FUNNY TALK WITH BRANCH MANAGER AND MANAGEMENT ----- MUST READ

The quarterly profit of Branch reduced. What the hell you are doing in the Branch ?
Branch Manager : Sir I am working hard for the Branch.
MGT: But you have not achieved any of your Targets.
BM: Sir I was behind the Targets in the beginning of the quarter.
MGT : Then why you not achieved it.
BM: Some of my loan proposals were rejected for one reason or other.
Some customers dropped the proposal with us when we raised the query.
Still some idiots are waiting expecting that they may get loan from us.
MGT: If you concentrate on Targets you should have achieved it.
BM: Sir by the time got a call from ZO to concentrate on retail loan campaign to defeat another zone.
MGT : So you opened lot of retal loan accounts.
BM : No sir. Due to Maha login I was instructed to canvass life insurance policy.
MGT: Good . You might have canvassed good no of policies.
BM: No sir I got a mail to make all accounts KYC compliant.
I was behind it.
MGT: So all your accounts are KYC compliant.
BM : No sir, I was instructed to get Health / General insurance immediately.
MGT: So you made a good other income through Health/ General insurance.
BM : No sir by the time I got mail to clear verification of title deed, clear inspection comments, staff accountability, enroll all customers to Prime Minister Schemes etc.
MGT: And you have done all these.
BM : No sir , ZO/ RO instructed me to concentrate on Writeoff / NPA.
MGT: So you have made good recovery.
BM : No sir by the time Quarter is over .

BANK EMPLOYEES TO GET 34 SLABS INCREASE IN DA FOR NEXT QUARTER (Nov'15 to Jan'16)

BANK EMPLOYEES TO GET 34 SLABS INCREASE IN DA FOR NEXT QUARTER (Nov'15 to Jan'16)

With the two point increase of All India Consumer Price Index Numbers (AICPIN) for the month of SEPTEMBER ’15, which stood at 266 points , Bank employees will get hefty increase of 34 slabs of D.A. for Nov'15 to Jan'16 quarter.
July’15       263 (6003.21)
August       264 (6026.04)
September 266 (6071.69)
Accordingly  Bank workmen/Officers  will have  34 slabs increase   in DA payable for next quarter Nov to Jan’16 at 39.80%.(3.40%increase from Existing 36.40%)

Syndicate Bank Q2 net up at Rs. 332.4 cr

Syndicate Bank has reported a 5.3 per cent growth in net profit for the September quarter on higher interest income and lower provisioning.

The Manipal headquartered public sector bank reported a net profit of Rs. 332.37 crore for the quarter ended September 30, 2015 agasint Rs. 315.60 crore in the corresponding quarter last year.

Net interest income, the difference between the interest earned and expended, grew 12 per cent to Rs. 1,594.75 crore from Rs. 1,422.48 crore in the corresponding period last year. Operating profit for the quarter was up 28 per cent at Rs. 1,225.30 crore against Rs. 953.87 crore in the corresponding last quarter.

Gross non performing assets grew to Rs. 7,734 crore (3.72 per cent of total advances) for the September quarter against Rs. 6,048.98 crore (3.43 per cent) in corresponding quarter last year. Net NPAs were up at Rs. 4,854.50 crore (2.37 per cent of the advances) against Rs. 3,825.32 crore (2.20 per cent). Syndicate Bank's provision coverage ratio stood at 63.37 per cent as of September 2015.

Syndicate Bank scrip was trading 2 per cent lower at Rs. 95.25 on the BSE tracking the earnings announcement. 

Pradeep Gupta elevated as State Bank of India MD

The Central Government has appointed Pradeep Kumar Gupta as the new Managing Director ofState Bank of India (SBI), the country’s largest bank.

Gupta will succeed P Pradeep Kumar, who will superannuate on October 31 this year, the bank said.

At present, Gupta is the Deputy Managing Director at SBI and will take over the post on or after November 1, 2015 and up to March 31, 2020, the date of his superannuation, or until further orders, whichever is earlier, the bank statement said.

Government Plans to Privatize IDBI Bank: Jayant Sinha

The government is planning to lower its stake in IDBI Bank as it wants the troubled lender to transform the way Axis Bank has done, Minister of State for Finance Jayant Sinha said on Tuesday.

"We'll consider transforming IDBI Bank in a manner similar to the way Axis Bank was done," Mr Sinha told reporters on the sidelines of an event here.

He was replying to a specific question on the likely shortfall in divestment target and the options available before the government.

"We still have quite a number of opportunities even on divestment side," he said but admitted that they may have to halve the target from over Rs 64,000 crore.

Speculation is rife that the government will get its stake in the infrastructure lender-turned-commercial bank IDBI Bank down to below 49 per cent, which may mean ceding an absolute control in the bank.

It can be noted that despite over a dozen years of existence as a commercial bank, IDBI Bank is crippled by legacy issue of project financing, which has mounts of bad assets.

Axis Bank was created after the state-run fund manager UTI went bust in the early 1990s and the AMC was hived off into three separate entities.

Today government is the single largest shareholder with an around 13 per cent stake and the rest is owned by state-run banks and other financial institutions and state-run insurers.

"The FM has already said that for IDBI, we are evaluating whether it is possible to effect a transformation like we have done for Axis Bank," Mr Sinha said.
source ntdtv profit

Finance Minister Arun Jaitley launches PAN camps and E-sahyog portal

Finance Minister Arun Jaitley today launched PAN camps and E-Sahyog in the national capital for settling Income Tax return claims digitally.

These two initiatives of the I-T department is expected to expedite issuance of PAN cards and paperless tax assessment.

The PAN camps around different centres in India will facilitate PAN application and further facilitate filing returns and tax collection.

The PAN camps are aimed at expanding the coverage of number of people through Permanent Account Number (PAN). Currently there are 23 crore people with PAN card.

E-Sahyog is an online mechanism to resolve mismatches in I-T assessment without requiring taxpayers attending I-T Offices. The notices to assesses would be sent to their emails.

It is expected to reduce compliance cost especially for small taxpayers.

Jaitley said, "the objective of I-T department is to make the life of assesse easy and difficult for those who evade and added that both the initiatives will make the tax filing transparent and easy.

The minister also said that the government is working on simplifying the I-T act.

Seventh Pay Commission, OROP will not impact fiscal deficit: Jayant Sinha

Increase in salary bill due to Seventh Pay Commission and Implementation of One Rank One Pension (OROP) will not strain government’s fiscal position, Minister of State for Finance Jayant Sinha today said.

“I think we are in a very good shape as far as fiscal management is concerned. That was appreciated by all economists,” he said while interacting with reporters after a meeting of economists which was chaired by Finance Minister Arun Jaitley at NITI Aayog.

He made it clear that the government’s fiscal position is strong enough to bear the impact of implementation of Seventh Pay Commission and OROP.

The Seventh Pay Commission report in December is expected to recommend a hike in salary of central government employees. OROP is likely to result in an outgo of Rs 8,000-10,000 crore this fiscal.

The pre-Budget meeting discussed various issues, including agriculture productivity, job creation and fiscal expenditure.

“We had some of India’s most eminent economists and commentators there. Obviously, it is very early in the cycle to start the consultation. But we felt that if there were good ideas, we could incorporate them even in this fiscal year. Obviously, for the preparation of the current budget, we could begin the work on that right now,” he said.

“It was very good interaction and we look forward to incorporating much of this for this fiscal year as well as coming fiscal.”

There were several topics that came up, Sinha said, adding that “one very important topic that we spent time on is agriculture and what we could do to increase productivity in agriculture”.

The meeting also dwelt at length on fiscal expenditure and how to ensure fiscal expenditure, particularly public investment, could be as productive as possible.

“Third major area that we spoke about is obviously the financial sector… more credit for agriculture, MSMEs and what could we do further to strengthen our banks. The final area that we also spent time on is how to ensure we are able to create more jobs for young people, whether it is in the manufacturing sector or the service sector,” he said.

NITI Aayog Vice-Chairman Arvind Panagariya, Chief Economic Adviser Arvind Subramanian and Reserve Bank Deputy Governor Urjit Patel were present.

Besides, the meeting was attended by Finance Secretary Ratan P Watal, Economic Affairs Secretary Shaktikanta Das, Revenue Secretary Hasmukh Adhia and Financial Services Secretary Anjuly Chib Duggal.

Economists such as Subir Gokarn, Director of Research at the Brookings Institution India, Ajit Ranade, Chief Economist, Aditya Birla Group, and Rajiv Lall, Vice-Chairman IDFC Ltd, also participated.

Nainital Bank Limited Recruitment for 30 Clerks 2015

Nainital Bank Limited invites applications for recruitment of Clerks. Nainital Bank Limited is going to fill up 30 posts through this job notification.

Dates to Remember:

• Last Date For Receipt of Application    :10-Nov-2015

Number of Vacancies:

There are in total 30 vacancies

Eligibility Criteria:

• Educational Qualification: Candidates should possess Graduation/ Post Graduation with minimum 45% marks, knowledge of Computer Operation. For more details on how to apply, selection process, Application fees and other particulars go through notification.
• Age Limit : Should be between 18-27 years of age as on 30-09-2015

   

           Official Website:

http://www.nainitalbank.co.in/pdf/ADVERISEMENT-Recruitment-Clerks.pdf

For full details like online apply procedure, age limit, challan /online payment fee information, Educational Qualification on Nainital Bank Limited Recruitment 2015. Please visit above link.

Nainital Bank Limited Recruitment for 30 Clerks 2015

Nainital Bank Limited invites applications for recruitment of Clerks. Nainital Bank Limited is going to fill up 30 posts through this job notification.

Dates to Remember:

• Last Date For Receipt of Application    :10-Nov-2015

Number of Vacancies:

There are in total 30 vacancies

Eligibility Criteria:

• Educational Qualification: Candidates should possess Graduation/ Post Graduation with minimum 45% marks, knowledge of Computer Operation. For more details on how to apply, selection process, Application fees and other particulars go through notification.
• Age Limit : Should be between 18-27 years of age as on 30-09-2015

   

           Official Website:

http://www.nainitalbank.co.in/pdf/ADVERISEMENT-Recruitment-Clerks.pdf

For full details like online apply procedure, age limit, challan /online payment fee information, Educational Qualification on Nainital Bank Limited Recruitment 2015. Please visit above link.

Bank employees to go on nationwide strike on December 2 ----2015 wednesday

Bank employees will observe a country-wide strike on December 2, a leading union said on Saturday.

All-India Bank Employees Association (AIBEA) General Secretary C H Venkatchalam said the strike call is to press for addressing issues like de-linking associate banks from SBI and extending compassionate appointments as per government guidelines.

"Separately, the State Sector Bank Employees Association (SSBEA) has also given a call for strike on two days (December 1 and 2) in SBI's associate banks," its Chairman Mahesh Mishra said.

"SSBEA may go for an indefinite strike in associate banks to be followed by indefinite stir by AIBEA in all banks by end of December if their demands are not conceded by then," Mishra warned.

The other demands include increase in quantum of staff housing loans, recruitment of sub-staff and part-time employees and not imposing SBI service conditions and career progression in associate banks.

Venkatchalam said starting from October 26, there will be a series of agitations leading to the strike in early December.

"Instead of coming forward to negotiate with SSBEA and our unions, recently SBI management sent a fiat to all associate banks instructing them to implement SBI Career progression policy.

"This means the SBI management does not care for bilateralism or believe in discussions with the unions," he added.

Congratulations LIC Employees for getting better wage revision

we must feel happy for LIC Employees and must congratulate their leadership which would have been under tremendous pressure after 10th BPS of Bank Employees as Government and Management both would be pressurizing them to settle for increase equivalent to bank employees. I think they would have strives for more increase, had our leadership would not have put them under pressure.

We must not feel jealous rather we must accept the truth that due to our own weakness we could not get "fair and honorable" wage increase.

I remember during third Bipartite Settlement, Pay Scales of Bank Employees were revised from Rs. 170-550 to Rs. 325-1040 and DA per slab was reduced from 3% to 1.5%. Later on, Pay Scales of RBI Employees were revised on the same principle but they were able to rectify the mistake of our leadership of not compensating the DA. They agreed for DA @ 1.58%. This created resentment among-st the rank and file of unions and leadership was compelled to demand same DA formula of 1.58%. Ultimately bank employees also got DA @ 1.58%.

I think present generation of Bank Employees must display same courage to ask leadership as to why they could not clinch what LIC Employees have been able to. Our Leadership like leaders of the past must demand reopening of BPS to yield equivalent percentage of Increase at par with at least LIC Employees and must correct their mistake by abolishing Special Pay and getting 13.5% increase in Basic Pay and 5 days a week working.

Let Bank Employees display displeasure and annoyance towards leadership for breach of trust for not able to get "fair and Honorable" wage increase which they had been promising.

Congratulations LIC Employees for exposing our leadership and getting better wage revision in spite of all sorts of pressure that would have been applied on you because of our 10th BPS.

What you people say ??????????

Courtsey Kamlesh Chaturvedi ..................

Banks free to fix interest rates on Gold Monetisation Scheme, says RBI

Reserve Bank of India on Thursday issued guidelines for theGold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits.

The RBI notification in this regard comes ahead of the formal launch of the scheme by Prime The gold deposit scheme is aimed at mobilising a part of an estimated 20,000 tonnes of idle precious metal with households and institutions.As per the guidelines, banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold."Redemption of principal and interest at maturity will, at the option of the depositor be either in Indian Rupee equivalent of the deposited gold and accrued interest based on the price of gold prevailing at the time of redemption, or in gold. The option in this regard shall be made in writing by the depositor at the time of making the deposit and shall be irrevocable," it said."The interest will be credited in the deposit accounts on the respective due dates and will be withdrawable periodically or at maturity as per the terms of the deposit," it said.

"The designated banks will accept gold deposits under the Short Term (1-3 years) Bank Deposit (STBD) as well as Medium (5-7 years) and Long (12-15 years) Term Government Deposit Schemes. While the former will be accepted by banks on their own account, the latter will be on behalf of Government of India," it said.

"The short term bank deposits will attract applicable cash reserve ratio (CRR) and statutory liquidity ratio (SLR)," it said.

However, it said, the stock of gold mobilised under the scheme by banks will count towards the general SLR requirement, a move that will provide additional capital to banks for lending towards productive sectors.

The CRR is the portion of the total deposits, which has to be kept with RBI in cash, while SLR is the portion of deposit compulsorily parked in government securities.

Currently, banks have to set aside 4 per cent of the total deposit for CRR while 21.5 per cent for meeting SLR requirement.

"As per the RBI guidelines, there will be provision for premature withdrawal subject to a minimum lock-in period and penalty to be determined by individual banks," it said.

7th Pay Commission Pay calculator and fixation formula Project

7th Pay Commission Pay calculator and fixation formula Project

The expected 7th CPC basic pay given below is created by comparing the previous pay commissions. 

Let us have a look at how the Basic Pay was determined in the previous pay commissions.

How the 2nd CPC Pay Fixation was created?

The 2nd Pay Commission was created from the 1st pay commission using a point-to point method.

Example sample table:

First pay commission	Second pay commission
Rs 30.5-35	Rs 70-1-80-EB-1-85
Rs 35-1-50-2-60	75-1-85-2-95 EB -3-110
Rs 600-10-300-15-450	Rs 325-15-475-EB-20-575

We have attached some samples of the 2nd Pay Commission Pay Scales & fixation Orders(1947)

How the 3rd CPC Pay Fixation formula was created?

Basic pay on 1.1.1973	*****
Dearness pay as on .1.1.1973	*****
Dearness allowance as on 1.1.1973	*****
Interim relief	*****
Total amount	*****
Add 5% of basic pay	*****
Total (New Basic)	*****

When we study the Pay Fixation Formula of the 3rd Pay Commission given above, we will come to know that the Basic Pay provided in the 3rd Pay Commission is the sum of the 2nd Pay Commission’s Basic Pay, Dearness Pay, Dearness Allowance and Interim Relief and 5% of 2nd Pay Commission’s Basic Pay.  

How the 4th CPC Pay Fixation formula was created?

Basic pay as on 1.1.1986	****
DA ,ADA,and adhoc DA	****
Interim relief first	****
Interim relief second	****
Add 20% basic pay	****
Total (New Basic)	****

When we examine the 4th Pay Commission Pay Fixation shown above, we can understand that the Basic Pay of the 4th Pay Commission is arrived by adding the 3rd Pay Commission’s Basic Pay along with Dearness Allowance, Interim Relief I and II and 20 %of the 3rd Pay Commission’s Basic Pay.

I Next let us see how the 5th CPC pay fixation was made?

Basic pay on 1.1.1976	****
Dearness Allowance	****
First interim relief	****
Second interim relief	****
Add 40% basic pay	****
If increment (1,2 ,3)	****
Total (New Basic)	****

If we study the Pay Fixation formula of the 5th Pay commission, we can find that the Basic Pay of the 5th Pay Commission is fixed by combining the 4th Commission Basic Pay, Dearness Allowance, Interim Relief I and II and by adding 40% of the 4th Commission’s Basic Pay.  

How the 6th CPC pay fixation formed?

On what basis is the minimum Pay Band & Grade Pay created?(Click here)

Pay fixation in case where pay scales have been merged e.g pre revised pay scale of Rs of 5000-8000,5500-9000 and Rs 6500-10500

Existing scale pay	Rs 5000-150-8000
Pay band applicable	PB-2 Rs 9300-34800
Merged with the scale of pay	Rs 6500-200-10500
Existing basic pay on 1.1.2006	Rs 5600
Pay after multiplication by a factor of 1.86 (How to come 1.86) BASIC PAY+DP+DA 5600+2800+2016=10416(1.86)	Rs 10416(Rounded off to Rs 10420)
Pay in the pay band after including benefit	Rs 10420
40% of the maximum of the basic pay in each of the pre-revised pay scale  (10500*40/100=4200)click here to get full details How to come grade pay this amount(click here)	Rs.4200
Revised basic pay –Total of pay in pay band and grade pay(New Basic)	Rs.14620

 If you look at the 6th Pay Commission Pay Fixation formula, we can find a difference in that the Basic Pay is divided in to two as to Pay Band and Grade Pay. Based on this, the Pay Band is arrived by summing up the 5th Pay Commission Basic Pay, Dearness Pay and Dearness Allowance (1.86 Multiple Factor). 40% of the Maximum of pre revised Pay Scale of the 5th Pay Commission is added to the Grade Pay that is paid as usual and the Grade Pay is determined.

7th CPC Pay Fixation Formula Project

If you look at the timetable above, a fact becomes clear. The Basic Pay in every new pay commission is derived by combining the Basic Pay from the previous pay commission and additional benefits like DA, Interim Relief I and II, and DP. Along with this a percentage is taken from the old Basic Pay and added to the above sum and given as new Basic Pay.

In the 6th Pay Commission alone, the total sum (that is got by adding) is given as Pay Band and a percentage from the usually paid additional amount is given as Grade Pay. Based on the above Pay Commissions,(3rd CPC 5%,4th CPC 20%,5th cpc,40%,6th cpc 40% Exiting maximum pre -revised pay scale) approximately 50% has been added from the previous Basic Pay along with the Basic Pay and Dearness Allowance and the formula for the 7th Pay Commission Pay fixation projected thus arrived is given below

Basic pay as on an Jan 2016	*****
Dearness allowance	*****
Add 50% of basic pay	*****
Total of 7th cpc basic pay (Projected)	*****

6th CPC Pay Band	Pay In The Pay Band	Grade Pay	6th CPC Basic Pay	7th CPC Project Basic Pay (50%)	7th CPC Project Basic Pay (60%)	7th CPC Project Basic Pay (70%)
PB – I             5200 – 20200	5200	1800	7000	18830	19530	20230
	5830	1900	7730	20795	21568	22341
	6460	2000	8460	22760	23606	24452
	7510	2400	9910	26665	27656	28647
	8560	2800	11360	30560	31696	32832
PB – II 9300 – 34800	9300	4200	13500	36320	37670	39020
	12540	4600	17140	46110	47824	49538
	13350	4800	18150	48825	50640	52455
PB – III 15600 – 39100	15600	5400	21000	56490	58590	60690
	18750	6600	25350	68195	70730	73265
	21900	7600	29500	79360	82310	85260
PB – IV 37400 – 67000	37400	8700	46100	124010	128620	133230
	40200	8900	49100	132080	136990	141900
	43000	10000	53000	142570	147870	153170

 

A certain percentage of the amount which is paid additionally is not same for all the scales. For some scales it is more and so favourable. That is why we have created the 7th CPC projector pay calculator in three different varieties