Bank pension scheme – Nonavailability of financial resources would not be a defence available to the Bank in taking away the vested rights accrued to the employees that too when it is for their socioeconomic security – It is an assurance that in their old age, their periodical payment towards pension shall remain assured – Pension which is being paid to them is not a bounty and it is for the Bank to divert the resources from where the funds can be made available
SUPREME COURT OF INDIA DIVISION BENCH THE PUNJAB STATE COOPERATIVE AGRICULTURAL DEVELOPMENT BANK LIMITED — Appellant Vs. THE REGISTRAR, COOPERATIVE SOCIETIES AND OTHERS — Respondent ( Before : Ajay Rastogi…

