Indian Overseas Bank (Officers‘) Service (Second Amendment) Regulations, 2019

Indian Overseas Bank (Officers‘) Service (Second Amendment) Regulations, 2019

INDIAN OVERSEAS BANK
NOTIFICATION

Chennai, the 28th March, 2019

F.No. HRMD/SUP/177/002.—In exercise of the powers conferred by section 19, read with sub-section (2) of section 12 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Board of Directors of the Indian Overseas Bank , in consultation with the Reserve Bank of India and with the previous sanction of the Central Government, hereby makes the following regulations further to amend Indian Overseas Bank
(Officers‘) Service Regulations, 1979, namely:-

(1) These regulations may be called the Indian Overseas Bank (Officers‘) Service (Second Amendment) Regulations, 2019.

(2) They shall be deemed to have come into force with effect from the 1st day of November, 2007, except as otherwise provided in these regulations.

2. In the Indian Overseas Bank (Officers‘) Service Regulations, 1979 (hereinafter referred to as the said regulations), in regulation 3,-

(i) for clause (f), the following clause shall be substituted, namely:-
(f) ‘family’ means the spouse of the officer, wholly dependent unmarried children (including step children and legally adopted children), physically challenged brother or sister with forty per cent, or more disability and parents ordinarily residing with and wholly dependent on the officer‘.

Explanation.- For the purposes of this clause a child or parent or physically challenged brother or sister shall be deemed to be dependent on the officer if the monthly income of such child, parent, brother or sister does not exceed Rs. 3,500 per month.

Provided that if the income of one of the parents exceeds Rs. 3,500 per month or the aggregate income of both the parents exceeds Rs. 3,500 per month, both the parents shall not be considered as wholly dependent on the officer.‘

(ii) Clause (o) shall be omitted.

3. In regulation 4 of the said regulations,-

(i) sub-regulation (4A) shall be omitted;
(ii) after sub-regulation (4A) as so omitted, the following sub-regulations shall be inserted, namely:-

(5) With effect from the 1st November, 2007, the scales of pay specified against each grade shall be as under :

(a) Top Executive Grade

Scale VII = Rs.46800 – 1300/4 – 52000
Scale VI = Rs.42000 – 1200/4 – 46800

(b) Senior Management Grade

Scale V = Rs.36200 – 1000/2 – 38200 – 1100/2 – 40400
Scale IV = Rs.30600 – 900/4 – 34200– 1000/2 – 36200

(c) Middle Management Grade

Scale III = Rs.25700 – 800/5-– 29700 – 900/2 – 31500
Scale II = Rs.19400 – 700/1 – 20100 -800/10 – 28100

(d) Junior Management Grade

Scale I = Rs.14500-600/7- 18700-700/2- 20100- 800/7-25700.

Explanation.-Every officer who is governed by the scales of pay in force as on the 31st October, 2007 shall be fitted in the scale of pay set out in this sub-regulation as on 1st November, 2007 on stage to stage basis, i.e. on corresponding stages from first stage onwards in the respective scales and the increments shall fall on the anniversary date as usual except where provided otherwise.

(6) Nothing in sub-regulations (1), (2), (3), (4) and (5) shall be construed as requiring the Bank to have at all times, officers serving in all these grades.

4. In regulation 5 of the said regulations, –

(a) for sub-regulation (1), the following sub-regulation, shall be substituted, namely: –
(1) Subject to the provisions of sub-regulation (5) of regulation 4, on and from the 1st November, 2007, the increments shall be granted subject to the following, namely: –

(a) the increments specified in the scales of pay set out in sub-regulation (5) of regulation 4 shall, subject to the sanction of the Competent Authority, accrue on an annual basis and shall be granted on the first day of the month in which these fall due;

(b) officers in Junior Management Grade Scale I who have moved to scale of pay for Middle Management Grade Scale II after reaching maximum of the higher scale shall be eligible for four stagnation increments for every three completed years of service of which first two shall be Rs.800 each and next two Rs.900 each:

Provided that officers who have completed three years or more after receipt of the second stagnation increment as on 1st November, 2007 shall get the third stagnation increment on 1st November, 2007 and another stagnation increment on or after the 1st November, 2008 on their completion of six years after receipt of second stagnation increment;

(c) officers in Middle Management Grade Scale II who have moved to scale of pay for Middle Management Grade Scale III after reaching maximum of higher scale shall be eligible for three stagnation increments of Rs.900 each for every three completed years of service:

Provided that officers who have completed three years or more after receipt of the first stagnation increment as on the 1st November, 2007 shall get the next stagnation increment with effect from the 1st November, 2007 and a subsequent stagnation increment on or after the 1st November, 2008 on their completion of six years after receipt of the first stagnation increment:

Provided further the officers appointed to or promoted in substantive Middle Management Grade Scale III, shall be eligible for four stagnation increments of Rs.900 each for every three completed years of service or :

Provided also that the officers who have already received two stagnation increments and completed more than three years of service after receipt of second stagnation increment as on the 1st November, 2007 shall get the third stagnation increment on the 1st November, 2007 and the fourth stagnation increment, on or after the 1st November, 2008 on completion of six years after receipt of second stagnation increment.

Explanation.- Grant of such increments in the next higher scale under this sub-regulation shall not amount to promotion and the privileges, perquisites, duties and responsibilities of the officers shall continue as of their substantive posts.

(b) in sub-regulation (2),-
(i) in the Explanation, after clause (e) and before the Note, the following clause shall be inserted, namely:-
―(f) on and from the 1st day of November, 2007, other things being equal, the quantum of Professional Qualification Pay shall stand revised as under:-

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