The Indian Overseas Bank (Officers’) Service (Amendment)
The Indian Overseas Bank (Officers’) Service (Amendment) Regulations, 2021.
F. No. HRMD/SUP/177/01/2021-22 (E).—ln exercise of the powers conferred by section 19, read with subsection (2) of section 12 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Board of Directors of the Indian Overseas Bank in consultation with the Reserve Bank of India and with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Indian Overseas Bank (Officers’) Service Regulations, 1979, namely:-
- (l) These regulations may be called the Indian Overseas Bank (Officers’) Service (Amendment) Regulations, 2021.
(2) Save as provided in these regulations, they shall be deemed to have come into force with effect from the 1st day of November, 2012. - In the Indian Overseas Bank (Officers’) Service Regulations, 1979 (hereinafter referred to as the said regulations), in regulation 3, for clause (f), the following clause shall be substituted, namely:-
‘(f) “family” means the spouse of the officer, wholly dependent unmarried children (including step children and legally adopted children), wholly dependent physically and mentally challenged brother or sister with forty per cent or more disability, widowed daughters and dependent divorced or separated daughters, sisters including unmarried or divorced or abandoned or separated from husband or widowed sisters and parents wholly dependent on the officer and in the case of a married female officer may include her natural parents or parents-in-law, but not both.
Explanation. – “wholly dependent” shall mean such member of the family having an income not exceeding 10,000 per month and where the wholly dependent family members are parents, the income of any parent or aggregate income of both parents if exceeds Rs 10,000 per month, both the parents shall not be considered as wholly dependent on the officer;’.
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