1. All these petitioners being denied of pensionary benefits under the joint note dated 27.4.2010, are before this Court.

2. The brief background of these cases is that:

3. There was a persistent demand for pension as a third terminal benefit. In the banking industry, except the payment of provident fund and the gratuity, there was no provision for pensionary benefit. The service conditions of the employees was based on the terms of settlement between the employees' Union and the Management, based on such settlement, the Bank was framing the regulation with the approval of the Central Government. However, the Banking Industry noticing the persistent demand, constituted a non-statutory body called "The Indian Banks Association" (in short referred as ‘I.B.A.’) to negotiate with the employees' association and various Trade Unions of the Banks.

4. The IV Pay Commission submitted its report on 1.1.1986, recommending the liberalised pension scheme for the Central Government employees. The Bank Employees' Association and the Trade Unions of the Banks found that, the liberalised pension scheme also be introduced in the Banking industry, as the liberalised pension scheme is recommen