DA Increase for Banker From August 14 slabi. e 1.4% of your Basic and Spl pay

DA increase from August : 14 slabs more. Rate 77.50%.  For pensioners 16 slabs more

Niti Aayog recommends privatisation of 3 UCO BOM and Punjab &Sindh Bank amongst other reforms in the financial sector

ITI Aayog on Friday has recommended the government to privatise Punjab & Sind Bank, UCO Bank and Bank of Maharashtra. The recommendation was made by the government think tank in a presentation to Prime Minister's Office (PMO) and union finance ministry functionaries.

Privatisation of Punjab & Sind Bank, UCO Bank and Bank of Maharashtra will require an amendment to Banking Companies (Acquisition and Transfer) Act of 1970. Similarly, for utilising department of postal office outlets, the suggestion from the government think tank is to merge all regional rural banks and use the network of over 15 lakh postal outlets

Sources have told CNBC-TV18 that the body has also suggested bringing in flexibility for non-banking financial companies (NBFCs) participation in the bond markets and need to increase private debt to GDP ratio from the current 54 percent to 100 percent in the next 10 years.

The other interesting suggestion given by NITI Aayog is to make Indian data credible and coherent, it has suggested speedy implementation of Data Accountability And Transparency Act recommended by Comptroller and Auditor General (CAG) and also to revamp Ministry of Statistics and Programme Implementation (MoSPI) which generates key economic data. These are suggestion given by the body, a final decision will rest only with the union finance ministry.

Modi Govt pressured me to dilute insolvency law: former RBI Governor Urjit Patel

Engagement: 11.323 K

Former Reserve Bank of India (RBI) Governor Urjit Patel’s book, “Overdraft: Saving The Indian Saver”, and his then Deputy Viral Acharya’s work, “Quest for Restoring Financial Stability in India” have stirred a hornet’s nest as Patel alleged that the Centre’s moves to dilute a new insolvency law led to disagreements between the Prime Minister Narendra Modi-led government and the central bank. Former RBI Deputy Governor Acharya said efforts to clean up the banking system and address the mounting non-performing assets (NPAs) problem cost Patel his job. Acharya said as the fiscal space was constricted, the government thought credit-linked growth was the only way forward and the government “wanted banks to be lending left, right and centre.”

In his book, Patel wrote the following about the February 2018 circular that RBI brought out during his tenure. It “removed uncertainty – it brought the sector regulator’s rules in line with the letter and spirit of the IBC 2016, and a retune along three dimensions towards defining an endgame…The ploy of restructured standard assets, which had started about two decades back with circulars on Corporate Debt Restructuring 2001, 2002 and 2005, had to be buried once and for all…The assortment of schemes of recent vintage, introduced as interim instruments, to fill the void pending the legislated IBC could now be closed. It is noteworthy that the track record of these, even after a generous/inordinate period of time, for any resolution was, without exaggeration, poor. The forbearance that was embedded to make it easier to resolve assets became an end in itself; they essentially delayed formal acknowledgement that an account was an NPA…As a natural consequence, the resolution process was to start within a day of default…It further required that if accounts of the defaulting large borrowers were not resolved within six months from the date on which their instalments fell due, then they had no choice but to refer these accounts for recovery/liquidation to the NCLT.”

But Patel said pressure was put to rescind the circular. Patel writes, “There were requests for rolling back the February circular. A canard was spread that MSMEs would especially suffer, when, in fact, the previous dispensations for this class of borrowers had been explicitly protected in the new regulations.”

Patel notes the change in the power corridors about the new law proposed. The disposition with respect to the IBC or, more generally, in the conviction in the pathway, perceptibly changed – conceivably on defensible grounds – in mid-2018. Instead of buttressing and future-proofing the gains thus far, an atmosphere to go easy on the pedal ensued. A case of our old failing of a premature pronouncement of victory, perhaps? Until then, for the most part, the finance minister and I were on the same page, with frequent conversations on enhancing the landmark legislation’s operational efficiency… I suspect the government may have felt that the deterrence effect – ‘future defaulters beware, you may lose your business’ – of the IBC had been achieved, and resolute follow-up to help complete the task was, therefore, unwarranted. But deterrence works only if defaulters – current and potential – face economic consequences within a (reasonable) timeframe; otherwise we are in danger of a relapse.”

Patel’s work is possibly the first first-hand insight into the tussle between the RBI and the government, culminating in the Supreme Court decision in 2019 that struck down the February circular.

India has one of the worst bad loan ratios amongst top economies of the world and since 2019, the RBI has been acting more as a central agency that seeks to make lending easier for commercial banks when there are few takers.

NEW BASIC WILL BE 151.47% OF YOUR OLD BASIC WITH 2.5% BASIC LOAD

I just want to share my opinion about Bank Job now a days

Dear Friends

I just want to share my opinion about Bank Job now a days

Banking is changed. Its not 9 am-6pm job anymore. Every bank has own targets. Its depends on Bank Profitability. Every role has there own advantages and disadvantages

Banking is now a days customer friendly and also service oriented. Hence targets are more in any given role

Every Bank focus on less number of NPAs and more revenues from existing base and new base.

For every role, certain targets are set based on branch location and city. U need to understand and do business according to the need of Bank

If u generate more revenue from investments like General Insurance, Life Insurance and Mutual Fund u wil be highlighted more and similarly u goto next level easily

If u not able to meet branch requirements u wil have pressure from all sides

So everyone in the bank has there own pressure, plz understand it

For every bank and for bankers, customers are God. So treat them well and u wil get automatic business

For a PO in any bank, some grade wil be given and knowledge wil be shared through PO programme

Every Bank based on there requirements gives PO corparate or branch banking

Every PO should be prepared to handle both. If u can handle ur role properly u wil get good results and promotions as well

Scenario is changed so much after covid 19, so use the opportunity u have because in the coming years jobs wil be so tough to get

I started as a PO in 2015 but 5 years I m in Manager Grade because of my hardwork and smart work

Salary wil increase when u get promotions. To get promotions u need to achieve ur target and to achieve target u need to be good with customers and do good service

This is the only mantra every successful banker wil say

Every one is different like us. U need to prioritise according to néed of customer not pitch without understanding the need

Some people do work so much hard and talented but unfortunately there hardwork not reflects in results

So they are frustrated.

Always remember every thing has own advantages and DISADVANTAGES and good and bad things

Focus on good things. You wil succeed

Those who can't or unable to handle pressure mentally now a days wil not survive in job

Decide before u think of joining any PO programme or Bank Job
Once u decided, please don't change ur view or opinion for anyone

Utlimately Good or Bad, u need to go through it

If anyone has any clarifications, drop me a message on +91-9515661723

I shared only my view. If my opinion or view contradict anyone, sorry

Thanku

ADITYA SRIKANTA

FRO FB WALL

PNB transfers 6000 officers, many want to surrender promotion

Punjab National Bank (PNB), the second-largest public sector bank in the country, has transferred nearly 6,000 officers and some of them have been transferred more than 2,000 kilometres away from their present place of postings amid the COVID-19 pandemic.

These transfers have been done after the promotion of officers to different scales but the officers said they are willing to refuse promotion if they get the option due to the situation created by coronavirus.

The PNB, however, said that based upon choices obtained from around 6,000 officers, the allocation of offices has been done on promotion and transfers of 3,611 officers released. ANI has accessed document which shows that around 6,000 officers have been transferred.

Released transfers of only 3,611 officers out of which 2,905 are within the same state.

There have been transfers from Delhi to Agartala, Jaipur to Chennai, Delhi to Coimbatore, Rajkot to Kozhikode, which are more than 2000 kilometre away from their present place posting.

Transfers orders came last week and officers transferred at assistant manager, manager, and senior manager levels are expressing their concerns.

Transferred officers have been asked to sign an undertaking: "You are advised to report at your Circle Office on promotion latest by July 29 for further posting at a point of need. I hereby undertake that the bank is having considered my circle allocation on my promotion for ....circle. I am ready to move immediately and I have no constraint in moving to the allocated circle in present circumstances."

All India Punjab National Bank Officers Association last month raised the matter with Executive Director RK Yaduvanshi saying that COVID-19 pandemic has created unprecedented situation leading to fear in families and "moving out of the earning member to an unknown place may be too dangerous and not sustainable and digestible for the family of the officer".

"At the time of application for promotion, there was no knowledge of COVID pandemic nor there any lockdown. Now that unforeseen circumstances arose in the period between the date of application and placement on promotion and therefore merits extending this facility," the Association said.

"The facility/right of promotion refusal has been extended to a certain section of employees and not allowing the same to all employees amounts to restrictive practices by management and not tenable under the law...We request you to intervene and allow all officers promoted to various higher scales the right to refuse promotion after allocation of circles," it said.

Ashwani Rana, Secretary of Voice of Banking, said that government is capping the expenditure on one hand and banks are spending money on inter-state transfers on the other hand.

Govt Plans to Sell Stake in 23 PSUs : Sitharaman

Finance Minister Nirmala Sitharaman said that the government is in the process of selling its stake in about 23 PSUs. The Cabinet has already approved proposals for disinvestment in these ventures. The minister also said that she would soon hold a meeting with small-loan companies and non-banking finance companies to review the loans being extended to businesses.

Sitharaman said in a conversation with Sunil Kant Munjal, chairman of Hero Enterprises, that the government had announced the opening of all areas for private participation under the Atmanirbhar Bharat Package. She said, “We have not taken a final decision on this so that is why I cannot say anything now but in those areas which we are going to call strategic, the private sector will definitely be allowed to come.”

The government has set a target of disinvestment of Rs 2.10 lakh crore for the financial year 2020-21. Of this, Rs 1.20 lakh crore will come from disinvestment of PSUs while Rs 90,000 crore will come from stake sale in financial institutions.

SALARY CHART AS PER 11TH BIPARTITE FOR SUBSTAFF CLERK AND OFFICER

Modi govt asked RBI to go slow on corporate defaulters and sought an easy policy to help them.

After Urjit Patel, now former Deputy Governor RBI, Viral Aacharya,says in a new book that Modi govt asked RBI to go slow on corporate defaulters and sought an easy policy to help them. Modi govt’s claim it was harsh on crony defaulters turning out to be a sham!

BPCL is going to Privatize.- govt. Is selling its entire 52.98% stske

• BPCL, where the government is selling its entire 52.98% stake, has about 20,000 employees
• 
  
• All employees who have completed 45 years of age will be eligible for the scheme

State-owned BPCL has brought a voluntary retirement scheme for its employees ahead of the government privatising the country's third biggest oil refiner and second-largest fuel retailer.

"The Corporation has decided to offer a Voluntary Retirement Scheme (VRS), with a view to enable employees, who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.

The 'Bharat Petroleum Voluntary Retirement Scheme - 2020 (BPVRS-2020)' opened on July 23 and will close on August 13.

A senior company official said the VRS has been brought to offer an exit option for any employee or officer who does not want to work under a private management.

"Some employees feel their role, position or place of posting may change once BPCL is privatised. So this scheme offers them an exit option," he said.

BPCL, where the government is selling its entire 52.98 per cent stake, has about 20,000 employees.

The official said 5 to 10 per cent of employees are expected to opt for VRS.

Expressions of Interest (EoI) for buying BPCL are due on July 31.

All employees who have completed 45 years of age will be eligible for the scheme, according to the VRS notice accessed by PTI.

It, however, excludes active sportspersons (employees recruited as sportsperson who are yet to be deployed in mainstream) and board level executives.

"Employees opting for VRS would be eligible to receive a compensation payment equivalent to two months' salary for each completed year of service or the monthly salary at the time of voluntary retirement multiplied by the balance months of service left before normal data of retirement on superannuation, whichever is less," it said.

Repatriation expenses, as payable in case of retirement, will also be paid. Employees who opt for voluntary retirement will be eligible for medical benefits under Post Retirement Medical Benefit Scheme.

Also, they would be eligible for encashment of leaves including casual, earned and privilege leaves.

While those opting for VRS will neither be eligible for employment in company's joint ventures nor be engaged as retainers/consultants/advisors, any persons facing disciplinary action will not be eligible for the scheme, the notice said.

BPCL will give buyers ready access to 15.3 per cent of India's oil refining capacity and 22 per cent of the fuel market share in the world's fastest-growing energy market.

BPCL has a market capitalisation of about₹97,247 crore and the government stake at current prices is worth over ₹51,500 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the acquisition price.

Privatisation of BPCL is essential for meeting the record ₹2.1 lakh crore target the finance minister has set from disinvestment proceeds in the budget for 2020-21.

BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15.3 per cent of India's total refining capacity of 249.8 million tonnes.

While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. BPCL also owns about 16,309 petrol pumps and 6,113 LPG (liquefied petroleum gas) distributor agencies in the country. Besides, it has 51 LPG bottling plants.

The company distributes 22 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 256 aviation fuel stations in India. The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor for the strategic disinvestment process.

The government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising of 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL's equity share capital, along with transfer of management control to a strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd), the notice inviting offer said.

The bidding will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round.

Public sector undertakings (PSUs) “are not eligible to participate" in the privatisation, the offer document said.

Any private company having a net worth of USD 10 billion is eligible for bidding and a consortium of not more than four firms will be allowed to bid, it said.

According to the bidding criteria, the lead member of the consortium must hold 40 per cent stake and others must have a minimum net worth of USD 1 billion. Changes in the consortium are allowed within 45 days, but the lead member cannot be changed, it added.