jobs in Private Sector Concerns after Retirement Regulations, 2000: Regulations pertaining to Oriental Bank of Commerce officer employees accepting jobs in private sector concerns after retirement.
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PART III—Section 4
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527 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
MINISTRY OF FINANCE
(Department of FIinancial Services)
(Oriental Bank of Commerce)
(HEAD OFFICE, GURGAON)
NOTIFICATION
Gurgaon the 18th December 18, 2014
No. 3947.—In exercise of the powers conferred by Section 19 of the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1980, the Board of Directors of Oriental Bank of
Commerce after consultation with the Reserve Bank of India and with the previous sanction of the Central
Government, hereby makes the following regulations further to amend the Oriental Bank of Commerce
(Employees’) Pension Regulations, 1995, namely:-
1. (1) These regulations may be called Oriental Bank of Commerce (Employees’) Pension
(Amendment) Regulations, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In sub-regulation (1) of regulation 50 of the Oriental Bank of Commerce (Employees’) Pension
Regulation, 1995 for the words “two years”, the words “one year” shall be substituted.
3. In regulation 50 of the Oriental Bank of Commerce (Employees’) Pension Regulations, 1995, in
sub-regulation (6), for the words “two years”, the words “one year” shall be substituted.
ATUL GAUTAM, Genaral Manager (HRD)
[ADVT. III/4/Exty./128/14]
Footnote: The Principal Regulations were published in the Gazette of India vide notification number 3918
dated 29.09.1995 published in the Gazette of India.
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NOTIFICATION
Gurgaon, December 18, 2014
No. 3948.—In exercise of the powers conferred by Section 19 of the Banking Companies (Acquisition
and Transfer of Undertakings) Act, 1980, the Board of Directors of Oriental Bank of Commerce after
consultation with the Reserve Bank of India and with the previous sanction of the Central Government,¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
hereby makes the following regulations further to amend the Oriental Bank of Commerce Officer Employees’
(Acceptance of Jobs in Private Sector Concerns after Retirement) Regulations, 2000, namely:-
1. (1) These regulations may be called Oriental Bank of Commerce Officer Employees’
(Acceptance of Jobs in Private Sector Concerns after Retirement) Amendment Regulations,
2013.
(2) These regulations shall come into force on the date of their publication in the Official
Gazette
2. In regulation 4 of the Oriental Bank of Commerce Officer Employees’ (Acceptance of Jobs in Private
Sector Concerns after Retirement) Regulations, 2000, in sub-regulation (1), for the words “two years”,
the words “one year” shall be substituted.
ATUL GAUTAM, General Manager(HRD)
[ADVT. III/4/Exty./128/14]
Footnote: The Principal Regulations were published in the Gazette of India vide notification number 3928
published in the Gazette of India, Part III - Section 4 dated 25.11.2000.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.