The Indian Banking Association has once again placed a proposal before union for giving another chance to PSU bank employees for opting voluntary pension scheme.

Under the set proposal, the existing employees of the public sector banks would be given another chance to volunteer for the pension system of the respective bank, if centre agrees to consider the new recruits under NPS. The New Pension Scheme or NPS is managed by PFRDA appointed fund managers.

IBA has been working with Pension Fund Regulatory and Development Authority (PFRDA) to frame NPS modalities. Quoting a PFRDA official, "IBA has shown interest in joining the NPS. They are considering the matter. If they take the decision, then new bank recruits will join."

C H Venkatchalam, convenor, United Forum of Bank Employees Union, said, "the unions are open to the question of NPS for new recruits, but this cannot be set as a pre-condition for giving existing employees another chance for pension."

Venkatchalam added, "We exactly don't know what will be the modalities of NPS for new recruits. As such, we are open to it but this cannot be set as a pre-condition (for giving existing employees pension)."