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The All-India Senior Citizens' Confederation (AISCCON) has urged banks to pay 2 per cent more interest on deposits instead of 0.5 per cent to 1 per cent being currently paid by different banks and also sought more liberal insurance schemes for them.
The appeal was made at the eleventh annual conference of the confederation here on Monday. Mr P. Balaraju, State Minister for Tribal Welfare, was the chief guest at the conference. The event was hosted by a local organisation for the elderly, Sneha Sandhya.
Mr R.N. Mittal, President of the confederation, and Dr S.P. Kinjawadekar, former president, said the minimum old age pension being paid by different states should be raised to at least Rs 500 for those in the age group of 60-80 and Rs 1,000 for those who have crossed eighty. They said banks — both public sector and the private ones — should pay at least 2 per cent more on deposits, and the State Government should provide 50 per cent concession in the road transport corporation buses. Besides, at least four bus seats should be reserved for senior citizens.
They said that in the absence of social security net and the breakdown of the joint family system in the country, senior citizens should be provided this cushion. The insurance policies for senior citizens should also be made more liberal and the age limit rules should be relaxed, they added.
Mr Anup Shankar Bhattacharya, Chairman and Managing Director of the Bank of Maharashtra, said senior citizens should bank with the public sector banks only and make use of the facilities extended by them. He said the Bank of Maharashtra would open a special counter for senior citizens in the branch here. There was also a separate grievance redressal system in his bank for senior citizens. He said there was no proper social security system in the country and therefore they should make wise investment decisions. His bank would always support their cause, he added.
Mr M.V. Nair, Chairman and Managing Director of the Union Bank of India, could not attend the conference but sent a message. In the message, read in absentia, he said senior citizens should make use of the reverse mortgage scheme introduced by banks including the Union Bank of India to lead a comfortable life in the old age. He said there was little awareness about the scheme and bankers should educate senior citizens about it.
Mr Balaraju, Minister, said it was the responsibility of the younger generation to take good care of the elderly and gain from their experience and expertise in any field. He said he would take up with the State Government the issue of providing fare concession and seat reservation to senior citizens in APSRTC buses.
The Minister said a recreation centre was being built for the senior citizens here on the beach road.
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