New 10 rules --income tax, driving licence , credit card etc see details

From 1 October 2020, many rules are going to change, Motor vehicle rules, Ujjwala scheme, health insurance, credit and debit card rules are changing from tomorrow. So it is important that you know about them in advance. Let us know what is going to change from October 1.

1) No physical verification of documents like Driving License and RC

The tension of keeping a hard copy of documents like RC and driving license together while driving is going to end. Now you can drive a vehicle with only a valid soft copy of these documents attached to the vehicle.The Ministry of Road Transport and Highways has issued notification of various such amendments made in the Motor Vehicles Rules 1989, which will come into effect from October 1. In a step towards easing commuter convenience, the central government is set to digitise documents including maintenance of vehicles, driving licences and e-challans that will now be done through an information technology portal from 1 October 2020. Drivers can maintain their vehicular documents on Central govt's online portal like Digi-locker or m-parivahan

2) Mobile phones only for route navigation

According to the amendments made in the Motor Vehicles Rules 1989 by the Ministry of Road Transport and Highways, you will now be able to use mobile for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.

3) LPG connection will not be free

Under the marque Pradhan Mantri Ujjwala Yojana (PMUY), the process of getting a gas connection for free is ending on 30 September 2020. The Union cabinet had approved an extension till end September for availing free cooking gas cylinders under PMUY.

4) 5% tax will be levied on foreign fund transfer

Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.

5) Sweet sellers will need to display 'best before date'

Sweet shops will now have to declare the 'best before date' of non-packaged or loose sweets available in their shop. Food Safety and Standards Authority of India (FSSAI) has directed the sweet shop owners to adhere to the protocol from 1 October.

6) New health insurance rules to be implemented

The changes in the health insurance cover have of course being introduced in the aftermath of Covid-19. The prices for premium health services will eventually rise. The new health insurance rules to be introduced post-Covid-19 inclusion will make 17 permanent illnesses outside the cover.

7) Buying television sets can be expensive

Open cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will not be extended . As part of 'Atmanirbhar Bharat' the government is keen to expand domestic production capacity for open cell panels so that imports can be curbed. The one-year exemption given to the item expires today, 30 September.

8) RBI’s new credit and debit card rules

The Reserve Bank of India (RBI) has issued new guidelines to secure debit and credit cards. These changes will be effective from 1st October 2020. According to the new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.

9) FSSAI bans blending of mustard oil with any other cooking oil

Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with effect from October 1. In a letter to commissioner of food safety of all states and Union Territories, FSSAI said the "blending of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020."

10) New Tax Collected at Source (TCS) regime

The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform

Expected DA for Banker from November 2020 minimum 44 slab maximum 48 slab

Expected DA Calculation Updated on 30.09.2020 on the basis of CPI for the month of Aug'20 announced on 30.09.20 as 7715.15 (increase of Two points in CPI) & available CPI data for the month of July'20 with assumptions of CPI for the month of Sep'20 as under:-

1. On assumptions if there is an increase of four points of CPI in the month of Sep'20, keeping in view of recent huge rise in prices of vegetables etc. and also regular increase in fuel prices. In this situation the expected (tentatively) increase in DA Slabs would be 48 slabs and the total tentatively revised DA slabs would be 823 i.e. 82.30%.
2. On assumptions if there is an increase of three points of CPI in the month Sep'20. In this situation the expected (tentatively) increase in DA Slabs would come to 46 slabs and the total tentatively revised DA slabs would be 821 i.e. 82.10%.
3. On assumptions if there an increase of two point in CPI in the month 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%.

If you want to save yourself , then you have to snatch the power of retired leaders before Oct 2020

The old ones have said that if you are good then the world is good, you think good for yourself, everyone's good will be automatically.

So now it will be good for all the bankers to kick out these retd leaders. If there are next 2 BPS, then DA will be zero in banks and if it becomes 11th BPS, then 30 % of the staff in charge of PLI and misconduct have gone out. In 10th bps, the dirty act of spl allow becomes more dirty after retirement when Gratuity and commutation is not given on it. In 11th bps, he was promised to be sick, but the leprosy is that now these retd leaders are talking about doing more to him. So if the present employee has to save their future, then these leaders have to be expelled from the majority in Oct quater and the only way for that is to Quit from their union by the last day of this September 2020 because union in Oct month Donation has to be deducted and BPS has to be implemented in the month of October only because MOU will complete 90 days till 21 Oct 2020 and after the union donation is cut, all of you are the members of the union because of these leaders. The power to pass bps will remain intact, so if you want to save the future, then this BPS has to be stopped from happening. Thousands of members have also filed cases in different courts in this connection, whose decision can be delayed due to Corona. And by then, if bps is implemented, the bank employees may have to suffer big losses now or in the future. So, if you want to change the future, then you have to take such a step today so that the power of these leaders to sign BPS will automatically end. Go and it will be possible only by giving Mass resignation by the bank employee. Just a few days ago, a female employee of Canara Bank was suspended by charging misconduct for not printing the passbook. Later, it was also known that she was a physical handicaped. Despite having very few staff, the customer wants a service like a private bank, otherwise complaining to the mobile is now on his fingerprintip and then it will not take a second to charge of gross misconduct, which can also be punished for termination / removal, then your commutation and pension Closed too. Recently, a lady staff in Canara Bank was beaten by a customer, that was saved by CC TV cameras, otherwise the female employee would have been in the list of those who would have been terminated. No matter how wrong the customers are in the banks, they will only fall on the staff in the absence of evidence.

Today, the bank employees of all banks are working from 10 am to 6 pm or above, leave the bonus, they can't even pay overtime for this extra time while it can be clearly detected from computer time. What time the bank employee's work is over. In today's extreme unemployment time, bank employees are continuously working in banks to avoid charges, suspension etc. to bear the responsibility of themselves and their family, so that their job is saved. Due to the increase of work in demonetization, the bank employees have worked till 11-12 pm in winter days, which has not been done till today after 4 years. Bank employees are living their life in the most exploited life today, for which these retired leaders are also responsible.

So, if you want to save yourself from the horrifying problems of 11th bps from these leaders, then you have to snatch the power of these leaders before Oct 2020, otherwise what will be snatched from you after Oct 11 Only after the th sign, we will be able to know the bank employees.

AIBOC seeks RBI intervention in Dhanlaxmi Bank

With rising concerns over affairs at Dhanlaxmi Bank, the All-India Bank Officers’ Confederation has now also written to the Reserve Bank of India Governor Shaktikanta Das to intervene in the affairs of the private sector lender.

“Dhanlakshmi Bank Officers’ Organisation, the representative body of the officers’ fraternity in DLB, an affiliate of AIBOC, has already escalated the current disquieting features in the bank with the top management. But it did not yield any positive response,” wrote Soumya Dutta, General Secretary, AIBOC.

New management

Seeking “immediate corrective measures” for detrimental policies initiated by the new management at the lender, the bank officers union has urged the RBI’s nominee director on the board of the bank should get properly apprised of the ground level feedback and impact of the measures taken by the management in the last six months and intervene in the whole matter.

“There is again a renewed focus on the ‘high-end variants’ of CASA accounts, where the minimum balance requirements are huge and the employees are told that opening of normal accounts would not qualify for internal business promotion campaigns,” the AIBOC said, adding that this is contrary to the objective of financial inclusion.

Further, it said that a few officials from a particular New Generation Bank are being readied to join Dhanlaxmi Bank as a first batch in key positions.

“It seems that the intention is to replicate the practices of another institution, which will not at all be suitable for Dhanlaxmi Bank or for that matter any other old-generation bank,”AIBOC said, adding that such policies will be inimical to the bank.

Also read Dhanlaxmi Bank tussle may hit customers, small investors

Sales team

It also noted that the bank is reportedly running on skeletal staff strength and the entry and authorisation rights of the sales team members in the banking software have been suspended.

“The frontline is further reduced because of this move and it creates a negative impression about the performing officers in front of the customers,” it said, adding that the annual general transfer is also not done for 2020.

“We are also informed that the centralisation of advances into a few cluster branches is also announced as another forthcoming measure. Our affiliate informs that the employees and executives of the bank strongly feel that this move, if implemented, could cost dearly to their beloved institution,” AIBOC said.

Earlier, the All-India Bank Employees’ Association (AIBEA) has sought intervention of the Reserve Bank of India in the affairs of Dhanlaxmi Bank as it is worried that the lender may run into problems again.

93-year old Dhanlaxmi Bank is a small sized private bank headquartered in Thrissur, Kerala.

Source   The Hindu

Four Bank union again demand five days banking and wrote a letter to MOF of State

 

* updation of Pension for Bankers

*Working on updation of Pension*

Facts:-

1. Mass recruitment in Banks started from the year 1969, before which number of staff was very less in Banks.

2. Mass Recruitment was stopped from the year 1992.

3. Again Recruitment started from the year 2010.

4. Staff joined on or after the year 2010 is covered under separate Pension Scheme, namely NPS.

5. Pension Fund is a closed Fund after the year 2010, which means that there are/will not be any new entrant after the year 2010.

6. *Pension fund balance as on 31.03.2018 was Rs. 2.40 lakhs crores.*

7. *In the year 2017-18, interest earned on the Pension Fund was Rs. 18,400 crores, i.e. average rate of interest is 8%.*

8. *In the year 2017-18, Pension of Rs. 14,800 crores was disbursed.*

Assumptions based past facts:-

1. Pension Disbursement will increase by average compound rate of 5% every year due to DA increase.

2. Pension fund will earn same rate of interest i.e. 8% p.a., henceforth.

3. The average life of present pensioners is further 15 years from the year 2018, i.e upto the year 2033.

4. The surplus funds available from the balance of pensioners died before the year 2033, will be available for disbursement of pension to the pensioners surviving after the year 2033.

Working:-

1. Working of position of Pension fund with above facts and assumption is shown in Table A.

2. Working of position of Pension fund with updation with average rise of 22% in the year 2020 and further 15% rise after every 5 years is shown in Table B.

3. Average 22% rise means

(i) 15% rise to retirees before the year 2020,

(ii) 17.50% rise to retirees before the year 2015,

(iii) 21% rise to retirees before the year 2010,

(iv) 24.50% rise to retirees before the year 2005, and

(v) 28% rise to retirees before the year 2000.

Conclusion:-

1. From Table A, it is clear that with normal rise of DA, huge surplus of Rs. 1,95,022 crores in pension fund will be available with the Banks in the year 2033. This surplus is many times more than the funds required for payment of pension to the pensioners surviving after the year 2033.

2. From Table B, it is clear that even periodic updation as above is granted, present funds are sufficient upto the end of year 2033, when most of the Pensioners have said good bye to this world. The surplus funds available of the balance of pensioners died before the year 2033, will be available for disbursement of pension to the pensioners surviving after the year 2033.

Thus, the contention of IBA that Pension funds are not sufficient for up-gradation, is false. On the contrary, Banks would not be required to contribute anything in present as well as in subsequent BPS for upgradation of Pension. If the Banks contribute something, more liberal upgradation may be possible. (Source – Bank Pensioner)

Representation submitted to Supreme Court for pension updation of bankers

Dear bank pensioners

**********************

I had submitted the representation to Supreme court of India stating the problems of pensioners to get updation of pension with a request to advise the govt and the IBA to update our pension as per their verdict or else stop the BPS until our grievances are settled . The Hon'ble chief justice is pleased to book a PIL as per my request which is registered with no 51073/SCI/PIL( E)/2020 .I sincerely hope that SCI must have served notice to the ct concerned parties . I also expect a positive result will come regarding updation of pension. Let us hope for the best friends .

(Posted by Chittaranjan Samal on his timeline in FB He is from Orissa and ex employee of Syndicate Bank)

from

 

Income tax Dept Harassment to salaried person by not issuing refund order

Taxpayers have to give details of each MF, share that they sold in IT Return

If you redeemed your mutual funds or sold shares in the financial year 2019-20, you will have to give the details of each sale transaction while filing your income tax return (ITR) while reporting the capital gains or losses in ITR. The taxpayers will be required to give out details such as the international securities identification number (ISIN), share or mutual fund name, quantity, sale and purchase price as well as fair market value (FMV) at the end of January 2018, in all cases.

“Schedule 112A was introduced in AY 2019-20 as an optional schedule. Taxpayers had the alternative to fill consolidated data of capital gains or losses from listed equity shares and equity-oriented mutual funds. However, for the AY 2020-21, it is compulsory to fill schedule 112A to provide details of each transaction of sale or redemption," said Archit Gupta, founder and CEO, Cleartax.

Long -term capital gains in equities above ₹1 lakh are now taxed at the rate of 15%. Also, the investments made until 31 January were grandfathered exempting gains earned up to 31 January 2018 for investments made earlier. Therefore, taxpayers have to disclose the value of shares and mutual funds as on 31 January 2018 as well.

Let’s understand what this change means for you and how to deal with it.

What does this change mean?

The basic idea behind asking finer details is basically catching those taxpayers who don’t disclose their transactions. The tax department will verify the details which it receives from various sources, including the tax detected at source or tax collected at source statements and specified financial transaction statements, among others, with the details provided by the taxpayers in the income tax return.

“In case there is a mismatch, the tax department will be able to detect any evasion by the taxpayer," said Gautam Nayak, a chartered accountant.

As many new investors started investing in mutual funds in the past and some have also entered the stock markets, the tax department wants to ensure that they disclose the gains arising from these investments.

Some experts also feel this will make the tax filing process lengthy and time taking as instead of giving the cumulative of the gains or losses now one will have to give finer details of all the transactions.

“The format in which the details are available from mutual fund companies or brokerage houses makes it difficult to copy or upload the details in the ITR-2, ITR-3 or other ITRs. The taxpayer needs to enter the data manually for each redemption or sale transaction which is quite tedious," said Gupta of Cleartax.

However, Nayak believes it could be a short-term phenomenon. “Capital gains have to be calculated separately for each transaction anyway, now it is just that the person will need to give the details in the tax return. I believe that the tax department may provide pre-filled details to the taxpayers going forward. So, it may be a short-term hassle, but the taxpayers need to ensure they disclose all the transactions correctly," he added.

Some experts also feel this will make the tax filing process lengthy and time taking as instead of giving the cumulative of the gains or losses now one will have to give finer details of all the transactions.

“The format in which the details are available from mutual fund companies or brokerage houses makes it difficult to copy or upload the details in the ITR-2, ITR-3 or other ITRs. The taxpayer needs to enter the data manually for each redemption or sale transaction which is quite tedious," said Gupta of Cleartax.

However, Nayak believes it could be a short-term phenomenon. “Capital gains have to be calculated separately for each transaction anyway, now it is just that the person will need to give the details in the tax return. I believe that the tax department may provide pre-filled details to the taxpayers going forward. So, it may be a short-term hassle, but the taxpayers need to ensure they disclose all the transactions correctly," he added.

However, in case a person has done multiple transactions and has redeemed funds from different fund houses, it will be a time-consuming process to manually enter the details of each transaction.

What can taxpayers do?

If you are investing through any of the investment portals in mutual funds, some of them do provide a report on the capital gains tax statements. “Various fund transfer agencies provide a statement of both short-term and long-term capital gains for the full financial year. Also, various brokerage houses provide capital gains reports. The details are available transaction wise with the corresponding purchase cost and purchase dates," said Gupta.

These statements can come handy file filing the details. “Yes we provide a capital gains report for all mutual fund transactions in that year," said Gaurav Rastogi, CEO, Kuvera, an investment platform.

If you are investing directly with fund houses you will have to look from the statements from those fund houses separately.

Some of the tax filing portals, including Cleartax also provide the facility to upload capital gains statement in case the person uses their platform for tax filing.

source live mint

BANK EMPLOYEE PENSION VS CENTRAL GOVT CIVIL PENSION SCHEME

WAGE REVISION TALK UPDATE

No decision to discontinue printing of Rs 2000 note: FinMin

The Finance Ministry on Saturday informed the Lok Sabha that no decision has been taken to discontinue the printing of Rs 2,000 denomination currency notes.

In a written reply, Minister of State for Finance Anurag Thakur said printing of bank notes of particular denomination is decided by the government in consultation with the RBI to maintain desired denomination mix for facilitating transactional demand of public.

During the year 2019-20 and 2020-21, no indent was placed with the presses for printing of Rs 2,000 denomination notes.

"However, there is no decision to discontinue the printing of Rs 2,000 denomination bank notes by the government," the minister said.

Thakur also informed that as on March 31, 2020, there were 27,398 lakh pieces of Rs 2,000 notes in circulation compared to 32,910 lakh pieces on March 31, 2019.

He further said the RBI has informed that in view of nation-wide lockdown due to COVID-19 pandemic, printing of notes stopped temporarily.

However, the note printing presses resumed production in a phased manner, as per the guidelines issued by Central/State Government, he added.

The production activities at Bhartiya Reserve Bank Note Mudran Private Limited (BRBNMPL) presses were suspended from March 23, 2020, to May 3, 2020. Printing of bank notes at BRBNMPL presses resumed with effect May 4, 2020.

Thakur further said Security Printing and Minting Corporation of India Limited (SPMCIL) has informed that printing of bank notes at their presses was also affected due to COVID-19 pandemic.

Both, Bank Note Presses of SPMCIL -- Currency Note Press, Nashik and Bank Note Press, Dewas were closed down from March 23, 2020 due to lockdown.

Currency Note Press, Nashik and Bank Note Press, Dewas resumed full-fledged production activities from June 8, 2020 and June 1, 2020, respectively ..

During the period of lockdown, note printing presses have uninterruptedly supplied notes to RBI offices/currency chests from stock of notes available with them through Indian Railway Treasury Wagons, Thakur added.

To another question, the minister said revision of family pension is one of the demands made by bank employee unions/associations during the course of their discussions with the Indian Banks Association (IBA), negotiating on behalf of its participating member banks, for the 11 ..

IBA, has informed that during the discussions with representative employee unions/associations consensus was arrived at on recommending revision of family pension," Singh said.

To a question, he said strengthening of monitoring of the banking mechanism is reflected in steep reduction in the occurrence of frauds in public sector banks, with the amount involved in frauds declining from the peak of 0.96 per cent of bank loans in the fiscal 2013-14 to 0.15 per cent in 2019-20.

 

Raghuram Rajan suggested the government to privatize select public sector banks

Former RBI Governor Raghuram Rajan on Monday suggested the government to privatise select public sector banks, set up a bad bank to deal with NPAs and dilute the role of Department of Financial Services. The reforms are necessary to ensure growth of the banking government without the periodic boom-bust cycles, said a paper titled 'Indian Banks: A Time to Reform?' co-authored by Rajan and former Reserve Bank Deputy Governor Viral Acharya.

Re-privatization of select PSBs can then be undertaken as part of a carefully calibrated strategy, bringing in private investors who have both financial expertise as well as technological expertise; corporate houses must be kept from acquiring significant stakes, given their natural conflicts of interest," the paper said.

Noting that the government obtains enormous power from directing bank lending, it said sometimes this power is exercised to advance public goals such as financial inclusion or infrastructure finance, sometimes it is used to offer patronage to, or exercise control over, industrialists.

"Winding down Department of Financial Services in the Ministry of Finance is essential, both as an affirmative signal of the intent to grant bank boards and management independence and as a commitment not to engage in 'mission creep' when compulsions arise to use banks for serving costly social or political objectives," the paper noted.

 .According to the paper, private asset management and national asset management 'bad banks' should be encouraged in parallel to the online platform for distressed loan sales.

"The national public sector 'bad bank' could serve as a vehicle to aggregate loans, create management teams for distressed firms, and possibly buy and hold distressed assets in a sector like power till demand returns.
It could provide fall-back prices for loans sold by PSBs," the paper suggested.

It also argued that state-linked banks can be a first step in altering the ownership structure of some public sector banks (PSBs), where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.

"Apart from regulatory and market reforms, we propose reforms to bank governance and ownership, especially for public sector banks. With the current enormous strains on government finances, there may be a window of opportunity in which these reforms may be possible since the status quo is untenable," the paper said.

On dealing with bad loans, the paper said out-of-court restructuring frameworks can be designed for time-bound negotiations between creditors of a stressed firm, failing which the National Company Law Tribunal (NCLT) filing should apply.

The two need to work in tandem as the Insolvency and Bankruptcy Court's (IBC) procedural threat serves as the fall-back, facilitating meaningful negotiation out of court, it added.

On bank licencing norms, the paper pitched for on-tap licencing of banks to be kept open at all time.

"On-tap licensing for banks can be kept open at all times - with an annual invitation for applications - to create more vibrant banking with entry of better players, especially allowing high-performing micro-credit institutions to become small finance banks, and similarly, high-performing small finance banks to become universal banks.

"Conversely, poorly performing universal banks can be relegated to small finance bank status," it suggested.

The paper also stressed on the need of allowing PSBs to recruit laterally while retaining the talent they have.

Incentive structures for management need to be strengthened with longer terms for senior management, better assessment of performance, performance-based promotions and extensions, as well as some reliance on lateral hiring, which would also bring in state-of-the-art banking ideas and practices," it said.

 

UGC releases academic calendar 2020-21 for first year students: Check new dates

University Grants Commission(UGC) on Tuesday released tentative calendar for the first year university students of under-graduate and post-graduate courses for the session 2020-21. The UGC session calendar was shared by the Education Minister Ramesh Pokhriyal on Twitter.

According to the UGC session calendar, the academic session for freshers will now begin in November, and the delay will also impact the next academic session as well.

"In view of the COVID-19 pandemic, the Commission has accepted the Report of the Committee and approved the @ugc_india Guidelines on Academic Calendar for the First Year of Under-Graduate and Post-Graduate Students of the Universities for the Session 2020-21," Education Minister Pokhriyal tweeted.

Minister Pokhriyal further added that a full refund for the admission cancellation will be made to students till November.

"To avoid financial hardship being faced by the parents due to lockdown and related factors, a full refund of fees will be made on account of all cancellation of admissions/ migration of students, up to 30.11.2020, for this very session as a special case," he said.

On cancellation/ withdrawal of admissions up to December 31, 2020, the entire fee collected from a student will be refunded in full after deduction of not more than ₹1000 as processing fee.

The UGC had, in April, released an alternative academic calendar for colleges, with the plan to reopen colleges in September, but the delay in entrance exams and covid infections surge has pushed the session by two months

Supreme Court on Tuesday also asked Central Board of Secondary Education(CBSE) to declare results of compartment exams as soon as possible and coordinate with UGC to enable around 2 lakh students to apply in colleges in the current academic year.

During the hearing, the top court earlier asked the University Grants Commission (UGC) not to declare the academic calendar till September 24 but was later told that the calendar has been released.

INDIAN BANKING INDUSTRY NEED FIVE DAY WEEK

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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.

Healthy and Satisfied citizens are the greatest asset any country can have

 

INDIAN PRIME MINISTER: INDIAN BANKING INDUSTRY NEED FIVE DAY WEEK - Sign the Petition! http://chng.it/5fXnBzNR via

@ChangeOrg_India

 

 

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