Bank privatisation to happen as per schedule: Sitharaman

Finance Minister Nirmala Sitharaman on Monday said privatisation of public sector banks (PSBs) will happen as per the government’ schedule, indicating that those may be taken up after general elections in 2024.
“It (privatisation) will go on as per the schedule and there is no change in it,” Sitharaman said while responding to a question on progress of her earlier announcement to privatise two PSBs.
She was speaking at a press conference in Mumbai on the achievements of the Narendra Modi government in the last nine years.
In the Budget for 2021-22, Sitharaman announced the government’s intent to take up the privatisation of two PSBs.
As per the new Public Sector Enterprises (PSE) policy, the government would minimise the number of state-run firms in five strategic sectors, including banking while fully exiting from non-strategic sectors.
The government must either amend or repeal the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980, usually called Nationalisation Acts, to remove the hurdle to privatisation. However, the relevant Bills are yet to be introduced in Parliament.

Bank will not stop pension if pensioners not submitted life certificate

Pension is not bounty, it's a messure of social economic justice

Do’s and Dont’s For Branch Managers in PSU Banks

1. Acknowledge an employee with his flaws; yet don’t acknowledge a defective employee (it implies not tolerating an individual with loaded with issues).
2. Everybody is likely to commit mistakes. In any case one shall not ever commit a similar mistakes, over and over.
3. Praise an employee in front of others. However, scold an individual in private, where it is necessary.
4. On the off chance that an employee can’t finish his work, show and guide him how to make it happen. Never begin taking care of his incomplete responsibilities. On the off chance that you make it happen, you will end up making so many job shirkers. Likewise, you can’t carry out your own work efficiently.
5. Permit your colleagues and sub-ordinates to bring up issues – to look for explanations and to know the reasoning behind any choice or practice. Bringing up issues doesn’t add up to revolt or insubordination.
6. Urge employees to try and learn. Yet, never energize fun loving and lazy individuals.
7. Try not to compliment your bosses; at the same time, acclaim your companions and sub-ordinates, without any reservation.
8. Merely because of the reason you have powers to punish a person for his real/perceived mistake, do not punish him. Punishment will be like ‘capital punishment granted by courts in the most uncommon of uncommon occasions’.
9. Try not to anticipate that others should do what you, at the end of the day, can’t do in the given conditions.
10. Try not to remunerate an individual for his accomplishment in minor and irrelevant regions. Try not to neglect to remunerate an individual, regardless of whether has accomplished just 80% in significant regions.
11. Try not to make/empower development of gatherings inside the unit/association. Such gatherings working experiencing some miscommunication will debilitate your working and will reflect in a definitive consequence of your unit/association.
12. Try not to discuss of your own associates and sub-ordinates, before your bosses or when you are outside your area of activity.
13. At last, managing doesn’t mean controlling. The MANAGEMENT has a many aspects like planning, organizing, scheduling, prioritizing, leading, evaluating, rewarding, remaining as a role model, coordinating, liaison, addressing and LISTENING.

Profit of PSU bank crossed One lakh core mark

 

Why are Rs 2,000 denomination banknotes being withdrawn?

All questions answered 

1. Why are Rs 2,000 denomination banknotes being withdrawn?

The Rs 2,000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. With the fulfilment of that objective and the availability of banknotes in other denominations in adequate quantities, the printing of Rs 2,000 banknotes was stopped in 2018-19.

A majority of the Rs 2,000 denomination notes were issued prior to March 2017 and are at the end of their estimated life span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.

In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 denomination banknotes from circulation.

2. What is the Clean Note Policy?

It is a policy adopted by RBI to ensure the availability of good quality banknotes to the members of the public.

3. Does the legal tender status of Rs 2,000 banknotes remain?

Yes. The Rs 2,000 banknote will continue to maintain its legal tender status.

4. Can Rs 2,000 banknotes be used for normal transactions?

Yes. Members of the public can continue to use Rs 2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

5. What should the public do with the Rs 2,000 denomination banknotes held by them?

Members of the public may approach bank branches for deposit and/or exchange of Rs 2,000 banknotes held by them.

The facility for deposit into accounts and exchange for Rs 2,000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.

6. Is there a limit on deposit of Rs 2,000 banknotes into a bank account?

Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.

7. Is there an operational limit on the amount of Rs 2,000 banknotes that can be exchanged?

Members of the public can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time.

8. Can Rs 2,000 banknotes be exchanged through Business Correspondents (BCs)?

Yes, an exchange of Rs 2,000 banknotes can be made through BCs up to a limit of Rs 4,000 per day for an account holder.

9. From which date will the exchange facility be available?

To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023, for availing exchange facility.

10. Is it necessary to be a customer of the bank to exchange ₹2000 banknotes from its branches?

No. A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

11. What if someone needs more than ₹20,000 cash for business or other purposes?

Deposits into accounts can be made without restrictions. The Rs 2,000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

12. Is there any fee to be paid for the exchange facility?

No. The exchange facility shall be provided free of cost.

13. Will there be special arrangements for senior citizens, persons with disabilities, etc. for exchange and deposit?

Banks have been instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit Rs 2,000 banknotes.

14. What will happen if one cannot deposit/exchange Rs 2,000 banknote

immediately?

To make the entire process smooth and convenient for the public, a period of over four months has been given for the deposit and/or exchange of Rs 2,000 banknotes. Members of the public, are, therefore, encouraged to avail of this facility at their convenience within the allotted time.

15. What will happen if a bank refuses to exchange/accept/deposit of Rs 2,000 banknote?

For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI

PLI Information of PSBs*

*PLI Information of PSBs*

BOM: 15 Days PLI.
CBI: 15 Days PLI.
Uco: No PLI.
PSB: 5 Days PLI.
BOI: 15 Days PLI.
UBI: 15 Days PLI.
Indian Bank: 15 Days PLI.
Canara Bank: 15 Days PLI.
IOB: No PLI.
BOB: 15 Days PLI.
SBI: 10 Days PLI

*PNB- 5 Days PLI*

Bank employees lunch time---- A big question????

Bank employees lunch is such a topic which can be debated for hours but should it be, is there any department in India or world where there is no lunch, there are some departments in India where customers offer themselves. Sir, come let us give you lunch, then bank employee does lunch, so what is the problem?

The problem is that there is only 1 or 2 bank employee in the bank branches and on the contrary, for example, no matter how fast a bank employee works, but the 20th number customer thinks that the banker is on the mobile Dream 11 is building a team, then the calls that get due to the pure connectivity reversed login day waste the valuable time of the bank employees, now you tell me whether the length of the people who take KYC, 15G or CASH in front If there is a queue and you are making login day insurance, then what should the poor bank employee do?

Now all these foolish login day chaos and the person working on the counter wakes up for 30 minutes lunch the person standing on number 20 thinks this bank person has not done any work and lunch Gone but now he has 30 mins and 19 people in front and 10 people in the back so how is time pass so commenting on the service of that poor bank employee who comes to the bank while being from the employee She goes and then someone advises me to complaint and it is 30 minutes to complaint.

Bank management also runs on dung gas, which takes action on customer's complaint but never works on the subject why this complaint came ???

Because the charge management of these dungs has kept stuff 1 or 2 on countless customers who record their time of peeing their piss, the bank employee who did not get up from their seat gets a notice that customers should not suffer during lunch time. The same management does not tell that when there is no staff, then why should we put a video of Patna railway station at lunch time which the customer will remain calm ???

Nobody will reply because customers don't mean staff is 1 2 and management doesn't mean customers are being cheated in the name of customer service and post us for that 30 minute lunch I have to write because the most complaints of the bankers are because why they do lunch during lunch time ??

Tell me if you have the answer ...

7th Pay Commission: Fixation of pay of State Government Employees on appointment – RBE No. 69/2023

7th Pay Commission: Fixation of pay of State Government Employees on appointment to the posts under the administrative control of Ministry of Railways subsequent to the implementation of RS (RP) Rules, 2016

भारत सरकार GOVERNMENT OF INDIA
रेल मंत्रालय MINISTRY OF RAILWAYS
(रेलवे बोर्ड RAILWAY BOARD)

RBE No. 69/2023

No. E(P&A)II/2023/PP-3

New Delhi, dated 11.05.2023

The General Managers (P)
All Indian Railways
& Production Units etc.

Sub: Fixation of pay of State Government Employees on appointment to the posts under the administrative control of Ministry of Railways subsequent to the implementation of RS (RP) Rules, 2016.

The method of fixation of pay of State Government servants on appointment to posts under the administrative control of Ministry of Railways has been spelt out in Board’s letter Nos. E (P&A)-II-2001/PP-7 dated 02-08-2001 and E (P&A)-II-2016/PP-1 dated 23-06-2016. The question of fixation of pay in such cases consequent upon implementation of Railway Services (Revised Pay) Rules, 2016, has been considered by the Government and the President is pleased to decide that in cases of State Government employees appointed to posts under the administrative control of Ministry of Railways on or after 1.1.2016, pay will be fixed in the following manner:-

(a) Where the State Government has revised the Pay Scales/Grade Pays of their employees on the pattern of Seventh Central Pay Commission at the base index of 261.41 as per AICPI (IW) 2001 series wef 11.2016, the pay of State Government employees on their appointment to the posts under the administrative control of Ministry of Railways would be fixed as follows:

(i) When the appointment is to a post in higher Level, one increment shall be given in the Level from which the employee is appointed and he/she would be placed at a Cell equal to the figure so arrived at in the Level of the post to which appointed and if no such Cell is available in the Level to which he/she is appointed, he/she would be placed at the next higher Cell in that higher Level. However, if the amount so arrived at after adding the increment in lower Level is less than the minimum pay or the first Cell in the higher Level, the pay shall be fixed at minimum pay or first Cell of the higher Level.

(ii) Where the appointment is to a post involving identical Level, the individual shall continue to draw the same pay.

(b) Where the State Government has revised the Pay scales/Grade Pays of their employees after 1.1.2016 beyond the base index of 261.41 as per AICPI (IW) 2001 series, the basic pay of the employee is to be determined first in the Central Pay Matrix by reducing the element of DA, ADA, IR etc. granted by the State Government after 1.1.2016 beyond the base index of 261.41 as per AICPI (IW) 2001 series and thereafter the pay would be fixed as provided in the clauses (i) and (ii) under sub-para (a) above.

(c) Where the State Government has either not revised or revised the pay scale of their employees on or after 11.2016 below the base index of 261.41 as per AICPL (IW) 2001 series, the basic pay of these employees shall be determined first in the Central Pay Matrix, by adding the element of DA, ADA upto the base index of 261.41 as per AICPI (W) 2001 series, granted by the state Government and thereafter their pay would be fixed as provided in the clause (i) and (ii) under sub-para (a) above.

2. These orders are applicable to employees of the State Government and Local. Bodies under the State including Emergency Divisional Accountants/Divisional Accountants appointed to a post under the administrative control of the Ministry of Railways on or after 1.1.2016.

3. This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

IBA has not yet invited the UFBU for 12th Bipartite

Dear Comrades:: It is regrettable and painful to note that the IBA hasbnot yet invited the UFBU negotiating team to further discuss the pension updation issue and the 12th bipartite settlement inspite of the communication already addressed to the IBA in this regard.We trust and do expect that the IBA will invite the UFBU as expeditiously as possible to solve the updation of pension issue and preliminary discussion on 12th bipartite settlement.Let us all hope for the best.

Where the profits go---as on March 22 PSU total gross profit 208654 cr

 

I have 300 debentures and 300 shares of RPPL. What is the value today?

I have 300 debentures and 300 shares of RPPL. What is the value today?

Hi.

2,16,000 INR or 0.

In 90’s, we didn’t have electronic Demat (Dematerialized) system in the stock market. All shares were traded in physical form only.

Like this

(Pic: Google)

Due to physical shares, many investors have faced this type of problem. They bought the physical shares, put in someplace and eventually forgot it. After 10–15 years, they found it when the stock market has shifted its system from the physical shares to the demat shares(Current Demat system).

Like you, we also recently found that my father has 500 physical shares and 300 debentures of Reliance Petroleum Private Ltd.(RPPL) since 1996. He doesn’t remember whether it was converted in his demat account or not.

You are fortunate that you have RPL shares.

Because for other companies, the companies have been liquidated/sold out/delisted from the market in last 15 years. So it is a tough work to convert your physical shares into demat form or even recover money own money from the company.

RPL was bought by RIL.

• RPL-RIL acquisition

Reliance Industries Ltd. (RIL) bought Reliance Petroleum Private Ltd.(RPPL) in early 2000. RPPL merged into RIL. RIL offered its shares into 11:1 ratio for RPPL shareholders. In 2007–08 and 2015–16, RIL gave bonus shares in 1:1 ratio. ( So if you have 100 shares of RPPL, you will have 36 shares of RIL).

In your case,

You have 300 shares of RPL and 300 shares of debentures.

For debenture, it was issued by RPL in 1993 and had four-year duration. After that, Debentures were converted into shares. So you would have definitely received the shares against debentures.

For 300 RPL shares,

So, You should get = 36*3 =108 shares

With RIL current share value of approx. 2000 Rs, total value is 2,16,000 INR. You have won the jackpot.

But, its value can be zero also.

Why?

Because there are two possibilities.

1. RIL converted your RPPL shares into RIL in 2002 and issued you RIL shares in your demat account but you still have RPPL physical shares. (In this case, the value of physical share is 0.)
2. You have physical RPPL shares which might never be converted into RIL shares (In this case, you have got jackpot of 7.2 Lac).

How to check?

Like you, I also tried a lot to find answer of this question on Quora and other websites. I wasted many weeks but couldn’t get any meaningful information. I even contacted RIL investor offices by calls and emails but zero results.

Ultimately, on one day, I received an answer for my mail that I had sent to one of the RIL’s official mail ids.

Here is the process.

Step 1: Send a mail on rilinvestor@kfintech.com with describing your issue. (Kfintech is the official agency which looks into the RPL physical matters)

Step 2: They will take time to respond. Maybe due to a lot of queries? But you will surely get a reply from them. (I got the reply after a week!! )

Step 3: They will ask you to send the folio number.

Folio number is like your bank account number. You can find your folio number on your physical shares. From folio number, they can verify the transactions on their side.

Step 4: Wait for a week. They will send it to you the details.

For me, Bad Luck. My father got the RIL shares in 2003 itself in his demat account.

So, I didn’t win the jackpot. What about you?

Happy investing.

---

If you find this answer helpful, please Upvote and share it. Maybe it can reach to the people who still have RPL physical shares but do not know how to proceed.

You may also find this answer interesting.

Sagar Patel's answer to Which valuation ratios should be used while making equity stock investment decision banking stock?

Sagar Patel's answer to Can Idea shares cross INR 100 anytime in the future?

I have 50L in FD and getting very poor return not even beating inflation. Is there a way I can make more return keeping capital relatively safe?

I have 50L in FD and getting very poor return not even beating inflation. Is there a way I can make more return keeping capital relatively safe?

Say you have 50L in your FD or just generally kept in the bank.

So the max return you would be making yearly would be at max 6%.

What is there was a way to make around 18% returns on that same money?

Let me show you how I did it for myself.

So I had a 50L FD, which I ended and got the money into my bank account.

I then transferred this 50L into my demat account and bought blue chip shares worth 30L and Liquid Bees worth 20L.

I then pledged this entire amount to get a margin of around 40L.

I then applied my option selling strategy on the margin I got to generate 1% monthly return, which meant that even if I didn’t make any returns from my stocks, I still managed to make 18-20% in last 1.5–2 years through safe option selling.

I have created a disciplined system for myself where I trade only 2 days in a week, and am able to churn out a decent return regularly thus create a secondary income for myself on a 7 figure capital.

Have been doing that since last 3 years. My one and only mantra is risk management and zero tolerance there.

There is a system I follow where I deploy safe Option Strategies to take advantage of Theta Decay or Vega Shorting or Gamma Spikes to generate consistent Monthly income in a conservative manner.

So I only take a trade when all these 5 parameters are strictly satisfied. As a result, hardly trade 1-2 days in a week and probably 7-9 days in a month, but ensuring the trades thus taken are highly accurate with a winning probability of more than 95%. (Have data for this in case anyone wants to analyse)

The risk is quite low logically because I am out of the market 70-80% of the time, just observing.

This is a system which works for me.

So this system helps me make money in three ways:

1. Monthly passive income through option selling
2. Stock appreciation over the long term
3. Dividend payouts from stocks.

If you are a new trader, don't try to replicate this as it took me many number of years to get here. My only advice would be to take each trade at a time & cautiously plan the trade & execute it like a machine. If you can do it, sooner or later you are going to be a profitable trader without a doubt.

PLI for the year 2023-24 of PSU

PSU Banks FY23 Earning Results

BOM-Apr 24( PLI 15 Days)

CBI-Apr 29 (PLI 15 Days )

Uco-May 2 (PLI  0 Days)

PSB-May 2 (PLI  5 Days)

UBI- May 6(PLI 15 DAYS)

BOI-May 6(PLI 15 DAYS)

Indian-May 8

Canara-May 8

IOB-May 12

SBI-May 18

BOB-Date to be announced very soon.

PNB-Date to be announced very soon.PSU Banks 

LATEST KYC AMENDMENT RELATED TO CUSTOMER DUE DILIGENCE (CDD)

 The Customer Due Diligence (CDD) measures in the case of non-individual customers, individual customers, and Sole Proprietary Firms have been amended in the latest Master Direction dated April 28, 2023, on KYC to include certain additional information/document requirements.

(a) Companies:

(i) The names of the relevant persons holding senior management positions; and

(ii) The registered office and the principal place of its business, if it is different.

(b) Partnership firms:

(i) The names of all the partners; and

(ii) Address of the registered office, and the principal place of its business, if it is different

(c) Trusts:

(i) The names of the beneficiaries, trustees, settlor, and authors of the trust

(ii) The address of the registered office of the trust; and

(iii) List of trustees and documents, as specified in Section 16, for that discharging role as trustee and authorised to transact on behalf of the trust.

Further, Section 33B has been amended to extend its applicability to a customer who purports to act on behalf of a juridical person or individual or trust.

Customer Due Diligence (CDD) of Individuals:

Section 16 has been amended to specifically provide that REs can obtain KYC Identifier with explicit customer consent to download KYC records from CKYCR, for the purpose of CDD. CDD Measures for Sole Proprietary Firms: Section 28 has been amended to clarify that “Registration certificate” as a proof of business/ activity in the name of the proprietary firm includes “Udyam Registration Certificate (URC) issued by the Government”.

AMENDMENT TO KYC: MEASURES WHILE DEALING WITH THE WIRE TRANSFER

 Pursuant to a recent amendment to KYC Master Direction, RBI on Thursday (May 4) advised Regulated Entities (RE) like banks and financial institutions to undertake certain measures while dealing with the Wire Transfer in terms of said amendment.

Information requirements for cross-border, as well as domestic wire transfers in terms of the latest guidelines, are as under.

Cross-border wire transfers:

All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information mentioned below.

• Name of the originator;
• The originator account number where such an account is used to process the transaction;

• The originator’s address, national identity number, customer identification number, date and place of birth;

•  Name of the beneficiary; and the beneficiary account number where such an account is used to process the transaction.

In the absence of an account, a unique transaction reference number should be included which permits traceability of the transaction.

Batch transfer:

In the case of batch transfer, where several individual cross-border wire, transfers from a single originator are bundled in a batch file for transmission to beneficiaries, they (i.e., individual transfers) are exempted from the requirements of clause (i) above in respect of originator information, provided that they include the originator’s account number or unique transaction reference number, as mentioned above, and the batch file contains required and accurate originator information, and full beneficiary information, that is fully traceable within the beneficiary country.

Domestic wire transfer:

Domestic wire transfer, where the originator is an account holder of the ordering Regulated Entity (RE) like a bank, shall be accompanied by the originator and beneficiary information, as indicated for cross-border wire transfers in (i) and (ii) above.

In case the Domestic wire transfers of Rupees fifty thousand and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by the originator and beneficiary information as indicated for cross-border wire transfers.

The Customer Due Diligence (CDD) measures in the case of non-individual customers, individual customers, and Sole Proprietary Firms have been amended to include certain additional information/document requirements. To know more read: KYC amendment related to CDD