Expected DA increase 20 slab for the Month of Aug'17 to Oct'17 for banker

Now, today i.e. on 31.05.2017, CPI for the month May'17 announced as 6322.77.

We are providing calculations of expected DA on the basis of three assumption as under :

1. As on 30.4.2017 figure was 6277.12.last quater average was 6261.91. now today's figure  6322.77 So difference is 6322.77-6261.91=60.86 i.e 15 slab already increase 
2. On assumptions that there would be increase of one point in CPI data in both the remaining months. In this situation the expected (tentatively) increase in DA Slabs would come to 20 slabs.(on this assumption the total tentatively revised DA slabs would be 476 i.e. 47.60%)

The Expected DA Calculator is updated on the basis of above assumtions, we think that that more clear position to calculate the expected DA would become available on release CPI data for the month of May'17 on 30.06.2017. This websi i. e do not claim that its calculation of expected DA slabs would may become payable as full and fina

On release of CPI data for the month of May'17 on 30.06.2017 we will re-calculate the tentative number of DA slabs that may would become payable for the period Aug'17 to Oct'17.

Account number portability has come within the realms of possibility-Soon, You May Retain Your Account Number While Switching Banks

From linking Aadhaar numbers to bank accounts to the increase in digital payments, the days are not far when people can port their account numbers too. Reserve Bank of India's (RBI) deputy governor SS Mundra on Tuesday batted for the need of account number portability and said that "the prospect of an aggrieved customer moving his/her account to another bank in the near future is very real." He also spoke about the security issues involved in the electronic banking as the use of technology is being increasing over the recent years.

At an event organised by the Banking Codes and Standards Board of India (BCSBI) in Mumbai, Mr Mundra said, "I first advocated the idea of 'account number portability' a couple of years ago. Back then the concept might have appeared somewhat abstract but with technological advancements in the field of payment system such as UPI etc. coupled with massive enrolments under Aadhaar and their linkage to individual bank accounts, it has come within the realms of possibility."

BCSBI is an independent body set up by RBI, Indian Banks Association (IBA) and scheduled commercial banks with the specific objective of ensuring that customers get fair treatment.

Commenting on the security risks involved in the online banking, he said, "There have been several incidents of theft of personal information, fraudulent use of ATMs, net banking frauds, ATM/Debit card incidents or cases of unauthorized access to bank servers. Hence, there is an immediate need for plugging all the gaps and vulnerabilities in tech-enabled service delivery."

"While banks have been granted autonomy in fixing minimum average balance or for charging for premium services, it should not be used as an excuse to deny service or to drive away common man," Mr Mundra said.

The central bank is also in the process of reiterating its guidelines to the banks for providing essential minimum relevant details in respect of various transactions in the passbook or statement, he added.

All india strike in OBC on 12th JUNE 2017

About top 50 loan account amounting 4.5 lakh cr going to BAD is being watch list of RBI

About 50 stressed accounts have been identified as being on the watch list of the government, the Reserve Bank of India and, in some cases, vigilance commission.

The list includes Videocon Industries Ltd; Jindal Group firms such as Jindal Steel and Power Ltd; Punj Lloyd; Jaypee Group; Lanco, which includes Lanco Infratech; Monnet Ispat; Essar Ltd; and Bhushan Steel and many more.

The list represents stressed accounts, which includes loans that have turned bad or been restructured as of December 2016. or SMA 1 or SMA 2. The total value of such top 50 loans is estimated to be around Rs 4-5 lakh crore, which is almost 80-85% of the total bad loans for state-run lenders. Bad loans at state-run banks have grown more than Rs 1 lakh crore since April 2016 to Rs 6 lakh crore as of December 31.

 

11th Bipartite Settlement- Charter of Demand: -Full Pension Eligibility Period to be made 20 years

11th Bipartite Settlement is due from 1st November 2017. Charter of demand for 11th Bipartite Settlement has been submitted jointly by AIBOC, AIBOA, INBOC & NOBO. Charter of demand will be the basis for discussions and negotiations for finalizing the salaries, benefits and other matters concerning bank employees 11th bipartite settlement.

SUPERANNUATION BENEFITS:

The voluntary retirement provided in the Officers Service Rules should be incorporated in the Pension rules and they should also be made eligible for Pension without any discrimination.

Pension scheme should be extended to all those who have been denied earlier on the basis of the misinterpretation of the understandings reached with IBA in 50 particular those who retired under voluntary retirement scheme as per the service regulations / resigned after completing 20 years.

Full Pension Eligibility Period to be made 20 years

FAMILY PENSION:

The Family Pension should be on par with the Government and be at 30% of last drawn pay by the officer across the board to every one. The regular family pension will be payable till death. Up to the age of 67 years or 10 years after death full pension.

NEW PENSION SCHEME

The employees and officers who joined the banking industry on or after th 01.04.2010 should be governed by the original pension settlement signed on 29 October 1993 and Gazetted in the year 1995.

GRATUITY:

The Gratuity should be paid at the rate of one month salary and allowances without any ceiling. The gratuity should be completely exempt from payment of income tax. The calculation of gratuity should be changed as we move over to 5 day week.

PROVIDENT FUND:

Based on the principles of retirement benefits which allot Provident Fund, Gratuity and Pension for different purposes, the Provident Fund should be at the rate of 12% of the total salary and allowances. The Provident Fund should be payable to all employees.

ENCASHMENT OF LEAVE:

Encashment of entire leave at credit should also be permitted on resignation, removal and compulsory retirement. Now, half permitted on resignation & full on compulsory retirement. The existing ceiling on encashment of leave should be removed at the time of resignation / superannuation as directed by the Court judgement. The entire 58 amount should be exempted from income tax as in the case of the Central Government Employees. Encashment of PL should be allowed without any ceiling.

MEDICAL BENEFIT SCHEME:

A comprehensive Medical Scheme for pensioners/ retirees should be framed and introduced in all the banks as available now in the case of executive directors and CMDs of the Banks, and the medical insurance scheme is to be reversed.

WELFARE ACTIVITIES:

A separate allocation of funds for improvements to welfare of the pensioners should be made every year. The facilities like Holiday Home, clinics, Transit House etc., should be made eligible for pensioners also. Present ceiling of 3 % of net profit to be given to welfare activities should be raised to 5 % of operating profit to be given to welfare activities. Suitable life cover should be taken for normal as well as accidental death of employees. LFC/ HTC FACILITY: LFC / HTC Facility should be extended to the retirees also at par with serving employees or at least once in 5 years.

NEWS PAPER:

News paper and fitness allowance can be provided to the pensioners

LIC and other Insurance company Loot Policy Buyers ? please read full articles

A person buys a LIC policy or other Insurance co policy  with insurance of Rs.200000/  (Rs.two lakhs ) from a LIC agents for say 20 years . He has to pay on an average Rs.10000 per annum as annual premium for 20 years .

Suppose if he deposits the same Rs.10000 per years in a Bank every year for 20 years and earn 8% as annual interest. His first year premium of Rs.10000/ will be fixed for 20 years in a bank , he will get Rs.48754 after 20 years from the bank. 

Similarly Rs.10000 deposited next year will remain in bank as FD for 19 years , next Rs.10000 for 18 years and so on. Following Table reflects how he gets a total return of Rs.508891.17 from bank on the date policy matures. His total investment in 20 years comes to Rs 2 lakh.

 (interest compounded quarterly  @ 8% per annum- added at the end of each quarter)

It is to be noted that rate of interest on bank FD varies from 7 to 11 % p.a.. For convenience purpose , I have calculated all returns on FD made by agent and the policy buyer @ minimum rate of 8%

Table 1 How much Policy Buyers Earns

Year      Year Interest   Total Interest       Balance

1            824.32                       824.32                  10,824.32

2            892.27                    1,716.59                  11,716.59

3            965.82                    2,682.42                  12,682.42

4         1,045.44                    3,727.86                  13,727.86

5         1,131.62                    4,859.47                  14,859.47

6         1,224.90                    6,084.37                  16,084.37

7         1,325.87                    7,410.24                  17,410.24

8         1,435.16                    8,845.41                 18,845.41

9         1,553.47                  10,398.87                 20,398.87

10         1,681.52                  12,080.40                   22,080.40

11         1,820.13                  13,900.53                   23,900.53

12         1,970.17                  15,870.70                   25,870.70

13         2,132.58                  18,003.28                   28,003.28

14         2,308.37                  20,311.65                   30,311.65

15         2,498.66                  22,810.31                   32,810.31

16         2,704.62                  25,514.93                   35,514.93

17         2,927.57                  28,442.51                   38,442.51

18         3,168.90                  31,611.40                   41,611.40

19         3,430.12                  35,041.52                   45,041.52

20         3,712.87                  38,754.39                   48,754.39

Total  Amount Received on Maturity from Bank      Rs. 508891.17        

How Much Agent of Insurance earns after mobilising a policy of annual premium of Rs.10000/

An Agent gets commission @35% in first year on regular policy , 10% in second year and 6% on residual years. As such if a person ( who buys a LIC policy ) pays Rs.10000 as annual premium for 20 years to buy an insurance policy of Rs.2.00 lac , the agent will get Rs.3500/ as commission in first year and keep it in bank for 20 years as Fixed Deposit  and he will get Rs.17064/ on date of maturity of policy . Similarly he will get commission @ 10% in second year and thus make FD of Rs.1000 for 19 years in a bank and get Rs.4504.15  .

From third year  onwards, the agent earns a commission @6% every year for 18 years . In this way he will make this Rs.600 as FD each year in a bank for 18 years, 17 years , 16 years and so on. 

Following is the table which reflects how he gets payment on the date when policy gets matured 

(interest compounded quarterly  at the rate of 8% p.a.- added at the end of each quarter)

Table 2 How Much An Agent Earns

Year Year Interest Total Interest Balance

1 49.46          49.46                    649.46

2 53.54        103.00                    703.00

3 57.95        160.95                    760.95

4 62.73         223.67                    823.67

5 67.90         291.57                    891.57

6 73.49         365.06                    965.06

7 79.55         444.61                  1,044.61

8 86.11         530.72                   1,130.72

9 93.21         623.93                   1,223.93

10 100.89         724.82                   1,324.82

11 109.21         834.03                   1,434.03

12 118.21         952.24                   1,552.24

13 127.95       1,080.20                   1,680.20

14 138.50       1,218.70                   1,818.70

15 149.92       1,368.62                   1,968.62

16 162.28       1,530.90                   2,130.90

17 175.65       1,706.55                   2,306.55

18 190.13       1,896.68                   2,496.68

19                            3504.15                       4504.15

20                           13564                         17064.00

Total an Agents gets from Bank            Rs.46473.86

If agent commission is calculated at 6% for entire 20 years, his return will be as follows at same rate of bank rate of interest and for same amount of annual premium. Here it is assumed that the agents gets higher commission of 35% in the first year to compensate his labour made in the first year and @10% in second year. Thereafter payment of premium becomes normal and policy holder pays annual premium online. 

But commission @ 6% is absolutely and clearly without making extra pain and hence unjustified.

(interest compounded quarterly - added at the end of each quarter)

Year   Year Interest Total Interest          Balance

1 49.46                49.46                     649.46

2 53.54              103.00                     703.00

3 57.95              160.95                     760.95

4 62.73              223.67                     823.67

5 67.90              291.57                     891.57

6 73.49              365.06                     965.06

7 79.55              444.61                  1,044.61

8 86.11              530.72                  1,130.72

9 93.21              623.93                  1,223.93

10 100.89              724.82                  1,324.82

11 109.21              834.03                  1,434.03

12 118.21              952.24                  1,552.24

13 127.95           1,080.20                  1,680.20

14 138.50           1,218.70                  1,818.70

15 149.92           1,368.62                  1,968.62

16 162.28           1,530.90                  2,130.90

17 175.65           1,706.55                  2,306.55

18 190.13           1,896.68                  2,496.68

19 205.81           2,102.49                  2,702.49

20 222.77           2,325.26                  2,925.26

LIC and other insurance company has been following rules and policies framed five decades ago when every thing was manual and every agents had to personally visit policy holder frequently to collect and deposit periodical premiums. Now when the technology has advanced to such a great extent, when there are several other digital tools to pay premiums and now when LIC has opened office in all areas in adequate number, there is no justification in payment of such a high commission to agents for entire period of policy , that too at the cost of insured who invest his hard earned money for better gain.

Management of LIC and Government of India along with IRDA , regulating body for all insurers overlook this reign of injustice just to avoid disturbance in their mental peace. They think that agents will create revolt all over the country  and LIC will lose business. They wilfully ignore all public complaints pertaining to claims and that to full and final payment at the time of maturity.

Table 1 shows that if a person  deposits Rs.10000 annual premium to a bank he will get a return of more than 5 lakhs after 20 years even at a minimum rate of interest of 8% from a bank whereas LIC pays much less than it. Obviously rate of return on his investment in a regular policy bought from LIC , the policy holders gets annual return far far less than a rate of 8%

In brief you may conclude that rate of return for policy buyer is much less than 8% whereas an agents earns more commission by not investing any amount. He at most spend an hour or two in mobilising a policy and continue to earn for 20 years without making any extra pain.

If some intelligent persons raise questions on less bonus paid to insured or high commission paid to agents, LIC agents will make a stereo type excuse and say that the person is getting benefit of insurance and tax exemption in addition to return on his investment.

Here I would like to refer Pradhan Mantri Jeevan Jyoti Bima Yojana (Life Insurance), Pradhan Mantri Suraksha Bima Yojana (Accidental Death & Disability Insurance) . By using these schemes, the same person gets adequate insurance by paying a sum of Rs.365 or even Rs. 12/ per year. To make it crystal clear , I would like to say that if the person pays Rs.12 / per year he will get an insurance of Rs.2 lakh under the said schems. 

And if for some reason or the other the person is not interested to opt for aforesaid schemes , he may opt for Term Insurance plan of Rs.2.00 lac or three lakhs by paying less than hundred rupees per year from any insurance organisation and deposit entire premium in a bank to get maximum return.

How Much LIC Earns

Now if we come to LIC, they earn profit every year but they earn much less than what they are supposed to earn. They spend lavishly on commission , on advertisement and office expenses. They incur huge losses in investing in weak companies to oblige some VIP or the other. They keep great chunk of their fund idle and thus lose interest thereon. In this way they earn a meagre amount of profit , profit for name sake only.

They get floating fund at much cheaper rate from those lakhs and crores of policy holders who buy policy from LIC .Unfortunately the most sufferer are those who buys insurance policy from LIC whereas on the contrary employees of LIC and Agents of LIC earn too much. 

Actual profit will be arrived at only when we calculate actual rate of return on total corpus they have received from policy buyers.

If they have an corpus of Rs.100,00,000(one crore ) and they earn Rs.1000 per year , it is not sign of successful business . Normally if a business earns a net profit of 1% per month ( slightly more than bank rate  ) , it means 12% per year , then the business will be called a successful venture . LIC should earn at least this much keeping in view various social obligations. 

WE assume that LIC cannot opt for 3 to 5  percent monthly return as other private business man can aspire for.

It means LIC must earn at least Rs.12,00,000 ( Rs. twelve lac per year ) per year on a corpus of Rs.10000000 / ( one crore ). 

If LIC simply keep entire floating fund in government bonds and securities , it may earn at least a return of 6%  ( it means Rs.6.00 lac on a fund of Rs.1 crore ) per annum.

Now if one  looks into total fund LIC has and total profit it earns in a year , it will become crystal clear to all that LIC do not earn as much as it should earn.  One should even find out how much LIC earns  less and what are the leakages.

In brief I submit below some interesting dats on financials of LIC pertaining to the year ended 31.03.2015 and 31.03.2016

LIC had total source of fund as under as on  31.03.2015                           31.03.2016

Shareholders fund                                      Rs.562.54 crore                        Rs.582.94 crore 
Policy Holders Fund                         Rs.1991515.97 crores               Rs.2170224.86 crores

Total source of Fund                         Rs.1992078.51 crores                  Rs.2170807.80 crore

Annual Return @ 1% p.a.                      Rs.20000 crore approx             Rs.21700 crore 
Annual Return @ 6% p.a.                    Rs.120000 crore approx            Rs.130200 crore 

Annual return @12% p.a.                    Rs.240000 crore                         Rs.260400 crore

Now I will not make any comment on how much LIC earns in reality and how much it causes loss to people of India. 

I will simply say that Annual profit as shown in annual report of LIC as at 31.03.2016 shows a profit of Rs2500 crore only ( this may be after payment of dividend and bonus to policy  holders ).


Now I invite intelligent auditors , inspectors and officials of LIC and GOI to analyse the annual report of LIC to assess and ascertain whether there is leakage of income anywhere , whether there is mismanagement at the level of LIC or whether there is exploitation of various government behind such meagre profit.

You will find a lot of eye-catching headlines in newspaper in appreciation of LIC and its managers . But once you peep into real picture , you will find stinking smell of inefficiency , corruption and mismanagement.

I will enlighten on it elaborately in my next blog. Let people of India and top officials sitting in LIC, IRDA and Ministry decide what is correct , what is right and what is wrong.

Truth OF LIC 

A client of LIC  has deposited money in LIC for 20 to 30  years and now for getting maturity payment , same client have to depend on mercy of LIC staff who they dictate age old rules from the top of the tower. At the time of getting a business, customers are called God but at the time of return, they are considered as beggar. This culture has to be changed. 

When LIC has to get business, their highly paid agents complete all formalities and take signature of the client on dotted lines . But when the time of payment comes, agent vanishes form picture and reluctant staff will dictate so may rules, require so many forms to be filled up and complete several formalities. 

Agents and staff of LIC behave with policy holders at the time of payment or settlement of claims as if policy holders are criminals and they have to follow the lines dictated by them as if they are Chief Justice of their court.

It is hard nut to crack for a policy holder to get full and final payment from LIC because LIC is manned by most agents or officers elevated from agent stream. They do not understand what their client say , they understand the language dictated by their gang of agents sitting in all offices.

National Pension Scheme (NPS) Or Public Provident Fund (PPF): Which One To Pick?

Public Provident Fund (PPF) and Provident Fund (PF) take centre stage whenever savings for retirement come to mind for most of us. Although EPF or Employees' Provident Fund is for salaried employees only, PPF is for all. People have been investing in PPF - which provides secured return over the long term - for ages. However, the National Pension Scheme or NPS has been gaining lot of attention as a retirement savings product after the government provided additional tax deduction of Rs. 50,000 in Budget 2015-16. Under NPS, there are two types of accounts: Tier I and Tier II. While the Tier I account is non-withdrawable till the age of 60 except in specific situations, the Tier II account is a voluntary savings account. Subscribers to Tier II accounts can withdraw the money whenever they want.

Here are the key differences between NPS and PPF:

Who can invest?

A PPF account can be opened by any Indian resident. One can also open a PPF account in the name of his or her minor children and can avail tax benefit on the contribution. However, an NPS account can be opened by Indian citizens above 18 years and less than 60 years of age. Non-resident Indians (NRIs) can also open an NPS account, but they cannot open a PPF account.

Maturity

A PPF account matures in 15 years. One can also extend this term after 15 years by a block of five years with or without making further contribution. However, in case of NPS, the maturity tenure is not fixed. You can contribute to the NPS account till the age of 60 years with an option to extend the investment to the age of 70 years.

 

Investment limit

One has to contribute a minimum Rs. 500 to a PPF account annually with the maximum amount capped at Rs. 1,50,000. A maximum 12 contributions per year are allowed in PPF accounts. However, in case of NPS, the minimum contribution required is Rs. 6,000. There is no limit on contribution as long as it does not exceed 10 per cent of your salary, or 10 per cent of your gross total income in case of self-employed. But tax benefit will be available only on Rs. 1.5 lakh under Section 80CCD(1) of the Income Tax Act, and an additional Rs. 50,000 will be available under Section 80CCD(2) - a total tax benefit of up to Rs. 2 lakh.

Premature withdrawal/partial withdrawal: In case of PPF, partial withdrawals are allowed from the seventh year onwards with some limitation. One can also avail loan against his or her PPF account during the third and sixth financial years of opening the account with certain limitations.

In case of NPS, after 10 years, subscribers become eligible for early, partial withdrawal under specific circumstance like children's higher education or marriage, construction or purchase of house and treatment of critical illness (for self, spouse, children or dependant parents). But if you want to exit before retirement, you must use at least 80 per cent of the accumulated corpus to buy an annuity from a life insurance company including LIC.

Investment option

In case of PPF, you do not have any discretion in deciding where to invest your money. However, in NPS, you can choose from a mix of three funds - equity funds, government securities fund and fixed income instruments other that government securities. A subscriber is allowed to invest up to 75 per cent in the equity fund.

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Returns

For PPF subscribers, interest rate is announced every quarter by the government. In case of NPS, returns are market-linked. "In our view, the potential of returns in a market-related investment like NPS is higher than of a guaranteed return instrument like PPF/PF. This is due to two reasons, one is the choice of equity exposure in NPS and secondly the component of professional fund management," Manog Nagpal, CEO of Outlook Asia Capital, told NDTV Profit.

However, Mr Nagpal added: "PPF continues to be an attractive investment in itself, for those looking at zero volatility and a guarantee (in return). On a risk-adjusted basis, PPF returns though will be lower, will not be subject to the vagaries of the market."  

Tax Treatment

PPF enjoys an EEE or 'exempt, exempt, exempt' status, where the amount you contribute (up to Rs. 1.5 lakh), the return you get and the maturity amount, all are tax exempt.

However, NPS comes under an EET or 'exempt, exempt, tax' tax structure. This means that contributions to NPS and the growth in corpus are not taxed but the lump sum withdrawn is partially taxed. Lump sum withdrawals above 40 per cent of the maturity amount are taxable in NPS.

Annuity

At maturity, you have to mandatorily purchase an annuity for at least 40 per cent of the accumulated wealth in case of NPS. But in case of a maturity amount less than Rs. 2 lakh, you have the option of complete withdrawal. However, in case of PPF, you are not required to buy any annuity at the time of maturity.

This is the reason NPS is purely a retirement savings scheme. You cannot use NPS for other purposes like children's education, daughter's marriage etc., which you can do with PPF.

Although there are certain limitations in NPS, it scores over PPF as a retirement savings scheme on various grounds, say financial planners.

Cost cutting solutions--Employee unions in IDBI Bank have urged the management to withdraw its decision to engage an external agency for suggesting cost-cutting solutions.

Employee unions in IDBI Bank have urged the management to withdraw its decision to engage an external agency for suggesting cost-cutting solutions.

The United Forum of IDBI Officers and Employees have shot off a letter in this regard to the MD & CEO of the bank.

‘Turnaround plan’

Copies of the letter, signed by Ratnakar Wankhade and Vithal Koteswara Rao, union leaders, have been forwarded to the Secretary, Department of Financial Services, and the parent All-India Bank Employees’ and Officers’ Associations.

The United Forum has ‘noted with extreme consternation’ ads issued by the IDBI Bank inviting tenders from consultancies in this connection.

The member associations of both officers and employees of the bank are parties to agreement signed with the bank on March 28 on ‘turnaround plan’ based on Centre’s guidelines.

Given this, involving an external agency bypassing the officers and employees who are key stakeholders is ‘strange and superfluous,’ the letter said.

It reminded that experiments on restructuring bank operations on the basis of recommendations from Booz Allen and Hamilton and Mckinsey, and incurring hefty expenditure in the form of professional fees in the process, have failed to yield desired results.

Stressed loans

The fundamental malady confronting the bank is the burgeoning stressed loans which stand at Rs. 45,000 crore as at the end of March 31, 2017. “The need of the hour is to put in place stringent measures to recover these stressed assets and fix accountability on officials in the higher echelons.”

As the bank has already a staff suggestion scheme in place, it would be desirable and pragmatic to invite suggestions from officers and employees for turnaround and cutting costs.

A word of appreciation/certificate for those who come out with acceptable and implementable suggestions would give them a sense of satisfaction for contributing towards the upliftment of the bank.

Wage revision

The letter also referred to the delay in finalising revision of wages in the bank on the pretext of ‘the prevailing troubled times.’

But this has not prevented the bank from being loosening its purse strings to pay crores to pay off an outside agency, efficacy of whose prescriptions is unsure going by past experience.

The letter urged the management to accede to the demand of the United Forum for wage revision by declaring a 15 per cent hike on the lines of the industry-level 10th Bipartite Settlement as also resolve other issues forming part of the strike notice dated March 27.

Financial key figure 2016-2017 of all PSU BANK

we demand a proper guideline from our leadership which will protect the interest of all officers without harming the industrial relationship

 The General Secretary                                                                        Dated: 25.05.2016

All India Oriental Bank Officers Association,

ERC, Kolkata.

Dear Comrade,

Re: APAR for Clerical Staff.

As you are aware of the fact that due to a recent development, the management of our Bank has asked for the completion of the said exercise for the year 2015-16. They have further reiterated that those clerical staffs, not filling their own APAR, the Appraisee officer must have to complete the job, all by their own to submit the same to the respective higher authorities. Yesterday you have issued a circular to all officer members of the Association, instructing them, not to fill up their part, violating the order of the management. While appreciating your gesture we have not found any clue to get out of this situation because our fraternal Workmen Association has taken a stand point of not submitting APAR by their members themselves. The circular clearly stated that there would be check on ‘CSOLOP’ that means the officers have to wait for indefinite period without being able to contact the Authorities (as observed yesterday that none was receiving any call from the helpless officers). While we respect the decision of our fraternal organization we must also adopt some remedial measures for our officers so that they do not suffer due to an issue which is not falling within the powers of the affected officers.

Comrade, as a loyal member of union since my officer ship at Bank,  I strongly oppose your last line of email which read as;

(IF ANY SPECIAL ORDER ISSUED BY MANAGEMENT SUCH AS CSOLOP CHECK ETC. SIMPLY IGNORE AND WAIT TILL CSOLOP CHECK WTHDRAWN. )

1>  If Management issued any written special order, how can we ignore that as per OSR as an officer or Branch Manager?  Please clarify.

2>  You advised to wait till csolop check withdrawn: If csolop check not withdrawn that means a Branch Manager or Hall Manager  have to stay inside branch for an indefinite period ? In the mean time if any untoward incident happens who will take the responsibility, union or staff member self ? Please clarify.

3>  If CSOLOP check withdrawn at 9 pm or 10 pm from remote rural branch how an officer leave the branch and if anything happens during that period who will take the responsibility;  union or management or staff member self ? Please clarify.

             4>Why front desk officer/ Manager  harassed every time without support of the 

                Union?

5>  Why union do not circulate that officer/ Manager may leave the csolop and quit from branch after normal work and after that if any problem arise union will take whole responsibility?

6>  Why union not take up the matter centralised either in head office or cluster office from where csolop check originated?

7>  Why union is not taking any preventive measured to toward this kind of anti officer directive  ?

Hence we demand a proper guideline from our leadership which will protect the interest of all officers without harming the industrial relationship. Your prompt reaction will help us to avoid all future adversities for smooth functioning of the Branches and also for  welfare our beloved OBC which is not in a very good health at this juncture.

Friends my whatsapp no 9804271241  please add me and send your feedback please  am i right or wrong. 

Comradely yours

Swapan Bhattacharya

Branch manager

Mosat Branch