MEMBERS MEDICAL AID RULES
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BYE LAWS
1) The Bank shall have following categories of members
- (a) Photo Identifications proof
- (i) Active Members
- (ii) Non Active Members
- (b) Nominal Members
- (c) Associate Members
A) ORDINARY MEMBER:
- (a) (i) The full-fledged membership of the bank will be open to any employee of the Municipal Corporation of Greater Mumbai who is in the continuous service in a time scale and is competent to contract and he/she shall have any type of account with a minimum credit balance of Rs. 500/- may be admitted as a Ordinary Member.
- (ii) The Municipal Corporation of Greater Mumbai can be a member of the Bank.
- (b) No person shall be admitted as an ordinary member of the Bank except the following namely:
- (i) An individual, competent to contract under section 11 of the Indian Contract Act, 1872,
- (ii) Local authority
- (c) No employee of the Bank shall be eligible to become ordinary member of the Bank. Existing employee member shall cease to be a member with immediate effect.
- (d) No co-operative society shall be eligible to become member of the bank.
B) CONDITIONS FOR AN ORDINARY MEMBERSHIP:
- (a) An applicant will be enrolled as an ordinary member upon fulfilling the following conditions
if he:
- (i) Has applied in writing in the prescribed format.
- (ii) Has paid admission fee of Rs.10/- or as may be stipulated by the Board of Directors from time to time and paid at least value of one share of the Bank.
- (iii) Has fulfilled all other conditions laid down in the Act, the Rules and the Bye-laws.
- (b) The Board of Directors or Sub-Committee to whom the Board of Directors has delegated the powers, approves the application to admit as a member.
- (c) No person shall be eligible for admission as a member of the Bank if he:
- (i) Has not attained the age of 18 years,
- (ii) Has been adjudged by a competent court to be an insolvent or an undischarged insolvent,
- (iii) Has been sentenced for any offence, other than offence of a political character or an offence not involving moral turpitude and dishonesty and a period of 5 Years has not elapsed from the date of expiry of the sentence.
- (d) (i) Every individual member shall subscribe every month towards Compulsory Deposit Account from the salary, he earned from Municipal Corporation of Greater Mumbai, a sum recommended by Board of Directors to Annual General Meeting and approved by Annual General Meeting from time to time. A member may be allowed to contribute at a higher rate at his will.
- (ii) Every individual member shall sign and give to the bank an irrevocable authority addressed to the Municipal Commissioner to receive and pay to the bank ever month contribution to the Compulsory Deposits, loan installments and/or any other dues as may be intimated to the respective Heads of Departments and the Chief Accountant by the bank from time to time from the total emoluments payable to him.
- (iii) If individual member desires to subscribe at a higher rate than the one laid down above he may be allowed to do so beginning from any month and if individual member intends to discontinue such higher rate, he may be allowed to do so beginning from any month by giving a written notice to the bank.
- (iv) Insurance premia of individual member may be paid out of his Saving Bank Account/ Compulsory Deposit with the bank by debiting that account provided that the member has agreed to accept Group Insurance or any other insurance policy and that he gives in writing to deduct from his salary such amount in addition to his usual Compulsory Deposit contribution as to fully cover the insurance premium.
- (v) The balances in the Compulsory Deposit Account to his credit shall become payable on his ceasing to be a member of the bank.
- (vi) The rate of interest on Compulsory Deposit Account for the year shall be the average of the highest Term Deposit rate paid during the financial year.
- (vii) Interest on Compulsory Deposit shall be paid every year to members Saving Bank Account with our Bank.
C) ACTIVE MEMBER:
“Active Member” means a person who has been admitted as an ‘Ordinary Member’ under the Bye-laws of the Bank and who compiles following Conditions:
- (i) To attend at least one general body meeting in the previous five consecutive years.
- (ii) To utilize minimum level of services as provided in bylaw no 15.
D) LEVEL OF SERVICES FOR BECOMING ACTIVE MEMBER:
- Proviso – I: Provided that a ‘Depositor’ means a ordinary member, who has been holding aggregate deposits (in all types of accounts including Compulsory Deposit Account) not less than the amount prescribed above for the continuous period of not less than one year in the Bank in his name.
- Proviso-II: Provided that a ‘Borrower’ means an ordinary member, who is enjoying any type of sanctioned and availed credit facility of the Bank for continuous two years during the last five years.
E) NOMINAL MEMBER:
- (a) (i) Non Member person, who desire to borrow against his/her Term Deposit/ Compulsory Deposit with our Bank, as permitted by Reserve Bank of India may be enrolled as Nominal Member.
- (ii) No non member person shall be admitted as Nominal Member of the Bank unless he/she has paid non refundable an enterance fee of Rs.100/-.
- (c) Nominal Member shall not be entiltled to receive share certificate, receive audited accounts, attend general meetings, receive dividend or contest in elections.
F) MEMBERS MEDICAL AID RULES:
- Member should have completed one year Bank’s membership for availing the benefit of Medical Aid.
- Except for Cancer treatment Member should apply within one year from the date of treatment / Hospitalisation or operation / surgery, for getting medical aid.
- During the membership period, member will get medical aid twice for his own treatment and once for dependants.
- Member will get the medical Aid only for two children.
- Member should apply first to BMC for medical aid and attested zerox copy of said application must be attached with the application to bank.
- For Heart operation (Open Heart Surgery, Angioplasty), Kidney Transplantation surgery, Cancer, Bypass surgery member will get maximum of Rs.25,000/- and for other diseases mentioned in Rule No.6 member will get maximum Rs.15,000/- as medical aid.
- For dependents maximum limit will be 20000/- for Heart operation (Open Heart Surgery, Angioplasty) Kidney transplantation, Cancer, Bypass Surgery & Rs.10000/- for other diseases.
- Bank will not consider applications for expenses below Rs.100000/- incase of member & below Rs.20,000/- for dependants in case of Heart operation (Open Heart Surgery, Angioplasty), Kidney transplantation, Blood Cancer, Bypass Surgery
- Bank will not consider the application for expenses below Rs.15000/- for member & expenses below Rs.10000/- for dependents for the disease mentioned in Sr. No. 6
- Other than diseases / operation mentioned in Sr.No.6 & 7 if Municipal Corporation Sanctions medical aid to members then he should apply within 6 months form the date of sanction of medical aid by Municipal Corporation Greater Mumbai.
- The benefit of medical aid will be given to family members i.e. Husband/ Wife two dependant children, dependant brother/ sister/ mother/ father or father-in-law/ mother-in-law. Incase of married female member either father/ mother or mother-in-law/ father-in-law as declared with Municipal Corporation Greater Mumbai as dependants are eligible to get medical.
G) RULES OF CALAMITY RELIEF FUND:
- Member should have completed 5 years membership of Bank.
- Member will get the actual financial loss or Rs. 10,000/- or whichever is less.
- In case of accidental death during office hours: Rs. 25,000/-.
- If the building where the member is residing collapses and the member expires or is injured Rs. 20000/-
H) OBJECTIVES:
- Financial loss by Natural Calamity.
- Loss occurred by Fire or Communal Riots.
- Accidental Death of a member on duty while in service.
- Termination from services of BMC due to prolong illness or incapacitation.
