Centre announces 7-day state mourning on demise of Pranab Mukherjee

Central government on Monday announced seven-day state mourning on demise of former president Pranab Mukherjee.

During the state mourning, from 31 August to 6 September, national flag will fly at half-mast on buildings across India and there will be no official entertainment, said Ministry of Home Affairs.

"The Government of India announces with profound sorrow the death of Shri Pranab Mukherjee, former President of India at Army Research & Referral Hospital, New Delhi on 31st August, 2020. As a mark of respect to the departed dignitary, seven days State Mourning will be observed throughout India from 31.08.2020 to 06.09.2020, both days inclusive. During the period of State Mourning the National Flag will fly at half-mast on all buildings throughout India, where it is flown regularly and there will be no official entertainment. The date, time and venue of the State Funeral will be intimated later," the ministry said in an official statement.

Pranab Mukherjee, one of India’s most cerebral and respected politicians, died on Monday evening following a 21-day battle with multiple ailments. He was 84.

Mukherjee, who was admitted to the Army’s Research and Referral Hospital on August 10 and was operated for a removal of a clot in the brain the same day, is survived by two sons and a daughter.

The long-time Congress leader and seven-time parliamentarian had tested positive for COVID-19 at the time of his admission and was being treated for a lung infection. He had suffered a septic shock on Sunday due to it. Doctors said he died of a cardiac arrest at 4.30 pm.

His son Abhijit Mukherjee was the first to break the news of the death of the veteran politician.

"With a Heavy Heart, this is to inform you that my father Shri Pranab Mukherjee has just passed away inspite of the best efforts of Doctors of RR Hospital and prayers, duas and prarthanas from people throughout India! I thank all of You," he said on Twitter.

As condolences poured in for India’s 13th president, who served as the country’s first citizen from 2012 to 2017, President Ram Nath Kovind described Mukherjee’s demise as the passing of an era.

“A colossus in public life, he served Mother India with the spirit of a sage. The nation mourns losing one of its worthiest sons. Condolences to his family, friends & all citizens," Kovind said on Twitter.

Endowed with perspicacity and wisdom, Bharat Ratna Mukherjee combined tradition and modernity, Kovind said.

Expressing his condolences, Prime Minister Narendra Modi described him as a scholar par excellence and a towering statesman who was admired across the political spectrum.

"India grieves the passing away of Bharat Ratna Shri Pranab Mukherjee. He has left an indelible mark on the development trajectory of our nation. A scholar par excellence, a towering statesman, he was admired across the political spectrum and by all sections of society," Modi tweeted.

Congress leader Rahul Gandhi said, "With great sadness, the nation receives the news of the unfortunate demise of our former President Shri Pranab Mukherjee."

"I join the country in paying homage to him. My deepest condolences to the bereaved family and friends," he said.

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Expected DA for Banker from November 2020 as per CPI data as 31.08.2020

Expected DA Calculation Updated on 31.08.2020 on the basis of CPI for the months of July'20 announced on 31.08.20 as 7669.50 (increase of FOUR points) with assumptions of CPI for the month of Aug'20 & Sep'20 as under:-

1. On assumptions if there is an increase of three points of CPI in the month of Aug'20 & Sep'20, keeping in view of recent inflation due to COVID 19 and increase in fuel prices. In this situation the expected (tentatively) increase in DA Slabs would be 49 slabs and the total tentatively revised DA slabs would be 824 i.e. 82.40%.
2. On assumptions if there is an increase of two points in CPI in the month of Aug'20 & Sep'20. In this situation the expected (tentatively) increase in DA Slabs would come to 44 slabs and the total tentatively revised DA slabs would be 819 i.e. 81.90%.
3. On assumptions if there an increase of one point in CPI in next both months. in this situation the expected (tentatively) increase in DA Slabs would come to 38 slabs and the total tentatively revised DA slabs would be 813 i.e. 81.30%.
4. On assumptions if this figure remains stationery  next both months. in this situation the expected (tentatively) increase in DA Slabs would come to 32 slabs and the total tentatively revised DA slabs would be 807 i.e. 80.70%.

Pranab Mukherjee, former President, passes away at 84

  

VRS passed in ECCB today for Bank .. -25 yrs service and completed 55 years age

VRS passed in ECCB today

-Officials upto DMD.

-25 yrs service and completed 55 years age

-Every year official attaining 55 yrs can apply, discretion with Management

-50% of salary residual period or 18 months salary

-2 years cooling period before taking up any assignment with Bank

-All other benefits as if retired in normal course 

*It has been decided by BBB to reduce the existing number of staff by 50%. Accordingly an attractive VRS scheme will be launched for staff having service of 20 years and above. Rest of the staff will be given performance based pay with variable pay component being 30% of CTC. More details are awaited. The whole excercise is sheduled to be completed by 30.09.2020.*

Eye Opener:

In the VC yesterday, chairman has said that Bank will have 20% to 25% reduction of staff in the future. Since CSP channel has been proved very successful during the lockdown. Bank has given them the rights to go with upto 6 terminals in lieu of 1 that they were using hitherto.So 1 CSP may engage his family and friends to help him in rendering banking services. Further, more & more number of DSA(Direct Selling Agents)will be engaged in Urban areas as they are cost effective to the bank. The passbook printing service will go away from the branches to CSPs',  Swayam machines and with some more options.

Observations: In the future, the bank may excercise VRS/CRS type options  

2).The bank may not extend service beyond 55 or 58 years.

So, all the staff members are advised to learn the new dynamics of doing business. Keep updating yourself with technology. Develop marketing skills, if hitherto, you are not used to. Develop the relationship marketing skills. Develop the habit of engaging communities   both by using technology and by using personal repo to remain in the business.

Thanx & Regards.

Forwarded as received.

MoU dated 22.07.2020 is now challenged in Chennai High Court and Karnataka High Court

Good news. 11th Bipartite Settlement MoU dated 22nd July 2020 :: This MoU is now challenged in Chennai High Court and Karnataka High Court. Some more cases may come up in other High Court also. A few interesting legal points from the court cases are :: One of the Constituent of UFBU namely BEFI did not sign the MoU and is vehemently opposing MoU in public forum. Three other Unions (INBEF, NOBW, AIBOA) who have signed MoU also come out strongly against it and stated that they were forced to sign. Thus, when there is no consensus and UFBU itself is disintegrated by the exit of BEFI it is incumbent on IBA to refer the dispute to the Central Labour Commissioner for adjudication but instead signed MoU. IBA declares through their Circular that its functioning and authority is not amenable to judicial review and not subjected to the rule of law. Though IBA signed 10 Bipartite Settlements in the past representing Bank managements, now IBA claims that being an unregistered body it is not accountable to the judicial proceedings. Thus the unregistered body of IBA has no legal right or status to represent or to sign any MoU or settlement with registered Trade Unions. The unregistered body of IBA has no legal status to represent for anyone including IBA and the IBA representing for the Bank managements is the foundational illegality. The rule of law necessitates that to validate any MoU all the individual member Banks have to sign MoU as parties with the registered Trade Unions arrayed on the other side. Therefore, the invalid MoU ought not to be arbitrarily thrust on the Bank employees Officers Pensioners family pensioners etc. much to their disadvantage. Source :: Chennai High Court case report.

AIBRF MEMBERS WORRIED ABOUT HEALTH INSURANCE

ALL INDIA BANK RETIREES’ FEDERATION (REGD.) D/1/ Sector C Scheme No. 71 Indore 452009 E-Mail ID sharbat_123@rediffmail.com Mobile: 8966019488 SILVER JUBILEE YEAR (1994-2019) Ref. 2020/435 30.08.2020 

The Office bearers / Central Committee Members A.I.B.R.F. 

Dear Comrades Re: Office Bearers Meeting through video conferencing On Saturday 29.08.2020 Re: Proceedings Office Bearers Meeting as scheduled was held on 29.08.2020 through video conferencing. Attendance was 100 per cent and all 48 office bearers were present in the meeting. 2.In the meeting, the issue of Group health Insurance scheme and its relevant issues with special reference to forthcoming renewal due on 1.11.2020 were discussed at length. About 30 Office Bearers participated in the discussion and presented their views like (a) expressing their concern on steep increase in premium rates of IBA policy in last 3 years and consequence of this , it has resulted in fast decrease in rate of participation (b) overall review of IBA policy (c) review of steps taken by AIBRF toward reduction of premium for next renewal (d) present status of availability of alternate group policy with affordable premium in compliance of resolution passed in Delhi Conference on the subject (e) Consideration of two alternate proposals available (f) Problems being faced by affiliates/ members in dealing with TPAs. 3. After the deliberations and detailed reply on the above points given by the General Secretary, the following decisions were taken unanimously (a) It was noted by the house that process of inviting tender and finalizing premium rates for next renewal in IBA has already started and likely to be completed in coming days. AIBRF has taken several organisations steps in last one year representing IBA/ UFBU for reduction in premium to make the policy affordable for all section of retirees. Suggestion given by AIBRF include capping on certain claims, reduction in GST rates on premium, subsidy from banks on premium etc. In view of this, the house decided to wait for outcome of tender process and response of IBA/ UFBU on our suggestions and then take formal decision of launching alternate policy for left over. (b) AIBRF shall continue to take organisational steps on regular basis to bring improvements in IBA scheme to ensure that it becomes viable and sustainable scheme on long term basis (c) AIBRF shall launch organisational programs in coming days once Covid situation improves for bringing down GST rates on premium and uniform subsidy for payment of premiums. (d) On the proposal of Oriental Insurance Company in circulation, it is observed that it is omnibus type policy available on shelf like other group insurance policy launched by banks and available on shelf. It was also noted that this policy is designed for retirees from all sector. The house was of the view that It may be considered at local/ regional level if found suitable by affiliates/ local groups of individual retirees. On such omnibus policy, AIBRF has hardly any role to play. However. while adopting such policy and recommending to retirees, precaution may be taken to see that it does not disintegrate retirees on health insurance issue and cause damage to the concept of uniform medical scheme for bank retirees which we have been able to achieve in last 5 years with long struggle and it has given new dimension and direction on the issue of health insurance resulting into important and powerful issue for retirees. In the coming years, if we are able to achieve uniform subsidy for payment of insurance premium for retirees, for which beginning is already made in SBI, migration of left over to main stream will be strenuous task for the organisation as we have witnessed in exercise of pension option noticed between 2000 t0 2010. (e) The house took note of tailor made proposal for group insurance already available to AIBRF. Efforts may be made to obtain some more tailor made proposals so affordable alternate insurance scheme may be introduced for left over retirees as per the direction of General Council decision in Delhi conference, in due course after seeing outcome of tender process of IBA for next renewal. For this purpose sub-committee of 3 members consisting (1) Chairman (2) President & (3) General Secretary was constituted who will look into all aspects of alternate tailor made proposals and submit the report by end of September, 2020 for taking final decision by Office- Bearers Committee. (f) The resolution circulated was adopted with some modifications unanimously expressing AIBRF stand on health insurance. Copy of modified resolution is enclosed . (g) It was decided to hold one more meeting of office bearers to discuss other pending items of agenda. With warm greetings, Yours Sincerely, (S.C.JAIN) GENERAL SECRETARY RESOLUTION CUM PROPOSALS ON HEALTH INSURANCE ADOPTIOED BY OFFICE BEARERS MEETING TO BE HELD ON 29.08.2020 1. It is noted with satisfaction the continuous actions/ steps taken by AIBRF during last one and half years since Delhi Conference by way of submission of representations to IBA, UFBU , Members of Parliament offering suggestions to ensure reduction in premium and other improvements needed in the scheme to make the group insurance policy affordable. AIBRF efforts and struggle have been found to be continuous , extensive and intensive. 2. In Delhi Conference, concern was expressed on steep increase in premium rates in IBA policy during last 4 years making it gradually unaffordable for large section of retirees. Unanimous resolution was passed by the general Council for exploring possibility of alternate policy for retirees at affordable premium so maximum number of retirees can participate in the scheme. This meeting once again retreads AIBRF commitment to take all possible steps to find suitable group policy at affordable premium, within IBA scheme or if situation so warrants, outside IBA scheme. 3. In view of inherent benefits likely to accrue in coming days and track record of liberal claim settlement in last 5 years giving confidence to retirees in going for treatment in case of need without much financial burden on them, in Core Committee Meeting held in June 2020 it was decided that as far as possible first preference of retirees for group insurance should be IBA policy. It is now affirmed and resolved that AIBRF shall continue to take steps to bring improvements in IBA scheme simultaneous with efforts/ steps for reduction of premiums to make affordable for one and all. 4. AIBRF has made sustained efforts for reduction of premium and offered several suggestions in this regard It is seen that AIBRF suggestions are under active consideration of UFBU and IBA and some of them may be positively considered while finalizing terms and conditions of next renewal. In view of this, it is resolved that at all India level, retiree under the banner of AIBRF should wait for final outcome before taking final view on alternate policy. 5. It is further resolved that AIBRF should continue to take simultaneous steps to hold discussion with insurance companies for designing suitable group insurance policy as an alternate with affordable premium in case need arises after outcome of terms and conditions for renewal finalized by IBA. While identifying such policy, it should be ensured that fine balancing is drawn between affordable premium and terms and conditions for claims which do not put undue pressure on retirees. It should be ensured that such policy should be of all India character with common entry and exit dates. Further, it should be ensured that any policy identified outside IBA should also provide option of Super Top Policy. 6. Since last few years AIBRF has launched sustainable and continuous organisational action programs to achieve demand of subsidy from bank managements on uniform basis and bringing GST rates from present 18 percent to Zero level on payment of insurance premium as a part of long term solution for sustainability of the group health insurance scheme for retirees. It is further resolved that AIBRF shall continue its organisational efforts and pursue them vigorously till they are achieved. 7. Office bears Committee meeting took decision to appeal our affiliates, office bearers, central committee members to explain AIBRF stand on health insurance policy and its continuous struggle to the membership in order to remove their confusion and misgivings so we can work in coordinated manner in this area.

SBI giving VRS to staff to reduce 50%

SBI giving VRS to staff, details are as follows::. 

VRS passed in ECCB today

-Officials upto DMD.

-25 yrs service and completed 55 years age

-Every year official attaining 55 yrs can apply, discretion with Management

-50% of salary residual period or 18 months salary

-2 years cooling period before taking up any assignment with Bank

-All other benefits as if retired in normal course 

*It has been decided by BBB to reduce the existing number of staff by 50%. Accordingly an attractive VRS scheme will be launched for staff having service of 20 years and above. Rest of the staff will be given performance based pay with variable pay component being 30% of CTC. More details are awaited. The whole excercise is sheduled to be completed by 30.09.2020.*

Students of Class 9-12 can voluntarily visit schools, with parents’ written consent. Lockdown extended upto 30th September 2020

The Ministry of Home Affairs today announced the fresh guidelines for Unlock 4 plan. Under the guidelines, lockdown will be extended in the country till 30 September. However, the lockdown will only be applicable in the containment zones, it said.

In a major development, metro rail will be allowed to operate with effect from September 7 in a graded manner, by the Ministry of Housing and Urban Affairs (MOHUA)/ Ministry of Railways (MOR), in consultation with MHA, the statement said.

Earlier, the Delhi Metro Rail Corporation had laid out a slew of measure before the resumption of the metro services in the national capital. Limiting number of people in lifts and longer halting time for trains at stations to allow commuters to board and alight with social distancing norms, are among the measures the Delhi Metro will take to ensure safer travel for its passengers.

Furthermore, schools, colleges, Educational and coaching institutions to remain closed; states and UTs may permit 50% of teaching staff to come to schools for online teaching from Sept 21. Students of Class 9-12 can voluntarily visit schools, with parents’ written consent.

Social, academic, sports, entertainment, cultural, religious, political functions and other congregations will be permitted with a ceiling of 100 persons, from 21 September, it further stated.

There shall be no restriction on inter-state and intra-state movement of persons and goods. No separate permission or approval, e-permit will be required for such movements, the guidelines further stated.

Cinema halls, swimming pools, theatres and similar places to remain closed. However open air theatres permitted to open from September 21

International air travel will be suspended until further notice, except as permitted by MHA.

Guidelines for containment zones:

According to the order, lockdown in containment zones will remain imposed till 30 September, 2020. These virus containment zones need to be carefully demarcated by the state governments or UTs.

Within the perimeters of containment zones, strict social distancing and other norms of containing the spread of the virus shall be maintained and only essential activities will be allowed, MHA said in a statement.

These containment zones will be notified on the websites of respective district collectors of the states and UTs and activities taking place in these zones will be strictly monitored by the authorities.

However, local governments shall not impose any local lockdown (State/ District/ sub-division/City/ village level), outside the containment zones, without prior consultation with the Central Government, the government said in a statement.

India went under a complete nationwide lockdown from 25 March in order to curb the spread of the novel coronavirus in the country. In an attempt to bring back normalcy, the MHA has been issuing a number of guidelines in its Unlock India mission in order to provide relaxations in a graded manner and kickstart the economy.

Loan moratorium will end on Monday 31st August--NPA level may be all time high

The Reserve Bank of India will not extend the moratorium on loan repayments after it ends on 31 August, people aware of the matter said.

While an extension was under active consideration, RBI decided against it as it was concerned about changes in credit behaviour it could induce among borrowers and increase the risk of loan defaults, the people cited above said on condition of anonymity.

Initiating a one-time restructuring of stressed accounts provided a more durable solution to tackling bad loans in the long run, the people familiar with RBI’s thinking said.

On Thursday, RBI governor Shatikanta Das said that the moratorium on loans was a temporary solution in the context of the lockdown, while a resolution framework will provide durable relief to borrowers facing covid-related stress

Bankers had also expressed their discomfort with extending the moratorium beyond the deadline. Leading bankers like Housing Development Finance Corp. chairman Deepak Parekh, SBI chairman Rajnish Kumar and Kotak Mahindra Bank MD Uday Kotak had said that some borrowers who have the ability to pay are taking advantage of the relaxation and hence, the moratorium should not be extended.

In March, RBI introduced the loan moratorium to provide relief to borrowers and enable continuity of viable businesses impacted by covid-19 pandemic. According to RBI data, nearly half of the customers accounting for around half of outstanding bank loans availed of the benefit. The central bank had initially allowed moratorium for the three months ended 31 May but later extended it till end-August.

Later, RBI allowed debt recast for both corporate and retail borrowers. Lenders can extend the repayment period by a maximum of two years, allowing respite in a situation where covid-19 has left millions jobless, curtailing their ability to repay existing debt.

RBI had also announced the constitution of an expert panel under K.V. Kamath to suggest financial parameters for resolution of stressed assets amid the crisis. The panel is expected to submit its recommendations to RBI, which will notify them along with modifications, if any, in 30 days.

Under the resolution framework, RBI has allowed conversion of any interest accrued, or to be accrued, into another credit facility, or granting of moratorium and/or rescheduling of repayments, based on an assessment of income streams of the borrower, up to two years.

Government has an important advisory to protect your banking account from fraud

Amid the times when the number of cases of bank-related fraud and phishing attacks has been increasing, the union government has issues an advisory to help bank customers to protect themselves from suspicious emails. The Ministry of Home Affairs through its cyber safety and cybersecurity awareness Twitter handle–Cyber Dost, has tipped users to use two email accounts for banking purposes. The tweet suggested the banking users use two email account separately–one for the communication purpose while the other should be used for financial transactions only.

“Always make two separate e-mail accounts. One for communicating with people you trust and for your financial transactions. Use separate e-mail account for registering on social networking sites. This will protect your primary account from online stalkers,” Cyber Dost tweeted.

Notably, scammers are using authentic-looking emails to lure customers into their trap of sharing critical information related to their bank accounts and credit cards, and hence the initiative by the government is imperative for users’ advantage. The message also suggested that the email account under use for financial transactions must not be made public on any social media platform to prevent online stalking. The twitter handle strongly advised against using financial transaction email account for social media registrations.

Meanwhile, the Cyber Dost Twitter handle has also asked the users to refrain from using the auto-fill option available on different web browsers and rather type the critical information such as CVV, expiry date, and card number of bank accounts.

Earlier, the Cyber Dost handle also issued a warning to the banking customers that frauds can hack their social media accounts and subsequently gain unauthorized access to their friends and families to seek financial help

HOW TO DISTRIBUTE 15% IN YOUR PAYSLIP

We are aware that a meeting of the Working Group for Workmen was held on 20th of this month and another is slated to be held tomorrow, 28th August 2020. 

As we all know, it had been practice to hold meeting of the unions prior to the negotiation for distribution of quantum to arrive at a common  position. The meeting of tomorrow is going to be held physically at Mumbai and there has not been any intimation so far for holding meeting of workmen Unions, it won’t be possible for the undersigned to attend a Meeting at Mumbai even if it is decided now. 

Moreover, we have already expressed our views on the MoU in a letter addressed to UFBU Convener on 25th of this month with copy marked to all constituents. 

In this backdrop we would like to place our suggestions based on Common Charter of Demands and discussion held so far in Small Committee and Full Negotiation Committee meetings of which  BEFI was  an integral part.

Our views

Not withstanding our reservation on 2.5% loading, we like to point out that IBA has to clarify the basis of arriving at Rs.1155 Cr to be 2.5% of pay after merger of DA at 6352 point of C.P.I. Secondly as per IBA’s letter dt. 13.08.20, only 12.5% (15%-2.5%) of pay slip component is to be distributed on other heads which comes to Rs. 6582 Cr (12.5% of Rs 52655.34 Cr). After utilisation of Rs 1155 Cr for 2.5% loading on BP an amount of Rs 6743 Cr (Rs.7898Cr – Rs.1155Cr) is supposed to be available  for distribution on other heads. Here there is mismatch of Rs 161 Cr (Rs 6743 Cr – Rs 6581 Cr). IBA should not be allowed to pass.

Stagnation  increments  once  in  2  years  without  any  ceiling  for  both clerical and  subordinate  staff. 

(IBA agreed to discuss the matter during distribution of pay slip component)

Entry  level  clerical  cadre  to  include  duties  of  SWO  and  existing  Special pay of Rs.  820 to be clubbed with Basic pay. 

(IBA agreed to discuss the matter during distribution of pay slip component)

Entry  level  Sub staff  cadre  to  include  duties  of  Daftary  and  existing Special  Pay  of  Rs.  560  to  be  clubbed  with  Basic  pay  while  revising  the Pay Scales.

(IBA agreed to discuss the matter during distribution of pay slip component)

On revision  first stage of  PQP/EQP should be equivalent  to  the  first  stage  increment  in  the  pay scale with re-fixation with same proportion at all stages.

(IBA agreed to discuss the matter during distribution of pay slip component)

 Revision  of  FPP  on the  same  lines  of revision  of  basic  pay.

(IBA agreed to discuss the matter during distribution of pay slip component)

Other  posts  of    Special  Pay  to  be  revised  by  merger  of  D.A  and  loading as  in the  case  of Basic  Pay.

(IBA agreed to discuss the matter during distribution of pay slip component)

Further  increase  in  Special  Pay  amount  commensurate  with  the increased  duties,  responsibilities  and  risks  involved  in each post.

(IBA agreed to discuss the matter during distribution of pay slip component. In our opinion increase in duties and responsibilities for any special pay carrying post is not advisable)

Housing accommodation / Quarters to be provided by Banks to all employees.   Wherever not provided, HRA to be paid. 

(IBA agreed to discuss the matter during distribution of pay slip component)

Revision of HRA rates suitably and to be paid on the revised Pay. 

(IBA agreed to discuss the matter during distribution of pay slip component. We suggest for substantial increase of HRA rates)

Areas/population group to be re-classified and based on latest census figures.

(IBA agreed to discuss the matter during distribution of pay slip component)

Revision in HRA at project area centres.

(IBA agreed to discuss the matter during distribution of pay slip component)

Additional HRA in difficult and border areas.

(IBA agreed to discuss the matter during distribution of pay slip component)

Treating peripheral areas of metros/satellite towns like Chandigarh/Mohali/Panchkula, New Delhi/Gurgaon/NCR Regions, etc. at par for payment of HRA applicable to metro/satellite town respectively.

(IBA agreed to discuss the matter during distribution of pay slip component)

Reimbursement of HRA based on rent receipt.

(IBA agreed to discuss the matter during distribution of pay slip component)

Payment of HRA on Capital Cost where employee owns the house.

(IBA agreed to discuss the matter during distribution of pay slip component)

HRA on Rent Receipt basis upto 150% of normal entitlement.

(IBA agreed to discuss the matter during distribution of pay slip component)

Adequate  increase  in all existing  Other Allowances  like  Cycle  Allowance, Washing  Allowance,  Split  Duty  Allowance,  Project  Area  Compensatory Allowance,  Paradip  Port  Allowance,  Hill  and  Fuel  Allowance,  Water Scarcity Allowance,  Compensation  on  Transfer,  etc. 

(IBA agreed to increase 15% in all the above mentioned allowances)

Adequate increase  in  Halting  Allowance/  Reimbursement  of  Lodging Expenses  while  on travel on duty.

(IBA agreed in principal to this demand)

Extension  of  allowances  whichever  and  wherever  paid  to  Central/State Government  Employees  like  Disturbed  Area  Allowance,  Island Allowance,  Agency/Tribal  Allowance,  Remote/Difficult  Area  Allowance, etc. 

(IBA agreed to discuss the matter during distribution of pay slip component)

Extension  of  North-East  incentive  as  per  6th  pay  commission  and  as extended  to  RBI  employees  in North-east/Sikkim

(IBA agreed to discuss the matter during distribution of pay slip component)

Far-flung/difficult  areas  in  Uttaranchal,  Himachal/  J&K  to  be  paid Special Area  Allowance  at  par  with  Leh/Ladakh,  etc.

(IBA agreed to discuss the matter during distribution of pay slip component)

Hill  allowance  should  be  given  to  all  Districts  where  State  Governments are  paying  Hill Allowance.

(IBA agreed to discuss the matter during distribution of pay slip component)

All these issues though not exhaustive but needs redressal. This is without prejudice to our stand on MoU.” Unquote

West bengal got 1st rank in kcc financing

It's a proud moment for all the bankers of West Bengal that our state did best in KCC financing. This is due to the positive approach from all side. Agril deptt of State Govt,SLBC and officers' Association (AIBOC)worked in unison. Kudos to Bankers of Bengal. 

AIBOC(WBSU) had issued circular requesting all the officers to contribute in the KCC and GECL....Members  have kept their words and saved the face of AIBOC....All Saturday off,working with 50%staff , reduced working hours from 10 am to 2 pm. is prevailing in the state till now at the instance of AIBOC state committee. Despite that the state could distribute fresh  12 lakhs KCC and stood first in Pan India. It sends a good message that *late sitting and work mania is a forced choice rather than a voluntary action on the part of the persons concerned* .   Late sitting occurs because of the bad organizational climate and culture.  

 *The fact remains, such people do not make any significant contribution as is expected . Rather allowing to work in free environment yield result.* 

Dear bankers, no one is going to pat on your back.You did a great job, so give yourself a pat on the back.

AIBOC long live....

The financial army deserves 5 days week

The financial army deserves 5 days week. In spite of the lock down, the banks are open, employees commuting with great difficulty, hundreds have died, thousands affected by the virus, they get lesser insurance coverage, the direct benefit transfers are disbursed by them, they are giving all the loans under the Atma Nirbhar package, they have opened 40 crore Jan Dhan accounts, donated their salary to the PM CARES and serving the Nation with devotion.

So there is total justification for 5 day week to be introduced in the banking industry following the footsteps of RBI which has defined 8 hours’ work, five day week and flexible working hours.

IBA in its previous meetings agreed to five day week, but now they say that Prime Minister is not for five day week. Whether this demand reached our PM? Can the government discriminate bankers when RBI and government employees have five day work? Even after the latest MOU we get lesser salary than government, RBI and Insurance employees.

Merger of Spl Pay,5days week,Revision of pension updation-letter sent to ufbu

Here are the West Bengal lockdown schedule for August, September:

Metro Railway can resume services by observing social distancing and other precautionary norms from September, Banerjee added.

Here are the West Bengal lockdown schedule for August, September:

August 27, Thursday

August 31, Monday

September 7, Monday

September 11, Friday

September 12, Saturday

West Bengal COVID-19 lockdown guidelines

To maintain social distancing norms among the residents, the state government imposed a biweekly lockdown in West Bengal from the end of July. Only the essential services are allowed to function on lockdown, the state government mentioned. All the other shops will be closed for two days a week across the state. All the government and private offices, commercial establishments will also be shut. The educational institutions including schools, colleges and universities will remain closed till September 20, Banerjee announced.

All the public and private transport will remain shut. However, Petrol pumps are allowed to function on the days of complete lockdown.

The domestic flight services from the Netaji Subhas Chandra Bose International Airport in Kolkata will also remain shut on those days when lockdown is being implemented in West Bengal. The passengers were earlier requested to contact concerned airlines to change their flight schedule.

West Bengal confirmed more than 1.44 lakh coronavirus cases since outbreak. The active number of COVID-19 patients rose to 27,349. The total number of recovered coronavirus patients stood at 1.14 lakh. The deadly novel virus claimed 2,909 lives in the state.

INDIAN BANKING INDUSTRY NEED FIVE DAY WEEK

As the fastest growing economy today, India is home to a fifth of the world's youth. It provides India with a unique demographic advantage. It provides us a great opportunity. The youth not only need employment but also work life balance. The experts says that a severely biased focus on your job can compromise your relationships, mental and physical wellbeing, so work life balance is important. Scientific studies on health have proved that 2 days weekend improves health as well as productivity. So to increase productivity we need five day week.

In our country all central government establishments, state government offices, RBI, forex department, parliament, state assemblies, treasury, and IT industries observe a 5-day week. Foreign banks in India also follow 5 day week. Therefore banking industry switching over to 5-day week will not make much difference to routine business, rather it will increase productivity, reduce expenditure and give employee satisfaction.

Advancement of technology: 

In the light of the revolutionary changes that have taken place as regards the technology initiative, such as Core Banking Solution, Tele banking, Internet banking, Kiosk Banking, Mobile banking, Cash Deposit Banking, any time anywhere banking and also the banking expansion through a large ATM network (221703 as on March 2019), Cash deposit machines, NEFT, RTGS, IMPS, UPI, E WALLETS, 4.25 million Micro ATMs(POS), 50.3 million credit cards, 840.6 million debit cards, 627 million internet users and 6.2 billion mobile banking users there is no need for banks to work on Saturdays.

Following are the benefits of a 5 day work week for our country:

1 Reduced fuel costs.

2  Decreased absenteeism.

3  Increased productivity.

4  Improved job satisfaction and morale..

5  Reduced personnel turnover.

6  Reduced energy costs.

7  Improved work-life balance.

8  Reduced traffic congestion.

9  Promise of 10th Bipartite.

10  Better immunity.

11  More employments.

12  More spending.

The financial army deserves 5 days week. In spite of the lock down, the banks are open, employees commuting with great difficulty, hundreds have died, thousands affected by the virus, they get lesser insurance coverage, the direct benefit transfers are disbursed by them, they are giving all the loans under the Atma Nirbhar package, they have opened 40 crore Jan Dhan accounts, donated their salary to the PM CARES and serving the Nation with devotion.

So there is total justification for 5 day week to be introduced in the banking industry following the footsteps of RBI which has defined 8 hours’ work, five day week and flexible working hours.

IBA in its previous meetings agreed to five day week, but now they say that Prime Minister is not for five day week. Whether this demand reached our PM? Can the government discriminate bankers when RBI and government employees have five day work? Even after the latest MOU we get lesser salary than government, RBI and Insurance employees.

Since, Pension in RBI & NABARD is revised, Pension in other Banks may please be revised on same terms

FROM THE TABLE OF NATIONAL ADVISOR
SH.J.N.SHUKLA

ONE MORE EFFORT MADE THRU GENIUS THINKER OF OUR INDIA WITH A REQUEST TO INTERVENE & SUPPORT IN RESOLVING OUR DECADES PENDING ISSUES OF BANK RETIREES/PENSIONRS....

Dr. Subramaniam Swami,
Hon'ble Member of Parliament,
AB/24, Pandara Road,
New Delhi

Respected Dr. Swami,

Bank Pensioners Plights:-

We are Bank Pensioners' Activist, looking for your kind support and indulgence in our issues quite for long and on 22.8.20 & 24.8.20, and have sent 3 mails and spoke to Ms. Anamika as well.

If not now, it will never be is the situation in Bank Pensioners issues.

Our Activists, from across the country, have been pressing us to seek your support, which may prove to be a finishing touch.

There are over 6 lakh Bank Pensioners, who are languishing in extreme financial distress, as their Pension has never been revised, once fixed on superannuation, from 1986. Bank Pension Scheme is a replica of RBI Pension Scheme, introduced in Banking in an agreement dates 29.10.1993, under ID Act. In RBI Pension is revise from March, 2019 & now in NABARD it is done from August, 2020. Other Bank men are denied & harassed by Bankers, IBA & operating Unions. Presently, it is stated to be under discussion, but not sure, nothing is clear.

We solicite your support and urge upon you to please take up our following issues with Hon'ble Prime Minister:

1. Since, Pension in RBI & NABARD is revised, Pension in other Banks may please be revised on same terms, and

2. Bank Pensioners please be given minimum health insurance from Banks' Welfare Funds as directed by Department of Financial Services vide their letter dated 24.2.2012, since not implemented by Banker.

Sir, we shall remain grateful and indebted to you for your kind favour.

Respectful Regards, by

( J. N. Shukla)
NATIONAL ADVISOR
MISSION K.U.B.E.R.
&
National Convenor
F..B.P.A.
PRAYAGRAJ
25.8.2020
9559748834

BANK FRAUD AMOUNT Rs 1.85 trn in 2019-20- IT IS 159% HIGHER THAN PREVIOUS YEAR ACHCHE DIN AAGAYA

Bank frauds, in value terms involving an amount of Rs 1 lakh and above, have more than doubled in 2019-20 period to Rs 1.85 trillion from Rs 71,543 crore in 2018-19 period, up 159 per cent. In volume terms, however, the total fraud cases have jumped 28 per cent to 8,707 in 2019-20 from 6,799 in 2018-19, revealed the annual report of Reserve Bank of India (RBI) for the year 2019-20.

While the increase in the number of fraud cases and the amount involved is substantial, the RBI has said that the date of occurrence of these frauds is spread over several previous years. “Frauds have been predominantly occurring in the loan portfolio (advances category), both in terms of number and value”, the RBI noted in its annual report.

Furthermore, the RBI said, there was a concentration of large value frauds, with the top fifty credit-related frauds constituting 76 per cent of the total amount reported as frauds during 2019-20. While bank frauds, both in value and volume terms increased in 2019-20, data suggest, for the period April – June 2020, as many as 1,558 frauds were reported amounting to Rs 28,843 crore, which is less in comparison to the 2,024 frauds reported in the same period in 2019 amounting to Rs 42, 228 crore.

While frauds have been predominantly reported in the advances category, with advances constituting 98 per cent of the total amount involve in frauds, other areas of banking such as off-balance sheet and forex transactions, fell in 2019-20 vis-à-vis the previous year.

Public sector banks constituted almost 80 per cent of the total fraud amount reported in 2019-20, followed by private banks with 18.4 per cent. As per the rules of the central bank, if an account has been classified as fraud by the banks, they have to make 100 per cent provisioning against it, be it at one go or spread over four quarters.

The RBI report further goes on to say that the average lag between the date of occurrence of frauds and their detection by banks and financial institutions was 24 months during 2019-20. But, this lag time was even more in cases that involved huge amounts of money.

“In large frauds, i.e., Rs 100 crore and above, however, the average lag was 63 months”, the RBI said. The sanction of the credit facility in many of these accounts was much older, it added.

The RBI has noted that weak implementation of Early Warning Signals (EWS) by banks, non-detection of EWS during internal audits, non-cooperation of borrowers during forensic audits, inconclusive audit reports and lack of decision making in joint lenders' meetings account for the delay in detection of frauds.

Hence they are revamping the EWS mechanism and strengthening the concurrent audit function, with timely and conclusive forensic audits of borrower accounts under scrutiny.

The Advisory Board for Banking Frauds (ABBF), which was created in consultation with the Central Vigilance Commission (CVC) to function as first level of examination of all large value fraud cases before recommendations/references are made to the investigating agencies by public sector banks, will confine itself to those cases involving the level of General Manager (GM) of banks and above, the RBI said.

Number of fake notes in circulation falls, but still significant

While the number of fake notes in the system has fallen, their number remains significant, even as high-value note counterfeiting seems to have been checked for now. There was an increase of 144.6 per cent, 28.7 per cent, 151.2 per cent and 37.5 per cent in counterfeit notes detected in the denominations of Rs 10, Rs 50, Rs 200 and Rs 500 respectively. However, counterfeit notes detected in the denominations of Rs 20, Rs 100 and Rs 2000 declined by 37.7 per cent, 23.7 per cent and 22.1 per cent, respectively, the central bank said.

Banks detected 95.4 per cent of fake notes in 2019-20 (April to March), while the rest 4.6 per cent fake notes were detected by the Reserve Bank.

The value and volume of banknotes in circulation increased by 14.7 per cent and 6.6 per cent, respectively, during 2019-20. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 83.4 per cent of the total value of banknotes in circulation at end-March 2020, with a sharp increase in the share of Rs 500 banknotes. In volume terms, Rs 10 and Rs 100 banknotes constituted 43.4 per cent of total banknotes in circulation at end-March 2020.

Among high value, Rs 2,000 notes fell in share, from 3291 million in 2019 to 2739.8 million in 2020. This indicates the central bank may not have printed additional Rs 2,000 notes in 2020, or may have taken out of circulation many of the existing ones.

Details list of income tax benefits for senior citizens and very senior citizens:

 India's income tax law pampers senior citizens and very senior citizens with several tax benefits. Only residents of the country can avail of these special benefits. A person between 60 years and 80 years of age is termed as a 'senior citizen' and a person above 80 years of age is a 'very senior citizen.' Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to deductions under various sections on account of medical expenses and interest earned on deposits.

Here is the list of income tax benefits for senior citizens and very senior citizens:

Higher exemption limit

Senior citizens and very senior citizens are granted a higher exemption limit as compared to normal or non-senior citizen tax payers. Exemption limit is the level of income up to which a person is not liable to pay tax to the government

For FY 2020-21, exemption limit for a senior citizen is ₹3,00,000. The exemption limit for non-senior citizen is ₹2,50,000. An additional benefit of ₹50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers.

A very senior citizen is granted a higher exemption limit of ₹5,00,000.

Exemption from paying advance tax

​​​​​​​​As per section 208, every person whose estimated tax liability for the year is ₹10,000 or more, shall pay his tax in advance, in the form of 'advance tax'. However, section 207 gives relief from payment of advance tax to a resident senior citizen. As per section 207​ a resident senior citizen not having any income from business or profession, is not liable to pay advance tax.

Paper filing of ITR

A very senior citizen filing his return of income in Form ITR 1 or ITR 4 can file his return of income in paper mode, i.e., for him electronic filing of ITR 1 or ITR 4 (as the case may be) is not mandatory. However, he may go for e-filing if he wishes.

Deduction on interest income on bank deposits

Interest earned on saving deposits and fixed deposit with banks or post office or co-operative banks for an amount upto ₹50,000 earned by the senior citizen is eligible for deduction under Section 80TTB.

Also, there will be no deduction of tax at source upto ₹50,000. This limit of ₹50,000 has to be computed for every bank individually.

Deduction for payment of medical insurance premium

Medical insurance premium up to ₹50,000 paid in a year by a senior citizen is allowed as a deduction under Section 80D of the Income Tax Act. If the senior citizen is paying medical insurance premiums for his or her parents who are also senior citizens, he or she can claim an additional deduction of up to ₹50,000.

Deduction for medical treatment of specified diseases

As per section 80DDB, a senior citizen taxpayer can claim deduction of up to ₹1,00,000 for expenditure incurred by him on medical treatment of specified diseases.