Executive Summary:
This notification from Andhra Bank announces amendments to the Andhra Bank Employees' Pension Regulations, 1995. These amendments, titled "Andhra Bank Employees' Pension Amendment Regulations, 2013," are made under the authority of the Banking Companies Acquisition and Transfer of Undertakings Acts of 1970 and 1980. The regulations will take effect from the date of their publication in the Official Gazette.
Key Points / Main Content:
* **Amendment Regulations:**
* The regulations are called the "Andhra Bank Employees' Pension Amendment Regulations, 2013."
* They come into force on the date of publication in the Official Gazette.
* **Amendments to Regulation 50:**
* In Sub-Regulation 1 of Regulation 50 of the Andhra Bank Employees' Pension Regulations, 1995, "two years" is replaced with "one year."
* In Sub-Regulation 6 of Regulation 50 of the Andhra Bank Employees' Pension Regulations, 1995, "two years" is replaced with "one year."
Impact Analysis:
* **Andhra Bank Employees:**
* Impact: Revision of pension regulations impacting eligibility or terms related to the period mentioned in Regulation 50.
* Action Required: Review the amended regulations to understand changes to pension eligibility or terms, specifically concerning the substitution of "one year" for "two years" in Regulation 50, Sub-Regulations 1 and 6.
Key Entities Referenced
Andhra Bank: A Government of India Undertaking, the organization issuing the pension regulations amendment.
Hyderabad, Telangana: The Head Office location of Andhra Bank, mentioned in the notification.
Banking Companies Acquisition and Transfer of Undertakings Act, 1970: A law cited as the source of power for the regulations, specifically Section 19.
Banking Companies Acquisition and Transfer of Undertakings Act, 1980: A law cited as the source of power for the regulations, specifically Section 19.
Reserve Bank of India: The entity that Andhra Bank consulted with before making the regulations.
Central Government: The entity that provided previous sanction for Andhra Bank to make the regulations.
Andhra Bank Employees' Pension Regulations, 1995: The original regulations being amended by this notification.
Andhra Bank Employees' Pension Amendment Regulations, 2013: The title of the new regulations introduced by this notification.
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82 GI/20142 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
ANDHRA BANK
( A Government of India Undertaking)
(Head Office : Hyderabad)
NOTIFICATION
Hyderabad, the 12th December, 2013
No. 666/3/P/241.— In exercise of the powers conferred by Section 19 of the Banking Companies ( Acquisition and
Transfer of Undertakings) Act, 1970 and Section 19 of the Banking Companies ( Acquisition and Transfer of Undertakings)
Act, 1980, the Board of Directors of Andhra Bank after consultation with the Reserve Bank of India and with the previous
sanction of Central Government, hereby makes the following regulations further to amend the Andhra Bank ( Employees')
Pension Regulations, 1995, namely :—
1. (1) These Regulations may be called the Andhra Bank (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 Andhra Bank ( Employees') Pension Regulations, 1995, for the
words "two years", the words "one year" shall be substituted.
3. In Regulation 50 of the Andhra Bank (Employees') Pension Regulations, 1995, in Sub-Regulation (6), for the
words "two years", the words "one year" shall be substituted.
PRASANNA PANICKER, General Manager-HR
[ADVT.III/4/Exty/223/13]
Foot note: The Principal Regulations were published in the Gazette of India vide notification No. 666/3/P/1121 published in
the Gazette of India Part III, Section 4, dated 29-9-1995 and subsequently amended as under. :
Notification No. Date
1. 666/3/P/Min/848 03-04-1999
2. 666/20/P/359 22-02-2003
3. 666/20/P/517 03-05-2003
4. 666/20/P/92 19-06-2004
5. 666/3/P/56 18-06-2011
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
, and Published by the Controller of Publications, Delhi-110054.