Section 3 in Reserve Bank of India Pension Regulations, 1990
3. Application.
- These Regulations shall apply to:-(1)Employees who join the Bank's service on or after 1st November 1990.(2)Employees who are in the service of the Bank as on 1st November 1990, except those employees who, within the period prescribed by the Bank, exercise an option in writing not to be governed by these Regulations.(3)Employees who were in service as on 1st January 1986 (excluding those on leave preparatory to retirement) and had retired before 1st November 1990, provided they exercise option to be governed by these Regulations and refund, within such period as may be specified, the Bank's contribution to Provident Fund including interest received by them from the Bank together with simple interest at six per cent per annum from the date of withdrawal till the date of repayment. Pension shall be payable to them in accordance with Regulation 31.
