RESERVE BANK OF INDIA PENSION REGULATIONS, 1990 — THE RESERVE BANK OF INDIA ACT, 1934

RESERVE BANK OF INDIA PENSION REGULATIONS, 1990 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 of the Reserve Bank of India, with the previous sanction of the Central Government, hereby make the following Regulations: CHAPTER I PRELIMINARY 1. Short title and commencement These Regulations may be called the Reserve Bank of India Pension Regulations, 1990. They shall come into force on the 1 st November 1990. 2. Definitions In these Regulations, unless the context otherwise requires :- ‘Act’ means the Reserve Bank of India Act, 1934 (2 of 1934) ; 'Average Emoluments' means the average of pay drawn by an employee during the last 10 months of his service ; ‘Bank’ means the Reserve Bank of India ; 'Central Board' means the Central Board of Directors of the Bank constituted under the Act ; 'Competent Authority' shall have the same meaning as in the Reserve Bank of India (Staff) Regulations, 1948 ; 'Date of Retirement' means the date on which an employee attains the age of superannuation or he is retired by the Bank or the date on which the employee voluntarily retires; 'Employee' means any person employed in the service of the Bank on full-time work or on part-time work exceeding thirteen hours per week but shall not include a person employed on contract basis or on daily-wage basis ; ‘Family’ means, (a) wife in the case of male employee and husband in the case of female employee, (b) son or daughter (including widowed or divorced daughter) till he or she attains the age of twenty-five years or upto the date of his or her marriage or re-marriage or till the date from which he or she starts earning a sum as decided by the Bank with the approval of the Central Government fr