New Announcement by PM Modi on 31st December 2016

• PM Launches 2 Housing Scheme
• Interest Rebate for Farmers
• 6000 Assistance for pregnant women
• 3% Interest Rate  rebate on home loans up to 12 Lacs
• 4% Interest Rate  rebate on home loans up to 9 Lacs
• 3% Interest Rate rebate on home loans up to 2 Lacs
• Interest rebate for farmers on interest on 60 Days
• 3 crore Kisan Credit cards (KCC) would be converted to RUPAY Cards
• Tax incentive for small business
• Interest incentive for Senior Citizens on deposits upto 7.5 Lacs deposited for 10 Years. 

"you can't even read a mail, what the hell are you doing there sitting in branch.?!!"IN A PH CALL BY hO / RO

Works in banks:
1. Lok Adalats
2. ATM management
3. Clearing
4. Pension disbursement
5. Death claims
6. Complaints
7. Filing recovery suits
8. Filing EPs
9. RTI applications
10. Fresh NPA investigation
11. QMC investigation
12. CERSAI registration
13. SARFAESI action
14. Taking Possession
15. Fraud reports
16. Seizure of moveables
17. Auctioning of seized items
18. Auctioning of jewels
19. Agriculture loans
20. OTS settlements
21. SB account activations
22. Current accounts
23. LIC policies
24. OD facilities
25. PPF accounts
26. E-KYC
27. NRI customers
28. Product marketing
29. Jewel loans
30. Mobile banking
31. Net-banking
32. Corporate Banking
33. Housing loans
34. Vehicle loans
35. Educational loans
36. Compliance to RO/HO
37. Advocates review
38. Valuers review
39. Seizure agents review
40. Jewel appraisers review
41. Bank Adalats
42. TDS/tax management
43. Cash management
44. Empaneling advocates
45. Empaneling valuers
46. Empaneling seizure agents
47. Empaneling jewel appraisers
48. Audit reports
49. Quarter end reports
50. Year end reports
51 De duplication
52 Self Audit
53 Jandhan yojna
54 Mudra Loan
55 General Insurance
56 aadhaar seeding
57 fasal bima yojana
58 stand up India
59 pmjby
60 pmsby
61. Net banking failure.
62. ATM failed txn.
63. Maintaining rcrds of ECS return.
64. Soil notes n pre 2005 notes return
65. Repairing of passbook printng kiosk
67. Coin vending machine
68. Note acceptor/ cash deposit kiosk.
69. Responsiblity rectify Failure link.
70. msbhv from Customer
71. Reply on unnecessary queries like Where does my ECS amount go, why atm hotlisting charged debited..🙄
72 ishan uday scholarship
73. RGNF scholrship
74 single girl child
75 Locker SERVICE
76 ugc net
77 ugc ctet
78. stock statement
79. Filling up diposit and withdrawal slips of illiterate customers
80 banker account balancing
81. Phn service/ mail service to customers
82. Compplince report
83 cash remittances
84 pre sanctions visit
85 post sanctions visit
86 writing GC in 3 Slips 😛
87.Ghar ghar dastak. ###### Modhur milan..
88. cctv not working
89. Electricity bill of office not received
90. Replying Explanatory Letter 😝 to HRMS
91. Following up of complaint lodged by making calls in regular intervls
92. Maintaining cheque return register....
93. Cleaning of selves in your table jamed by ur xxx🙏
94. Signature scanning
95. Loging complaint for not allowing to modify like DOB. N chk ready made reply "please contact concerned section..".
96. Giving clarification to fellow coligs that what we want to to say
97. LPG n related queries
98. Remembering passwords of all colleagues
99. Why bank cant isue pan card?
100. Removing pins stuck in the keyboard 😀😀😀

And while doing all this, when a branch employee is not able to read emails from head office, the would call and shout, "you can't even read a mail, what the hell are you doing there sitting in branch.?!!"

Employee :😔😔😔🙄😳🙄😒🤔🤔🤔"
Yaar main kuch nahi karta 😔

HENCE PROVED....
बैंक वाले फ्री में सैलरी उठाते है ।

Senior Citizens To Get Guaranteed 8% Interest Rate For 10 Years

To protect senior citizens from falling interest rates, Prime Minister Narendra Modi in his address to the nation on Saturday said that they would be given guaranteed interest rate of 8 per cent on deposits up to Rs 7.5 lakh.

The provision of special interest for senior citizens (those above 60 years of age) will be applicable for 10 years, and the interest will be paid on a monthly basis, PM Modi said in his New Year's Eve address to the nation on Saturday.

The guaranteed interest rate will help protect the income of senior citizens, the Prime Minister said. 

"Banks often reduce their deposit rates, when they receive a large volume of money. This should not adversely impact senior citizens. Under the scheme, senior citizens will receive a fixed interest rate of 8 per cent for a period of 10 years, on deposits up to 7.5 lakh rupees. The interest will be paid monthly," the Prime Minister said. 

Banks have cut interest rate on deposits in the past few years in the wake of interest rate cut by the Reserve Bank of India and higher money supply in the financial system. With banks being flush in deposits in the wake of demonetisation and the credit offtake remaining weak, the interest rate on bank deposits is likely to fall further.

The RBI since 2015 has cut its repo rate or key lending rate by 175 basis points, leading to a sharp cut in deposit rates by banks.

A fall in interest income hurts the income of senior citizens who depend primarily on interest from bank deposits as their biggest source of income.

Currently, State Bank of India (SBI), the country's biggest bank, pays an interest rate of 6.5 per cent to retail depositors on fixed deposits with maturity between 5 years and 10 years. And for senior citizens, the interest rate paid by SBI is 7 per cent.

The Prime Minister also launched special housing schemes for the rural and urban poor who will get subsidy on interest rates on construction/renovation of houses

HAPPY NEW YEAR 2017

End of the year appology

🍃🍂🍃🍂🍃🍂🍃🍂🍃🍂🍃

     🙏🏻 *END OF YEAR APPOLOGY* 🙏🏻

➡ Those who think I am proud,

        I apologize. Pls forgive me.

➡ Those who think I've   

        ignored them,

        I apologize. Pls forgive me.

➡ Those who felt offended

        by my attitude or character,

        I apologize. Pls forgive me.

➡ Those who I didn't visit

        or called during this year,

        I apologize. Pls forgive me.

➡ Those who I hurt by

        words or action,

        I apologize. Pls forgive me.

➡ Those whose promises,

        I didn't fulfill,

        I apologize. Pls forgive me.

➡ Those who felt I am too serious,

        and not friendly,

        I apologize. Pls forgive me.

               *Pls don't enter 2017*    

         *with baggage of hurts and* 

           *bitterness ~ Be better..!!!*

       *Enter 2017 Empty n Smiling*

           🌹 Be blessed in 2017 🌹

                *HAPPY NEW YEAR IN*

                       *ADVANCE*

😊🙏🏻

🍃🍂🍃🍂🍃🎭🍃🍂🍃🍂🍃

RTGS Holidays 2017 by RBI

RTGS Holidays 2017 by RBI

S No	Date	Occasion
1	26th January 2017 (Thursday)	Republic Day
2	1st April 2017 (Saturday)	Annual Closing of Banks
3	14th April 2017 (Friday)	Good Friday/ Dr. B. R. Ambedkar Jayanti
4	26th June 2017 (Monday)	Ramzan/ Id-Ul-Fitr
5	15th August 2017 (Tuesday)	Independence Day
6	2nd September 2017 (Saturday)	Id-Ul-Zuha (Bakri Id)
7	30th September 2017 (Saturday)	Dussehra / Vijaya Dasami
8	2nd October 2017 (Monday)	Mahatma Gandhi Jayanti
9	25th December 2017 (Monday)	Christmas

RBI Asks Banks To Report On Deposits Of Old Notes

 The Reserve Bank of India (RBI) has asked banks to send information to the central bank via email on the quantum of old notes deposited at their branches. The 50-day deadline to deposit old 500, 1000 rupee note ends today.

"With the closure of the facility of exchange of SBNs (specified bank notes) as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email. Banks should make arrangements to gather the information from all its branches accordingly," the RBI said in a notification addressed to the bank chiefs. 

The RBI directed all the banks to deposit the old notes at its offices or in currency chest on December 31.  

Currency chests are branches of select banks which are authorised by the RBI to stock currency. 

The old notes also "cannot form part of banks' cash balances from the close of business as on December 31, 2016," the RBI said.

Cash withdrawal cap may not be necessary from Jan 1, says MoS finance

The cap on cash withdrawal may not be necessary from January 1, as 250-300 million currency notes were being printed on a daily basis, minister of state for finance Santosh Gangwar has said.

“I have been told that 25-30 crore notes are being printed on a daily basis. Continuing with the withdrawal cap is not necessary from January 1,” Gangwar told CNBC TV18 in an interview here on Thursday.

“Inconvenience of limited withdrawal will lessen after December 30. Improvements can be seen in the transaction process in the last few days,” he added.

The central government had demonetised Rs 500 and Rs 1,000 currency notes on November 8, sending the whole nation into a tizzy. Long queues outside banks have been a daily occurrence since then because enough currency notes are not available with the banks.

Gangwar said that sufficient quantities of new currency could not have been printed earlier as it would have leaked the news of demonetisation which was intended to be a surprise. This is particularly true for the new Rs 500 notes, printing of which, presumably, started after November 10.

“Could not print currency earlier as the news would have leaked,” he said.

There are four currency printing presses -- one each in Nashik (Maharashtra), Dewas (Madhya Pradesh), Salboni (West Bengal) and Mysuru (Karnataka).

The first two are owned by the central government through the Security Printing and Minting Corporation of India Ltd. The other two -- in Salboni and Mysuru -- are part of the Bharatiya Reserve Bank Note Mudran Pvt. Ltd. (BRBNMPL), a wholly-owned subsidiary of the Reserve Bank of India (RBI).

If all three shifts run, the four presses would be able to print 40 billion notes a year, irrespective of the denomination.

The government had earlier said that it had no intention of printing new notes worth the entire demonetised currency i.e. Rs 15.44 lakh crore.

The requirement of the cash will be measured and according to that, it will be pushed into circulation, the Finance Ministry had said.

According to estimates, the government would have put about 50 per cent of Rs 15.44 lakh crore in circulation by December-end.

Gangwar said that post-demonetisation, the government wants to move towards a less-cash society and not completely cashless society.

“We are not talking about cashless but less-cash,” he said.

On the government receiving flak for its decision of allowing only one-time deposits of amounts of over Rs 5,000, Gangwar said that it was rolled back after receiving people’s feedback.

“There’s nothing wrong in rolling back some decisions. We are answerable primarily to the common man more than the opposition party. We have rolled back certain decisions after receiving feedback,” he said.

Meanwhile, minister of state for finance Arjun Ram Meghwal in an interview to CNBC TV18 on Thursday said that once the entire process of demonetisation is over, consumption and investment levels will pick up and improve the GDP by 2 per cent.

He said that the tax base will also increase post-demonetisation.

The total cash that comes back to the banking sector will be disclosed at the right time by the central bank, he added.

Black money in Politics **** Kindly read, its very important.

 * Black money in Politics ****

Kindly read, its very important.

[1] As per "Income tax act-1961" any political party can take money upto 20,000/- without any disclosure, upto any amount. Mostly parties are taking "Crores" of rupees without any disclosure. Even in this demonetisation they are taking huge money without any disclosure, and got relief from income tax department enquiry.

[2] In India there are more than 2000 political parties registered through Election commission.

[3] Interestingly, Political party can be registered by Election commission, but they can not remove them from registration.

[4] Election commission request govt. more then 400 Political party to cancle their registration, as they have not contested since 2005.

These are the details by which huge black money managed by Political parties in our country. And entire innocent people standing in the queue, with a thought of patriotism and with a hope to remove "Black money" from our society.

We request our respected Prime Minister, to take strong decision in this direction.

60 Lakh Depositors Put Rs 7 Lakh Crore In Banks Since November 8: Report

 Armed with information about Rs 7 lakh crore deposits made by some 60 lakh individuals and companies, the government on Thursday warned of hauling up anyone unable to show legal means saying mere depositing in bank does not convert black money into white.

Top officials said that while the government will not hound any genuine depositor, it will not hesitate to litigate at any forum to catch any black money holder trying to convert illegal wealth into white.

Post-demonetisation, unaccounted wealth holders have an option to avail of a tax evasion amnesty scheme - 'Pradhan Mantri Garib Kalyan Yojana' - and pay their dues, failing which the government's long arms will surely catch them, they said. 

"People are thinking that money has come into the banking system and it has all become white. This is not so. We have been getting daily information of all the deposits above Rs 2 lakh, Rs 5 lakh and the number and amount deposited and we have been collating this information with past information about the same person," a top government official told PTI.

"So, there is a huge scope for taxing now which has arisen and we do hope that people will understand that simply because they have put in bank it has become white that is not the case. We do hope that people themselves will come forward to participate in the scheme. But if they don't, they are not going to be happy," the official added.

The tax department is armed with systems to track those with multiple banks accounts as well as those who are depositing in accounts of others and the tax department will not leave anyone who is trying to evade taxes, he added.

"Even if you take deposits of more than Rs 2 lakh, we have information about more then 60 lakh individuals, companies and institutions who have deposited more than Rs 7 lakh crore of money. That's an astonishing number. We will be looking at it. For individuals the deposit figure would be Rs 3-4 lakh crore."

"We do expect a lot of revenue buoyancy because of this either in this year or in subsequent years but nobody will go scot-free," the official said.

Following the demonetisation of Rs 500 and Rs 1,000 notes on November 8, the government has come out with PMGKY, under which people can disclose unaccounted cash and come clean by paying 50 per cent tax. Besides the scheme provides for a mandatory deposit of 25 per cent of such income in the zero-interest bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years.

PMGKY commenced on December 17 and will remain open for declarations and deposits up to March 31, 2017. 

Banking sector under significant stress, but stable: RBI governor Urjit Patel

The banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Reserve Bank of India Governor Urjit Patel said in the twice-yearly Financial Stability Report.

The report noted the gross non-performing advances ratio of commercial banks -- a measure of stress in the sector -- had increased to 9.1% in September from 7.8% in March, pushing the overall stressed assets ratio to 12.3% from 11.5%.

Stressed assets levels could increase further under baseline case scenarios, especially at state-run lenders, but the overall financial system remained stable after recent moves forcing banks to account for the true extent of bad loans in their balance sheets, the RBI said.

“While the domestic banking sector continues to face significant levels of stress partly reflecting legacy issues, on balance, enhanced transparency has helped to reinforce the stability of India’s financial system,” Patel said in the foreword of the report.

Patel also said domestic economic conditions remained “stable”, adding India had seen “significant moderation” in inflation, although he also noted growth momentum “has slackened” recently.

The RBI governor also endorsed India’s shock move last month to remove higher-value notes from circulation, saying it would “impart far reaching changes,” including in boosting digital payments, while acknowledging “the short-term disruptions in certain segments of the economy and public hardship.”

The RBI this month unexpectedly kept interest rates unchanged, saying the economic impact from the so-called demonetisation action would prove just transitory.

Bond options

The RBI said it would allow the trading of bond options starting January 31, 2017, in the latest move by the central bank to develop the country’s debt markets.

The RBI said market participants would be allowed to trade both exchange-traded and over-the-counter bond options, including for market-making purposes. The move had long been expected after an RBI panel proposed in February that bond options be introduced to provide more hedging options for investors.

India has been keen to develop its fixed income markets and imposed revamped trading rules for bond futures in January 2014.

An Extra 30 Days To Repay Loans In Certain Categories

Keeping in mind the ongoing cash crunch in the economy due to demonetisation, the Reserve Bank of India (RBI) has asked lenders to provide additional 30 days to borrowers in some categories for repayment of loans.

Earlier through a notification issued on November 21, the RBI had provided 60 days extra for agricultural, housing as well as personal loans with an original sanctioned amount of Rs. 1 crore or less.

The RBI in its notification issued on Wednesday provided additional 30 days relaxation in addition to the 60 days relief provided earlier to Running working capital accounts, Term loans for business purposes, and agriculture loans, with an original sanctioned amount of Rs. 1 crore or less. 

The government's sudden decision in November to scrap high value banknotes took out 86 per cent of the money in circulation leading to cash crunch in the economy. This has affected the ability of many borrowers to service their loans.

With withdrawals being restricted per account, many loan borrowers have been unable to get dues on time from creditors, limiting their options to repay their loan dues.

Also, normal banking activities, including clearing of cheques, have been severely hampered after the government's announcement, with bankers having to first serve people who have been queuing up for a one-time exchange of old notes for new ones at bank counters.

Prime Minister Narendra Modi had promised that the cash crunch will ease in 50 days. However according to latest reports, the cash crunch is now expected to last for a few more months.

50th Day of DEMONETISATION---- banks will stop accepting deposits of old currency after Friday.......

50th Day of DEMONETISATION......E V E N T S

*****************
1. New notes

After Prime Minister Narendra Modi announced demonetisation, the Reserve Bank began to release new Rs 2,000 and Rs 500 notes to banks for distribution to the public. Citizens were told they had till December 30 to deposit their defunct bills in banks, or exchange them for new notes. However, it was later announced that there wouldn't be any over-the-counter exchange of demonetised notes after midnight of November 24, but that deposits could still be made. An RBI circular relased on December 19 (which was later withdrawn for KYC-compliant citizens) said that deposits of old notes worth more than Rs 5,000 could be made just once till December 30, if the depositor could satisfactorily explain them.

Old notes could still be used for some purposes, such as buying LPG cylinders and railway tickets, till December 15.

Currently, the daily withdrawal limit at ATMs is Rs 2,500 and the weekly withdrawal limit is Rs 24,000.

2 Political parties:

A few but not all, oppose ban
While the government has strongly defended its decision, several Opposition parties - including the Aam Aadmi Party and the Trinamool Congress - have opposed the note ban. Former Prime Minister Dr. Manmohan Singh intervened in the Rajya Sabha, describing the goverment's move as "monumental mismanagement." The Parliament's Winter Session was marked by repeated adjournments, and the logjam in the legislature prompted President Pranab Mukherjee to remark at an event: "For God's sake, do your job (in a remark directed at MPs)."

However, some political parties, such as Bihar Chief Minister Nitish Kumar's Janta Dal (United) have supported the move.

3. Encouraging cashless transactions

Since demonetisation, the government has stressed on the importance of moving towards a cashless economy. For example, on November 22, the RBI doubled the balance limit of of semi-closed Prepaid Payment Instruments (PPIs) to Rs 20,000. On December 8, the Finance Ministry announced eleven measures to promote cashless transactions, including a 0.75 per cent discount on purchases of petrol and diesel (at Central Government Petroleum PSUs) using credit or debit cards, e-wallets and mobile wallets.

4. Lucky draws to encourage digital payments
Earlier this week, the government also launched two lucky draws - Digi Dhan Yojana (for businessmen) and Lucky Grahak Yojana (for consumers) - to incentivise cashless transactions. Winners will be selected on a daily and weekly basis under the Lucky Grahak Yojana and weekly basis under the Digi-Dhan Vyapar Yojana respectively, leading up to a mega draw of Rs 1 crore on April 14, 2017, after which the scheme will be reviewed for further implementation.

5. I-T raids

The Income Tax department has conducted several raids across the country after demonetisation, the most high-profile of which was perhaps the one conducted at the premises of former Tamil Nadu Chief Secretary P Rama Mohana Rao and his relatives. Rs 23 lakh in new currency and Rs 6 lakh in demonetised notes were seized from from the premises of some of Rao's relatives and associates, officials said. However, they didn't find any unaccounted money at the former chief secretary's office or house.

6. More than 3,500 I-T notices sent

Since November 8, the I-T department issued 3,589 notices to various entities for alleged tax evasion and hawala dealings, a report said on December 25. The department is set to initiate action against an additional 67.54 lakh non-filers who carried out high-value transactions in the 2014-15 financial year, but didn't file tax returns for 2015-16, the report added.

7. Citizens turn watchdogs

Prime Minister Narendra Modi said during his last Mann Ki Baat address of the year that the government was using information provided by citizens to crack down on those who have unaccounted wealth. In fact, the government asked citizens to write to blackmoneyinfo@incometax. gov.in with details about black money hoarders, and received as many as 4,000 messages as of December 20.

8. Pradhan Mantri Garib Kalyan Yojana

A new tax disclosure scheme, the Pradhan Mantri Garib Kalyan Yojana, opened on December 17, and will close on March 31 next year. The scheme provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years. Information disclosed under the scheme won't be used for prosecution, Revenue Secretary Hasmukh Adhia said.

9. Now, action against benami property holders

Prime Minister Modi said during his Mann Ki Baat address that his government would make a "dormant," decades-old law against benami property "operational" in the days to come. "Whatever is required to strengthen the institutions to make the benami law more effective, we will do that," a top finance ministry official said.

10. Penalty for possession of demonetised notes

The government will soon issue an ordinance imposing a penalty on possession of defunct notes after December 30. Possession of demonetised notes will only be permitted for the purpose of research and numismatics. However, the ordinance - which the Cabinet is expected to clear in a day or two - will have a clause allowing people to deposit defunct notes at RBI branches (as promised by the government) after giving reasons for doing so.

The ordinance is necessary to complete the legal process of demonetisation as banks will stop accepting deposits of old currency after Friday.......

Govt reminder 4 for wage revision 2017 of banker

This is the right time to present our demands of "Wage revision 2017". We request our respected leaders to present our demands as soon as possible. Else kindly tell us the reason for the delay.



 

Cash Situation Seen Normalising In 2-3 Months, Says Bank Officers' Union

 It will take two to three months to completely restore the pre-November 8 cash situation, a top official of a bank officers' union told NDTV Profit. "It will take a long time. Maybe by February or March we will be able to restore our situation," said Harvinder Singh, General Secretary of All India Bank Officers' Confederation (AIBOC), which has 2.8 lakh bank officers under its ranks.

Giving a picture of ground reality, Mr Singh said, "There is a huge gap of currency notes. The Reserve Bank is not supplying as per the requirements of the banking industry... The limit of Rs. 24,000 withdrawal per account per week or withdrawal of Rs. 2,500 from ATMs...we are not able to meet even those requirements."

"If a public sector bank is getting 20 lakh to 30 lakh rupees, it will not be able to (give) Rs. 24,000 to even 100 customers." 

 Prime Minister Narendra Modi on November 8 announced the government's decision to scrap Rs. 500 and Rs. 1,000 banknotes in a bid to flush out black money, which took away nearly Rs. 15.44 lakh crore out of the currency in circulation. But so far banks have only been able to disburse nearly Rs. 6 lakh crore to the public, the RBI said in its latest release.

Mr Singh said that there is a very remote possibility of the RBI easing withdrawal restrictions after December 30, which is the deadline for making cash deposits in now-defunct currency.

"There is no chance that that after 30th of December, these limits will be scrapped and the earlier situation will be restored," he said. "It will depend on the supply of currency notes by the RBI, which will decide the restoration of the situation."

Mr Singh said that the cash situation has improved in big cities. "But in smaller towns there are a lot of problems. The feedback from the rank of file of officers is not good."

Mr Singh said that the RBI may relax the withdrawal limits after a month but to restore the pre-November 8 situation, it will take two to three months.

He also urged the central bank to disclose the position of cash supply, city-wise and bank-wise. He said that the bias is in the favour of private sector banks.

In New Rule, Old Notes Above Rs. 5,000 Can Be Deposited Only Once UPTO 30TH DECEMBER

The Reserve Bank of India (RBI) has imposed restrictions on the quantum of old Rs. 500 and Rs. 1,000 notes that can be deposited in bank accounts. The RBI said that old notes above Rs. 5,000 can be deposited only once till December 30, 2016.

December 30 is the deadline for depositing the old notes. The RBI said that the depositor has to give an explanation as to why the old notes were not deposited earlier. The amount will be credited in the bank account only after receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage, the RBI said.

The RBI also said that even in case of deposits below Rs. 5,000, if the cumulative deposit exceeds Rs. 5000, "they may be subject to the procedure to be followed in case of tenders above Rs. 5000". 

The RBI also said that deposits above Rs. 5,000 can be credited only into KYC-compliant accounts and "if the accounts are not KYC compliant credits may be restricted up to Rs. 50,000 subject to the conditions governing the conduct of such accounts".

However, the restrictions shall not apply to deposits under the 'Pradhan Mantri Garib Kalyan' scheme, 2016.

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) will remain open for declarations up to March 31, 2017.

Declaration under the Scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.

Tax at the rate of 30 per cent of the undisclosed income, surcharge at the rate of 33 per cent of tax and penalty at the rate of 10 per cent of such income is payable besides mandatory deposit of 25 per cent of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposits are interest free and have a lock-in period of four years.

aGAIN SALUTE TO ORIENTAL BANK MANAGEMENT FOR INCREASING PARK OF THEIR EMPOLYEE

REVISED POLICY FOR FURNITURE FACILITY

S.N.                   Existing Provision Proposed Amendments/modifications

1.

Scales Ceilings of cost of

 furniture

TEG Scale - VII Rs.2,50,000/-

TEG Scale – VI Rs.2,10,000/-

SMG Scale – V Rs.1,70,000/-

SMG Scale - IV Rs.1,55,000/-

MMG Scale - III Rs.1,35,000/-

MMG Scale - II Rs.1,30,000/-

JMG Scale - I Rs.1,15,000/-

Scales Ceilings of cost of furniture

TEG Scale - VII Rs.3,30,000/-

TEG Scale – VI Rs.2,80,000/-

SMG Scale – V Rs.2,30,000/-

SMG Scale - IV Rs.2,00,000/-

MMG Scale - III Rs.1,80,000/-

MMG Scale - II Rs.1,70,000/-

JMG Scale - I Rs.1,50,000/-

2.

Eligibility

As per existing policy, all officers confirmed in bank’s service irrespective of their stay in Bank’s own flats/Bank leased accommodation/Personal leased accommodated/rented accommodation/own accommodation are eligible for providing bank’s furniture at their residences.

Promoted officers In JMG-Scale- 1 with Basic salary of Rs27620/- or after confirmation in the Scale-1, whichever is earlier are eligible for the facility. 

Where both husband and wife are officers in our Bank, only one of them is eligible for the furniture facility. Eligibility

All officers( directly recruited and officers promoted in JMG-Scale-1)  after confirmation  irrespective of their stay in Bank’s own flats/Bank leased accommodation/Personal leased accommodated/rented accommodation/own accommodation are eligible for providing bank’s furniture at their residences.

The present condition of relation with the basic salary for Scale-1 officers may be done away.

At present, if both husband and wife are officers in our Bank, only one of them is eligible for availing such facility. However in case both the officer working in our bank and have availed the facility before their marriage, in such cases after their marriage one of them will have to surrender their furniture facility after the completion of 10 year block and only one of them shall be entitled for availment  of enhanced limit of furniture on account of revision of limit or promotion.

Why Axis Bank has shamed for top frauder of demonetization

Why Axis Bank has Shamed the Banking Fraternity and country today .... Must read to know this.....

 Axis Bank which has got its root which got started by a few disgruntled senior functionary of SBI , esp then DMD Mr Gupte , who decided to open a Bank in the year 1993-94 by taking best of the talents from SBI , Associates of SBI and other PSU Banks . The equity was mainly from SUUTI (UTI) and the bank was floated after the new economic liberalisation policy .

The Bank started well , as UTI Bank and was also perceived well by the people and robust system copied from PSU Banks mainly from SBI .

It did well as it was on the principle of customers delight , cutting edge technology of CBS system and the frustrated and talented officials of SBI and it's Associates and PSU Banks . 

Dr P J Nayak who took over as MD  of the bank took the Bank to its great height by taking care of its people, system and expansion .

The employees were cared so much that even lowest rung employees used to get ESOP benefits .

Then came the regime of Ms Shikha Sharma an IIM graduate who took over the Bank in the year 2008-2009 ,after taking over the mantle from Dr Nayak. 

She came from ICICI Prudential with no background of Banking .In ICICI pru , she could not get along with her peer rivals esp Ms Chanda Kochar of ICICI and managed to get into the saddle of then great Bank UTI , which changed its name in 2007 as Axis Bank under Dr Nayak.

The day she joined she started kicking out the loyalists and Bankers who were with Dr Nayak and settled with the least competent people in her coterie who did know much of the Banking . She started eliminating all the Bankers from the top to bottom and testimony of the fact could be gauzed from the data that no one came from PSU Bank during her tenure to serve Axis Bank .

She kept on increasing her salary alongwith her few lieutenants such as Mr V Srinavasan ,Mr Rajesh Dahiya , Mr Rajeev Anand , Mr Jairam Sridharan and a few others . Allegations are as such that many of the outsourcing jobs were favoured to her near and dear ones by giving a go by to the established practices . 

Board members were bought and ESOP allocations of the official at certain level were scrapped . Robust employee welfare system were compromised such as leave encashment ,restricted to only 60 days and other many welfare benefits were squeezed. While on other hand ,she kept on increasing her  salary and ESOP allocations , which is in many Crores . Last FY she was the most satisfied industry lady who crossed her peer rivals salary of Ms Chanda Kochar . Its a matter of investigation that how she benefited her own ESOPs by selling at the price of its height around 630 when the watch list of loan decaying under her nose was 22000 crore and quarter after quarter Bank is sinking under cumulative loss ,YOY.

The recent spate of event which has brought the ignominy to the fore ,is mainly due to the reason that all robust compliance people at the top such as Mr Partha Mukherjee ( who is presently heading Laxmi Vilas Bank), Mr RV Sridhar, Mr R D Frank and many others left the Axis Bank due to high-handedness of the coterie of Ms Shikha Sharma. 

Now a fuming frustrating lot of PSU Bankers mostly from SBBJ and other Banks are at the second rung who are spineless and keeping mum on the nefarious  activities of Ms Sharma and her gang .

Most shocking activity is , that during demonetization , all Regional Heads were indirectly asked by its Retail Head and Group Executive Mr Rajiv Anand ,to sore up the numbers especially the Number of accounts and sell of insurance policies . Natural fall out of this instruction was the unprecedented business in some of the Circles esp Delhi Circle and a few Circles, where cases of non kyc compliances are caught in abundance . 

Noteworthy to mention that a few employees who were  caught in Cobra Post sting operation of mis selling are continuing in Delhi Circle and if sources are to be believed, it is the same set of employees who are again found to be in wrong practices . 

The Bank had already paid a penalty of Rs 5 crores after Cobra Post Sting under the leadership of Ms Sharma

Please circulate this post to know the whole world   that a few corrupt employees doesn't make Axis Bank , Majority of the employees are looking for a change in the top management ,to salvage their prestige and image which is built in years together .Why axis bank

India adds 47 lakh new PMJDY accounts post-demonetisation

Banks in the country have added 46.65 lakh new accounts under the Pradhan Mantri Jan Dhan Yojna (PMJDY) during the five weeks after the demonetisation of ₹500 and ₹1000 currency notes on November 8.

The total number of PMJDY accounts, which stood at 25.51 crore as on November 9, increased to 25.97 crore by December 14.

The balance amount in these accounts, which witnessed growth for four consecutive weeks after demonetisation, has remained almost stable in the first half of December.

The total balance in PMJDY accounts increased to ₹74,123.13 crore as on December 14 as against ₹45,636.62 crore on November 9. The balance in these accounts had reached a maximum of ₹74,609.50 crore in the fifth week of demonetisation. It came down by ₹486.37 crore in the sixth week.

The percentage of zero-balance accounts, which came down by 0.4 per cent in the first four weeks after demonetisation, is nearing the November 9 levels. PMJDY accounts had 23.24 per cent zero-balance accounts as on November 9. However, the zero-balance accounts remained at 23.22 per cent as on December 14. The percentage had come down to 22.84 per cent as on November 30.

Why blame us, ask bankers as anger rises

 As public anger rises over non-availability of cash, bank officials are bearing much of the brunt. A spate of income-tax raids across the country has done little to change the growing perception that the current scarcity is, in part, a result of collusion of bank employees with scamsters.

TOI caught up with some officials as well as representatives of the bankers' union to get an idea of how they are coping with the sudden pressure. Ashwini Rana, vice-president of National Organisation of Bank Workers, acknowledged the rising panic among people.

He said: "People are lining up at banks and ATMs daily to withdraw cash, but they aren't spending the money. The tendency to hoard is prompted by a sense of panic."
Rana claimed that bankers were being wrongly blamed for everything even though the situation was getting better and that it was incorrect to paint the entire fraternity with the same brush because of a few corrupt officials. Explaining why banks were short of cash, he said: "Banks are receiving lower amounts from from RBI. The chaos is a result of this huge demand-supply mismatch. This is also why different banks have different withdrawal limits."

Rana said the problem lay in execution. "RBI should have reduced the weekly limit. If a person withdraws Rs 24,000 four times in a month, then how will everyone get money?" he asked.
The pressure has started to show. A bank official, requested anonymity, said he had asked for a two-day leave due to ill-health, but his request was denied. "More than half of the staff is dealing with cash transactions. Sooner or later, we'll need to clear the pending work. So, we don't expect any respite in the near future." He said that while people's angst was understandable, bank officials were as helpless as them. "People are abusing us, but no one appreciates our efforts."

Meanwhile, the last date for issuing certificates to pensioners has been extended by two months to January 15 in view of the unusual rush at banks. "The work load is heavy and it's only going to get worse," said Rana.