Bank pensioners seek GST exemption on group insurance

Vijayawada: All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC) national deputy general secretary Kodali Balagangadhara Tilak emphasised the importance of pension updation and demanded exemption of GST on the group medical insurance to the pensioners as the premium was borne by them.

He recalled the recent representations made to the Union Finance Minister. He was addressing the meeting of the Association of Retired IOB’s Employees (ARISE), Vijayawada Region, here on Sunday. Kommuru Nagaiah, who recently retired as deputy general manager from Indian Overseas Bank’s nodal audit office in Bengaluru was the chief guest.

Balagangadhara Tilak noted that NCBE general secretary L Chandrasekhar had written to Finance Minister Nirmala Sitharaman on September 30, 2025, seeking immediate implementation of Regulation 35(1) of the Bank Employees’ Pension Regulations, 1995 (amended and gazetted in March 2003), to bring bank retirees’ pensions on par with those of RBI pensioners. NCBE is among the largest constituents of the United Forum of Bank Unions (UFBU).

ARISE assistant general secretary Kondaviti Venkateswara Rao outlined details regarding the renewal of the IBA Group Medical Insurance Scheme for retirees, with October 23 set as the last date for renewal. The premium for a base policy of Rs 5.25 lakh for retired officers (retiree and spouse, without domiciliary cover) stands at Rs 47,473 including 18 percent GST.

During the event, 8 senior members aged 70 and above were felicitated. Uppalapati Srinivasa Rao, retired chief manager of IOB proposed a vote of thanks.