Expected DA Calculator for Bank Employees from Feb 2023

All-India CPI-IW for October, 2022 increased by 1.2 points and stood at 132.5

Expected DA Calculation Updated on 30.11.22 on the basis of CPI for the months of Oct 2022 with assumptions of CPI for the month of Nov'22 & Dec'22 as mentioned hereunder. The CPI for the month of Oct'22 announced on 30.11.22 as 132.50 i.e. with an increase of 1.20 points (as per revised base year 2016) (The base year was changed from Oct 2020)

1. On assumptions if there is an increase of 1.00 point of CPI in the month of Nov'22 and 0.90 points in the month of Dec'22. However, there is on going regular rise in prices of commonly required daily needs items / commodities which is making month over month difficult to manage family budget. Accordingly, on above conservative assumption, we may expect there would be an increase of 49 slabs and the total tentatively revised DA slabs would be 605 i.e. 42.35% from Feb'23 in terms of 11th BPS.
2. On assumptions if there is an increase of 0.90 point of CPI in the month of Nov'22 and 0.80 points in the month of Dec'22. On the basis of these assumption, we may expect there would be an increase of 48 slabs and the total tentatively revised DA slabs would be 604 i.e. 42.28% from Feb'23 in terms of 11th BPS.
3. On assumptions if there is an increase of 0.80 point of CPI in the month of Nov'22 and 0.70 points in the month of Dec'22. On the basis of this assumption, we may expect there would be an increase of 25 slabs and the total tentatively revised DA slabs would be 602 i.e. 42.14% from Feb'23 in terms of 11th BPS
4. On assumptions if there is an increase of 0.50 point of CPI in the month of Nov'22 and 0.40 points in the month of Dec'22. On the basis of this assumption, we may expect there would be an increase of 20 slabs and the total tentatively revised DA slabs would be 597 i.e. 41.79% from Feb'23 in terms of 11th BPS
5. On assumptions if there is no increase of 0.00point of CPI in the month of Nov'22 and 0.00 points in the month of Dec'22. On the basis of this assumption, we may expect there would be an increase of 12 slabs and the total tentatively revised DA slabs would be589 i.e. 41.23% from Feb'23 in terms of 11th BPS

WAGE SETTLEMENT IN DBS BANK SETS A BAD PRECEDENT

Editorial

After signing a MOU on Pension Buyout Scheme on 26.07.2022 in DBS Bank to which Lakshmi Vilas Bank has been merged with, the management and the Lakshmi Vilas Bank Employees Union (NCBE) signed a wage settlement on 14.10.2022.    It is to be noted that after takeover of LVB by DBS Bank of India Ltd, it has withdrawn the earlier mandate given by LVB to IBA for 11th Bi-partite settlement. It is stated that the wage increase is 15% in September 2022 gross salary. The period of this bank level settlement in DBS is for 5 years from 01.10.2022 to 30.09.2027.This period coincides with the industry-level 12th bipartite settlement. The DBS employees are denied one wage revision i.e. 11th bipartite wage revision entirely. This is a great injustice to them.

SALIENT FEATURES OF THE SETTLEMENT:

WAGE COMPONENT:

The basic pay will be 59% of the new Gross Salary, HRA will be 10% of basic pay, Special Allowance will be 10% of basic pay, DA on basic pay and Special Allowance as per all India CPI and other allowances will be balance of new gross salary.

The annual increase will be at 2% of Gross Salary (Basic+HRA+Spl.Allow+Other Allow) for the calendar years (January to December) which will be paid in the March of the succeeding year. For the year 2022 January to December, the Assistant Officers (clerks) will be paid at 2% in March 2023. For the subsequent years, the increase will be based on the individual performance of the clerks. It implies that if the performance is not satisfactory, even this 2% increase will be denied. For Support Assistants (Sub Staff) it will be at 2% of gross salary during the settlement period. The annual increment feature available in bi-partite settlements is absent which is a substantial loss to the employees.

Upon the introduction of New wage settlement pay structure, the existing allowances like FPP, PQP, SWO, Driver allowance, Transport Allowance, Daftary allowance, Halting allowance, Hill, special area allowance etc (available in 11th Bi-partite) stands terminated. Medical Aid, LFC, Uniform allowance etc will be paid on monthly basis adding to other allowances head. There will be substantial loss to the employees due to removal of all the pay and allowances as hitherto available in the industry-wide bipartite settlement.

A goodwill payment of 15% of gross salary for the period Dec 2020 to Sep 2022 will be paid to the employees on rolls on the date of signing this settlement excepting those who did not opt for the Pension Buyout Scheme.

A variable pay or performance pay is also introduced from the performance year 2023 which is based on Bank’s performance above threshold limit of 5% and the individual performance of the employee.

TERMINAL BENEFITS:

All the employees will be covered under the DBIL’s Employees Provident Fund Scheme. Employee’s Contribution to the Provident Fund shall be 12% on the revised Basic Pay and the Bank will make a matching contribution.

Regarding pension buyout scheme, read editorial dated 13th August 2022.

Employees are eligible for Gratuity as per Gratuity Act 1972 and DBIL Employees Gratuity Rules, and capped at Rs.20 lakhs or as revised from time to time under payment of Gratuity Act.

In case of unfortunate death of an employee, gratuity will be calculated for full service subject to maximum of Rs.20 lakhs. Additionally, each surviving child (Max 5) will be paid monthly payment of Rs.15500/- upto 21 years of age or upto getting an employment. This is a welcome step.

If the spouse or ward is a graduate, he or she will be reviewed for an employment on compassionate ground as per Bank’s policy. If non-graduate, an amount of Rs.3 lakhs will be paid to the family. Denial of employment of non-graduates is retrograde.

TRANSFER POLICY:

A transfer/relocation policy is also introduced for both Assistant Officers and Support Assistants deployable to any branch/office within linguistic area. Female employees above the age of 55 and male employees above the age of 56 are exempted from transfer. For those on transfer, a onetime all inclusive lumpsum of Rs.2 lakhs for Assistant Officers and Rs.1.50 lakhs for Support Assistants will be paid. Both clerks and sub-staff are liable to be deployed anywhere within the linguistic area and this will cause severe hardship to them.

PASSING POWERS INCREASED:

There will be key performance goals set every year including cross-selling of third party products for both Assistant Officers and Support Assistants and there will be flexible working hours within statutory limits. Performance goals are set even for substaff and they will be a great burden to the employees. Passing powers for Assistant Officers (Clerks) is set as Rs.50000 per transaction. Passing power is doubled when compared to bipartite settlement. Those who hold the keys of the vault cannot leave the branch without closure of the vault. It is silent regarding overtime payment. That means without OT, key holders have to work extra hours and the same has been agreed by the Union by way of settlement.

LEAVE FACILITIES STAND REDUCED:

Privilege leave will be reduced to 15 days per year from 34 days per year and 5 days to be availed compulsorily every year. Unavailed PL upto 7 days can be carried over to next year. Casual leave will be 12 days per year; Unavailed Casual Leave cannot be carried forward and will lapse at the end of the year. Sick leave will be 15 days per year. Half pay sick leave stands withdrawn. The reduction of leave facilities is a big loss to the employees.

Half day CL, Compassionate sick leave, Service recognition Anniversary leave of 5 days on 25th 30th 35th work anniversaries are newly introduced. Prolonged illness leave for critical illness like cancer, renal, leukemia, heart diseases is introduced as 180 days full pay followed by 180 days half pay which are welcome measures.

Sabbatical leave for employees is reduced to 3 months each on two occasions in entire service compared to the eligibility upto 2 years as available to all the bank employees.

INFERIOR MEDICAL INSURANCE SCHEME:

Group medical Insurance of 4 lakhs has been introduced covering employee, spouse and five children. This is far inferior to the present medical insurance scheme available in the industry-wide bipartite settlement. The Corporate buffer, inclusion of parents, parents in laws etc. available in bipartite are absent.

NO NEW LOANS:

Existing Staff Housing Loan, Marriage Loan, Vehicle Loan, Festival Advance will continue till repayment is over. No new loan of any kind or festival advance will be sanctioned. For medical emergency, 3 months’ salary repayable in 12 months, Personal Loan at 1.5% less commercial rate is introduced. Concessional rate staff loans are withdrawn which will be a substantial loss to employees.

OBSERVATIONS:

An age old traditional Bank which has always been a part of the industry level Bi-partite settlements withdrew from that with the cooperation of the employees’ union and enters into a bank level settlement.

Overall, there will be huge loss to the employees in terms of withdrawn annual increments and the concept with introduction of 2% yearly increase, that too based on performance for clerks. 

Transfer policy, performance goals for clerical and sub staff, increased passing powers will increase their responsibilities almost at par with that of the officers but with far lesser benefits. 

Almost all allowances including that of Head Cashier, SWO, Daftary etc  and all concessional loans are withdrawn and this will be a substantial loss to the employees. There is a drastic reduction in the leave facilities.

The Employees’ Union which has entered into this bipartite settlement has isolated itself from the rest of the employees in the industry. There are many retrograde provisions in this settlement. In future, if the management does not honour even this settlement or tries to reduce the present benefits, they have to fight themselves and there will be no support from any quarters.. It is highly doubtful whether the Union has taken the mandate from every employee before entering into this settlement.

Uniform wages and service conditions are the uniting factors of the bank employees irrespective of the size of the bank or whether the particular bank is public or private sector. The Management of the DBS bank has successfully broken this unity and the union has become a prey. The LVB Employees’ Union claims this as a historical settlement. Indeed it is historic in giving up the existing rights and privileges and accepting many retrograde provisions. This will set a bad precedent in the industry and needs to be reversed.

Against Bank privatisation chv press release 21-7-2022 handed over to Rahul Gandhi BHARAT JODO YATRA at Indore.

Rahul Gandhi BHARAT JODO YATRA at Indore.

Against Bank privatisation chv press release 21-7-2022 handed over to him by comrades of Indore. Briefed him about 5 minutes during yatra rally.

BoB extends a helping hand to their Retirees....Will other PSBs emulate this kind of gesture

Most of the Award Staff, Scale I, lI and III Retirees are now out of the IBA Medical Scheme due to the prohibitive and ever increasing Premium.

.....Will other PSBs emulate this kind of gesture

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PRE BUDGET MEETING WITH FINANCE MINISTER

KEY FEATURES OF ELECTRONIC BANK GUARANTEE (E-BG)

ust as the name tells, Electronic Bank Guarantee (e-BG) is the Guarantee issued by the banks on behalf of their customers in digital form. The issuance of electronic bank guarantees completely eliminates papers in the process.

The Guarantee issuing bank shall integrate its internal system with the Digital Document Execution (DDE) platform of NeSL (National E-Governance Services Ltd) for issuance, amendments, and various life cycle stages of the e-Bank Guarantee.

In the e-stamping of e-BG, no need to print stamp paper. The bank is required to maintain a Digital Ledger (DL) with NeSL and top-up the DL with sufficient funds. Stamp Duty amounts, where applicable, are automatically deducted from the available balance in the DL before stamp procurement.  Banks should follow their existing process for determining jurisdiction and applicable stamp value. Here, NeSL will only facilitate the procurement of digital stamping based on requests received from the bank.

Banks, beneficiaries, and applicants can continue to use the present documentation templates, as they do not have restrictions to impose any standardized BG template. BG document embedding digital stamp as a composite electronic (PDF) document.

BG document will be digitally signed by bank officials as permitted under the Information Technology Act which prevents tampering with any part of the document since it will invalidate the signature. The neSL-DDE platform has the capability to execute the documents electronically using Aadhaar eSIGN (OTP and Biometric) and DSC (dongle-based Digital Signature).

Any e-BG issued is stored centrally in NeSL Information Utility repository apart from storage by the respective issuing banks.  Any subsequent event of the BG, e.g. amendment, invocation, cancellation/closure is also recorded with NeSL on confirmation from the issuing bank.

NeSL sends a direct notification to the registered e-mail id of the beneficiary and other parties on issuance or change of status for each e-BG. NeSL maintains the delivery status of email notifications and also the audit trail for the download of e-BG by the beneficiary. This information will also be made available on NeSL portal. Even if the email is missed out or not delivered for any reason, the beneficiary can still access e-BG directly from NeSL portal under its login. For this, suitable MIS may also be planned for bank usage. This system will eliminate the reliance on SFMS messages earlier used for the purpose.

e-BG process through NeSL facilitates beneficiaries to submit requests for invocation or any other consents through digitally signed submission in NeSL portal. Since no original is to be returned by the beneficiary, the beneficiaries and their authorized representatives are required to register with NeSL before submitting such electronic requests. Thus, where the such electronic request is received through NeSL, they can be treated as authentic and verifiable.

NeSL also allows beneficiaries, as verified users of NeSL, to issue discharge letters/confirmations or invocation advice through NeSL platform. All connected parties, i.e. beneficiary, the applicant (customer), and the bank have the ability to access NeSL platform directly for searching, viewing, and downloading eBG, anytime. No fees are applicable currently for the beneficiary or applicant for registration or access in NeSL.

The e-BG process is essentially a fully digital one. In the case of states where stamp paper is available only in physical mode, banks may continue to issue BG in traditional paper mode outside of NeSL system, until such states also transition to digital stamping.

Currency ban transactional loss to be Rs 1.28 lakh cr

Government’s scrapping high value Rs 1000/500 notes has “hit the poor man” hard and the economy may suffer a transactional value loss of Rs 1.28 lakh crore till December 30, West Bengal Finance Minister Amit Mitra said today.

“My concern is the double whammy of the common poor people. It has hit the common man hard. It has been a massive destabilisation resulting in transactional cost (loss) of Rs 1.28 lakh crore in 50 days. It is a complete de-empowerment of the small and medium and even large enterprises,” Mitra said at a conference here.

People have time till December 30 to deposit the scrapped currency.

West Bengal government led by Trinamool Congress, under Chief Minister Mamata Banerjee, has supported the proposed Goods and Services Tax (GST) bill from very beginning, he said, adding however that this demonetisation disruption in the middle of preparation towards GST will impact the economy severely.

“We all agree that for GST to come, the state taxes’ are going to be down in the initial two to three years. That is why GST promises to compensate the states and the percentage has been given as 14 per cent. So when you couple this destabilisation with GST, it will bring down state taxes even more,” Mitra said.

This destabilisation of the fiscal architecture of the country will completely disrupt the transaction mechanism of the country in terms of trade, goods and services, in terms of manufacturing (input and output), he added.

He said sectors like powerloom, leather and tannries, yarn production, cotton spinning, agriculture, tractor sales, consumer durable sales, cement dispatches, secondary steel industry, exports are all getting severely affected as Rs 500 and Rs 1,000 notes have been barred from circulation and has also resulted in massive job loss in the unorganised sector.

Further, countries like the former Soviet Union, Zaire, Myanmar, Ghana and Nigeria had brought such moves in the past past but the action were unsuccessful in all the places, he said.

The West Bengal Finance Minister also emphasised that the state is mainly an agricultural dependent and its economy will be jeopardised after this decision of the Government.

3 Minutes Each, It's A Joke": Why 10 Unions Are Boycotting Budget Meet With Minister N Sitharaman

A joint forum of 10 central trade unions has decided to boycott the virtual pre-budget consultation with finance minister Nirmala Sitharaman on November 28, demanding a physical meeting with reasonable time to speak.

Pre-budget consultation is an annual exercise under which representatives of different sectors give suggestions and raise demands to be addressed through the Budget.

In a letter on Friday, the forum stated, "Now your email dated November 25, 2022 under reference, makes it explicit that each central trade union will be allowed to speak for three minutes. This is a joke and we refuse to be part of such a cheap joke. We will not participate in the proposed video conference on November 28, 2022." Earlier on Friday, in a letter shot off to the finance ministry, the forum had jointly protested against a restricted video conference for pre-budget consultations.

"We are constrained to express our disappointment for calling this meeting on virtual mode despite complete easing of Covid restrictions, and that to for 75 minutes only for consultation involving more than 12 central trade unions, may be more as indicated by the invitation letter. As per the labour ministry's physical verification, there are 12 central trade unions in our country. That means less than five minutes or even less for each organisation, if time for customary opening remarks is taken into account," they forum had stated.

Later on Friday, the forum received another letter from the finance ministry stating that each participating central trade union will be allotted three minutes to make their suggestions.

In response to the letter, the forum shot off another letter on Friday and stated that the CTUs therefore have decided to boycott the proposed video conference.

The forum also urged the finance ministry "to seriously reconsider convening of a physical meeting with reasonable time-allotment for effective consultations in the pre-budget meeting with the trade unions." The forum also invited the finance minister for an open debate about these policies without any time restrictions on her to defend policies followed by her.

The 10 trade unions which form the forum are INTUC, AITUC, TUCC, SEWA, HMS, CITU, AICCTU, LPF, AIUTUC and UTUC.

There are about a dozen central trade unions in the country, including Bhartiya Mazdoor Sangh (BMS). The BMS is not part of the joint forum.

Why Cash is still king in India

HOW TO WRITE-OFFS HELPED REDUCE NPAs

MSME Definition- MSME Full-form and Meaning 2022

 

What's MSME

Revised Classification applicable w.e.f 1st July 2020
Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover
Classification	Micro	Small	Medium
Manufacturing Enterprises and Enterprises rendering Services	Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore	Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore	Investment in Plant and Machinery or Equipment: Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore

Table of Contents

• What is MSME? – An Introduction
• Features of MSMEs 
• Role of MSMEs in the Indian Economy
• UPDATE: New MSME definition based on investment and turnover (2020)
• The new MSME definition (2020)
• MSME definition – why the change
• Key announcements of Atma-nirbhar Bharat Abhiyaan
• Old MSME definition based on investment, MSMED Act, 2006

The new MSME definition is making news ever since October 2019.

With a hope to create five crore job opportunities in the MSME sector, the Government had announced about making changes to the MSME definition, where turnover will define an MSME, and not the investment put into it.

What is MSME? – An Introduction

MSME stands for Micro, Small, and Medium Enterprises. In accordance with the Micro, Small, and Medium Enterprises Development (MSMED) Act in 2006, the enterprises are classified into two divisions.

1. Manufacturing enterprises – engaged in the manufacturing or production of goods in any industry
2. Service enterprises – engaged in providing or rendering services

Features of MSMEs 

Here are some of the essential features of MSMEs

1. MSMEs are known to provide reasonable assistance for improved access to the domestic as well as export markets for businesses
2. MSMEs support product development, design innovation, intervention, and packaging elements of a business
3. MSMEs support the upgrading of technology, infrastructure, and the modernization of this sector as a whole
4. MSMEs provide employment opportunities and loans 
5. MSMEs provide credit limits or funding support to various banks in the country

Role of MSMEs in the Indian Economy

The MSME sector has proven to be a highly dynamic factor in the forecasting of the Indian economy. Since MSMEs produce and manufacture a variety of products for both domestic as well as international markets, they have helped promote the growth and development of various product segments and industries. 

MSMEs have played an essential role in providing employment opportunities in underprivileged areas. They have helped in the industrialization of such areas with a low capital cost compared to the larger industries in cities. MSMEs have also contributed and played an essential role in the country’s development in different areas like the requirement of low investment, flexibility in operations, low rate of imports, and a high contribution to domestic production.

UPDATE: New MSME definition based on investment and turnover (2020)

On 1st June, Monday, the Union Cabinet headed by Prime Minister Narendra Modi officially revised the MSME definition. The recent changes in the definition of micro, small, and medium-sized enterprises made as a part of the Atmanirbhar Bharat Abhiyaan relief package were approved. 

The investment and turnover figures were changed to larger values, thereby resulting in a larger number of medium-sized enterprises.

Updated MSME Definition
Type of enterprise	Investment	Turnover
Micro	Rs 1 crore	Rs 5 crore
Small	Rs 10 crore	Rs 50 crore
Medium	Rs 50 crore	Rs 250 crore

 

The government had revised the MSME definition earlier as well.

Easiest Way for MSMEs to Accept Payments Online

The new MSME definition (2020)

Investments will no longer characterize MSMEs.

On 13th May, Wednesday, the center officially revised the MSME definition.

In October 2019, Union Minister Nitin Gadkari had said that the revised definition of micro, small, and medium enterprises may grant a unified description for all things related to taxation, investment, and more.

The changed definition was to be implemented via an amendment that would further refine the business scenario for Indian enterprises. The Union Cabinet had approved the amendment to change the criteria to classify MSMEs from “investment in plant and machinery” to “annual turnover.”

On 13th May 2020, Finance Minister Nirmala Sitharaman added the additional principle of turnover along with the investment.

Revised MSME Classification
Composite criteria: Investment and annual turnover
Classification	Micro	Small	Medium
Manufacturing & services	Investment < Rs 1 crore and turnover < Rs 5 crore	Investment < Rs 10 crore and turnover < Rs 50 crore	Investment < Rs 20 crore and turnover < Rs 100 crore

 .

MSME definition – why the change

As Finance Minister Nirmala Sitharaman made the announcement about the change, she also addressed the reasons behind it. She said the new definition will bring about many benefits that will aid MSMEs to grow in size.

This was made under Atma-nirbhar Bharat Abhiyaan Economic Package to assuage India’s economic predicament amidst the pandemic.

Combined with all previous economic stimulus efforts, the total amount of the relief package comes to a whopping Rs. 20 lakh crore.

 

Key announcements of Atma-nirbhar Bharat Abhiyaan

• Rs 3 lakh crore collateral free automatic loans for MSMEs
• Rs 50,000 crore equity infusion through MSME Fund of Funds
• Rs 20 crore subordinate debt for MSMEs
• Extension of registration and completion date of real estate projects under RERA
• Immediate pending refunds issuance to all non charitable trusts
• Extension of the due date for ITR for FY’19-20 to November 30, 2020

Old MSME definition based on investment, MSMED Act, 2006

 

Manufacturing Sector
Enterprises	Investment in plant and machinery
Micro enterprises	< or = Rs 25 lakh
Small enterprises	> Rs 25 lakh < Rs 5 crore
Medium enterprises	> Rs 5 crore < Rs 10 crore

 

Services Sector
Enterprises	Investment in equipment
Micro enterprises	< or = Rs 10 lakh
Small enterprises	> Rs 10 lakh < Rs 2 crore
Medium enterprises	> Rs 2 crore < Rs 5 crore

 

Headquartered in New Delhi, the Ministry of MSME is a branch of the Indian Government, which is the apex body for the formulation and administration of rules, and laws, pertaining to micro, small, and medium-sized enterprises in the country.

Having created 11 crore job opportunities in India while contributing to the GDP by 29%, we can say that MSMEs are the heart of the Indian economy. And the change in the definition will enable Indian enterprises to carry out their businesses better.

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Frequently Asked Questions

Who are MSME companies?

The Ministry of Micro, Small, and Medium Enterprises, a branch of the Government of India, is primarily used for laying the foundation and administration of rules, regulations, and laws relating to micro, small and medium enterprises in India.

What is meant by MSME?

MSME stands for Micro, Small, and Medium Enterprises. It was introduced by the Government of India in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006. As per this act, MSMEs are the enterprises involved in the processing, production, and preservation of goods and commodities.

What is the MSME limit?

* Investment limit for Micro Enterprises: Less than 1 crore INR * Investment limit for Small Enterprises: 1-10 crore INR * Investment limit for Medium Enterprises: 10-50 crore INR * The turn-over limit for Micro Enterprises: Less than 5 crore INR * The turn-over limit for Small Enterprises: 1-25 crore INR * The turn-over limit for Medium Enterprises: 25-250 crore INR

How can I avail MSME loan?

Individuals can easily avail of an MSME loan by following the mentioned steps below * Fill up the online application form for SME/MSME loan to apply. * Submit all the relevant documents to complete the process (KYC documents, address proof, business ownership proof, and financial documentation) * Get money in any bank within 24 hours.

How do you benefit from MSME?

Here are the following benefits of registering MSME in India: * You can avail collateral-free bank loans * You can easily acquire government tenders through the Udyam Registration Portal * Protection against delayed payments * SO Certification Charges Reimbursement

What are the types of MSME?

According to the provisions of the MSMED (Micro, Small & Medium Enterprises Development) Act of 2006, MSMEs are classified into two classes i.e. Manufacturing Enterprises and Service Enterprises. The enterprises are further categorized based on annual turnover and investment in equipment.

What is the UAM number?

UAM is a registration form that constitutes a self-declaration format under which the MSME will self-certify its existence, bank account details, promoter/owner's identity details, and other information required. There’s no fee for filing the UAM number.