JUDGMENT :

S. RAVINDRA BHAT, J.

1. The petitioner-Association seeks directions to grant pension commutation to erstwhile employees of the State Bank of Bikaner & Jaipur (hereafter "the bank"), pursuant to the adoption of pension regulations, by the latter (i.e. the bank) in 1996.

2. The petitioner allege that the Pension Regulations were adopted with many reservations on the part of the union representatives. The Indian Bank Association, (IBA) in consultation and approval by the Government of India directed all the banks to adopt the final Pension Regulations. The pension regulations of all banks were, therefore, identically worded with the only exception that the name of each bank was different. In exercise of the powers by Section 63 (1) and (2) (o) of the State Bank of India Subsidiary Banks Act 1959 ("the Act of 1959"), the bank (with the approval of RBI) framed the State Bank of Bikaner & Jaipur (Employees) Pension Regulations 1995 ("BEPR-95" hereafter) providing for the establishment of and maintenance of pension fund and grant of pension for the benefits of employees of the