BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Friday, November 30, 2018

Delhi Chief Minister Arvind Kejriwal announced Monday that the old pension scheme will be restored in place of NPS by his government

Delhi Chief Minister Arvind Kejriwal announced Monday that the old pension scheme will be restored by his government and he will write to his counterparts in other states to follow the suit. He said a resolution to restore the old pension scheme in the city will be passed in a special session of the Legislative Assembly.
"It will then be sent to the Centre for approval. I will fight with the Centre to get it implemented," Kejriwal said while addressing a rally organised by the All Teachers, Employees Welfare Association (ATEWA) at Ramlila Ground here. He said that he will also speak to his counterparts in West Bengal, Kerala, Andhra Pradesh and Karnataka for implementation of the scheme.

"The government employees have the power to change the government of the country. I want to warn the Centre, if the demand of employees is not accepted in three months, there will be an apocalypse in 2019," the Aam Aadmi Party (AAP) convener said. Slogans like "desh ka neta kaisa ho, Kejriwal jaisa ho" greeted the Delhi chief minister as he made the announcement at the rally. Kejriwal slammed the new pension scheme as "betrayal and cheating" with government employees. 
"I want to request Modiji that you cannot accomplish nation-building by disappointing the government employees," he said, adding that the AAP government could perform in the areas of education, health, power and water supply only because of the cooperation of its employees. The new pension scheme was introduced by the Centre in 2004. Under it, employees contribute towards pension from their monthly salary along with an equal contribution from their employer. The funds are then invested in earmarked investment schemes through pension fund managers. 

Bipartite Meeting update...AS ON 30.11.2018

UPDATE
AROUND 12 NOON

Bipartite Meeting update...
*In today's meeting IBA offered 8%.
In the meantime on mandate issue above scale 4 AIBOC boycotted the meeting .
Hence today's meeting adjourned.UFBU meeting is going to start.*

UPDATE

AROUND 2.30

n today meeting Iba improved their offer to 8%. We replied it is far below our expectation and urged upon them to improve their offer. We also demanded full mandate. These issues will be pursued further. Thereafter ufbu meeting dcided to go on strike on 26th Dec. against merger of Bob Dena and Vijaya bank. Circular follows.. Chv aibea



Is this BPS methods or mere cheap bargaining without any logic & common sense ?? Unions should have asked for 60% increase~when IBA offered 2% CTC increase~~when IBA did offer 6% increase, Unions should have asked for 50% increase~~when IBA offered 8% increase, Unions should have asked for 45% CTC increase ~~ and finally once IBA offers 25% CTC increase, Unions should settle on 35% CTC increase ! What a deal process is this BPS !!! No logic no justice ...Mere bargaining !

This % game is the real problem.
If negotiations are held with transparency the Unions should demand the reasoning for initial offer of 6 % which now stands raised to 8% .
What is the independent source and data available to UFBU to ensure that ultima
te settlement fulfils the agreed % .

They have to depend on IBA only.
Whether after 10 BPS they collected actual data to ensure that total wage burden was near about 15 % they had agreed and included in MOU.
Why they are not ready to put their chart of fixation of various grades as per their expectations let IBA come out with calculation to show as to what % increase the chart prepared by UFBU will lead to.
No one including leaders can vouch that ultimate chart finalised in 10 BPS brought 15 % increase .
There are multiple components and data is with various banks it's next to impossible to work out % increase 
Instead first finalise chart and thereafter you can reasonably calculate range within which % increase will lead to.
It will be different for each bank as each bank is be having different mixture of employees with pay scales and even ratio i.f Workmen and Officer is different in each bank .
They deliberately bring in % issue which cannot be calculated perfectly and it is highly impossible to individual employee to verify it is complied with.
Employee at the most can work out % increase he may get in the Gross Salary of November 2018 when salary revision is implemented .
The % increase for each employee will be different and leaders will say that after adding load of other benefits it works out to near to agreed %.

This gap is used as arguing point ti fool employees
Congratulations to our veteran leaders. Remain at least for next 10 to see natural death of trade union movement in banking industry and to see your next 10 generations to enjoy on billion rupees collected on becoming stooges of government, because Dharamraaj will not allow you to enter even in hell.
Any expert can throw light .
Whether % now offered by IBA @ 8 % is for employees of all cadres or it us based in estimated figures for Workmen staff and Officers hoto Scale 3 only for which IBA is ready to discuss salary revision.
If the scope is exte
nded upto higher cadres also then corresponding increase will be inevitable .
May be in future meeting it will be raised to 10% covering all cadres there by it will be only marginal increase though on paper it will be additional 2 % .


Thursday, November 22, 2018

Out of 221492 ATM almost 113000 shutdown from March 2019 in India

Nearly half of the ATMs in India will be rendered commercially unviable because of onerous regulatory requirements, forcing a shutdown, and potentially leading to cash shortage and long queues, similar to the days following demonetisation in 2016. Recent regulatory guidelines for ATM hardware and software upgrades, cash management standards and cash loading methods will render almost 113,000 automated teller machines unviable, the Confederation of ATM Industry (CATMI) said in a statement.
A large number of ATMs in non-urban locations may be shut down due to unviability of operations. Photo: Pradeep Gaur/Mint
“A large number of ATMs in non-urban locations may be shut down due to unviability of operations. If this happens, the financial inclusion programme would be severely impacted as millions of beneficiaries under the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, who withdraw subsidies in the form of cash through ATMs, may find their neighbourhood ATM shut,” the CATMI added.
In April, the RBI had mandated a minimum net worth of ₹100 crore for service providers and their sub-contractors handling cash management logistics on behalf of banks. It also directed cash vans transporting money to have CCTVs, GPS connectivity, tubeless tyres, hooters and wireless communication systems. Approximately 100,000 off-site ATMs, and over 15,000 non-bank ATMs could shut down. According to Reserve Bank of India (RBI) data, India had 221,492 ATMs as of September-end.
“The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs, unless banks step in to bear the load of the additional cost of compliance.”
According to CATMI, an estimated outlay of about ₹3,500 crore is needed to comply with the new cash logistics and cassette swap method. “These requirements were never anticipated by the industry participants at the time of signing contracts with the banks. Many of these agreements were inked four to five years ago,” it said.
The ATM industry in India has reached a “tipping point”, and unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large-scale closure of ATMs, the statement said.

Wednesday, November 21, 2018

Total 10 psu BANK Banks may get Rs 13,400 crore capital from RBI

Indian banks may get a reprieve of about Rs 13,400 crore in capital exemption, as announced by the Reserve Bank of India board on Monday. The biggest beneficiary of this would be the government, because the RBI decision would lessen the burden on it to bridge a capital shortage at several state-run banks.

Investment bank Jefferies estimates the implied reduction in capital infusion requirement following the central bank announcement at around Rs 13,380 crore, considering the common equity tier-1 ratios and riskweighted assets of 10 banks in the quarter ended September.
The RBI pushed back the deadline by a year to March 2020 for banks to create a capital conservation buffer of 2.5% instead of the current 1.875%. The CET 1 (common equity tier) requirement as of March 2019 therefore would continue to be 7.375%, providing some buffer time for the 10 banks which fall under minimum requirement of the equity capital ratio to have a reserve of freed up capital to infuse into the system.
At 7.375% common equity tier 1 requirement, the 10 public sector banks including Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank, Central Bank of India, Punjab National Bank, United Bank, Uco Bank and IDBI Bank will require `21,420 crore of additional capital, compared with Rs 34,800 crore at 8%.
The marathon nine-hour RBI board meeting on November 19, following the apex bank’s nearly month-long rift with the central government, made important decisions on the ongoing liquidity crunch and the MSME sector slowdown.
“While this (decision on bank capital) would lessen the government burden, we believe this (capital addition) is minuscule and would only meet the minimum requirements. Additional capital infusion would be required should the government wants the banks to push balance sheet growth,” Jefferies said in a report released on Tuesday. Another major discussion point between the RBI and the government going into the meeting was the slowdown of the micro, small and medium enterprises sector, affected by demonetisation and the implementation of GST.
“To that extent, any restructuring scheme should alleviate some stress points, although we are not really sure if restructuring without either economic loss absorbed by lenders or a cyclical growth uptick will result in a sustainable solution,” the report said.
The asset quality for the MSME segment has held up well despite the challenges thrown at them. Non-performing assets for the MSME segment has increased 1.2 percentage point to 11.5% in two years, compared with that for large companies going up 7.5 percentage points to 19.5% and mid-corporate by 2 percentage points to 16.6%.

Demonetisation hit farmers badly, agriculture ministry takes 2 years to admit

Two years after demonetisation, the Union agriculture ministry has admitted that the farmers were badly hit by the note ban. Demonetisation had made 86 per cent of existing currency (in denominations of Rs 500 and Rs 1,000) illegal tender. The farmers, particularly the smaller ones, depend on cash for the purchase of seeds and fertilisers.

The Narendra Modi government has maintained that demonetisation was a necessary step to curb black money and a successful exercise. It has defended demonetistion in the face of criticism by the Opposition who said that the farmers and smaller business entities were the worst affected.
Now, the Union agriculture ministry has admitted in a report that the note ban badly affected the farmers. In a meeting of the Standing Committee of the Ministry of Finance, the Ministry of Agriculture acknowledged that due to the lack of cash, millions of farmers were unable to purchase seeds and fertilisers ahead of the rabi season.
The agriculture ministry informed the committee that when demonetisation was implemented, the farmers were either selling their kharif yield or sowing rabi crops. Demonetisation rendered all the cash they had in hand useless. This drastically affected the farmers, said the agriculture ministry report, which discusses the effects of demonetisation.
Even government seeds could not be sold, the report said further. Demonetisation also affected big farmers as they had to pay wages to the labourers working on their fields. But they went cash-strapped after demonetisation, the agriculture ministry report said.
The ministry said that due to the shortage of cash, about 1.38 lakh quintals of wheat seeds of the national seed corporation were not sold.
The government had later allowed the use of old notes of Rs 1,000 and Rs 500 for the purchase of wheat seeds. But this relaxation did not improve the situation much.
However, the labour ministry, in its report to the committee, commended the demonetisation saying that the move saw an increase in employment data in the subsequent quarters.
In the standing committee meeting, the Opposition MPs criticised demonetisation and demanded that the government should provide data on the loss of employment in the micro, small and medium enterprises. The committee has 31 members including Congress stalwarts Veerappa Moily and Manmohan Singh.

Monday, November 19, 2018

Appeal to UFBU – Forget CPC try forEqual slary with LIC employees pay scale on 30th discussion

With the latest round of 11th bipartite talks between UFBU and IBA and the UFBU proposal for merging of 6353 points (DA as at 01.11.2016) instead of 6505 points (DA as at 01.11.2017) hope for CPC pay died. What was surprising was the IBA reaction for the same,  as per the reports IBA didn’t agreed for the same and has informed that they would give their reaction by next round of bipartite talks.
Shame of our leaders, UFBU has forgotten that our demand used to be 110% neutralization and IBA used to plead for a 100% merger of DA.  It is evident that it is hard to extract a starting basic pay of Rs.56100/-  from IBA.
As usual leaders will sigh the 11th bipartite for 12%  or 15% we will get a salary jump of   around 8-9%.   Our basic pay will be around 39000/-  and total gross increase would be around 3500/- to 4500/- per month for PO in public sector bank.
Comparison between Bipartite settlement and LIC wage revision:
LIC wage revision is due on 01.08.2017, where as the 11th bipartite is due from 01.11.2017 i.e LIC wage revision expired , exactly one quarter before the Bipartite settlement.
Bank unions lead by AIBEA was a force to reckon with during the earlier days of bank nationalization. They has the muscle power and could stall, entire Indian economy with one strike call.  Unfortunately our brothers in financial sector, LIC and General Insurance unions didn’t have that  power.
In order to survive and for a better wages the LIC unions would patiently wait out for our Bipartite to be settled and with in a 3 to 6 months would clinch their wage revision citing the Bank Employees bipartite settlement.   This was happening since our first bipartite settlement.
Insurance sector wage revision used to be exact replica of our Bipartite settlement. This was more or less same with all other Public Sector Organizations,  our settlement used to be the bench mark for their negotiations.
Now let us look at what was the basic salary of  AAO of LIC ( From 1983 to Till date),  AAO post is equivalent  to PSB PO.

LIC AAOBank PODiff in %
1983117511750
1987210021000
1992425042500
1997710071000
2002111101000011.1%
2007172401450018.89%
2012327952370038.37%
Just notice how the LIC employees have gained on us  since 2002 (Eighth Bipartite). Remember one important point,  wage revisions for the both sectors expires in the same year.  Now they are close to achieving the CPC scale in the present wage revision.  What about poor bank employees?  Where are our mighty Bank unions.
LIC employees enjoy five day week.  They have a performance linked pay of 1% to 6% of their annual pay for all officers including the back office staff.  The performance linked pay is over and above the monthly salary. We are still struggling for a five day week.
Analysis of salaries of LIC and Bank Employees for the tenth bipartite shows the mature nature and wisdom of LIC union leaders.

LIC AAOBank PODiff in %
Starting Basic327952370038.37%
No of Increments1819
Maximum Basic623154595035.61%
No of Stagnation Increments04
DA% ( as at 30.09.2018)46.55%54.1%
DA amount1526612821
Special Pay  (with DA ) if Any02829
Gross Salary at first stage480613935022.13%
Gross Salary at last  stage913227629619.69%
Starting increment  for LIC officers is Rs.1610 where as the starting increment for bank officer is Rs.980/-.
Last stage of AAO salary is Rs .62315/- .  Where a PSU bank Divisional Managers basic salary at stagnation is Rs.60,820/- that too after adding the stagnation increment.
LIC AAo starting increment is Rs.1610/- per month where as the final increment is Rs.1745/- even our Divisional managers final increment is only Rs.1650/-
Now you will be understanding the intelligence of the LIC union leaders they have removed all the stagnation increments and scales were constructed.
With a higher starting salary at AAO stage,  the gap between the salaries of Bank employees and LIC employees widens while advancing to the top.
For Scale 2 in banks total  18 increments for LIC it is 13 increments
LIC AOBank Manager
Starting Basic4406531705
Last Basic6580551490
Gross Salary at first stage6457752643
Gross Salary at last  stage9643785495

For scale 3 in banks 9 increments  for LIC 11 increments
LIC ADMSr.Manager
Starting Basic5372542020
Last Basic7500551490
Gross Salary at first stage7873369771
Gross Salary at last  stage10991985495

For scale 4 in banks 6 increments and for LIC 9 increments
LIC  DMBank DM
Starting Basic6580550030
Last Basic8650559170
Gross Salary at first stage9643783071
Gross Salary at last  stage12677398247

LIC DM last stage of Rs.86505/- is more than the last stage of Bank’s General Manager of Rs.85000/-

LIC DZMBank AGM
Starting Basic7960559170
Last Basic10204566070
Gross Salary at first stage11666183071
Gross Salary at last  stage149546109704



LIC  ZMBank DGM
Starting Basic8909568680
Last Basic11057576520
Gross Salary at first stage130568114038
Gross Salary at last  stage162047127055



LIC ZM Selection ScaleBank GM
Starting Basic9983576520
Last Basic12429585000
Gross Salary at first stage146308114038
Gross Salary at last  stage182154141136


The difference in salary from the scale 3 is huge.
The LIC wage revision is again due from 01.08.2017 and our 11th Bipartite is from 01.11.207.   LIC unions have submitted their charter of demands.  They have demanded for a starting salary of Rs.62000/- for AAO.
When the young bankers had cried for a parity with CPC there was a lot of criticism, including the duties performed to responsibilities etc.,
Now compare the job profile of a PO with that of AAO, Why PO? as per the above table Senior Manager maximum salary is just Rs.85495/- where as the AAO salary is RS.91332/-.
Comparing the job profile of a Senior Manager with that of a AAO, clearly indicates how underpaid we are..
Bank PO salary wise cannot be compared even with Higher Grade Assistant of LIC whose maximum pay is Rs.50140/-, they can at best be compared with stenographer whose maximum salary is Rs.44910/-.   The maximum basic pay of of LIC clerk is Rs.40080/-.
With great support from IBA  our great UFBU leaders will see that LIC assistant salary will be more than that of a bank PO.
Dear friends don’t let the UFBU leders do that easily.  Please express your dissatisfaction to your leaders may be in local gatherings or in forums or thru facebook or any other social media.
Let them know that you are angry with them.
This is the grave injustice done to us.  It may by the Government or the UFBU or somebody else.
Our fervent appeal,  to all our  UFBU leaders please don’t waste your time negotiating for 11th bipartite.
Get yourself trained from Insurance Association/Union leaders,  let them settle their wage revision and follow their foot steps.
If you cant do that step down and give space for others,  who can  do it.
To all members this is a important post please share it in your network.
I am uploading the insurance company wage revision copies.
If you have friends in any other public sector enterprises like coal india, IOC, HPCL, BHEL etc please collect their wage revision copies and send to us.  If you can locate any material on internet with regard to wage revision of other PSU organizations just post the link in the comments section.

Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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