Expected DA for Banker from Augus 2022 is Minimum 57 slab and maximum 62 slab as per CPI of May 2022

 Expected DA Calculation Updated on 30.06.22 on the basis of CPI for the months of Apr-May 2022 with assumptions of CPI for the month of June 2022. The CPI for the month of May'22 announced on 30.06.22 as 129.00 i.e. with an increase of 1.30 points (as per revised base year 2016) (The base year was changed from Oct 2020) as under:-

1. On assumptions if there is an increase of 1.20 of CPI in the month Jun'22, keeping in view on going regular rise in prices of commonly required daily needs items / commodities which is making month over month difficult to manage family budget in the present covid crises. Accordingly, on above conservative assumption, we may expect there would be an increase of 60 slabs and the total tentatively revised DA slabs would be 532 i.e. 37.24% from May'22 in terms of 11th BPS.
2. On assumptions if there is an increase of 1.00 in Jun'22. On the basis of this assumption, we may expect there would be an increase of 58 slabs and the total tentatively revised DA slabs would be 530 i.e. 37.10% from May'22 in terms of 11th BPS.
3. On assumptions if there is an increase of 0.75 in Jun'22. On the basis of this assumption, we may expect there would be an increase of 57 slabs and the total tentatively revised DA slabs would be 529 i.e. 37.03% from May'22 in terms of 11th BPS

4-day work week, decreased in-hand salary: Likely changes under new labour codes

 The government has released a set of four new labour codes which are all set to cause significant impact on how an employee’s salary and work week looks like.

There has been no official announcement yet on when the new codes will be implemented however reports say July 1 is the set date in all probability. 23 states and Union Territories (UTs) have already published the draft rules under the Code on Wages.

When the codes come into effect, employees may see an increase in work hours, changes in PF contributions, a four-day work week and a decrease in the take-home salary.

4-day work week

Under the new codes, an employer may allow their employees to work for four days instead of five in a week. But there is a catch. An employee can do a 4-day work week but it will see a significant increase in their work hours to 12 hours per day.

Work hours

The number of work hours are not going to be reduced even if there is a 4-day work week. The new wage code mandates a 48-hour work week. So, naturally, the number of work hours daily will see a steep increase. Employees will have to increase their current eight or nine-hour work day to a 12-hour shift if they want to opt for the 4-day week. This will be applicable to every industry, but may change according to state laws.

PF contribution and Gratuity

The new codes are set to increase an employee’s Provident Fund contribution as well. The basic salary of an employee will now be at least 50 per cent of their gross monthly salary leading to an increase in PF contribution made by employees as well as employers. The retirement corpus and gratuity amount will also increase.

In-hand salary

With an increase in PF contribution, an employee’s take-home salary will also take a hit.

Annual leaves

There have been no changes to the number of leaves but employees will now get earn a leave for every 20 days of work instead of 45. Also, an employee will be eligible to apply for leave 180 days after joining a company, reduced from 240, after the new codes are implemented.

There are 29 consolidated central labour laws under four codes on – wages, occupational health social security, and industrial relations. The Parliament approved the Code of Wages in August 2019 and the rest of the codes were passed in September 2020. Only after all the states notify the new rules, the codes can be implemented as labour is under the Concurrent List of the Constitution.

Scam hit DHFL donated over Rs 27 cr to BJP

Banks see Rs 5 trn frauds----RBI

RBI imposes Rs 57.5 lakh penalty on Indian Overseas Bank

 The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. The penalty was related to the directions issued by RBI on Frauds – Classification and Reporting by commercial banks and select FIs.

RBI said, "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers."

Before the penalty, RBI had conducted a statutory inspection for supervisory evaluation of the bank regarding its financial position as of March 31, 2020, and the examination of the Risk Assessment Report, Inspection Report, and all related correspondence about the same.

As per the central bank, the inspection revealed non-compliance with the directions issued by RBI, inter-alia, to the extent the bank (i) failed to report certain instances of frauds involving ATM card cloning/skimming, to the RBI within three weeks from the date of detection, (ii) failed to ensure integrity and quality of data when it did not report credit information in CRILC on certain borrowers having aggregate exposure of ₹5 crore and above, and (iii) linked certain floating rate loans to Micro and Small Enterprises, extended by it on or after October 01, 2019, to MCLR/Base Rate instead of an external benchmark.

Following this, RBI had issued a notice to the bank advising it to show cause as to why the penalty should not be imposed on it for failure to comply with the directions issued by the central bank.

After considering the bank’s reply to the notice and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with such directions.

Nabard staff serves ultimatum on wage accord, threatens strike

MoU on employee rights signed with management, passed by board

Employees and officers of the National Bank for Agriculture and Rural Development (Nabard) have warned that any attempt to deny their legitimate rights and facilities endorsed by an MoU signed on February 18 between All-India Nabard Employees Association (AINBEA) and the management and subsequently passed by the Nabard Board, would be totally illegal and against employees’ interests.

The AINBEA has demanded, among other things, immediate implementation of the wage agreement in Nabard ( 2017-2022) and strengthening and protection of its development finance institution character, Rana Mitra, General Secretary,

 AINBEA, told BusinessLine.

Avoidable impasse“Any attempt to deny our rights may lead to prolonged agitation including strike, that may have serious portents for financing agriculture and rural development at this crucial hour. Employees and officers want to avoid this risk and seek everyone’s cooperation to resolve an avoidable impasse and deteriorating industrial relations in the institution,” Mitra added.

Employees and officers have vowed to carry out organisational programmes such as demonstrations on June 30; mass deputation on July 7; and march to Parliament on July 26 and 27. “We hope all concerned including the management of Nabard and the Department of Financial Services, Government of India, will initiate every step to operationalise our wage agreement as precious time is running out,” Mitra added.

Issues are intertwined

Since Nabard works closely in the food/agriculture sector, the problem of the institution is deeply interconnected with those of the agri sector. Both Indian agriculture and banking are in the throes of a crisis; Nabard also cannot be expected to be crisis-free either. There are problems of concessional finance for Nabard which it used to get before from the Reserve Bank and the Centre

Unfortunately, there are attempts to shift the direction of Nabard refinance to private sector banks and NBFCs to basically finance corporates in the name of agriculture, Mitra alleged. The AINBEA not only fights for its own rights such as immediate wage revision, but is also concerned about the shift in Nabard refinance policy moving away from the small, marginal, poor farmers.

Forms ‘social welfare’ trust

The AINBEA has formed a trust, named as ‘AINBEA For Social Welfare’ to stand with the families of farmers who committed suicide. On July 5, the AINBEA will redeem its pledge of standing beside such families by organising a seminar titled, ‘Current agrarian crisis and the role of Nabard.’ It will hand over some contribution from the trust to three such hapless farm families from Vidharbha, Maharashtra.

Five Days banking May be started Before Durgapuja 2022- Source

In a significant move, bank unions on Thursday agreed to drop their earlier announced all-India strike call for June 27. The decision came during a conciliatory meeting held in the Capital under the chairmanship of the Chief Labour Commissioner S C Joshi, on Thursday.

The conciliatory meeting held on June 21 had remained inconclusive and the unions stood by their strike call. The CLC had called for another conciliatory meeting on June 23 to prevent the strike.

There was a change of stance by the bank unions at Thursday’s conciliatory meeting after the IBA agreed to commence negotiations on their demands from July 1.

“Another round of conciliation meetings was held today in Delhi by CLC. We reiterated our demands. IBA agreed to commence negotiations on our demands on July 1. Hence, it is decided to defer our agitation and strike on June 27,” C H Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told BusinessLine after the meeting.  

The breakthrough is significant as the IBA has not been communicating with the bank unions for the last one-and-a-half years, sources said. 

The Indian Banks’ Association (IBA) was represented by Brajeshwar Sharma, Senior Advisor (HR & IR), at today’s meeting, while the Department of Financial Services (DFS) was represented by Deputy Secretary Kul Bhushan Nayyar. Representatives of both Catholic Syrian Bank and Singapore-headquartered DBS Bank were also present at the meeting. 

The United Forum of Bank Unions (UFBU), a representative body of nine bank unions, had given the strike call for June 27. The All India Bank Employees’ Association (AIBEA) is one of the nine unions which form part of the UFBU.

The main demands of the unions include introduction of five-day banking (all Saturday and Sundays  to be holidays) and scrapping of NPS for post April 2010 employees/officers and implementation of the old pension scheme for them. 

One other demand is to extend wage revision in CSB Bank (Catholic Syrian Bank ) and DBS Bank (formerly Lakshmi Vilas Bank), sources said. 

IBA letter to ufbu. Next meeting 1st July

IBA letter to ufbu. 

Dear Sir,

 

Meeting with the constituents of UFBU on 1st  July, 2022 at 2.30 p.m. at IBA Committee Room 

 

We refer to the Supplementary minutes signed with Workmen Unions and Officers Associations on 10.12.2020 and 04.01.2021. In an endeavor to take the issues to a logical conclusion,  it has been decided to hold a meeting with the constituents of United Forum of Bank Unions (UFBU) except BEFI on Friday, 1st July, 2022 at 2.30 p.m. at IBA Committee Room, Cuffe Parade, Mumbai. 

 

2. The meeting shall be preceded by Lunch at 1.30 p.m. We therefore request you to please convey to the General Secretaries of Constituent Workmen Unions/ Officers’ Associations of UFBU(except BEFI) to make it convenient to join us for lunch and attend the meeting by their authorized representative. 

 

3. Kindly acknowledge.

 

Yours faithfully,

 Brajeshwar Sharma

Senior Advisor (HR&IR) 

Bank strike defer

Message from UFBU Convenor

Another round of conciliation meeting was held today in Delhi by CLC. We reiterated our demands. IBA agreed to commence negotiations on our demands on 1st July. Hence it is decided to defer our agitation and strike on 27th JUNE. Circular follows.  Sanjeev K Bandlish Convener UFBU

AIBOC Secretariat

Massive Dharna against Privatisation

Massive Dharna against Privatisation and issues of strike on 27th at Trafic Island Kolkata

Com.Soumya Datta General Secretary AIBOC addressing the mass.

The Age Of Relationships*

*Are we waiting for some opportunity to meet someone dear to us?*

*The Age Of Relationships*

The story of four close friends from school, who studied in the same school up to SSC. 

At that time, there was only one luxury hotel in the city.

After the SSC exam, they decided that they should go to that hotel and have some tea and breakfast. The four of them could hardly collect forty rupees. It was a Sunday and all four of them reached the hotel by bicycle at ten-thirty.

Dinesh, Santosh, Manish, and Praveen started talking while having breakfast and tea. All four of them decided unanimously, that they would meet again after 40 years in the same hotel on 1st April.

"Till then we all should work very hard. It will be interesting to see how much progress has been made after 40 years," they discussed. 

It was also decided that the last one to reach the hotel then, would have to pay the bill for that day.

     

Kalu, the waiter who served them tea and snacks, was listening to all this. He said, "If I stay here till then, I'll be waiting for you all."

All four separated for further education.

   

Dinesh had left the city after his father got relocated, Santosh went to his uncle for further studies, and Manish and Praveen got admission to different colleges in the city.

Eventually, Manish also left the city.

     

Days, months, and years passed.

  

In forty years, the city underwent a radical change. The population of the city increased, and roads, flyovers, and malls changed the appearance of the city.

Now that hotel had become a five-star hotel, the waiter Kalu had now become Mr. Kalu, the owner of this hotel.

      

Forty years later, on the scheduled date, April 1st, at noon, a luxury car came to the door of the hotel.

Dinesh got out of the car and started walking towards the porch. He now had three jewellery showrooms.

Dinesh reached the hotel owner Mr. Kalu, and both of them kept looking at each other. Mr. Kalu said, “Praveen sir had booked a table for you a month back.”

Dinesh was heartily happy that he was the first of the four, so he wouldn't have to pay the bill that day and would make fun of his friends for it.

After a while, Santosh arrived. Santosh had become a big builder of the city. For his age, he now looked like an old senior citizen.

Now, they both were talking and waiting for the other friends. The third friend, Manish also came in half an hour. On talking to him, both of them came to know that Manish was now a businessman. 

The three friends kept looking towards the door again and again, wondering when Praveen would come. 

Soon, Mr. Kalu came to them and said, "A message has come from Praveen sir. He's asked you all to start with snacks, and he'll join you."

All three were happy to meet each other after forty years, laughing and joking for hours, but Praveen did not come.

 

Mr. Kalu said, "Praveen sir has sent another message, you three should order your favourites from the menu and start eating."

The food was ordered, but even after they had finished eating, Praveen did not show up. When the three asked for the bill, they were told that the bill has been paid online. 

At eight o'clock in the evening, a young man got down from the car and with a heavy heart reached the three friends preparing to leave the hotel. The three couldn't take their eyes off the man.

The young man said, "I am your friend's son Ravi, my father's name is Praveen. Dad had told me about your get together today, he was waiting for this day, but he passed away last month due to a serious illness...

He had asked me to come late because if I had come early, it would have made you all sad. Dad had said, "My friends will not laugh if they come to know that I am not in this world, then they would lose the joy of meeting each other... I don't want that."

That's why he ordered me to come late. He also asked me to hug you on his behalf." Ravi spread both his hands with watery eyes.

Everyone around was eagerly watching this scene, they thought they had seen this young man somewhere.

    

Ravi said, "My father became a teacher and gave me a good education to become the collector. Today, I am the collector of this city..."

Everyone was amazed, Mr. Kalu said, "Now, it won't be after forty years, but we will meet in our hotel every month, and each time there will be a grand party from my side...."

*Friends, keep meeting your loved ones, don't wait for any opportunity to meet someone, we never know when it's time to get separated and we may never get to meet again...*

The journey of life is also like a train journey. When someone's station comes, they will have to be dropped at that moment. Only a few blurry memories would remain!

*Stay with family, feel the joy of being alive..*

Keep meeting your loved ones, not only on special days but also on other occasions, and sometimes without any reason too. May the tree of our relationships be nourished by the water of love, for whom we do not have to wait for any reason or opportunity to meet.

Dear friends, when you are reading this story, if someone comes to your mind, do talk to them for two minutes. We have all the facilities!

                         ♾️

*"We must take time for the people around us and enjoy the beauty of life."*

Re conciliation meeting failed Bank strike 27th June continued

Next CLC meeting with union on 23 rd June wait till 23 rd

Today there was conciliation meeting by CLC at Delhi. IBA and Dy secry DFS attended. 

The issues were presented from our side also in a very much cogent way and the responses to the same were though positive but no workable solutions emanated from 2 hour long discussion .

We suggested that if IBA can give a firm commitment to resolve the demands within an agreed time limit we may reconsider our agitation. IBA did not agree to  give any such commitment. Hence we are required to go ahead with Our programmes. 

CLC advised to hold one more conciliation meeting on 23rd.

The Great Indian Nautanki Company and how it took three top banks on a Rs 150 crore ride

The Great Indian Nautanki Company and how it took three top banks on a Rs 150 crore ride

Three prominent Indian banks have been taken for a dramatic ride of a total Rs 150 crore by a couple of Indian companies, which have now become nightmarish Non Performing Asset 

They are: IDBI Bank Ltd (Rs 92.69 crore), Bank of Baroda (Rs 49.23 crore) and HDFC Bank Ltd. (Rs 6.27 crore), besides interest, penalties, etc.

DA history for Banker from 6th Bipartite

BPS	DA Rate
1	2
11th BPS	.07% of 'pay' DA is payable - fall/rise of 4 points over 6352 points in the quarterly average of CPI base 1960=100
10th BPS	.10% of 'pay' DA is payable - fall/rise of 4 points over 4440 points in the quarterly average of CPI base 1960=100
9th BPS	.15% of 'pay' DA is payable - fall/rise of 4 points over 2836 points in the quarterly average of CPI base 1960=100
8th BPS	1.(i) Sub Staff - 0.18% of 'pay' (ii) Clerical Staff (a) 0.18% of 'pay' upto Rs.9,650/- plus (b) 0.15% of 'pay' above 9,650/- and upto Rs.15,350/- plus (c) 0.09% of 'pay' above 15,350/- and upto Rs.16,350/- (d) 0.04% of 'pay' above Rs.16,350/- 2. On and from 1st February 2005, Dearness Allowance shall be payable at 0.18% of Pay. DA is payable - fall/rise of 4 points over 2288 points in the quarterly average of CPI base 1960=100
7th BPS	(i) Subordinate Staff - 0.24% of 'pay' (ii) Clerical Staff a) 0.24% of 'pay' upto Rs. 7100/- plus b) 0.20% of 'pay' above Rs. 7100/- and upto Rs. 11, 300/- plus c) 0.12% of 'pay' above Rs. 11, 300/- DA is payable - fall/rise of 4 points over 1684 points in the quarterly average of CPI base 1960=100
6th BPS	(i) Sub Staff - 0.35% of 'pay' (ii) Clerical Staff a) 0.35% of 'pay' up to Rs.4800/- plus b) 0.29% of 'pay' above Rs.4800/- to Rs.7700/- plus c) 0.17% of 'pay' above Rs.7700/- DA is payable - fall/rise of 4 points over 1148 points in the quarterly average of CPI base 1960=100 Year Payable for the months DA Slabs* DA Calculator 11th BPS 2022 May/Jun/Jul 472   2022 Feb/Mar/Apr 471 2021 Nov/Dec/Jan 434 2021 Aug/Sep/Oct 397 2021 May/Jun/Jul 367 2021 Feb/Mar/Apr 374 2020-21 Nov/Dec/Jan 341 2020 Aug/Sep/Oct 297 2020 May/Jun/Jul 283 2020 Feb/Mar/Apr 281 2019-20 Nov/Dec/Jan 239 2019 Aug/Sep/Oct 203 2019 May/Jun/Jul 167 2019 Feb/Mar/Apr 133 2018-19 Nov/Dec/Jan 129 2018 Aug/Sep/Oct 63 2018 May/Jun/Jul 51 2018 Feb/Mar/Apr 49 2017-18 Nov/Dec/Jan 38 10th BPS 2017 Aug/Sep/Oct 478   2017 May/Jun/Jul 456 2017 Feb/Mar/Apr 469 2016-17 Nov/Dec/Jan 478 2016 Aug/Sep/Oct 455 2016 May/Jun/Jul 420 2016 Feb/Mar/Apr 426 2015-16 Nov/Dec/Jan 398 2015 Aug/Sep/Oct 364 2015 May/Jun/Jul 337 2015 Feb/Mar/Apr 333 2014-15 Nov/Dec/Jan 331 2014 Aug/Sep/Oct 282 2014 May/June/Jul 249 2014 Feb/Mar/Apr 265 2013-14 Nov/Dec/Jan 240 2013 Aug/Sep/Oct 192 2013 May/Jun/Jul 160 2013 Feb/Mar/Apr 134 2012-13 Nov/Dec/Jan 109 9th BPS 2012 Aug/Sept/Oct 468   2012 May/Jun/Jul 428 2012 Feb/Mar/Apr 420 2011-12 Nov/Dec/Jan 401 2011 Aug/Sept/Oct 360 2011 May/Jun/Jul 352 2011 Feb/Mar/Apr 333 2010-11 Nov/Dec/Jan 308 2010 Aug/Sept/Oct 272 2010 May Jun Jul 264 2010 Feb/Mar/Apr 245 2009-10 Nov/Dec/Jan 213 2009 Aug/Sep/Oct 154 2009 May/Jun/Jul 135 2009 Feb/Mar/Apr 133 2008-09 Nov/Dec/Jan 116 2008 Aug/Sep/Oct 84 2008 May/Jun/July 63 2008 Feb/Mar/April 55 2007-08 Nov/Dec/Jan 48 8th BPS 2007 Aug/Sep/Oct 164 2007 May/Jun/Jul 154 2007 Feb/Mar/Apr 152 2006-07 Nov/Dec/Jan 137 2006 Aug/Sep/Oct 120 2006 May/Jun/Jul 107 2006 Feb/Mar/Apr 106 2005-06 Nov/Dec/Jan 93 2005 Aug/Sep/Oct 79 2005 May/Jun/Jul 75 2005 Feb/Mar/Apr 73 2004-05 Nov/Dec/Jan 69 2004 Aug/Sep/Oct 54 2004 May/Jun/Jul 49 2004 Feb/Mar/Apr 47 2003-04 Nov/Dec/Jan 43 2003 Aug/Sep/Oct 37 2003 May/Jun/Jul 26 2003 Feb/Mar/Apr 27 2002-03 Nov/Dec/Jan 23 7th BPS 2002 Aug/Sep/Oct 161   2002 May/Jun/Jul 155 2002 Feb/Mar/Apr 157 2001-02 Nov/Dec/Jan 151 2001 Aug/Sep/Oct 136 2001 May/Jun/Jul 127 2001 Feb/Mar/Apr 131 2000-01 Nov/Dec/Jan 126 2000 Aug/Sep/Oct 121 2000 May/Jun/Jul 112 2000 Feb/Mar/Apr 115 1999-2000 Nov/Dec/Jan 104 1999 Aug/Sep/Oct 94 1999 May/Jun/Jul 93 1999 Feb/Mar/Apr 119 1998-99 Nov/Dec/Jan 90 1998 Aug/Sep/Oct 60 1998 May/Jun/Jul 49 1998 Feb/Mar/Apr 32 1997-98 Nov/Dec/Jan 21 6th BPS 1997 Aug/Sep/Oct 148   1997 May/Jun/Jul 144 1997 Feb/Mar/Apr 142 1996-97 Nov/Dec/Jan 134 1996 Aug/Sep/Oct 117 1996 May/Jun/Jul 104 1996 Feb/Mar/Apr 106 1995-96 Nov/Dec/Jan 101 1995 Aug/Sep/Oct 83 1995 May/Jun/Jul 71 1995 Feb/Mar/Apr 70 1994-95 Nov/Dec/Jan 63 1994 Aug/Sep/Oct 49 1994 May/Jun/Jul 39 1994 Feb/Mar/Apr 37 1993-94 Nov/Dec/Jan 28 1993 Aug/Sep/Oct 17 1993 May/Jun/Jul 12 1993 Feb/Mar/Apr 13 1992-93 Nov/Dec/Jan 11