Today's meeting with IBA and UFBU for Five(5) days banking

*Five (5) day Banking* Declaration of all Saturdays as weekly holiday UFBU discussed with IBA and Executive members of Management . *Now path is clear for 05 day Banking.* Alongwith this most awaited issue we discussed other residual issues also. 

The undersigned was present in today's UFBU meeting. The detailed Circular will follow, which will be reproduced/ sent.

Man Mohan Das

General Secretary

National Organization of Bank Workers' (NOBW)

What are the 10 stocks to buy in 2022 -2023?

1. DCW Ltd
2. Yash Pakka Ltd
3. Canara Bank
4. GHCL Ltd
5. Standard Industries Ltd
6. Union Bank of India
7. Aspinwall & Company Ltd
8. Goa Carbon Ltd
9. Rana Sugars Ltd
10. Tai Industries Ltd

Fundamentals of some of the stocks are:

DCW LTD.

Its today's share price is 46.8. Its current market capitalisation stands at Rs 1357.71 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 24547.35 Cr and Total Income of Rs.24608.37 Cr.

STANDARD INDUSTRIES LTD.

Its today's share price is 30.85. Its current market capitalisation stands at Rs 197.49 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 4356.01 Cr and Total Income of Rs.4599.47 Cr.

UNION BANK OF INDIA

Its today's share price is 76.9. Its current market capitalisation stands at Rs 51158.08 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 679439.51 Cr and Total Income of Rs.804687.68 Cr.

TAI INDUSTRIES LTD.

Its today's share price is 41.85. Its current market capitalisation stands at Rs 25.11 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 3008.24 Cr and Total Income of Rs.3018.62 Cr.

GHCL LTD.

Its today's share price is 494. Its current market capitalisation stands at Rs 4700.43 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 37783.6 Cr and Total Income of Rs.37891.7 Cr.

GOA CARBON LTD.

Its today's share price is 516.55. Its current market capitalisation stands at Rs 461.17 Cr.

In the latest quarter, company has reported Gross Sales of Rs. 7661.17 Cr and Total Income of Rs.7686.68 Cr.

.

Value investors duly wait for market conditions which will render the market price of a stock below its intrinsic value. All these companies have high growth potential as at the current valuations, they are indeed undervalued.

Disclaimer: Only for educational purposes. Trade on your own risk.

A value investor is the one who looks at every aspect of the stocks and for them knowledge is wealth and R&A is its treasury.

Hope you make good money in stock market.

Good Buy!…. Happy Investing!

If my brother transfers money in my account, say 50 lakhs, will it be taxable in India?

No, if your brother transfers money to your bank account, it is not taxable in India. However, if the money is considered as income from any source, it may be taxable. For example, if the money is given to you as a gift, and the total amount of gifts received in a financial year is more than Rs. 50,000, it will be taxable as per the Income Tax Act. But, if the money is a loan, it is not taxable, but you have to ensure that you pay it back within the stipulated time. It is always advisable to consult a tax expert for any taxation related matters.

EXECUTION OF LOAN DOCUMENTS: THE MANAGER MUST REMEMBER THESE 29 IMPORTANT POINTS

The main concern of a bank is that security available to it should be good enough to fall back upon, in the event of adverse circumstances. The role of loan documentation in the bank is to establish a legal relationship between the lender and the borrower when the dispute goes to a court of law. Thus, the execution of a loan is important to bankers to ensure that the document held by them is properly stamped, properly filled in,  executed in relation to specific security and nature of security, and having a record of the date and place where the document is executed.

How to devote your time to the execution of documents?

The borrowers/guarantors shall execute the documents in the presence of the Bank Manager or authorised official of the bank. The officer-in-charge of documentation in banks must be thoroughly conversant with the type of securities and legal nature of charges to be created. In the cases of large borrowal accounts, banks take the services of the experienced advocate of the bank’s panel for the purpose of documentation and also the executed documents to be vetted by the advocate or law officer of the bank. Hence devote your time to the execution of documents and ensure perfection in the following matters.

1.  The documents should not be given to borrowers for obtaining signature/s from other borrowers or guarantors.
2.  The documents should be executed in one sitting.
3. The executor (borrower/guarantor) should read the content of documents prior to execution.
4. The executor (borrower/guarantor) should sign in full on all the documents and not by initials.
5.  The cutting, overwriting, and interlineations must be authenticated under the full signature of the executants/s.
6.  While filling in the blank space of a printed form of stamped paper, use the same pen till the end of the form. Different colour ink used to fill in the same form gives rise to the suspicion that  the blank column was filled up later on without the knowledge of the executant, which is bad in law.
7. While filling in printed forms, as an abundant precaution, the executant’s signature shall be taken wherever blank space is filled in by the others.  Subsequently, the executant cannot later on dispute that the form was filled in later on.
8. Where a borrower is an illiterate person, a left-hand thumb impression of the borrower should be obtained. There is no need to attest to the thumb impression. However if the borrower is an illiterate pardanishin lady or a person signing in a vernacular language, it is necessary to have a certificate stating that the contents were read and explained to the executants and that he or she executed the same of his/her own free will after understanding the sanction terms and without any coercion. 
9. Sanction terms and conditions shall be conveyed to borrowers in writing and acceptance of sanction terms and conditions should be obtained from them. Proper documents complete in all respect according to the nature of the facility should be obtained.
10.  A minor is incapable of entering into the agreement and any agreement entered with a minor is void as per the Indian contract act. However, in some partnership firms, a minor might have been admitted as a partner of the firm. Bankers must remember that such a minor is admitted to the benefits of the partnership and they cannot execute the loan documents. Hence guardian’s signature should not be taken in loan documents on behalf of the minor.
11. Proper care should be taken that only authorized signatories have executed the documents. A sole proprietor should execute the documents with a property stamp (representative capacity).
12. In the case of a partnership, the documents should be signed by all the partners or a letter of authority should be obtained from absent partners in favour of selected partners to execute the documents. It is necessary to obtain personal guarantees from all major partners in their individual capacities. Whenever a limited company is a partner; the authority of the person signing on behalf of the company should be verified.
13.  In the case of Limited companies, the execution of documents should be as per the stipulation contained in the resolution. The resolution passed in the meeting of the board of directors should also clearly specify who would execute the documents on its behalf. Documents executed by the company should be affixed with a common seal only if it is required under the common seal clause in the Articles of Association of the company. If a common seal is required to be affixed, then the board resolution should contain the names of the Directors and Officers in whose presence the seal is to be affixed.
14.  Stamp duty varies from state to state; proper stamp duty as applicable to the state where the document is executed shall be paid.
15. Any instrument chargeable with stamp duty executed out of India must be stamped within 3 months after it has been first received in India.

In the case of mortgage of properties

16.  The mortgage deed shall be executed on stamp paper of adequate value.

17.  If a memorandum of mortgage or mortgage deed itself is registered, the receipt of the registration fee paid should also be attached to the mortgage deed.

18. Boundaries and areas shown in the title deed should be in conformity with the mortgage deed.

19. Encumbrance certificates traced for the last 13 years should be held.

20. Up-to-date property tax paid receipts should be properly held.

21.  All the original title deeds and other relevant documents as per legal opinion should be deposited in the bank.

22. Authorized persons only to create mortgages.

23.  Record of dates to be observed in case of a second charge, pari-passu charge, and NOCs should be obtained properly from the first charge holder.

24. Valuation of Properties & legal opinion should keep along with mortgage documents.

25. Revival letters from borrowers and guarantors should be taken before the expiry of thirty-six months from the date of the demand promissory note.

26. Confirmation of balance is to be obtained from borrowers and guarantors normally on a half-yearly basis. 

27. Attestation of documents

Attestation means witnessing the execution of a document that is required to be attested under law. In case of documents like the assignment of LIC policies, one witness is required and in case of the mortgage deed, there should be two witnesses. Some documents like demand promissory notes need not be attested. The executants are the party to the deed and they should not be attesting persons. The attesting person need not know the contents of the document.

28. Registration with Registrar of Companies (ROC): In the case of limited companies, charges on the company’s assets like hypothecation of stocks and machinery, book debts, mortgages, etc shall be recorded with ROC within 30 days of execution of documents in terms of Sec.125 of the Companies Act. The registration should be done with the Registrar of Companies under whose jurisdiction the company’s Registered Office is situated.

29. Last but not least, have a second look at the documents executed before keeping them inside the safe.

The authorized official of the bank shall verify whether the document is duly stamped before or at the time of execution of the document. For example, a Demand Promissory Note (pro-note) which is executed without a proper revenue stamp or is under-stamped, cannot be admitted in evidence even by paying a penalty. The revenue stamps affixed on the document should be effectively canceled at the time of execution. The best way of canceling of revenue stamp is by signing over all the stamps in such a manner that the signature extends even beyond the stamps. Bankers have to remember that the document properly filled in and complete in all respects saves them when a dispute goes to court. Hence, once the entire document is obtained, it is always better to have a second look at the document obtained, preferably by another official who is conversant with the type of securities and legal nature of the charge to be created.  Once the execution of documents is completed it has to be kept neatly in a separate cover or folder in an identifiable manner.   Yet, it is always advisable to check once again whether something is entered on the document in pencil or left blank before keeping it in the safe.  The mistakes if any noticed shall be rectified then and there. In most cases, the borrower does not cooperate at a later stage and it may not be possible to rectify the mistakes.

ARTICLE FROM BANKING SCHOOL

Ist ATM in India opened on 21.02.1988 by Rajiv Gandhi

What documents should we check before buying any land?

 Once you decide to buy a plot, make sure you have all documents in place. Without these, your purchase will be delayed. Having all the proper legal documentation will help protect your land and home from any disputes in the future. Consult a lawyer to help you with every step of the documentation process.

Most of the required documents can be grouped into two types - legal and personal.

Legal documents: These documents are essential, and missing even one of these can result in a delay in purchase.

They include: -

Mother Deed: This is taken from the seller. The Mother Deed is the main document to determine ownership of the property. It traces the land’s chain of ownership and provides information about the history of the plot.

Sales Deed: The Sales Deed records the transfer of land ownership from the seller to the buyer. You can get it validated at the sub-registrar's office.

Power of Attorney(POA): If the seller of the land is not the owner, they should have a Power of Attorney that authorizes them to sell the plot. Always check the Power of Attorney when buying from any seller.

Encumbrance Certificate: An Encumbrance Certificate documents all the transactions related to the land. It serves as proof that the land you are buying is free of any monetary or legal bindings. It is obtained from the sub-registrar’s office where land is registered.

Katha certificate: A Khata Certificate is necessary to obtain a building license. It contains property details like location, size, built-up area etc. and is necessary for the payment of property tax and to obtain a building license. It is obtained from the Assistant Revenue Officer.

Land Clearance: If you wish to convert agricultural land to non-agricultural land this certificate becomes very essential.

Record Of Rights (ROR) certificate: It is obtained from the Tehsildar’s office

Personal documents: Personal documents are purely for verification purposes: Aadhar, Voter ID card and PAN card.

Things to keep in mind:

In case the seller is not the owner, check the ‘power of attorney’ document.

To make sure measurements mentioned by seller are accurate, get a survey sketch of the land from Survey Department.

If there are more than one owner, make sure to get ‘release certificate’ from all owners.

I Recently got selected as SBI JA, what are the promotion opportunities for SBI JA and in how many years can a SBI JA become an officer?

I Recently got selected as SBI JA, what are the promotion opportunities for SBI JA and in how many years can a SBI JA become an officer?

Hi,

Congrats on clearing the exam. As far as promotion opportunities are concerned, I’d like to say that if you’re interested in getting promotions, there is no end to them. You can rise as high as you wish provided you have the zeal to go ahead.

---

For quick promotions, you can choose either of the two ways, one is to prepare for SBI PO along with your Job and the second is to aim for Trainee Officer Channel.

---

The first method is fairly simple. You already have the necessary skills to crack aptitude exams, so what you can do is you can prepare a bit harder and be ready for the interview, and you can enter SBI again through the PO channel. Some of our batchmates have done the same. PO is probably the best way to enter the bank and it is a classic saying that POs are hired to make them MDs and Chairman.

---

The second and more obvious channel is Trainee Officer or the TO channel. Associates are eligible to appear for the Trainee Officer exam after 3 years of service, provided they have attained JAIIB and CAIIB certification.

TOs and POs have the same opportunities and again, the upside is huge.

So, if you wish to take this route, do the following things:

1. Clear JAIIB and CAIIB asap.
2. Read a lot of bank’s products and the related guidelines.
3. Learn about advances/credit, if you get the chance to do so.
4. Know as much as possible about the tasks you’re asked to do, whether it is account opening, internet banking, KYC, etc.

If you’re motivated enough, you’d become a TO in the next 3 years, and a year after that, you’d become an Assistant Manager.

I hope it helps. Good Luck!

DON’T CRY FOR SHORTAGE OF STAFF FROM 1st APRIL ONWARDS DUE TO YOUR INEFFICIENCIES & IN EFFECTIVENESS*

Ohh my God ......banking me ye din bhi dekhna bcha tha .... Comments / opinion / expert views invited 

*MOST URGENT*‼️ 

*DON’T CRY FOR SHORTAGE OF STAFF FROM 1st APRIL ONWARDS DUE TO YOUR INEFFICIENCIES & IN EFFECTIVENESS*

With a lot of difficulties & discussions and keeping in view the shortage of staff in Branches, the promotion criteria under different categories & even dispensing with written test which was compulsory upto 70% vacancies as per promotion policy, so that staff shortage could be dealt with as one time measure at field level.

It was also announced that 0-1 officers will be kept in same state for 3 Years on promotion & *SAME REGION* 

and for all other promotions, preferences will be given to promotees for their opted Zone, as far as possible.

But it is complete failure on the part of Leadership at RO/ZO & CO GMs level that even with such type of relaxations by management they couldn’t convince their staff to apply for promotion - 

In last two days against 1000 Vacancies from 0-1 & eligible candidates of 7199 only 683 have applied.

Same is the case with 1-2, against vacancies of 2827 & with relaxed criteria, against eligible candidates of 5242, only 329 have applied.

In scale II-III against vacancies of 789 & eligible candidates of 2914 only 552 have applied in last two days.

All RH’s are advised to ensure through BM’s that all eligible candidates have to apply, otherwise if they are feeling comfortable in their Regions without taking promotions, we have to take dramatic steps to make them understand the importance of promotions.

All are advised that all eligible candidates have to apply by 19th evening under all circumstances. You may open ZO/RO/Branch or whatever means, but such type of lethargic attitude will not be tolerated.

Our  CO HRD department will be monitoring on hourly basis the progress for next two days. Eligible candidates lists have already been shared with each RO/ZO

Corporate GMs to please monitor the performance for next two days of their regions & Department.

Regards

*Please note today our HRD department including myself will be calling all eligible candidates and all BM’s to circulate the above message immediately to all staff in the group *

🧐🧐

This is the position of one psu.

India considering option to offer 50% pension for govt employees under NPS

 Amid the raising demands from several states to restore the Old Pension Scheme (OPS), which provided guaranteed pensions to government employees, reports have emerged that the Central government is exploring the option to offer a guaranteed pension of around 50 percent of the last pay drawn to government employees under the National Pension System (NPS).

The debate around the OPS and the NPS has been ongoing for some time, with many employees arguing that the NPS is not a suitable replacement for the OPS. The issue has been a point of contention between the Centre and states, with some state governments pushing for its return due to their employees' dissatisfaction with the NPS and its lack of guaranteed pensions.

On February 7, Union Minister of State for Finance, Dr Bhagwat Karad, in a written reply to a query in the Rajya Sabha said, "The National Pension System (NPS) was introduced by the Government of India to replace the defined benefit pension system by defined contribution pension scheme in order to provide old age income security in a fiscally sustainable manner and to channelize the small savings into productive sectors of the economy through prudential investments."

"Representations have been received from time to time which include the request for restoration of Old Pension Scheme. However, there is no proposal under consideration of Government of India for restoration of old pension scheme in respect of Central Government employees recruited on or after 01.01.2004," Karad added, confirming the Central government's stand.

About old pension scheme

In the old pension regime, pension was 50 percent of the last drawn salary of the employee and the entire amount was paid by the government.

How is it different from the current one?

The old pension scheme was discontinued on April 1, 2004, and replaced with the National Pension System (NPS). NPS, a government-run investment scheme, gives the subscriber the option to set the preferred allocation to different asset classes. The returns in NPS are not guaranteed and depend on the performance of the asset allocation by the subscriber based on his/her risk-taking capability during the employment tenure.

Under this scheme, the employees contribute 10 percent of their salary towards pension, and the state government contributes 14 percent. The amount is then deposited with Pension Fund Regulatory and Development Authority (PFRDA), where it is invested.

 

If the CTC is 75 LPA, what is the in-hand salary?

If the CTC is 75 LPA, what is the in-hand salary?

Edit- Request everyone to scroll to the end and see infosys publications without fail, to get an idea of roles and positions paying more than 1 crore salaries in 2022

Here is the calculation for the same. Rs.364078 is the highest possible amount that can be credited to your account as monthly salary

> assuming that you live in metro and pay 60k rent per month

>assumed that you will get 40% of variable pay on an average basis.Even if you are company ceo, you cannot ensure that 100% variable pay is received. So 60% of variable pay will never be paid by the company.

>No housing loan assumed in this example. But all other exemptions and deductions are used upto a maximum of 8.85 lakhs

In the end of the answer , let me repeat once again that in years 2023, 2024 onward these are all lower middle class salaries. Please scroll down to see banglore and hyderabad salaries for 10 year experienced guys.

 

DETAILS LOAN OF LARGE COMPNAY AND HOW GOVT SETTLED WITH 90% HAIR CUT

PSBs write off Rs 29000 cr in FY 23 just in Q3 as a part of clean up exercise

Why is SBI trying to save Yes Bank? What will they gain from it?

SBI has stepped in to save due to 2 reason -

1. Government of India has asked them to do so. A crash in 4 th largest private bank could trigger crash in overall financial system. Also today SBI chaiman has cleared the same giving example of US and UK as how these countries saved thier banks to avert a financial crisis trigger. All banks are connected heavily to each other in terms of lending. Also, depositer's safety is prime concern of SBI and Government.
2. Cash and assets size - 76000 crore is the size of assets hold by Yes bank in Government bonds, Rbi cash deposits and other instruments. Having an access to this amount of amount cash reserve in only 2500 crore is a win win for SBI.
3. Mortgages - They will own all mortgages of Yes bank. Yes bank gave bad loans to some companies but not all specially Retail lenders. These would be thousands of crores which have been given to good investors. These are bank mortgages which are transferred to new owner whoever takes control of bank. Now SBI bought Yes bank in a penny stock price and got control of all mortgages worth thousands of crores. They will utilize these funds to pay off the depositors and make some profit also.

Expected Performance linked incentive PSU Bank in FY 2023

353655 crore loss to the banks.

353655 crore loss to the banks..!!

Details of Loans of Large companies resolved under IBC,2016.. We need recovery of loans.. Government wants resolutions of loans..

#AIAEA

Nirmala Sitharaman Ministry of Finance, Government of India

All reactions:

22