With the introduction of the Pension Scheme in the Banking Industry with effect from 1.11.1993 and gazetted during the year 1995, operalisation and stabilization took considerable time. The period witnessed lot of aberrations in the matter of interpretation and implementation, far from the spirit of the understandings and the scheme. As individual voice of grievances and representations were not fetching any desired results, increasing need for retirees’ organizations were felt. Thus, between 1994 and 1998 efforts were incessitently made by the retirees to form groups, organizations, create platforms, etc., for effective representation of the grievances.

By the year 2000 in various banks retirees’ organizations did come into existence, though small in number and far and few. By 2001-02 efforts were made to form an apex body of retirees’ organizations and thus 2 effective apex organizations, namely, Retired Bank Officers’ National Confederation (RBONC) and All India Bank Retirees’ Federation (AIBRF) were in place by then.

To bring more force, credibility, and to enhance the bargaining power, a Coordination Committee of the Apex Organisation came into existence during the year 2002 consisting of representatives from both the Apex Organisations to effectively lead, represent, and resolve the common issues on the pension front in the Banking Industry. The result is United Forum of Bank Retirees (UFBR)

The need for consolidation is being felt by the organizations to empower the coordination by the organizations now not within the coordination committee. The new horizon in offing is quite promising and the day is not too far when the coordination committee would consist of the retirees of all financial institutions, viz., public sector banks, private sector banks, new generation banks, cooperative banks, Regional Rural Banks, and the major organizations like RBI and SBI.