Posts Tagged ‘Bank’

RBI: Statement on Developmental and Regulatory Policies – October 4, 2017- Banking Facility for Senior Citizens and Differently abled Persons

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Banking Facility For Senior Citizen And Differently Abled Persons – RBI Notification

RESERVE BANK OF INDIA

RBI/2017-18/89

DBR.No.Leg.BC.96/09.07.005/2017-18

November 9, 2017

All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks

Dear Sir/ Madam

Statement on Developmental and Regulatory Policies – October 4, 2017- Banking Facility for Senior Citizens and Differently abled Persons

Please refer to Paragraph 8 of Statement on Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 as part of Fourth Bi-monthly Monetary Policy Statement 2017-18, a copy of which is enclosed. It has been observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. Notwithstanding the need to push digital transactions and use of ATMs, it is imperative to be sensitive to the requirements of senior citizens and differently abled persons.

2. In view of the above, banks are required to put in place appropriate mechanism with the following specific provisions for meeting the needs of such customers so that they are able to avail of the bank’s services without difficulty.

(a) Dedicated Counters/Preference to Senior Citizens, Differently abled persons Banks are advised to provide a clearly identifiable dedicated counter or a counter which provides priority to senior citizens and people who are differently abled including visually impaired persons.

(b) Ease of submitting Life Certificate

As per extant guidelines issued by Department of Government and Bank Accounts, in addition to the facility of Digital Life Certificate under “Jeevan Praman” Scheme (refer circular DGBA.GAD.H-2529/45.01.001/2014-15 dated December 9, 2014), pensioners can submit physical Life Certificate form at any branch of the pension paying bank. However, it is observed that often the same is not updated promptly by the receiving branch in the Core Banking Solution (CBS) system of the bank, resulting in avoidable hardship to the pensioners. It is, therefore, advised that banks shall ensure that when a Life Certificate is submitted in any branch, including a non-home branch, of the pension paying bank, the same is updated/ uploaded promptly in CBS by the receiving branch itself, to avoid any delay in credit of pension.

(c) Cheque Book Facility

(i) Banks shall issue cheque books to customers, whenever a request is received, through a requisition slip which is part of the cheque book issued earlier.

(ii) Banks are advised to provide minimum 25 cheque leaves every year, if requested, in savings bank account, free of charge.

(iii) Banks shall not insist on physical presence of any customer including senior citizens and differently abled persons for getting cheque books.

(iv) Banks may also issue cheque books, on requisition, by any other mode as per bank’s laid down policy.

It is further clarified that providing such facility in BSBDA will not render the account to be classified as non-BSBDA (c.f. Bank’s response to query number 14 and 24 of our circular “DBOD.No. Leg. BC.52/09.07.005/2013-14 dated September 11, 2013 on Financial Inclusion – Access to Banking Services – BSBDA – FAQs”).

(d) Automatic conversion of status of accounts

Presently, in some banks, even fully KYC – compliant accounts are not automatically converted into ‘Senior Citizen Accounts’ on the basis of date of birth maintained in the bank’s records. Banks are advised that a fully KYC compliant account should automatically be converted into a ‘Senior Citizen Account’ based on the date of birth available in bank’s records.

(e) Additional Facilities to visually impaired customers

Banks are advised that the facilities provided to sick/old/incapacitated persons vide Paragraph 9 of our Master Circular DBR.No.Leg.BC.21/09.07.006/2015-16 dated July 1, 2015 on Customer Service in Banks (regarding operations of accounts through identification of thumb/toe impression/mark by two independent witnesses and authorising a person who would withdraw the amount on behalf of such customers) shall also be extended to the visually impaired customers.

(f) Ease of filing Form 15G/H

Banks are advised to provide senior citizens and differently abled persons Form 15G/H once in a year (preferably in April) to enable them to submit the same, where applicable, within the stipulated time.

(g) Door Step Banking

We have issued instructions on Doorstep Banking vide circular

DBOD.No.BL.BC.59/22.01.010/2006-2007 dated February 21, 2007 under Section 23 of Banking Regulation Act, 1949. However, in view of the difficulties faced by senior citizens of more than 70 years of age and differently abled or infirm persons (having medically certified chronic illness or disability) including those who are visually impaired, banks are advised to make concerted effort to provide basic banking facilities, such as pick up of cash and instruments against receipt, delivery of cash against withdrawal from account, delivery of demand drafts, submission of Know Your Customer (KYC) documents and Life certificate at the premises/ residence of such customers.

3. Banks are advised to implement these instructions by December 31, 2017 in letter and spirit and give due publicity in their bank branches and website.

Yours faithfully
(Saurav Sinha)
Chief General Manager

Source : RBI

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Interest rate on the long term saving deposits in post offices

Interest rate on the long term saving deposits in post offices

Interest rates on bank deposits are not uniform and vary from bank to bank. Hence, a one-on-one comparison of interest rates may not be possible.

The interest rates on term deposits are deregulated and they are determined by the banks themselves as per their Board approved policies. In contrast interest rates on Small Savings Schemes are administered interest rates linked to G-Sec rate of comparable maturity.

The percentage of savings in the savings schemes in Post Office as on 31.03.2016 is 14.84% of the deposits in the savings schemes of PSBs.

The Government has taken various steps to popularise all the existing schemes by carrying out publicity through print and electronic/Audio Visual media on an all India basis. Jan Dhan Yojana is a scheme of the Government to encourage deposits in banks and promote savings.

This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

Be the first to comment - What do you think?  Posted by admin - November 19, 2016 at 10:32 am

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FinMin asks banks to hire retired staff to deal with cash rush

FinMin asks banks to hire retired staff to deal with cash rush

New Delhi: The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff.

In a letter written to Indian Banks’ Association (IBA), the financial services department of the finance ministry said it should look into issues, particularly employment of retired bank staff and payment of remuneration and instruct the banks suitably at the earliest.

“In the event of extra business hours implemented to cope up with the situation, banks may require to make deployment plan of staff on shift basis so that the same person does not work for continuous long hours,” it said.

Praising commendable work done by the banking fraternity, it said banks may plan and support the officers and employees working in late hours, particularly the safety and security of women employees, with arrangements for food and conveyance.

Additional infrastructure like more terminals, separate arrangement for cash, exchange and dispensation may be implemented and services of retired persons may also be taken so that the pressure of existing staff may ease and a larger customer base is satisfied, it said.

Many employee unions have made representation to the finance ministry and IBA presented the multiple problems being faced by employees and officers on account of implementation of the demonetisation scheme.

“We are happy that the government has addressed some of the issues raised by us,” All India Bank Employees’ Association General Secretary C H Venkatachalam said in a statement.

PTI

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Indelible Ink Mark to avoid multiple transactions : Not applicable for withdrawal or deposit

Indelible Ink Mark to avoid multiple transactions

 

The Central Government has announced that banks will mark with indelible ink the fingers of people exchanging old currency at bank counters to stop them from coming back repeatedly and avoid multiple transactions.

 

The drawing limits against Bank Accounts and from ATMs and over the cash disbursement have also been increased. It was noted that one of the primary reasons for long queues was that the same persons were visiting Bank branches, ATMs etc. repeatedly. It was also noted that certain unscrupulous elements are using the services of poor and innocent people to convert their black money into white. 

 

To prevent such misuse of the facility and enable larger number of persons to draw cash, indelible ink used during elections shall be used for over the counter exchange against old Rs.500/- and Rs.1000/- notes. This is not applicable in the case of withdrawal from or deposit into accounts.

Cash disbursement points, especially Bank branches will be advised to put-up notices outside their branches advising people to avoid exchange of old notes over the counter multiple times. 

 

Parking Charges at Airports suspended till 21.11.16

 

The Ministry of Civil Aviation has decided to suspend the collection of parking charges at all airports till midnight of 21 November 2016. This has been done in order to facilitate the smooth movement of passengers.

Be the first to comment - What do you think?  Posted by admin - November 15, 2016 at 10:02 pm

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2nd and 4th Saturday as Holidays in Banks w.e.f. 1st Sep, 2015: DFS Notification

Wage Negotiation between IBA Workmen Unions and Officers’ Association – 10th BPS – 2nd and 4th Saturday as Holidays, DFS Order and Notification

F.No.4/117/2015-IR
Government of India
Ministry of Finance
Department of Financial Services

Jeevan Deep, IIIrd Floor,
Parliament Street. New Delhi
Dated the August 20. 2015

To

1. Dy. Governor,
Reserve Bank of India.
Central Office,
Mumbai.

2. Chief Executive,
Indian Banks’ Association,
Mumbai.

Subject: Wage Negotiation between IBA Workmen Unions and Officers’ Association – 10th BPS – 2nd and 4th Saturday as Holidays

Sir,

I am directed to refer to IBA’s letter No. HR&IR/XBPS/3/975 dated 25th June, 2015 and RBI’s letter No.DBR(Leg.)No.953/09.04.022/2015-16 dated 15.7.2015 on the subject cited above and to enclose herewith a copy of the Notification(in English and in Hindi) regarding declaring every second and fourth Saturday of every month as public holiday for banks in India with effect from 1st September, 2015.

2. RBI and IBA are requested to take necessary action accordingly.

3. This issues with the approval of Competent Authority.

Yours faithfully.

Encl. As above

(Manish Kumar)
Under Secretary to the Government of India

 

To be published in the Gazette of India, Extra ordinary, Part II, Section 3, Sub-section (II)

MINISTRY OF FINANCE
(DEPARTMENT OF FINANCIAL SERVICES)

NOTIFICATION

NEW DELHI, THE 20 AUGUST ,. 2015

S.0. – (E) In exercise of the powers conferred by section 25 of the Negotiable Instruments Act, 1881 (26 of 1881), the Central Government hereby declares the second and the fourth Saturday of every month as publlc holiday for banks In India, whether or not such banks are Included In the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), with effect from the 1st day September, 2015.

(F. No. 4/1/712015-IR]

sd/-
(Mohammad Mustafa)
Joint Secretary to the Government of India

To
The Manager,
Government of India Press,
Ring Road, Mayapuri,
New Delhi -1 10064.

bank+saturday+holiday+dfs+notification

bank+saturday+holiday+dfs+order

Via: Staffnews.in

Be the first to comment - What do you think?  Posted by admin - August 21, 2015 at 6:53 am

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Bank Employees: Higher House Rent Allowance as per 2011 Census

Bank Staff: Higher House Rent Allowance as per 2011 Census

AIBEA Circular

Date : 6th July, 2015

Dear Comrades,

HOUSE RENT ALLOWANCE AS PER 2011 CENSUS

Recently Government of India has issued the Gazette notification for the Census as of 2011. It is the 15th Census in India beginning from 1872 and 7th since our independence.
Some data from the Census:

  • Population as per this Census in 2011: 121,01,93,422
  • Rank: No. 2 with 17.5% of world population ( 1st is China: 19%)
  • No. of Districts: 640
  • Most populace State : UP
  • Least populous State: Sikkim
  • Most populated metro : Mumbai : 1,84,14,288
  • Most Literate State : Kerala ( 94 %)
  • Least Literate State : Bihar ( 64 %)
  • Sex Ratio : 940 Female : 1000 Male
  • Literacy of Male : 82.14 %
  • Literacy of Female : 65.46 %
  • Highest populace District: Thane, Mumbai
  • 100 % Literacy District : Palakkad, Kerala
  • 100 % Banking State : Kerala
  • 100 % Banking District : Palakkad
  • Increase in population from last census in 2001 to 2011: 18.1 crore

Some disturbing facts:

  • Total household: 24.39 cr; Rural households accounted for 17.91 cr (73%)
  • 30 % of Indian rural households doesn’t have land and depend on casual labor for subsistence.
  • As many as 2.37 crore (one in eight) families in villages live in houses of one room with ‘kaccha’ walls and roof.
  • 23.52 % rural families have no literate adult above 25 years
  • 74 % of the rural households survived on a monthly income of less than Rs 5,000 of its highest earner
  • 51 % of the households are engaged in casual, manual labour and 30 % in cultivation.
  • 7 in 10 homes in rural live on less than Rs 200 a day
  • 18.06 lakh people are still engaged in manual scavenging
  • Households with destitutes or those living on alms is over 6.68 lakh
  • As many as 4.08 lakh households rely on rag-picking.

Higher HRA for bank employees: Employees in the below-mentioned upgraded centres would get the revised/higher HRA rates and receive the arrears from 2011.

45 lacs and above
HRA will be paid at 10%
Surat, Pune
12 to 45 lacs
HRA will be paid at 9%
Asansol, Vijayawada, Rajkot, Faridabad, Srinagar, Jamshedpur, Kannur, Trivandrum, Mallapuram, Thrissur, Kozhikode, Jabalpur, Vasai-Virar, Nasik, Allahabad, Meerut, Ghaziabad,
5 to 12 lacs
HRA will be paid at 7.5%
Nellore, Kollam, Gulbarga, Ujain, Nanded Waghala, Malegaon, Sangli, Rourkela, Erode, Saharanpur, Noida, Firozabad, Jhansi, Siliguri, Durgapur.

In addition, in various towns and cities, number of small places in the outskirts have been brought as part of the bigger town/city/UA and such places would also attract the higher HRA of the concerned town/city/Urban Agglomeration.

Source: http://banknewskumar.blogspot.in

Be the first to comment - What do you think?  Posted by admin - July 7, 2015 at 9:22 am

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PSU bank employees will soon get pay hike, arrears for 30 months

PSU bank employees will soon get pay hike, arrears for 30 months

Mumbai, May 22: Employees of public sector banks, old generation private sector banks and some foreign banks will be a happy lot as they will soon get 15 per cent pay hike, arrears for the last 30 months, and other benefits as part of a deal that the unions and bank managements have reached.

Unions, under the aegis of the United Forum of Bank Unions, and bank managements, represented by the Indian Banks’ Association, have worked out a detailed Bipartite Settlement/ Joint Note and the same will be formalised on May 25.

The benefits that about 7.50 lakh bank employees stand to get are a special pay, a new hospitalisation scheme backed up by insurance and holiday on every second and fourth Saturday in a month.

The back wages (arrears) that bank employees will get for the last 30 months will warm the cockles of their heart. Income tax authorities too will be happy as arrears will be taxable.
S Nagarajan, General Secretary, All India Bank Officers’ Association, said “A special allowance has been introduced for employees… there is a new hospitalisation scheme backed up by insurance.” The wage settlement will benefit 3,04,000 odd officers (as on March 31, 2012) in the banking sector.

Officers will get health insurance cover of Rs. 4 lakh and the clerical and sub-staff will get Rs. 3 lakh cover, he added.

A corporate buffer will be created by banks to reimburse hospitalisation expenditure exceeding the abovementioned limits.

Pointing out that the last wage settlement expired in October 2012, Nagarajan, in a lighter vein, observed that “Five years is the tenure of the wage settlement. We have already exhausted 30 months in coming to a settlement. It’s time now to submit the next charter of demands.”

Vishwas Utagi, Vice President, All India Bank Employees Association, said the wage settlement will benefit about 4.50 lakh clerical and sub-staff in the banking sector.

Bank employees will get close a couple of lakh rupees, on an average, as arrears in gross terms, he explained. Since payrolls are computerised, the arrears could be credited to employees’ accounts in a month.

Utagi said the issue of upgradation of pension of retirees and 100 per cent neutralisation of dearness allowance will be taken up by the United Forum of Bank Unions separately.

Read at: The Hindu Businessline

Be the first to comment - What do you think?  Posted by admin - May 23, 2015 at 9:11 am

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PFRDA Order: Incentive for mobilization and registration of subscribers under Atal Pension Yojana

PFRDA Order: Incentive for mobilization and registration of subscribers under Atal Pension Yojana

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
1st Floor, ICADR Building, Plot No. 6.
Vasant Kunj Institutional Area,
Phase – II, New Delhi – 110070

No. PFRDAIAPY/4/62

19th May, 2015

To,
All Banks under APY

Sir,

Subject: Incentive for mobilization and registration of subscribers under Atal Pension Yojana.


I am directed to say that incentive structure for Banks to mobilize and register subscriber under Atal Pension Yojana has been under the consideration of PFRDA.

2. In consultation with the Department of Financial Services, Ministry of Finance, it has been decided that for mobilizing each account the Banks will be paid an incentive as per the table below:

i. Per capita incentive at Rs 100
ii. Incentive payable for promotion and development of APY:

S no Number of subscribers under APY with each Bank Incentive for promotional efforts (only for new accounts opened during the year)
1  Less than 1 lakh Rs 20/-
2 More than 1 lakh upto 3 lakh Rs 30/-
3 More than 3 lakh upto 5 lakh Rs 40/-
4 More than 5 lakh Rs 50/-

 

As Banks are expected to engage the Banking Correspondents (BCs) / Micro Finance Institutions (MFIs) / Non-bank aggregators to mobilize the subscribers, they can Share the incentives with such BCs / MFIs / Non-bank aggregators etc. in the ratio 50:50 :: Banks : BCs/MFIs/ Non-bank aggregators.
3. Banks are advised to contact aggregators for shifting of existing eligible Swavalamban subscribers to APY as per the scheme.
4. Payment of incentives to banks each year will be made after the completion of the financial year on receipt of funds from the government.

 

Yours sincerely,
(Purnima Sharma)
Dy. General Manager

Source: http://pfrda.org.in/WriteReadData/Links/Incentive%20Structure%20for%20APY5c598c21-5021-481a-8866-16213d2d1343.pdf

Be the first to comment - What do you think?  Posted by admin - May 21, 2015 at 11:29 am

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Reservation in Promotion in Public Sector Banks

Reservation in Promotion in Public Sector Banks
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
RAJYA SABHA

UNSTARRED ADMITTED QUESTION NO. 2161

TO BE ANSWERED ON THE 17TH MARCH, 2015
(TUESDAY) PHALGUNA 26, 1936 (SAKA)

 

RESERVATION IN PROMOTION IN PSBs.

QUESTION 2161. SHRI BALWINDER SINGH BHUNDER:

Will the Minister of FINANCE be pleased to state:-

(a):   whether it is a fact that Public Sector Banks (PSBs) give reservation in promotion up to DGM level and there is hardly any SC/ST officer above DGM level;

(b):  if so, the details, thereof, bank-wise and the details of SC/ST Officers above DGM level, bank-wise;

(c):    whether any training is provided to SC/ST  Officers at DGM  level so that they can share higher responsibility and be promoted to next level; and

(d):   the overall plan for growth of persons from SC/ST category in PSBs bank-wise?

ANSWER

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI JAYANT SINHA)

(a)&(b): No, Sir. At present Public Sector Banks (PSBs) give reservation in promotion up to Scale-I only. There is no reservation in promotion within the officers cadre. A statement of SC/ST officers above DGM level in at annexed.

(c)&(d): Banks are periodically providing in-house /external training to all officers including SC/ST officers above DGM level to shoulder higher responsibilities. Department of Financial Services has been advising all PSBs to provide effective pre-promotion and in-service training to SC/ST employees. Instructions have also been issued to nominate a suitable number of SC/ST officers for foreign training programmes.

Annexure

 

Bank wise deatails of SC/ST Officers above DGM level as on 31.12.2014
 
S.NO. Name of the PSBs. SC ST
1 Allahabad Bank Nil Nil
2 Andhra Bank Nil Nil
3 Bank of Baroda 3 Nil
4 Bank of India 1 2
5 Bank of Maharashtra 2 Nil
6 Canara Bank 2 1
7 Central Bank of India 1 Nil
8 Corporation Bank Nil Nil
9 Dena Bank Nil 1
10 Indian Bank 1 Nil
11 Indian Overseas Bank Nil 3
12 Oriental Bank of Commerce Nil Nil
13 Punjab National Bank 2 1
14 Punjab & Sind Bank Nil Nil
15 Syndicate Bank 3 Nil
16 Union Bank of India 1 Nil
17 United Bank of India Nil Nil
18 UCO Bank 1 Nil
19 Vijaya Bank Nil Nil
20 State  Bank of India 4 Nil
21 State Bank of Bikaner & Jaipur Nil Nil
22 State Bank of Patiala 1 1
23 State Bank of Hyderabad 3 Nil
24 State Bank of Mysore 1 Nil
25 State Bank of Travancore Nil Nil
26 IDBI Bank 1 Nil
27 BharatiyaMahila Bank Nil Nil
Grand Total 27 9

Source: ENGLISH VERSION HINDI_VERSION

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25% retirement till 2020: Recruitment process in Public Sector Banks

25% retirement till 2020: Recruitment process in Public Sector Banks

 GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA

QUESTION NO 896

ANSWERED ON 03.03.2015

Recruitment process in PSBs

896 Shri Balwinder Singh Bhunder
Will the Minister of FINANCE be pleased to satate :-

(a) whether it is a fact that by 2020 around 35 percent of Officers/employees of Public Sector Banks (PSBs) would retire from service;

(b) if so, what preparations have been done by Bank; bank-wise to timely notify the vacancies and by IBPS to speed up recruitment process with a view to timely fill the vacancies;

(c) whether the Department of Financial Services (DFS) has issued any direction in this regards; and

(d) if so, the details thereof?

ANSWER

The Minister of State in the Ministry of Finance (Shri Jayant Sinha)

(a) The percentage of officers/employees that would retire by the year 2020 differ in Public Sector Banks (PSBs). On an average, about 25% of officers and employees would retire by the year 2020 in PSBs.

(b) PSBs assess/anticipate vacancies including retirements annually and take necessary action to fill the same including intimating their requirement to Institute of Banking Personnel Selection(IBPS) for making allotment well in advance.

(c) & (d): Yes, Sir. Government has granted managerial autonomy to the PSBs in the matters related to Human Resource (HR) including recruitment. Government has also advised all PSBs to prepare a succession plan.

Be the first to comment - What do you think?  Posted by admin - at 3:46 am

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AIBOA reports on Meeting of IBA and UFBU 23rd Feb and Salient features of 10th Bipartite Wage Settlement for Bank Employees and Officers

AIBOA reports on Meeting of IBA and UFBU 23rd Feb and Salient features of 10th Bipartite Wage Settlement for Bank Employees and Officers

ALL INDIA BANK OFFICERS’ ASSOCIATION

Circular No.6/VI/2015

February 23, 2015

            Camp: MUMBAI

To:

ALL UNITS / STATE COMMITTEES

Dear Comrades,

WAGE REVISION – 18TH ROUND.

    TOTAL QUANTUM CLINCHED.

    A NEW SERVICE CONDITION INTRODUCED.

    4 DAYS STRIKE CALLED OFF.

In the background of C.L.C.(Central) Delhi, counseling IBA and also representatives of the unions  to get back to the negotiation on 20.02.2015, in which Com.Alok Khare, Vice Chairmen, Com.S.S.Shishodia, President and Com.Sanjay Khan  Joint Secretary AIBOA participated and at the CLC’s advice IBA invited the unions for discussions on 23.02.2015.

 

To-day, a meeting was held at IBA office at 11.30 am.  Representatives of all the eleven unions participated in the discussions.

 

2.         IBA team was led by Shri.T.M.Bhasin, Chairman IBA, Smt.Arundhati Bhattacharya Chairman SBI, Smt.V.R.Iyer, Chairperson and Managing Director BOI, Shri.Rajeev Rishi,CMD,CBI,Shri.Ashwini Kumar,CMD DB, Shri.Arun Tiwari CMD UBI, Shri.Rakesh Sethi CMD All Bank, Shri.Animesh Chauhan MD&CEO OBC,Shri.Ashwini Mehra DMD SBI Shri.Shyam Srinivasan CEO Federal Bank, Shri.M.V.Tanksale CEO IBA, Shri.K.Unnikrishnan Dy CEO,IBA, Shri.K.S.Chauhan besides officials of HR department of IBA.

 

3.         While initiating the dialogue Shri.M.V.Tanksale CEO IBA expressed the progress made in the last 18 rounds and also the meetings held with the subgroups with workmen and officers during this period. Shri.Rajeev Rishi Chairman Negotiating Committee IBA, picked up the thread from the last discussion held on 3.02.2015 and reiterated that unions should come forward with the revised demand. Com.M.V.Murali, Convenor UFBU presented in a pointed way the chronological progress of the conduct of the negotiations and also the ‘U’ turn of IBA on 03.02.2015 vis a vis the assurance made on 19.01.2015 precipitating the crisis.

 

4.         Shri.T.M.Bhasin, Chairman IBA quoting the details of the earlier bipartite benefits, ultimately indicated the paying capacity of the individual banks is the deciding factor, indicated failure at Industry level to force a situation of individual bankwise settlement. He also appealed to appreciate the present situation in Q3 performance of various banks and realize the need to fold up the negotiation with the offer of further 0.5% increase from 13% made on 03.02.2015 by Shri,Rajeev Rishi, Chairman Negotiating Team IBA.

 

5.         Smt.A.Bhattacharya Chairman SBI in her pointed  presentation dealt the present position of Public Sector Banks vis a vis Private Sector Banks, present capital infusion announcement of Rs 6990 crores by Government of India and also to realize the need to finalise the agreement keeping in mind the various serious developments having global compulsions and also stipulations. To get the priority reallocation of PSB employees at par with Central government employees for the purpose of admission of the wards in Kendriya Vidyalayas by her efforts was also shared in the meeting.  Smt.V.R.Iyer, too supported the view points expressed by Chairman SBI and explained the need to function as a team to keep PSBs in tact and not to allow the Private sector banks to sneak in to capture the business from us..

 

6.         After protracted negotiations, ultimately the understandings have been clinched which are as follows;

a.  Date of Effect      1.11.2012.

b.  Total Increase of 15% in Payslip components- amounting of Rs 4725 crores.

c.  Construction of new Basic Pay by merging 60.15% of D.A impact where of not to exceed 2% of BP plus DA amounting Rs 597 cr.

d.  2nd and 4th Saturdays will be holidays and other Saturdays will be full working Days.

 

7.         Thus the exercise to construct new Basic Pay effective from 1.11.2012 has been initiated by sealing the agreement, with the first step to clinch a new working condition in the era of Information and Communication Technology explosion, quite nearer to our most important demand of 5 day working.

 

8.         AIBOA place on record the role played by Com.D.Raja CPI MP leading AIBEA –AIBOA delegation to meet FM on 19/02/2015 and making sincere efforts to break the deadlock in the Banking Industry avoiding paralysis of the nerve centre of the economy in the last week of this month., due to the proposed 4 days strike which now stands called off consequent to signing of MOU as above. Detailed Pay structures may now be worked out with IBA in subsequent meetings besides discussions other left out issues including of those pertaining to retirees.

 

9.         Comrades, while rejoicing this success of wage increase, let us not be complacent in our efforts to protect our Public Sector character of our Industry and also preserve the jobs and jobs security secured by the founding fathers of our movement.

 

CONGRATS !!!  YOU ALL HAVE MADE IT TO HAPPEN.

Yours comradely,

S.NAGARAJAN.

GENERAL SECRETARY

Source: AIBOA

Be the first to comment - What do you think?  Posted by admin - February 25, 2015 at 2:46 am

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IBA Official Minutes of meeting dated 23.02.2015 for 10th Bipartite Wage Revision – Bank Wage Revision from 1.11.2012

IBA Official Minutes of meeting dated 23.02.2015 for 10th Bipartite Wage Revision – Bank Wage Revision from 01.11.2012

Indian Banks’Association

Minutes of the discussions held on 23rd February 2015 between IBA representing 

Management of banks which are parties to the Bipartite settlement and 

Workmen Unions and Officers Associations on wage revision

Discussions were held between the Indian Banks’Association representing Managements of banks and the authorized representatives of Workmen Unions and Officers Associations on wage revision for officers in banks. After holding several rounds of discussions, the parties have mutually agreed as under:

  1. The wage revision will be effective from 1.11.2012
  2. The annual wage increase in salary and allowances @ 15% which works out to Rs.4725 crores on salary slip components.
  3. The new scales will be constructed after merging dearness allowance corresponding 4440 points as on November 2011, which works out to 60.15% and adding a load factor of 2% on Basic pay plus Dearness Allowance as on 31st March 2012 amounting to around Rs.597 crores.
  4. Distribution of annual wage increase between workmen unions and Officers Associations will be worked separately based on breakup of establishment expenses as on 31-3-2012.
  5. Every second and fourth Saturday of the month will be a holiday and the other Saturdays will be full working days.
  6. All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.
  7. The parties will meet on mutually convenient dated to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions have been reached. The parties will endeavour to finalise the Bipartite Settlement/Joint Note within a period of ninety days from the date of this minutes.

Signed at Mumbai on 23rd February 2015

FOR MANAGEMENT FOR OFFICER’S ASSOCIATIONS/

WORKMEN UNIONS

T M Bhasin All India Bank Officer’s Confederation
V R Iyer All India bank Officers Association
Arundhati Bhattacharya Indian National Bank Officers Congress
Rajeev Rishi National Organisation of Bank Officers

Source Image by http://banknewskumar.blogspot.in/

Be the first to comment - What do you think?  Posted by admin - February 24, 2015 at 2:46 am

Categories: Dearness Allowance, Employees News, General news, Latest News   Tags: , , , ,

Second and fourth Saturdays to be bank holidays, Remaining Saturdays will be full working days

Second and fourth Saturdays will henceforth be holidays for banks. The remaining Saturdays in a month will be full working days.

 

This was one of the agreements arrived at the meeting of the Indian Banks’ Association with associations of bank employees and staff in Mumbai on Monday.

 

The agreement, primarily settling the long pending negotiations over the wage revision, led to the United Forum of Banking Unions (UFBU) deferring its four day strike plan later this month.

 

“It is a balancing act,” UFBU (Andhra Pradesh and Telangana) Convenor VVSR Sarma told The Hindu about the agreement on the additional holidays. The influential body of the bank staffers was insisting that all Saturdays should be holidays.

By limiting it to two Saturdays and making other Saturdays full working day, the banks have ensured that the impact on the customers due to the additional holidays is less.

 

On the key wage revision component, Mr.Sarma said 15 per cent increase is what the IBA has agreed. The negotiations had hit a stalemate after the banks struck to 13 per cent, while the UFBU demanded 19 per cent. According to Mr.Sarma, the cost for the banks due to the 15 per cent hike that has been agreed works out to Rs.4,725 crore.

The agreement on the wage revision would be implemented with effect from November 1, 2012, he added.

Read at: The Hindu

Be the first to comment - What do you think?  Posted by admin - at 2:39 am

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Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement

Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement

 PSU bank employee unions withdraw strike call, settle wages: Economic Times

NEW DELHI: Employee unions of public sector banks today withdrew their strike call following an agreement with the management on 15 per cent wage hike.

 

“In today’s talks, wage revision settled at 15 per cent with effect from November 2012,” United Forum of Bank Unions (UFBU) Convener M V Murali said.

 

The bank unions had threatened to go on 4-day nation-wide strike from February 25 demanding 19 per cent hike in wages. The wage hike was due from November 2012.

 

At a meeting today in Mumbai, PSU banks employee unions and bank management, Indian Banks’ Association (IBA), agreed on 15 per cent wage hike and entered into an agreement for it.

 

National Organisation of Bank Workers (NOBW) Vice President Ashwini Rana said: “We are not happy as our expectation was that bank staff would get what was given to them last time — 17.5 per cent increase in wages”.

 

The bank employees will now also get holidays on two Saturdays in a month.

 

“Long pending demand of holiday on second and fourth Saturdays for the bank employees have also been reached,” AIBEA General Secretary C H Venkatachalam said.

 

Last week, Finance Minister Arun Jaitley had appealed to bank employee unions to call off their strike as talks were on for a revision of wages of employees.

 

The Minister said banks are already in negotiations with their unions and associations for wage settlement and “the bipartite negotiations in a cordial manner is the only available tool for settlement”.

 

The wage revision of public sector bank employees has been due since November 2012.

 

Earlier, unions had deferred one-day strike scheduled for January 7 as IBA improved the wage hike offer to 12.5 per cent from 11 per cent earlier.

 

There are 27 public sector banks in the country with a combined employee strength of about 8 lakh. There are about 50,000 branches of these banks across the country.

 

Read at Economic Times

Be the first to comment - What do you think?  Posted by admin - at 2:35 am

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Finance Minister asks bank employees not to participate in strike

Finance Minister asks bank employees not to participate in strike
Press Information Bureau
Government of India
Ministry of Finance
21-February-2015 19:53 IST

Finance Minister Shri Arun Jaitley Makes an Appeal to all the Employees of Public Sector Banks (Psbs), Their Unions & Associations not to Resort to Agitation Approach by Participating in Bank Strike; Says Bipartite Negotiations in a Cordial Manner is the only Available tool for Settlement

 

The Union Finance Minister Shri Arun Jaitley has made an appeal to all the employees of Public Sector Banks (PSBs) and their Unions & Associations not to resort to agitation approach by participating in bank strike . He informed the employees of PSBs that banks are already in negotiations with their Unions and Associations for wage settlement The Finance Minister Shri Jaitley said that the bipartite negotiations in a cordial manner is the only available tool for settlement.
The Finance Minister Shri Jaitley said that participating in the proposed strike is neither desirable nor affordable in the interest of the nation. Making an another appeal to the employees of PSBs, their Unions and Associations, the Finance Minister asked them not to resort to such disruptive means, and call off the call for strike.
******

PIB

Be the first to comment - What do you think?  Posted by admin - February 22, 2015 at 3:39 pm

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Home Loan Rates in 2015: Here’s Your Guide

Home Loan Rates in 2015: Here’s Your Guide

As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.
For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:

SBI ( State Bank of India)
ICICI Bank
HDFC Bank
HSBC Bank
Axis Bank
PNB Housing Finance
DHFL
India Bulls ( Up to Rs 25 lakh)
Citi Bank
Tata Capital Housing Finance Ltd

EMI per lakh works out to be Rs 975.

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:

Federal Bank
Bank of India
UCO Bank
Canara Bank

The EMI per lakh works out to be Rs 978.

Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:

IDBI
Punjab National Bank
Allahabad Bank
Central Bank of India
Corporation Bank
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
Kotak Bank
Dena Bank
First Blue Home Finance
Syndicate Bank
Indian Overseas Bank
State Bank of Travancore
Indian Bank

The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.

Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.
Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.
ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.
Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

Be the first to comment - What do you think?  Posted by admin - February 16, 2015 at 9:14 am

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Dearness Relief payable for the period February, 2015 to July 2015

Dearness Relief payable for the period February, 2015 to July 2015 to (a) surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.1986 retirees who are in receipt of Ex-gratia

Indian Banks’ Association
HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2014-15/1279

31st January 2015

Designated Officers of all Nationalised Banks and Associate Banks of State Bank of India

Dear Sirs,
Dearness Relief payable for the period February, 2015 to July 2015 to (a) surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.1986 retirees who are in receipt of Ex-gratia

As per the directive contained in the Government of India, Ministry of Finance Department of Financial Services (Banking Division) letter F.No.11/2/2012-IR dated 17.12.13, the Dearness Relief payable to surviving pre 1.1.1986 retirees/surviving spouses of pre 1.1.86 retirees of banks for the period February to July 2015 will be as under :

Applicable CPI
Average
Amountof
Ex-gratia
per month
Rate ofAmount of dearness

Relief   Dearness Relief

per month

Total Ex-gratia
amount
induding
Dearness Relief
per month
Z %            Z Z
5774 Pre 1.1.86
retirees
Surviving spouses of pre 1.1.86 retirees
350 866.31 3032 3382
175 866.31 1516 1691

yours faithfully,

sd/-
K S Chauhan
Senior vice President

Source: http://www.iba.org.in/Documents/Cir_12790001.pdf

Be the first to comment - What do you think?  Posted by admin - February 3, 2015 at 9:59 am

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PREPARE FOR INDEFINITE POSTAL STRIKE FROM 2015 MAY 6TH. GRAMIN DAK SEVAKS DO NOT WANT SEPEREATE GDS COMMITTEE

PREPARE FOR INDEFINITE POSTAL STRIKE FROM 2015 MAY 6TH. GRAMIN DAK SEVAKS DO NOT WANT SEPEREATE GDS COMMITTEE

SEPERATE COMMITTEE (WHETHER JUDICIAL OR BUREAUCRATIC)  IS A WASTE AND FARCE.

  • 2.76 lakhsGDS do not want a separate GDS Committee.
  • 2.76 lakhs GDS want inclusion of GDS in the 7th CPC.
  • NFPE & AIPEU-GDS(NFPE) demanding inclusion of GDS in 7th CPC.
  • FNPO & NUGDS demanding inclusion of GDS in 7th CPC.
  • Confederation of Central Govt. Employees & Workers demanding inclusion of GDS in 7th CPC.
  • JCM National Council (staff side) organisations including Railway & Defense Federations demanding inclusion of GDS in 7th CPC.

 

BUT RECOGNISED GDS UNION OF SHRI.MAHADEVAIAH IS DEMANDING SEPARTE COMMITTEE FOR GDS

  • Hon’ble Supreme Court stated that GDS are Civil Servants and they are Central Govt. Employees.
  • Justice Singhal, Chairman 4th PC stated GDS are Civil Servants and they are Central Govt. Employees.
  •  Justice Charanjit Jalwar stated that GDS are Civil Servants and they are Central Govt. Employees.
  • Talwar Committee recommended to the Govt. that GDS should be included in Pay Commission and no separate committee should be appointed in future.
  • Govt. appointed 7th Pay Commission for Central Govt. Employees.
  • NFPE & AIPEU-GDS (NFPE) says GDS are part of Central Govt. Employees and they should be included in 7th CPC itself.
  • Confederation of Central Govt. Employees & Workers says that GDS are part of Central Govt. Employees and they should be incuded in 7th CPC itself.
  • JCM National Council (staff side) orgisastions including Railway & Defence Federations says GDS are part of Central Govt. Employees and they should be included in 7th CPC itself.
  • BUT RECOGNISED GDS UNION OF SHRI. MAHADEVAIAH ACCEPTED THE GOVT. STAND THAT GDS ARE NOT PART OF CENTRAL GOVT. EMPLOYEES AND HENCE HE IS DEMANDING SEPERATE COMMITTEE FOR GDS.  HE DON’T WANT GDS TO BE INCLUDED IN 7TH CPC.  HIS MAIN DEMAND IN THE CHARTER OF DEMANDS IS SEPERATE COMMITTEE FOR GDS .
  • NFPE & AIPEU-GDS (NFPE) declared joint indefinite strike under the banner of JCA from 2015 May 6th for inclusion of GDS in 7th CPC.
  • FNPO & NUGDS also declared joint indefinite strike under the banner of JCA from 2015 May 6th for inclusion of GDS in 7th CPC.

&     Confederation, Railways & Defence Federations organised joint National Convention of entire JCM staff side orgnisations and decided to organise massive Parliament March in April 2015 to declare indefinite strike of entire Central Govt. Employees.  Inclusion of GDS in 7th CPC is included in the charter of demands as number one demand.

RECOGNISED GDS UNION OF SHRI MAHADEVAIAH DON’T WANT JOINT STRIKE OF GDS & REGULAR EMPLOYEES.  HE ALWAYS DECLARES FRAGMENTED STRIKE TO TORPEDO THE UNITY OF GDS AND REGULR EMPLOYEES.  HE IS DESPERATELY TRYING TO RETAIN HIS CONTROL OVER GDS.  HE HAS WRITTEN TO THE GOVT. NOT TO ALLOW NFPE & FNPO TO DISCUSS GDS ISSUES.  GOVT. ALSO WANTS TO DIVIDE GDS AND REGULAR EMPLOYEES SO THAT THEY CAN EASILY DENY THE LEGITIMATE DEMANDS OF THE GDS INCLUDING CIVIL SERVANT STATUS AND ALL BENEFITS OF REGULAR EMPLOYEES.

LET US ORGANISE JOINT INDEFINITE STRIKE OF FIVE LAKHS GDS & REGULAR EMPLOYEES FROM 2015 MAY 6TH UNDER THE BANNER OF POSTAL JOINT COUNCIL OF ACTION (NFPE, FNPO, AIPEU-GDS (NFPE) & NUGDS) DEMANDING INCLUSION OF GDS IN 7TH CPC & GRANT OF ALL BENEFITS OF REGULAR EMPLOYEES TO GDS ALSO.
RECOGNISED GDS UNION OF MAHADEVAIAH IS AGAINST FILING CASE IN SUPREME COURT  for grant of Civil Servant status and all benefits of regular employees to GDS.  NFPE & AIPEU-GDS (NFPE) has filed a Writ Petition in Supreme Court and after the preliminary hearing Supreme Court transferred the case to Delhi High Court.  The next hearing of the case in Delhi High Court is on 4th February, 2015.

But Shri. Mahadevaiah had filed a case in the Karnataka High Court for his own benefit requesting to grant Foreign Service benefits to him.  (Writ Petition No.24106/2005 (S.CAT).

When he has filed Writ Petition in High Court for his own benefit it is perfectly alright, but when NFPE & AIPEU-GDS (NFPE) filed case in Supreme Court for the benefit of 2.76 lakhs GDS he is ridiculing it and opposing it.

P.PANDURANGA RAO                                                          R.N.PARASHAR
General Secretry.                                                                  Secretary General,
AIPEU-GDS(NFPE)                                                                NFPE.

Source:http://nfpe.blogspot.in/

Be the first to comment - What do you think?  Posted by admin - December 31, 2014 at 11:45 am

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Bank strike on 7th January 2015

Bank strike on 7th January 2015

ONE DAY STRIKE ON 7th JANUARY 2015
FOUR DAYS STRIKE FROM 21st JANUARY to 24th JANUARY 2015
and if the issue remained still unresolved
INDEFINITE STRIKE FROM 16th MARCH 2015

Thus Ten Lakhs Bank employees and officers working in more than 85000 Branches all over the country will observe the strike as per the call of the UFBU.

This series of strikes has been forced upon the Bank employees and officers. We regret the inconvenience that may be caused to the customers due to this strike and request the general public to support the just cause of the Bank employees and officers.

(C P KRISHNAN)
General Secretary

To
The Chief Reporter,

———————–
We request you to cover the above statement in your esteemed media.

Yours faithfully,
(C P KRISHNAN)
General Secretary

Be the first to comment - What do you think?  Posted by admin - December 18, 2014 at 12:53 pm

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Nation wide strike by bank employees: Rajya Sabha Q&A

Nation wide strike by bank employees: Rajya Sabha Q&A

NATION-WIDE STRIKE BY BANK EMPLOYEES’ TABLED BY SMT. AMBIKA SONI, M.P.

(a) The main demand for nation-wide strike called by United Forum of Bank Unions(UFBU) is immediate settlement of wage revision under 10th Bipartite Settlement.

(b) Indian Banks’ Association(IBA) and UFBU have undertaken 14 rounds of meetings during the present settlement of wage revision. The Chief Labour Commissioner (Central) also called reconciliation meetings on 5.11.2014 and 10.11.2014 after receiving the strike notice from UFBU.

(c) IBA is open and flexible for discussions to carry the matter forward in order to arrive at an amicable resolution so that the relay strike in the first week of December could be avoided.
(d) It is not possible to quantify the loss being incurred. However, the inconvenience caused to public was minimized with the function of Automated Teller Machines(ATMs), online Banking services and other alternative channels.

(e) As per (c) above.

Details of Rajya Sabha Question:-

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA
QUESTION NO 30
ANSWERED ON 25.11.2014

Nation wide strike by bank employees

30 SHRIMATI AMBIKA SONI
Will the Minister of FINANCE be pleased to state:

(a) the main demands of nation-wide strike called by bank employees;

(b) the efforts being made to resolve the contentious issues raised by the United Forum of Bank Unions;

(c) whether negotiations would be initiated to call off relay strikes in the first week of December throughout the country, if so, the details thereof;

(d) the loss being incurred by the industry because of the one day strike ; and

(e) whether conciliatory measures would be undertaken to resolve the issues amicably along with the details thereof?

ANSWER

The Finance Minister (Shri Arun Jaitely)

(a) to (e): A statement is laid on the table of the house. (As above)

Be the first to comment - What do you think?  Posted by admin - November 27, 2014 at 10:26 am

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