The methodology to calculate DA slab*

*The methodology to calculate DA slab*

Dear Comrades,  Consumer Price Index average (based on Base year of 2016 = 100) for January , February and March'22 are: 125.1 + 125 + 126 / 3 = 125.367 points.  Since our DA points linked to Base Year 1960 = 100 pts, to convert,  we have to multiply with factors 4.93 (linking factor for Base Year 1960 and 1982 = 100), 4.63 (linking factor for Base Year 1982 and 2001 = 100) and 2.88 (linking factor for Base Year 2001 and 2016 = 100). Therefore,  total number of CPI is = 125.367 x 4.93 x 4.63 x 2.88 = 8241.38.  As 4708 points were already  merged with our Basic Pay,  DA payable will be on: 8241.38 - 4708 = 3533.384 points.  As DA rate is payable on Slab (4 points = 1 Slab)  basis,  by converting points we get 3533.38 / 4 = 883.346 slabs = 883.  The increase in number of Slabs are:  883 - 882 (already paid up-to last month)  = 01 Slab.  Hence,  PSGIC Employees will be paid 01 (ONE)  Slab more from May'22 to July'22 -

Banker's DA increse only one slab from May 2022 even Petrol Rs115+ and Mustard oil Rs200+

 Today i.e. on 29.04.22 CPI for the month of Mar'22 announced with an increase of 1.00 point as 126, Please note that CPI announced for Jan'22 and Feb'22 showing decrease of CPI (as per base year 2016) despite of there is on going regular rise in prices of commonly required daily needs items / commodities. Earlier Govt vide their notification dated 22.10.20   has changed the Consumer Price base year from 2001=100 to 2016=100 for Industrial Workers.

On the basis of CPI data announced by the Govt for the months of Jan'22 to Mar'22 (as tabled below) there will be an increase of 1 DA slab and the revised DA slabs payable for the period May'22 to July'22 comes to 472 on revised pay as per 11^th BPS

Jan 2022	8223.89
Feb 2022	8217.32
Mac 2022	8283.06
Average CPI
For the Quarter Jan-Mar 2021 as above = 8241.42
For the Last Quarter Oct-Dec 2021 as above = 8239.24

Bank DA From May 2022
Month	AICPIN Value	Average CPI	Slabs	Percentage
Jan 2022	125.1	8223.94
Feb 2022	125	8217.32	472	33.04
Mar 2022		8283.06

BOM will be paid 15 days Salary (Basic+DA) asOperating profit of Bank of Maharashtra increased by 22.42%

Operating profit of Bank of Maharashtra increased by 22.42% in F.Y. 2021-22 (YoY) and bank also shows Net profit. So all employees of BOM will be paid 15 days Salary (Basic+DA) as Performance linked incentive as per 11th BPS.

Congratulations

to all BOM employees..!!

Towards Preparation of Charter of Demand of 12th Bipartite

 

Da for banker from May 2022

CPI for March22 Rose by 1.0 index hence Increase of Only 01 DA Slab for the  Qtr Ended March22  Wef May 22

Details will be updated at night

PAYMENT OF LEAVE ENCASHMENT AT THE TIME OF RETIREMENT IS FULLY EXEMPT FROM INCOME TAX SINCE BEGINING

PAYMENT OF LEAVE ENCASHMENT AT THE TIME OF RETIREMENT IS FULLY EXEMPT FROM INCOME TAX SINCE BEGINING As per Chapter-III of Income Tax rule clause 10 (10AA) Sub section 2nd the payment received by an employee other than central Government or State Government likewise Bank Insurance, PSU at the time of his retirement is fully exempt if you have receive leave encashment payment at the time of retirement is less or equal to the entitlement of the Cabinet Secretary of Central Government. At present the salary of the Cabinet Secretary is 2.925 Lacs per month so his leave encashment entitlement is 29.25 Lacs. The employee who covered under subclause-II is entitled to take the exemption up to 29.25 Lacs as per rules. The existing rule is crystal clear there is no doubt. The employee retired in financial year 20-21 and Tax deducted as source and claimed only 3 lacs exemption at the time of filing return are suggested to claim full exemption by filing revised return up to 31st March 2022.

After Privatizing IOB & Central Bank .....others also will be taken up for SALE" Everyone to be ready

After Privatizing IOB & Central Bank .....others also will be taken up for SALE".....

The Centre plans to accelerate the process of privatisation of the Indian Overseas Bank (IOB) and Central Bank of India after the two banks posted good quarterly results, finance ministry sources said.

The government’s public policy think tank Niti Aayog has already proposed the names of these two PSBs to the core group of Secretaries on Disinvestment (CGD) for privatisation.

“We had to put a halt to the privatisation process in between because of the protests by bank associations and State elections.

But now, after the banks registered positive results in the December quarter, it will gather steam.

CGD is assessing the proposal submitted by Niti Aayog, which will then go to the Cabinet committee for final approval,” an official told this newspaper.

Another official pointed out that there is no provision for privatisation of banks in the Bank Nationalization Act. So, an amendment is needed in the Act to privatise the state-owned lenders. “A few amendments have been proposed to the Banking Regulation Act and Bank Nationalisation Act to facilitate the privatisation.

We are trying to make an attractive scheme related to employees’ compensation to avoid strikes,” he added.

In the October-December quarter, Chennai-based IOB’s net profit doubled to Rs 454 crore against Rs 213 crore in the year-ago period.

In the same period, Mumbai-based Central Bank of India registered a 69% increase in its net profit at Rs 279 crore.

More banks to be identified later

After the completion of the privatisation of IOB and CBI, the Centre will identify other banks for disinvestment in the coming years. The government wants only four large PSBs in the country

https://www.newindianexpress.com/.../iob-central-bank...

WHY FINANCIAL SUCCESS IS GOOD FOR YOUR MARRIAGE

WHY FINANCIAL SUCCESS IS GOOD FOR YOUR MARRIAGE

1. It reduces the amount of fights. Most fights in marriage are about money

2. It releases you to enjoy sexual intimacy. Stress and worry about money is a libido killer, it is why some men struggle to erect or sustain an erection and why some women are too anxious to think about love making

3. It gives you the opportunity to live in the best neighborhood conducive for raising your vision of a family

4. It gives you the capacity to pursue your personal dreams and aspirations; be it going to school, advancing your career or starting a business. Personal fulfillment then leads to marital fulfillment

5. It equips you to give your children the best life has to offer. Best in education, technology, events and tools

6. It makes you worry less so that you focus on wholesome parenting. There are some parents who are so stressed about money that they are causing neglect, harshness, discouragement and trauma on their children

7. It makes you feed your family healthy meals consistently because you can afford it

8. It allows you to do memorable things outside the home such as trips and dates, spicing up your marriage and family. There are couples who all they do is spend time at home due to lack of money leading to dryness and familiarity 

9. It exposes you to higher experiences and interests. When your basic needs are easily met, it releases you to dream and indulge on other interests leading to more growth

10. As you financially grow as a couple, you naturally find yourself in the company of other people and couples growing leading to more growth

11. It exposes your children to wealth leading to confidence and minds that think big. Wealth is not strange to them. There are adults who don't pursue wealth and goals because it is foreign to them 

12. It empowers you to touch lives as a couple. With financial wealth, you can choose to support or sponsor any project, group or individuals in need. This leads to you two growing closer together

13. It allows you two to spoil each other without worrying about the cost

14. It leads to a more comfortable life because you are not worried about landlords chasing you, or creditors coming for you; lowering your dignity. There are some couples who every end month brings anxiety due to loans and bills

15. It gives you the resources to not only nurture a home, but also build or buy a house

16. It gives you the chance to finance God's Kingdom; financial vessels of honour

17. It gives you opportunities to bless your aging parents, showing them honour by taking care of them

18. It helps you two retire in comfort as your bodies grow weaker and slower

19. It prepares a good inheritance for your children and children's children so that they don't struggle in life but can pick up from where you left off. Generational wealth

© Akello Oliech and Dayan Masinde

Air India Is Now A Private Company": Karnataka High Court Refuses To Exercise Writ Jurisdiction U/Art 226 On Employees' Plea

The Karnataka High Court has said that since Air India Limited is now a private Company owned by M/s.Talace Pvt. Ltd., the grievance of the employees can be redressed only before the competent authority which can deal with the question and not under Article 226 of the Constitution of India.  

A single judge bench of Justice R Devdas made the observation while dismissing a petition filed by petitioner Padmavathi Subramaniyan and two other employees of Air India Limited. The petitioner had approached the court with a grievance in matter of seniority.

The respondents including the Union of India raised a preliminary objection about maintainability of the petition. It was said that when once the Air India Limited is privatised and the entire shareholdings are disinvested from the hands of the Government of India and a Private Company has taken   over, the grievance of the employees of the Air India Limited cannot be redressed directly under a writ jurisdiction of this Court.

Reference was made to the Delhi High Court's judgment in Dr.Subramanian Swamy Vs. Union of India & Others, which had an occasion to consider the issue regarding disinvestment process. The Union of India had placed factual information before the Delhi High Court in the matter of disinvestment of Air India. Assistant Solicitor General, Shanthi Bhushan pointed from the order that the disinvestment of the shares of the Government of India has been has been 100% in favour of M/s.Talace Private Limited.

Following which the court said, "It is clear that Air India Limited is now a private Company owned by M/s.Talace Pvt. Ltd. The earlier position of The earlier position of Air India Limited which was a fully owned Government of India Company, has changed and it is now a Private Limited company. Therefore, the grievance of the petitioner in the matter of seniority can be redressed only before the competent authority which can deal with the qquestion and not under Article 226 of the Constitution of India."

 

It added, "The writ petition stands dismissed, granting liberty to the petitioners to approach the competent authority to redress their grievance n the matter of seniority." Case Title: Ms Padmavathi Subramaniyan v The Ministry Of Civil Aviation Case No: Writ Petition No.21448 Of 2021  

Citation: 2022 Livelaw (Kar) 125 Date Of Order: 6th Day Of April, 2022 Appearance: Senior Advocate M.T.Naniah, A/W Advocate Vishnu Hegde For Petition

 

MANDATORY LEI CODES REQUIRED FOR NON-INDIVIDUAL BORROWERS TO ENJOY CREDIT FACILITY OF 5 CRORE AND ABOVE

 RBI on Thursday (21.04.2022) extended the guidelines on Legal Entity Identifier (LEI) to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs).

According to RBI’s circular ‘Non-individual borrowers enjoying aggregate exposure of Rs 5 crore and above from banks (excluding RRBs) and financial institutions (FIs), who fail to obtain LEI codes from an authorized Local Operating Unit (LOU) within the timeline given below shall not be sanctioned any new exposure nor shall they be granted renewal/enhancement of any existing exposure. However, departments/Agencies of Central and State Governments (not Public Sector Undertakings registered under Companies Act or established as Corporation under the relevant statute) shall be exempted from this provision, it said.

Timeline for obtaining LEI by borrowers

Total exposure	LEI to be obtained on or before
Above Rs 25 crore	April 30, 2023
Above Rs 10 Crore up to Rs 25 crore	April 30, 2024
Rs 5 crore and above, up to Rs 10 Crore	April 30, 2025

    “Exposure for this purpose shall include all fund based and non-fund based (credit as well as an investment) exposure of banks/FIs to the borrower. Aggregate sanctioned limit or outstanding balance, whichever is higher, shall be reckoned for the purpose. Lenders may ascertain the position of aggregate exposure based on information available either with them or CRILC database or declaration obtained from the borrower”, RBI said.

WHAT IS LEGAL ENTITY IDENTIFIER (LEI) ?

LEI is a 20-digit unique code to identify parties to financial transactions worldwide. Following the global financial crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’. In the US and Europe, the regulations require the use of LEIs to uniquely identify counterparties to transactions in regulatory reporting.

The LEI will serve as a proof of identity for a financial entity, help to abide by regulatory requirements, facilitate transaction reporting to Trade Repositories. The Public authorities in their jurisdictions rely on the LEI to evaluate risk, take corrective steps and, if required, minimize market abuse, and improve the accuracy of financial data.

LEIs are issued by “Local Operating Units” (LOUs) of the Global LEI System endorsed by the Regulatory oversight Committee and LOUs accredited by the LEI foundation. Some of these registries serve a given country while others offer services to entities worldwide. In India, Legal Entity Identifier India Limited (LEIL) which is a wholly-owned Subsidiary of the Clearing Corporation of India Ltd (CCIL) established as a Local Operating Unit (LOU). The entity which wants to register LEI will be required to submit the necessary documents including Board Resolution and/or Power of Attorney in the format as specified by LEIL.

The Reserve Bank of India vide circular RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2-16-17 dated June 01, 2017, has mandated the implementation of the LEI system for all participants in the Over-the-Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives, and credit derivatives in India, in a phased manner. As per RBI’s above communiqué (dated Nov2, 2017) all corporate bank borrowers having total fund-based and non-fund based exposure of 5 crores and above to obtain Legal Entity Identifier (LEI)  registration in a phased manner and capture the same in the Central Repository of Information on Large Credits (CRILCS). Accordingly, banks were asked to advise their large corporate borrowers to obtain LEI. In the initial phase, borrowers having total exposures of above Rs.50 crore were asked to obtain LEI and subsequently, borrowers of 5 crores and above were asked to obtain LEI in the phased manner. As per RBI direction Borrowers who do not obtain LEI as per the schedule are not to be granted renewal/enhancement of credit facilities. “This will facilitate the assessment of aggregate borrowing by corporate groups, and monitoring of the financial profile of an entity/group. This requirement will be implemented in a calibrated, but time-bound manner” it said.

Payment transactions:

Further, through its circular dated January 5, 2021, RBI introduced the LEI system for all payment transactions of value Rs 50 crore and above undertaken by entities (non-individuals) using Reserve Bank-run Centralised Payment Systems viz. Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT), effective from April 1, 2021.

Schedule for implementation of LEI in India

Total Exposure to Scheduled Commercial banks to be completed by

₹ 1000 crore and above: Mar 31, 2018

Between ₹ 500 crore and ₹ 1000 crore    : Jun 30, 2018

Between ₹ 100 crore and ₹ 500 crore      : Mar 31, 2019

Between ₹ 50 crore and ₹ 100 crore        :Dec 31, 2019

However, based on the feedback and requests received from market participants, and with a view to enabling the smoother implementation of the LEI system in non-derivative markets, the timelines for implementation (Phase I and Phase II) are extended by RBI vide notification RBI/2018-19/177/FMRD.FMID.No.15/11.01.007/2018-19 dated April 26, 2019.

Phase   : Net Worth of Entities                                                Extended Deadline
Phase I: Above Rs.10000 million                                            December 31, 2019
Phase II: Between Rs.2000 million and Rs 10000 million        December 31, 2019
Phase III up to Rs.2000 million                                                March 31, 2020

RBI has asked Banks to encourage large borrowers to obtain LEI for their parent entity as well as all subsidiaries and associates. Borrowers who do not obtain LEI as per the schedule are not to be granted renewal/enhancement of credit facilities.

What is the Global Legal Entity Identifier Foundation (GLEIF)?

The Global Legal Entity Identifier Foundation (GLEIF) is established by the Financial Stability Board in June 2014, to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the LEI Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly drive forward transparency within the global financial markets. GLEIF is headquartered in Basel, Switzerland.

RBI ISSUES NEW NORMS FOR ISSUANCE OF CREDIT CARDS AND DEBIT CARDS

The Reserve Bank of India has issued master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance.

“These directions cover the general and conduct regulations relating to credit, debit, and co-branded cards which shall be read along with prudential, payment, and technology & cybersecurity-related directions applicable to credit, debit, and co-branded cards, as issued by the Reserve Bank,” the notification said.

As per the new directions, Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, and quantum of charges, among others. In case of rejection of a credit card application, the card issuer shall convey in writing the specific reason/s which led to the rejection of the application. The most important terms and conditions (MTC) for issuance shall be highlighted and published/sent separately to the customers, at the acceptance stage (welcome kit), and in important subsequent communications.  The MITC contains fees and Charges, annual membership fee, cash advance fee, service charges levied on transactions, Interest-free (grace) period – illustrated with examples, Overdue interest charges – to be given on a monthly & annualised basis,    Credit limit- Available credit limit- Cash withdrawal limit, etc. shall be printed with the font size of minimum Arial-12. The MITC shall be provided to the customer at the time of onboarding and each time, a condition is modified with notice to the customer. The MITC and copy of the agreement signed between the card-issuer and cardholder shall be sent to the registered email address of the cardholder or postal address as per the choice of the customer. In cases where the card-issuers are offering any insurance cover to their cardholders, in tie-up with insurance companies, the card-issuers shall obtain explicit consent in writing or in digital mode from the cardholders along with the details of nominee/s. Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card issuers shall close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer. In case of a renewed or replaced card, the closure of an inactivated card shall be subject to payment of all dues by the cardholder. The consent for the cards issued or the other products/services offered along with the card shall be explicit and shall not be implied. In other words, the written consent of the applicant shall be required before issuing a credit card. Alternatively, card-issuers may use other digital modes with multifactor authentication to obtain explicit customer consent. However, such alternative digital modes, if any used by the card-issuer, shall be communicated to the Department of Regulation, Reserve Bank of India.

Among the underwriting standards, card issuers are required to ensure complete transparency in the conversion of credit card transactions to Equated Monthly Installments (EMIs) by clearly indicating the principal, interest, and upfront discount provided by the merchant/card-issuer (to make it no cost), before the conversion. The same shall also be separately indicated in the credit card bill/statement. EMI conversion with an interest component shall not be camouflaged as zero-interest/no-cost EMI.

Issue of unsolicited facilities:

 Unsolicited loans or other credit facilities shall not be offered to the credit cardholders without seeking explicit consent. In case an unsolicited credit facility is extended without the written/explicit consent of the cardholder and the latter objects to the same, the card issuer shall not only withdraw the facility but also be liable to pay such penalty as may be considered appropriate by the RBI Ombudsman, if approached.  Card issuers shall not unilaterally upgrade credit cards and enhance credit limits. Explicit consent of the cardholder shall invariably be taken whenever there is/are any change/s in terms and conditions. In case of a reduction in the credit limit, the card issuer shall intimate the same to the cardholder. However, the issuance of a credit card for renewal or replacement shall not be treated as an unsolicited card.

Assessment of Credit limits:

Card issuers shall ensure prudence while issuing credit cards and independently assess the credit risk while issuing cards to persons, taking into account the independent financial means of applicants as per Board-approved policy. As holding several credit cards enhances the total credit available to any consumer, card issuers shall assess the credit limit for a credit card customer taking into consideration all the limits enjoyed by the cardholder from other entities on the basis of self-declaration/credit information obtained from a Credit Information.

Add-on and corporate credit cards:

The add-on cards shall be issued only to the persons specifically identified by the principal cardholder under both personal and business credit card categories. Add-on cards shall be issued with a clear understanding that the liability will be that of the principal cardholder. Similarly, while issuing corporate credit cards, the responsibilities and liabilities of the corporate and its employees shall be clearly specified. The liability of the corporate/business entity shall form part of its assessed credits.

Fraudulent transactions:

No charges shall be levied on transactions disputed as ‘fraud’ by the cardholder until the dispute is resolved.

Refund of failed transactions;

Any credit amount arising out of refund/failed/reversed transactions or similar transactions before the due date of payment for which payment has not been made by the cardholder, shall be immediately adjusted against the ‘payment due’ and notified to the cardholder.

Billing cycle:

 In order to provide flexibility in this regard, cardholders shall be provided a one-time option to modify the billing cycle of the credit card as per their convenience.

 Closure of Credit Card:

 If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated by the card issuer after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer, subject to payment of all dues by the cardholder. If credit balances are available in the credit card account same shall be credited to the card holder’s bank account. The information regarding the closure of card account shall also accordingly be updated with the Credit Information Company/ies within a period of 30 days. Further, any request for closure of a credit card shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. Subsequent to the closure of the credit card, the cardholder shall be immediately notified about the closure through email, SMS, etc. Cardholders shall be provided the option to submit a request for closure of a credit card account through multiple channels such as the helpline, dedicated e-mail-id, Interactive Voice Response (IVR), prominently visible link on the website, internet banking, mobile app, or any other mode. The card-issuer shall not insist on sending a closure request through post or any other means which may result in the delay of receipt of the request. Failure on the part of the card issuers to complete the process of closure within seven working days shall result in a penalty of Rs.500 per day of delay payable to the customer, till the closure of the account provided there is no outstanding in the account.

Reporting to credit information Companies:

Credit card issuers should not report any credit information relating to a new credit card account to Credit Information Companies prior to activation of the card. Any credit information relating to such inactivated credit cards already reported to Credit Information Companies shall be withdrawn immediately, RBI said. ‘Under no circumstances it shall take more than 30 days from the effective date of the above directions’ said RBI.

Engagement of telemarketers:

The telemarketers engaged by Card-issuers shall comply with directions/regulations on the subject issued by the Telecom Regulatory Authority of India (TRAI) from time to time while adhering to guidelines issued in “Unsolicited Commercial Communications – National Customer Preference Register (NCPR)”. The card issuer’s representatives shall contact the customers only between 10:00 hrs and 19:00 hrs. Further, the decision-making power for the issue of credit cards to a customer shall remain only with the card issuer, and the role of the Direct Sales Agent (DSA)/Direct Marketing Agent (DMA)/other agents shall remain limited to soliciting/servicing the customer/ account.

Rs 60,000 cr Ponzi scam: Among 8 Pearl Group directors arrested in 8-yr probe, first one walks out on regular bail

In the ongoing eight-year-old probe into the Rs 60,000 crore Pearl Group ponzi scam, a special CBI court has for the first time granted regular bail to a director of the dubious group of companies out of 8 such high-ranking officials arrested during the course of the investigation.

While Chander Bhushan Dhillon, Pearl Group’s director for legal affairs, has walked out after securing regular bail, 5 other arrested directors — Nirmal Singh Bhangoo (MD), Mohan Lal Sehajpal, Sukhdev Singh, Subrata Bhattacharya, and Gurmeet Singh — are in custody.

Among the two others, Prem Seth, who resigned as director after the scam came to light in 2014, is out on interim bail of 4 weeks on medical grounds, and will surrender next week.

Meanwhile, Kanwaljit Toor, a prominent director of the firm, had died in custody in January. His family now plans to move a petition against the CBI alleging negligence, sources said.

Dhillon, who had joined the Group in 1986, was made a director in 2011 and was among 11 alleged conspirators the agency arrested in December last year.

The court, in its detailed order released Tuesday, pointed out the probe agency’s failure to arrest two other accused with charges similar to Dhillon.

Pearl Group had allegedly collected around Rs 60,000 crore from nearly 5.5 crore investors all across the country by illegally operating different investment schemes, without any statutory approval.

The investors were given agriculture land guarantee, promised interest of 12.5 per cent on investment, apart from free accidental insurance and tax-free maturity on their investments.

They were told that value of their land would also multiply. The probe that began in February 2014 has been dragging on since, with numerous duped investors fighting for justice.

While Pearl Group Managing Director Nirmal Singh Bhangoo was arrested in 2016, CBI had arrested 11 more, including Pearl senior employees and businessmen, in 2021. Dhillon, the Group’s Director (Legal), was among them and accused by the CBI of making investors sign ‘fake sale deeds’ for agricultural land in Madhya Pradesh, apart from conspiring with other firm directors to run the ponzi scheme.

As Public Prosecutor VK Ojha opposed the bail, defence counsel Bhanu Sanoriya underlined CBI’s failure to arrest a businessman and a patwari accused of making the alleged fake sale deeds, while Dhillon remained in custody for four months. He also told the court that the CBI had failed to show that Dhillon was a beneficiary of any money earned through cheating.

Original Article from India  express

IT IS VERY DIFFICULT TO LIVE IN ROME (BANK ) & FIGHT WITH POPE (HIGHER AUTHORITY)

IT IS VERY DIFFICULT TO LIVE IN ROME (BANK ) & FIGHT WITH POPE (HIGHER AUTHORITY)

EPISODE ---02-------

( suspension made my life miserable ,friends discarded my phones , speculations aired that there are big frauds in the branches where I were branch manager in fact all these were the tactic of disciplinary authority in a planned way through their pets , the matter came through in my community too and my relatives have eye-browed that definitely I have done a big fraud , no body wanted to know the reality except my family who stood behind me)

(Friends who are facing DE/DEFENDING SOME ONE/ INTERESTED IN DOMESTIC LAW must have through reading to my posting ,it has all the colors of the principle of natural justice ,those are very important when you will approach court .)

सस्पेंडेड अधिकारी को बहुत धैर्य का पालन करना है और पूरी कोशिश करना है की बेंक क़ानून की अधिकतम गलती करे , क्योकि क़ानून की गलतियाँ ही कोर्ट में आपके विजय का कारण बनेगी ,आपको बिलकुल ही निराश नहीं होना है की बेंक तो नियम का पालन नहीं करता ,अरे भाई सस्पेंड करते ही बेंक का प्रबंधन आपको ठिकाने लगाना चाहता है तो वह क़ानून का पालन क्यों करेगा ?

(IN FACT BANKERS ARE MORE WORRIED BECAUSE IN THEIR SERVICE REGULATION THERE IS NO MENTION AS WHAT WOULD BE THE MAXIMUM PERIOD OF SUSPENSION , & THUS MAXIMUM BANKS ARE USING THIS LACUNA OF PROVISION TO PUNISH HER STAFF FOR INDEFINITE PERIODS , FOR LIMITED PURPOSE SUSPENSION IS OK BUT WITHOUT REVIEWING IT FOR A LONGER TIME IT IS DEFINITELY A PUNISHMENT, FOR COURTS SUSPENSION MAY NOT BE A PUNISHMENT BUT SHE FORGETS THE HUMAN TOUCH IN HER VERDICTS ,ASK THE FAMILY WHO SUFFERES BEHIND THE EMPLOYEE ) .

I ,APPEALED TO BOARD OF DIRECTOR ON DATED 14.07.2004 AGAINST SUSPENSION DATED 10.02.2004 UNDER CONDONATION OF DELAY CLAUSE----

There were various pleas but I wanted to show directors that my suspension is only due to determination(ILL –WILL) of chairman that he wanted me to teach a lesson as said before 6 officers of assn’s on the 15 jan-2004------- that’s why I said ------

Examine suspension letter Dtd. 11.02.04 it says ‘suspension is due to irregularity committed at Kurud branch’ but the investigation is conducted in J/Sirsa bra.by engaging aggrieved officers against whom I had reported cases of corruption from 1993 to 2000 details with documentary evidence are sent to you vide appeal dated. 11.09.04 (supplementary to 14.07.04). Forming the Investigating Team of such aggrieved officers itself is the example “How biased is Mr. “S” (DA)towards me” Getting this kind of Preliminary Investigating Report & preparing charge sheet on the basis of that report proves the malafide intention of Mr. “S”.

ON MY APPEAL BOARD OF DIRECTOR PRESIDED BY RM DENA BANK RAIPUR PASSED AN ORDER ON DATED 15.11.2004 TO ISSUE CHARGE SHEET WITHIN 90 DAYS .-------

appellate board favored the Chairman’s contention that “since the matter is of taking accounts spread over from 1996 to 2003 & correlating the entries with relevant documents there has been delay in framing the charges” Board is convinced that misconduct sought to be inquired in to or investigated, passed the order regarding charge sheet that the "Bank / Disciplinary authority is directed to issue the charge sheet within 3 months".

WHAT IS THE LAW POINT OR CAN SAY LACKING OF ELEMENTS OF NATURAL JUSTICE AT ABOVE INCIDENT ?

Chairman had a clear intention to delay the inquiry that’s why HE tried to delay in issuing charge sheet in fact chairman wanted a long suspension perhaps till my retirement as opined by good friend shri seva lal sahu BUT my appeal to BOD ruled that within 90 days issue charge sheet THUS I had a rule that charge sheet must be issued within 90 days after suspension which proved a boon to me because in service regulation there is nothing like time period of suspension

So advising all friends always use your right to appeal and never relay on others or on false assurances .

Contd----- tomorrow 3nd part of “IT IS VERY DIFFICULT TO LIVE IN ROME (BANK ) & FIGHT WITH POPE (HIGHER AUTHORITY) ,

ANNEXURES-----

THERE ARE RULES/ LAWS AND DIRECTION OF IBA /SCI/CVC WITH REGARDS TO REVIEWS OF SUSPENSION BUT RIGID STAND OF BANKS ARE FRUSTRATING A SUSPENDED STAFF , UNIONS WHICH CAN FORCE THE BANK MANAGEMENT ARE KEEPING ABSOLUTELY SILENT ,

सस्पेंसन से बहाली के लिए निम्नांकित सन्दर्भों को अपील में शामिल करें-------------

1) Suspension order not to extend beyond 3 months if charge-sheet is not served, says Supreme Court

Ajay Kumar Choudhary vs Union Of India

Bench: Vikramajit Sen, C. Nagappan

IN THE SUPREME COURT OF INDIA

CIVIL APPEAL No. 1912 OF 2015

(Arising out of SLP No. 31761 of 2013

J U D G M E N T----... 16 February, 2015

2) NO BODY CAN BE PLACED FOR LONGER SUSPENSION

SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL No.958 OF 2010 Prem Nath Bali ……Appellant(s) VERSUS Registrar, High Court of Delhi & Anr. ……Respondent(s)

.……..J. [J. CHELAMESWAR] …….J. [ABHAY MANOHAR SAPRE] New Delhi, December 16, 2015

.

3) TO CONCLUDE ENQUIRY WITHIN 6 MONTHS AFTER ISSUE OF CHARGE SHEET & ON EXPIRY OF 6 MONTHS HE SHALL BE REINSTATED IMMEDIATELY ------

Delhi High Court R.S. Gupta vs State Bank Of India & Ors. on 1 May, 1998

Equivalent citations: 1998 IVAD Delhi 453, 74 (1998) DLT 106, 1998 (46) DRJ 156, 1999 (81) FLR 132Bench: M Sharma

4) periodic review of suspended cases addressed to “CEO OF PSU BANKS” --

IBA GROUND RULE CIR/PD/M1/645/2204-05,442, March,2005

5) CVC HAS SAID DE MUST BE COMPLETED MAXIMUM WITHIN ONE YR AFTER THE APPOINTMENT OF INQUIRY OFFICER

instructions to all banks ,Vide circular no 000/VGL/18/30505 dated 18.01.2016

RBI ISSUES CONSOLIDATED CIRCULAR ON OPENING AND OPERATION OF CURRENT ACCOUNTS AND CC/OD ACCOUNTS BY BANKS

RBI today (19.04.2022) issued a consolidated circular for opening and operation of current accounts and CC/OD accounts by banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders.

Banks may compute the aggregate exposure of the prospective customers based on the information collected from the Central Repository of Information on Large Credits (CRILC), Credit Information Companies (CICs), and National E-Governance Services Ltd. (NeSL), etc. by obtaining customers’ declaration if required.

Opening of current account for customers who have not availed any credit facilities from the banking system:

 According to the circular, Banks are free to open current accounts of prospective customers who have not availed any credit facilities from the banking system, subject to necessary due diligence as per their Board approved policies. Banks are also free to open current accounts, without any of the restrictions placed in the Circular, for borrowers having credit facilities only from NBFCs/ FIs/ co-operative banks/ non-bank institutions, etc. However, if such borrowers avail of aggregate credit facilities of Rs 5 crore or above from the banks covered under the guidelines and provisions of RBI Circular as mentioned below shall be applicable.

Where the aggregate exposure of the banking system is below Rs 5 crore :

Banks can open current accounts for borrowers, where the aggregate exposure of the banking system is below Rs 5 crore subject to obtaining an undertaking from such customers that they (the borrowers) shall inform the bank(s), if and when the credit facilities availed by them from the banking system becomes Rs 5 crore or more.

Opening of current /collection account:

Non-lending banks are not permitted to open current/ collection accounts. Borrowers can open current accounts with any one of the banks with which it has a CC/OD facility, provided that the bank has at least 10 per cent of the aggregate exposure of the banking system to that borrower. In case none of the lenders has at least 10 per cent of the aggregate exposure, the bank having the highest exposure among CC/OD providing banks may open current accounts without any restriction. While credits are freely permitted, debits to the CC/OD account can only be for credit to the CC/OD account of that borrower with a bank that has 10 per cent or more of aggregate exposure of the banking system to that borrower. In case there is more than one bank having 10 per cent or more of the aggregate exposure, the bank to which the funds are to be remitted may be decided mutually between the borrower, and the bank’s Funds will be remitted from these accounts to the said transferee CC/OD account at the frequency agreed between the bank and the borrower. Further, the credit balances in such collection accounts shall not be used for repayment of any credit facilities provided by the bank, or as collateral/ margin for availing any fund or non-fund-based credit facilities. However, banks are permitted to debit interest/ charges pertaining to the said CC/OD account and other fees/ charges before transferring the funds to the CC/OD account of the borrower with the bank(s) having 10 per cent or more of the aggregate exposure. It may be noted that banks with exposure to the borrower of less than 10 per cent of the aggregate exposure of the banking system can offer a working capital demand loan (WCDL)/ working capital term loan (WCTL) facility to the borrower.

Current accounts of borrowers can only be opened/ maintained by the escrow managing bank. Other lending banks can open ‘collection accounts’ subject to the condition that funds will be remitted from these accounts to the said escrow account at the frequency agreed between the bank and the borrower. Further, balances in such collection accounts shall not be used for repayment of any credit facilities provided by the bank, or as collateral/ margin for availing any fund or non-fund-based credit facilities. While there is no prohibition on the amount or number of credits in ‘collection accounts’, debits in these accounts shall be limited to the purpose of remitting the proceeds to the said escrow account. However, banks maintaining collection accounts are permitted to debit fees/ charges from such accounts before transferring funds to the escrow account.

Opening of account for borrowers where the aggregate exposure of the banking system is Rs 5 crore or more but less than Rs 50 crore:

In the case of borrowers where the aggregate exposure of the banking system is Rs 5 crore or more but less than Rs 50 crore, there is no restriction on the opening of current accounts by the lending banks. However, non-lending banks may open only collection accounts as detailed above.

Banks are permitted to open and operate specific accounts stipulated under various statutes and specific instructions of other regulators/ regulatory departments/ Central and State Governments, without any restrictions.

The specific accounts are;

•  Accounts for real estate projects mandated under Section 4 (2) l (D) of the Real Estate (Regulation and Development) Act, 2016 for the purpose of maintaining 70 per cent of advance payments collected from the home buyers.
•  Nodal or escrow accounts of payment aggregators/ prepaid payment instrument issuers for specific activities as permitted by Department of Payments and Settlement Systems (DPSS), Reserve Bank of India under Payment and Settlement Systems Act, 2007
•  Accounts for the purpose of IPO/ NFO/ FPO/ share buyback/ dividend payment/ issuance of commercial papers/ allotment of debentures/ gratuity etc. which are mandated by respective statutes or by regulators and are meant for specific/ limited transactions only(b) Accounts opened as per the provisions of Foreign Exchange Management Act, 1999 (FEMA) and notifications issued thereunder including any other current account if it is mandated for ensuring compliance under the FEMA framework (c) Accounts for payment of taxes, duties, statutory dues, etc. opened with banks authorized to collect the same, for borrowers of such banks which are not authorized to collect such taxes, duties, statutory dues, etc.(d) Accounts for settlement of dues related to debit card/ ATM card/ credit card issuers/ acquirers (e) Accounts of White Label ATM Operators and their agents for sourcing of currency (f) Accounts of Cash-in-Transit (CIT) Companies/ Cash Replenishment Agencies (CRAs) for providing cash management services (g) Accounts opened by a bank funding a specific project for receiving/monitoring cash flows of that specific project, provided the borrower has not availed any CC/OD facility for that project, (h) Inter-bank accounts, (i) Accounts of All India Financial Institutions (AIFIs), viz., EXIM Bank, NABARD, NHB, and SIDBI, (j) Accounts attached by orders of Central or State governments/ regulatory body/ Courts/ investigating agencies etc. wherein the customer cannot undertake any discretionary debits

However, Banks maintaining accounts listed above shall ensure that these accounts are used for permitted/ specified transactions only. Further, banks shall flag these accounts in the CBS for easy monitoring. Lenders to such borrowers may also enter into agreements/ arrangements with the borrowers for monitoring of cash flows/ periodic transfer of funds (if permissible) in these accounts.

In case of borrowers covered under guidelines on loan system for delivery of bank credit issued vide circular DBR.BP.BC.No.12/21.04.048/2018-19 dated December 5, 2018, bifurcation of the working capital facility into loan component and cash credit component shall continue to be maintained at individual bank level in all cases, including consortium lending.

All banks, whether lending banks or otherwise, shall monitor all accounts regularly, at least on a half-yearly basis, specifically with respect to the aggregate exposure of the banking system to the borrower, and the bank’s share in that exposure, to ensure compliance with these instructions, the circular said.

AIBEA entering 77

Dear Comrades, Friends,

AIBEA entering 77

Let us further strengthen struggles for social emancipation and economic transformation

On this proud moment of our dear organisation AIBEA entering into the seventy-seventh year of its onward movement with all glory and vibrant vision, hearty greetings to all our Comrades.

Today April 20 when we celebrate this joyous occasion of the oldest and largest trade union of Bank Employees in the country with profound pride, we remember with great gratitude, all our forebearers and forerunners, our Leaders and Cadres of the past, who through their dedication and determination built, nourished and strengthened our movement AIBEA.

Red Salutes, Revolutionary Greetings to all our Leaders and Cadres, past and present.

Our dear organisation AIBEA founded on 20th April 1946 moved ahead with clarity in regard to its aims and objectives, path and perspectives; embracing the entire Bank Employees transcending all barriers. To overcome and put an end to exploitation and injustice of Bank Workers, for creating a safe and secured employment, decent working conditions and wage system, AIBEA followed the path of incessant organisational struggles apart from legal battles. Aligning with the progressive Working-class and People’s movements and civil society, understanding Workers’ and People’s issues and reacting thereon, AIBEA travelled ahead. AIBEA’s transformative struggles in the workplace and streets also had their echo in the Parliament with the then General Secretary Com. Prabhat Kar elected by the People to the Lok Sabha for two consecutive terms voicing the cause of the Workers and People, country’s Banking needs and system in the highest policy-making forum. India’s state-owned and dominant banking system, mass-banking-policies and industry-wide, bilaterally negotiated, signed and settled uniform wages and service conditions ensuring income-employment-representation-social securities are all the results of the struggles of the last century undertaken by the AIBEA warriors.

In enabling Public Sector Banks in serving the productive sectors of the economy, in serving the financial needs of households and businesses, AIBEA with its visionary, vibrant and vigilant interventions and the services of Workforce under AIBEA in the Bank counters country-wide are matchless. AIBEA-affiliated Unions in Public Sector-Private-Foreign-Cooperative-Regional Rural Banks are playing a constructive role. Campaigns for mass banking practices, for the health of the banking system, against bad debts and loan-write-offs, against outsourcing, for recruitment, against unwarranted mergers, for the sustenance of state ownership, management-control and policy-guidance and against privatisation have been part of the AIBEA journey of struggles. During the recent times also, the relevance of the views and vision of the AIBEA has been proven in the implementation of financial inclusion projects of the present Government with the PSBs owned and controlled by it playing a stellar role.

When we celebrate the 77th Founding Day of AIBEA on 20th April, 2022, we all fully comprehend and understand the emerging threats and challenges to the country’s banking system and work-environment. While Government is toying with the idea of privatisation of PSBs, the policy-makers in the NITI Ayog are reportedly busy with redrawing HR policies with cost-cutting and curtailment of rights of the Employees as its core for satisfying the needs of the prospective private corporates buyers. These and such many challenges have to be dealt with and overcome, for which further campaigns and struggles with country-wide support of the People and Mass and Class Organisations have to be carried out.

AIBEA was born in the midst of trials and tribulations faced by the Bank Employees and their struggles for survival. AIBEA grew thanks to the commitment and militancy of comrades, not on account of any Government/ Management-back up. AIBEA moved among the masses; along with working class movements, it did not confine itself to the walls of the workplace alone. AIBEA challenged the policies of the Government if that were not in the interests of the People. AIBEA countered the policies and practices of the Bank Management if that were anti-People, anti-Customer and anti-Employee as AIBEA is committed to People’s cause. AIBEA did not remain mute before the Management as it is not sponsored by any Management. With such a class orientation, democratic participation and militancy, AIBEA will march on for the well-being of the People and welfare of the workers.

On this great occasion, we all from AISBIEA holding aloft the flag of AIBEA in country’s largest Bank, State Bank of India, along with thousands and thousands of AIBEA Comrades from all other Banks rededicate ourselves for our dear organisation, for the cause of all Working People and Masses.

With Warm Greetings,

K S KRISHNA