DA for Banker from August 2023 Minimum 23 slab and Maximum 33 slab

APRIL   AICPIN   134.20

MAY                    134.70

JUNE                    ??

Expected DA Calculation Updated on 30.06.23 on the basis of CPI for the months of May'23 & assumptions of CPI for the month of Jun'23 as mentioned hereunder. The CPI for the month of May'23 announced today as 134.70 (as per revised base year 2016) (The base year was changed from Oct 2020)

1. On assumptions if there is an increase of 1.10 points CPI in the month of Jun'23, 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; on this assumption, we may expect there would be an increase of 33 slabs and the total tentatively revised DA slabs would be 629 from Aug'23 in terms of 11th BPS.
2. On assumptions if there is an increase of 0.80 points CPI in the month of Jun'23. On the basis of this assumption, we may expect there would be an increase of 31 slabs and the total tentatively revised DA slabs would be 627 from Aug'23 in terms of 11th BPS.
3. On assumptions if there is an increase of 0.70 points CPI in the month of Jun'23. On the basis of this assumption, we may expect there would be an increase of 30 slabs and the total tentatively revised DA slabs would be 626 from Aug'23 in terms of 11th BPS.
4. If there is no change in the month june figure i,e same as 134.70 then Da would be increase  27 slab 

PENSION UPDATION IN BANKING INDUSTRY

 

Cashless Treatment Facilities now available to CGHS Beneficiaries at AIIMS New Delhi, PGIMER Chandigarh, and JIPMER Puducherry

 

Cashless Treatment Facilities now available to CGHS Beneficiaries at AIIMS New Delhi, PGIMER Chandigarh, and JIPMER Puducherry

Memorandum of Agreement signed between Central Government Health Scheme(CGHS) and Three Institutes of National Importance (INI)

CGHS beneficiaries will have direct access to state-of-the-art treatment facilities available in these medical institutions, without the hassle of making upfront payments and seeking reimbursements from CGHS

The government aims to expand the number of hospitals empaneled under CGHS to provide excellent tertiary care facilities aligned with the rising requirements of the patients: Shri Rajesh Bhushan, Union Health Secretary

Through a significant and people centric move, cashless treatment facilities will now be available to CGHS beneficiaries (both serving and pensioners) at AIIMS New Delhi, PGIMER Chandigarh, and JIPMER Puducherry. The Memorandum of Agreement to this effect was signed between the three medical institutions- AIIMS, New Delhi, PGIMER, Chandigarh, and JIPMER, Puducherry, and CGHS, Ministry of Health and Family Welfare, in the presence of Shri Rajesh Bhushan, Union Health Secretary, here today.

This initiative builds upon the six previously signed MoAs on May 20, 2023, between CGHS and various All India Institute of Medical Sciences (AIIMS) located in Bhopal, Bhubaneswar, Patna, Jodhpur, Raipur, and Rishikesh (https://pib.gov.in/PressReleasePage.aspx?PRID=1925806).

“The extension of patient care facilities at AIIMS New Delhi, PGIMER Chandigarh, and JIPMER Puducherry to CGHS beneficiaries on a cashless basis will be particularly beneficial for pensioner beneficiaries of CGHS. It eliminates the need for them to submit individual reimbursement claims and follow up for approvals. With this new initiative, CGHS beneficiaries will have direct access to state-of-the-art treatment facilities available in these medical institutions, without the hassle of making upfront payments and seeking reimbursements from CGHS. This streamlined process will save time, reduce paperwork, and expedite the settlement of individual claims. Previously, CGHS pensioner beneficiaries availing treatment at these institutions were required to make payments upfront and claim reimbursement later from CGHS.” This was stated by Shri Rajesh Bhushan, Secretary, Ministry of Health and Family Welfare at the signing of the MoA today.

The Union Health Secretary appreciated this development highlighting that CGHS is a significant service-oriented vertical of the Health Ministry through which existing and retired employees can avail medical services. He further stated, “The government aims to expand the number of hospitals empaneled under CGHS to provide excellent tertiary care facilities aligned with the rising requirements of the patients.”

Shri Bhushan further emphasized that this agreement will benefit a large segment of the population by simplifying lengthy formalities and expediting access to medical care. He also noted that this agreement will help expand the reach of CGHS services across the nation, allowing beneficiaries to avail CGHS facilities at the INIs institutions in their respective states. Additionally, CGHS has revised certain rates of treatment and medical care, further facilitating access to treatment facilities for patients.

The sailent features of this initiative are as under:

1. Cashless treatment will be available in outpatient departments (OPD), investigations, and indoor treatment for CGHS pensioners and other eligible categories of beneficiaries.

2. The three institutions will raise credit bills for CGHS pensioners and other eligible beneficiaries, and CGHS will preferably make payment within 30 days of receiving the bills.

3. CGHS beneficiaries will be admitted only upon the production of a valid CGHS Beneficiary ID Card for treatment at these institutions.

4. Separate Help Desks and accounting systems will be created for CGHS beneficiaries at AIIMS New Delhi, PGIMER Chandigarh, and JIPMER Puducherry.

5. Medicines prescribed by the doctors at these institutions, whether for OPD treatment or at the time of discharge, will be collected by beneficiaries through CGHS.

6. CGHS beneficiaries will no longer require referrals to access healthcare facilities at these institutions.

The MoA signing ceremony was attended by Officer on Special Duty, Minister of Health and Family Welfare, Shri Sudhansh Pant, Additional Secretary, Ministry of Health and Family Welfare, and Smt. V. Hekali Zhimoni, among other senior government officials. Directors of AIIMS New Delhi, Dr. M Srinivas, Medical superintendent, PGIMER Chandigarh, Dr. Vipin Kaushal, and Director, JIPMER Puducherry, Dr. Rakesh Agrawal were also present at the MOA signing event.

CUSTOMER FACE BRUNT OF NEW BANK LOCKER RULE

 

Is the ICICI PO good or not?

There are tons of negative reviews on quora.

I joind this program, stayed in the bank for near about 5.9 years, learned a lot and now making a 6 figure salary after a few switches I have around 8 years of Experience.

Now who should not join the program:

1. Those people who have a lot of Fathers Money, as they will find the salary very low.
2. People who crib a lot for small small things.
3. Those pampered childs of parents.
4. Those kids who are mentally and physically very weak.
5. Those people who are afraid of competition.
6. Those people who have multiple offers as a fresher from multiple companies.

Now who should join the program:

1. Those kids who are less than 25 years of age idealy 22–23 as by 30 u will be almost a Senior Manager and u can make aroud 65k if u dont switch.
2. Those kids who are mentally very strong to survive the 1st 3 years as it is going to be very very tough.
3. Those kids who like to talk with people and solve a problem thereby bringing in vlaue and drive sales.
4. Those kids who dont have a ton of money in their home to pay the debt, as this debt will keep u going, and sail across this tough times.
5. Post 3 years u will be a DM-II and will make around 34–36k in hand and in the 4th year around 39k–41k and by 5th year around 44–46k in hand and by 6th years you will become a manager MM1 making around 51–52k.
6. All the good things will happen with you post 3 years in the bank.

So, read the points carefully and decide you belong to which catagory and join the program. there aint anything called good or bad.

All the best to the candidates who have joined the program, Sit tight as the roller coster ride is about to begin…!!

Why is SBI Bank's service so poor compared to other banks?

My simple answer - Job Security

If you are puzzled by the answer, compare a service banker/manager in SBI vs someone in private banks (like HDFC, ICICI, etc.). When you walk into a private bank branch and you even look lost thinking which counter to go to, there will be someone to ask you what you need and help you out. When you walk into an SBI branch, figure out who is the right person for the job, go to him or her and you still not might not get the job done.

I went to three different branches to get a simple KYC update / mobile number update to get a reply “go get it done in your home branch”. This is when they saw that my home branch is 1000 km away in a different city. The funny thing is this is not even a rule that KYC update needs to be done in home branch as a fourth branch did it for me without question. Here, I compare with a HDFC or ICICI bank where you can visit the nearest branch to get the job done. Even better, most of the simple things are self serve via netbanking, unlike SBI, where you need to visit the branch for every little thing and the chances of getting the job done depends on the bankers mood.

All this is because SBI is a government company where people have job security. Most employees (not all) do not deliver proper service to the customers and can still get away with it. This is not at all possible in a good private bank. Yes, they do handle a lot of low balance accounts and government schemes for poor to lower middle class fellow citizens, that does not justify the rudeness of the employees.

ufbu meeting with iba

Bank of Maharashtra Recovers Just 13% after Writing Off Bad Loans Worth Rs11,306.46 Crore of 43 Big Defaulters, Keeps Mum on Haircut

When it comes to loan recovery from small borrowers, lenders use every resource available, including, but not limited to, publishing the debtors' names, to hustle them to repay. However, when the bad debt soars to Rs100 crore or more, the same lenders work hard to hide the names and other information of these big defaulters. State-run Bank of Maharashtra (BoM) not only refuses to share the names of big defaulters but also says information about recovery from such loan accounts is 'confidential'. Even after promising to do so during the annual general meeting (AGM), the Bank has not yet provided information on the haircut it suffered while recovering bad loans of big defaulters.

 

According to information provided by BoM to social activist Vivek Velankar, who is also a shareholder, the Bank wrote off bad debts worth Rs11,306.46 crore during eight out of the past 10 years in 43 accounts having bad loans of Rs100 crore and above, while recovering just 13% or Rs1,547.15 crore. This information pertains only to loan accounts of Rs100 crore and above.

 

"Further, this is to inform you that the information on the list of loan takers' names, whose loans above Rs100 crore are technically written off during each financial year from 2013-14 till 2022-23 and for each of this loan account, how much recovery was made till 31 March 2023 even though they were technically written off from books, cannot be disclosed, as same being confidential in nature," BoM told Mr Velankar.

 

 

During the AGM, Mr Velankar asked about the haircut taken by the Bank while recovering bad debts from big defaulters. AS Rajeev, the managing director and chief executive officer (MD&CEO), assured him that the Bank would provide the information. However, despite several follow-ups, he has not received any information from BoM on the haircut.

 

Interestingly, during FY22-23, the Bank wrote off a single borrower's bad debt of Rs107.18 crore without recovering any money during the entire fiscal year. For two fiscals, FY14-15 and FY15-16, BoM did not write off any bad loan of a big defaulter and there was also zero recovery in these two years.

 

The highest amount BoM wrote off over the past 10 years is Rs3,539.67 crore from FY19-20. In the same year, the Bank also recovered a maximum amount of Rs745.88 crore written off from the accounts of big defaulters with an outstanding of Rs100 crore and more.

 

Sharing a recent advertisement published by BoM to recover an outstanding of Rs73.48 lakh, Mr Velankar, who is also the president of the Pune-based Sajag Nagrik Manch, asks, "When a common borrower defaults, the same Bank publishes his name and all the details through advertisements in newspapers. Why then are the names of bigger defaulters protected? Why don't the 'confidentiality' and 'fiduciary relation' clauses apply while publicising the names of the common borrowers?"

 

 

Technically speaking, when debts are written off, they are removed as assets from the balance sheet because the Bank does not expect to recover payment. This practice is frowned upon by experts but is routinely followed by banks as part of their tax management clean-up process. The beneficiaries are invariably some of our biggest industrialist defaulters.

 

In contrast, when bad debt is written down, some of the bad debt value remains as an asset because the Bank expects to recover it.

 

Such write-offs also debunk the government's and policymakers' aggressive posturing about their so-called recovery efforts.

 

According to Mr Velankar, the writing off of bad loans shows that banks are reluctant to follow the rules and laws passed by the Union government to recover loan amounts from big borrowers. In fact, he says, "Banks are more interested in writing off loans of these big defaulters so as to show a smaller amount under NPAs and maybe there is a nexus among bankers and these defaulters resulting in banks not showing much interest in recovering written-off debt."

 

"Also, since these written-off loans are not part of the balance sheet, nobody even looks at them. Since this method of writing off loans is being rampantly used by banks, the finance ministry and the Reserve Bank of India (RBI) need to take strong action against banks indulging in such practices," he added.

How Bank of Baroda Harassed Its Own Ex-employee Who Worked with the Bank for 29 Years

 As a counsellor at Moneylife Foundation, I encounter innumerable cases where bank customers have a harrowing time getting issues resolved. I completely empathise with them, given the problems that I have faced with a bank that I served for nearly three decades, despite my knowledge of core banking. Let me narrate what happened to me. 

 

Last year, I was on a three-month holiday in a small city called Al Kharz in Saudi Arabia with my daughter, son-in-law and cute little grandson. One fine morning, I received a call from the Opera House branch of Bank of Baroda (BoB), Mumbai. The officer informed me that due to my resignation, I was not eligible for the extra 1% interest for staff. The internal auditors had, therefore, advised the bank to recover the excess interest paid on my fixed deposits (FDs). The amount was Rs1.62 lakh. I was very disturbed but not particularly shocked. 

 

I had already taken up, with the top management of BoB, the issue of retaining my eligibility for higher interest, considering my 29 years of service and overall contribution to the Bank. I had pointed out that BoB offered some of these facilities even to officers who were compulsorily retired due to misdeeds. My request was fair and very small in monetary terms (to be paid a 1% extra interest rate as applies to staff). The response came in late and was negative, as expected.

 

The officer wanted to mark a lien (to recover excess interest paid) on my savings account, but the balance was insufficient. I offered the Bank an option to mark a lien on two fixed deposits (FDs) amounting to Rs2 lakh, due to mature on 26 October 2022, along with seven more FDs (a total of nine FDs). The Bank could easily have recovered interest from these two FDs on the due date. The officer agreed and marked the lien. I also requested him to send an official mail with details of recovery. I received the mail on 27 July 2022.

 

After returning to India before the Ganpati festival, I visited the branch to ensure that there was no problem with the instructions. Our family had planned a Kerala tour from 26 October 2022, a bank holiday. Therefore, I submitted all nine duly signed FDs with instructions to transfer the maturity proceeds to my savings account a day before the trip (25 October 2022). I had a written, personal request to take necessary action, since I was going out of Mumbai. The Bank accepted all the FDs and, while I was on holiday, I also received seven text messages closing the FDs which were free of lien; the principal was duly transferred to my savings account.  

 

I was expecting messages for the two other FDs which were marked with a lien. Since I did not receive them, I assumed BoB had made the required lien recovery. While reviewing my savings in the Bank online, I observed that the details of the two FDs in question were misleading. They had been auto-renewed on 26 October 2022 for a further period of 10 years. Both FDs still carried a lien with an outstanding amount of zero in one FD and over Rs38,000 in another FD.  

 

My passbook showed that the Bank had recovered Rs1,686 towards shortfall in another FD, and my savings account was 'debited' with Rs682 towards saving bank (SB) interest! Two complaints lodged online on the BoB portal were, subsequently, closed one-sidedly, except that for savings interest, the mail clarified "Excess interest paid in previous quarter (i.e., 22nd August to 22nd October) now adjusted."  

 

I prepared an Excel sheet proving that the interest was credited at 2.75%pa (per annum) was correct and that the Bank should not have recovered any amount. I received an email statement with many columns that contained an amount of Rs682. When I sought an explanation from the branch, they had no answer.

 

Since I had been instrumental in branch automation and migration to the core banking solution, I was aware of certain back-end procedures; I was also aware of the consequences if the back-end updating is not done in the right manner with all the relevant and integrated data tables.  

 

I suspected that this problem occurred due to a faulty updating that reduced the rate of interest on my FDs. In an email to BoB's senior management, I wrote that the data centre could have written a small program to set aside the extra interest as 'lien' whenever credited, and the total lien amount could have been recovered at the time of maturity, instead of updating the rate of interest from the back-end.

 

I kept following up with the Bank through personal visits and emails, trusting that the organisation I served for 29 years and providing me with bread and butter would help. But I received only empty assurances. So, I escalated the matter to the regional head and then to the zonal head, who kept mum even after the third reminder.  

 

I was only informed that certain general ledger (GL) and profit & loss (PL) account heads were required to be relaxed to pass the necessary entries and that the branch had initiated the process. The GL and PL heads are locked to avoid any direct debit, credit, or mischief, and there is nothing wrong with such rules.

 

I waited for another 11 days and then wrote a sarcastic note - "In the past, the bank must have relaxed certain GL and PL heads for writing off 'small' amounts in non-performing assets (NPAs), which was a loss to the bank. In my case, the bank has yet to relax certain heads even when it was going to earn a 'huge' amount of Rs1.62 lakh as recovery."

 

There was another incident in April this year. My wife and I opened two senior citizens savings scheme (SCSS) accounts with the same BoB branch for RsX and RsY, respectively. That evening, I received a call informing me that though both the accounts were opened, the amounts were wrong i.e., RsY for my wife and RsX for me! Regretting the issue, the officer said that correcting these mistakes was difficult because they were government accounts and requested my cooperation. I readily agreed. I reminded the Bank in an email (on 16 May 2023) that, although I cooperated with the Bank when they asked me to, my long-standing issue had not been resolved. This finally worked and most of my problems were taken care of within two days. 

 

I could understand and resolve this complex issue because I started my career in a manual environment, which ensured that my basic banking and accounting concepts are very clear. I doubt that a lay account-holder would have got a resolution.  

 

I have yet another issue pending in connection with the debit of interest to my daughter's savings account. I wrote to BoB on 27 May 2023 seeking a written acknowledgement of having recovered excess interest paid earlier and that nothing further is due from me. I have sent one reminder already, and do not know how many more would be required to ensure this is done!

 

If this is what happens to a bank employee with knowledge of its tech department, what would happen to others? Shouldn't 'ease of doing banking' be a crucial part of ease of living and way ahead of ease of doing business?

LENDER WILL GET ONLY 6.5% OF TOTAL DEBT rS 4863 CR FOR OTS ---NCLT EXPLAIN REASON

DOES RBI CIRCULAR DILUTE THE PENAL MEASURES ON BORROWERS CLASSIFIED AS WILFUL DEFAULTER OR FRAUD?

In view of Bank unions AIBOC and AIBEA have opposed the Reserve Bank’s move to allow lenders to settle loans of wilful defaulters under compromise settlement, the central bank in a follow-up on Monday issued FAQs (Frequently Asked Questions) related to its June 8 circular.

RBI denied that it has introduced a new clause permitting lenders to enter into compromise settlements with borrowers classified as fraud or wilful defaulters. “The penal measures currently applicable to borrowers classified as fraud or wilful defaulter in terms of the Master Directions on Frauds remain unchanged, and shall continue to be applicable in cases where the banks enter into compromise settlement with such borrowers”, it said. On the other hand, FAQs said a compromise settlement entails a complete detachment of the lender from the borrower. Therefore, permitting lenders to settle with the borrowers as per their commercial judgment would enhance recovery prospects, it said.

As per existing rules, Such penal measures entail inter alia that no additional facilities should be granted by any bank/ FI to borrowers listed as wilful defaulters and that such companies (including their entrepreneurs/ promoters) get debarred from institutional finance for floating new ventures for a period of five years from the date of removal of their name from the list of wilful defaulters. In addition, borrowers classified as fraud are debarred from availing bank finance for a period of five years from the date of full payment of the defrauded amount.

The central bank further clarified that its circular dated June 8, 2023, is intended to achieve the following objectives:

1. It rationalises the existing regulatory guidance to banks on compromise settlements, consolidating various instructions issued over the years. It also tightens some of the related provisions and ensures greater transparency.
2. By providing a clear regulatory framework, it enables other regulated entities, particularly cooperative banks, to undertake compromise settlements as part of the normal resolution efforts.
3. It provides clarity on the definition of technical write-offs and provides broad guidance on the process to be followed by the regulated entities for technical write-offs, which is a normal banking practice.

The FAQs further clarified that as a disincentive to both the lenders and the borrowers, the circular introduces the concept of a “cooling period” for normal cases of compromise settlement during which the lender undertaking settlement shall not take any fresh exposure on the borrower entity.

Finmin asks IBA to look at bank retirees' demands within seven days

 The finance ministry has asked the banking industry lobby, the Indian Banks' Association (IBA), to look at certain demands raised by retired bank employees related to retirement benefits.

During the meeting with the All India Bank Pensioners & Retirees Confederation (AIBPARC) on June 19, Finance Minister Nirmala Sitharman asked IBA to respond to the demands of the association within seven days, said (AIBPARC) President K.V. Acharya to Moneycontrol.

"The FM said that she will talk to the IBA and ask them to give their response to all of the issues within the week," said Acharya.

The association has put demands including, pension updation, 100 percent uniform rate of DA neutralisation, and medical insurance scheme premium to be borne by the banks for retirees among others.

High Court cancels Punjab National Bank’s Decision to remove Senior Manager from Job for being absent

  Punjab National Bank: The Rajasthan High Court has canceled the punishment of compulsory retirement given to a Senior Manager of Punjab National Bank in 2015.

➜

The court found the punishment too severe and ordered the bank to reinstate the manager immediately, without paying any back wages from the date of retirement to the reinstatement.

The court said that administrative decisions, especially punishments that take away someone’s job and affect their family, should be fair. If a punishment is found to be too harsh compared to the wrongdoing, the court can intervene.

Details about case

The case was about a senior manager who was transferred from Alwar to Jaipur in 2014 but didn’t join the new branch. As a result, she was absent for about six months. Despite her pleas to reconsider the transfer due to family and medical issues, the bank didn’t listen and told her to join the Alwar branch.

When she didn’t join, the bank charged her with unauthorized absence and eventually retired her. The court said that while it doesn’t interfere much with disciplinary decisions, it can step in if the punishment is shocking.

What court said?

The court noted that the manager had submitted applications for leave due to medical reasons, but the bank didn’t accept them. The court also mentioned that the punishment should be proportional to the misconduct.

The court sent the case back to the bank to reconsider the punishment and make a new decision within three months. It said that considering the manager’s good 25-year record, her attempts to take leave, and the fact that she joined the Alwar branch before retirement, the punishment was too harsh and should be changed.

Moneylife Impact: RBI May Levy Penalties on Banks that Lose Property Documents of Borrowers

The Reserve Bank of India (RBI) could levy penalties on banks for the loss of property documents that were pledged with them by borrowers if a recommendation by the high-level committee under former deputy governor BP Kanungo is accepted. Recently, the committee to review customer service standards in banks and other regulated entities submitted its report.

 

In a report, IANS says, "The panel has suggested that RBI may consider stipulating a time limit for banks to return the property documents to the borrower from the date of closure of the loan account, failing which a penalty or compensation linked to the extent of delay should automatically be paid by the banks to the borrower.

 

"In case of loss of property documents, the bank should not only be obligated to assist in obtaining certified registered copies of documents at their cost but also compensate the customer adequately, keeping in view the time taken to arrange the alternate copies of the documents," it says.

 

Readers would recall that this was a suggestion made by Moneylife Foundation in its representation to the Kanungo Committee. The Foundation pointed out the absence of standard operating procedures (SOPs) and a lack of penalties for banks, even when customer issues are handled poorly.

 

Earlier, we pointed out that if documents establishing the chain or ownership are lost, it permanently impairs the value of the property, even if true copies are obtained. In fact, some banks themselves refuse loans against such property; however, affected property owners have never been compensated (Read: Lost Property Documents Permanently Damage Asset Values: Regulatory Solution Required for Fair Deal to Borrowers)

 

RBI has noted these concerns in the report. In present circumstances, there is no directive or circular from the RBI which provides a clear, time-bound process to be followed by a lender who misplaces or loses a property document. Every victim is instead pushed through a harrowing process of fighting a legal battle.  

 

The Kanungo committee submitted its report to RBI in April. The central bank has invited comments from stakeholders by 7th July on the committee's recommendations.

 

The panel has suggested that RBI may consider stipulating a time limit for banks to return the property documents to the borrower from the date of closure of the loan account, failing which the banks should automatically pay a penalty or compensation linked to the extent of delay to the borrower.

 

 

"In case of loss of property documents, the bank should not only be obligated to assist in obtaining certified registered copies of documents at their cost but also compensate the customer adequately, keeping in view the time taken to arrange the alternate copies of the documents," the panel has suggested.

 

Usually, banks obtain original property documents from borrowers and keep them in custody until the loan is fully repaid. A simple Google search shows that a lender losing key documents pledged with it, is not uncommon. The numbers are small enough to fly below the radar of regulators, but victims end up fighting legal battles for redress. Also, lost or misplaced property documents are not limited to home loans; lenders have lost documents pledged with them for education loans and commercial loans.

 

RBI has received several complaints that banks take a lot of time to return property documents even when the loan was repaid on time.

 

In February this year, holding IDBI Bank Ltd responsible for not returning all original title documents of the flat entrusted to them by the home-buyers, the National Consumer Disputes Redressal Commission (NCDRC) asked the lender to pay Rs20 lakh compensation, Rs1 lakh towards mental agony and harassment and Rs50,000 litigation expenses.

 

"The claim of the complainant is based on their estimation of the market value of their flat, which cannot be faulted since original title documents have a sine quo non for any transaction pertaining to the sale or purchase of the real estate. The claim for compensation and mental agony and harassment is, therefore, valid and justified," NCDRC had said.

 

Original property documents are essential, as they help establish ownership and prevent disputes. In addition to this, these documents are also helpful in facilitating future transactions and in other property-related matters. Ownership documents, like title deeds, serve as legal validation of one's property ownership.

 

Holding these documents in their original form also reduces the risk of potential disputes or fraud in the future.

 

You may also want to read…

 

Lost Property Documents Permanently Damage Asset Values: Regulatory Solution Required for Fair Deal to Borrowers

 

Kanungo Committee Recommends Penalty for Deficient Customer Service, Audit of Cross-selling among Others for RBI Regulated Entities 

 

Moneylife Foundation Submits Concerns and Key Issues to RBI's Customer Services Committee 

 

Concerns Raised with RBI's Committee for Review of Customer Service Standards

India bank unions ask RBI to withdraw compromise settlement for wilful defaulters

Two of India's largest bank employee unions on Tuesday urged the central bank to review and withdraw its recent decision to allow compromise settlements for wilful defaulters saying that such a move would hurt the integrity of the banking system.

Last week, the Reserve Bank of India (RBI) released a framework for lenders governing technical write-offs and compromise settlements, including those classified as fraud or wilful defaulters.

Compromise settlement refers to an arrangement with the borrower to fully settle the lender's claim upfront, which may or may not include a complete recovery of dues.

 A wilful defaulter is a borrower who has defaulted in meeting payment or repayment obligations to the lender despite having the capacity to do so.

"It not only rewards unscrupulous borrowers but also sends a distressing message to honest borrowers who strive to meet their financial obligations," the All India Bank Officers' Confederation (AIBOC) and the All India Bank Employees' Association (AIBEA) said in a joint statement on social networking platform Twitter.

The compromise settlement for fraud accounts is an "affront" to the principles of justice and accountability, they said, adding that the RBI's move came as a "shocker."

By allowing such settlements, the RBI is condoning wilful defaulters' wrongful actions and placing the burden of misdeeds on bank employees, they said in the statement.

 

Performance of public sector bank as on 31.03.2023

Another bank manager committed suicide under pressure who had 1 month son

Another suicide

Bank circular releases no bank employee should put their problem on social platform or action will be taken against it but does bank ever see those posts about how bank employee is working

Today a bank worker who just had a son 1 month ago committed suicide under pressure from bank officials, but they say that whatever happens, do not teach us and do not count our mistakes otherwise we will take action against you, social There will be countless posts on the media Twitter in which the bank workers are harassed, but instead of taking action against them, they are threatened to take action against the common banker.

Just think what would be the situation of that bank employee who just became a father, he sacrificed his life for some people despite being the biggest son of his life, said HR department died, where did the inquiry people die, who died? Used to become active on false complains

Where are those union people who used to search for Levi's money, today no one will come forward because whoever will say this will be scared by the proud people of this post, but till when that day will come very soon when such people will be taken on the road Have to come and beat them till they confess their crime

UFBU letter to IBA for 5 days week and pension updation

RBI imposes Rs 84.50 lakh penalty on this PSU Bank

RBI on Friday said it has imposed a penalty of Rs 84.50 lakh on Central Bank of India (the bank) for non-compliance with certain provisions of norms related to frauds classification and reporting. The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.

Examination of the reports revealed that the public sector lender had failed to report as fraud to RBI certain accounts within seven days of decision of Joint Lenders' Forum (JLF) to declare the accounts as fraud.

It had recovered SMS alert charges from its customers on flat basis rather than on actual usage basis.

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

"After considering the bank's reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty...," the central bank said.

RBI, however, added the penalty 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.

Expected DA from AUGUST 2023 FOR b BANKER MINIMUM 27 SLAB AND MAXIMUM 32 SLAB

Consumer Price Index for Industrial Workers (2016=100) – April, 2023

The Labour Bureau, an attached office of the M/o Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index is compiled for 88 centres and All-India and is released on the last working day of succeeding month. The index for the month of April, 2023 is being released in this press release.

The All-India CPI-IW for April, 2023 increased by 0.9 points and stood at 134.2 (one hundred thirty four point two). On 1-month percentage change, it increased by 0.68 per cent with respect to previous month compared to increase of 1.35 per cent recorded between corresponding months a year ago.

Expected DA Calculation Updated on 31.05.23 on the basis of CPI for the months of Apr'23 & assumptions of CPI for the month of May'23 & Jun'23 as mentioned hereunder. The CPI for the month of Apr'23 announced today as 134.20 (as per revised base year 2016) (The base year was changed from Oct 2020)

1. On assumptions if there is an increase of 0.70 points CPI in the month of May'23 & 0.60 points CPI in the month of Jun'23, 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; on this assumption, we may expect there would be an increase of 32 slabs and the total tentatively revised DA slabs would be 628 from Aug'23 in terms of 11th BPS.
2. On assumptions if there is an increase of 0.60 points CPI in the month of May'23 & 0.40 points CPI in the month of Jun'23. On the basis of this assumption, we may expect there would be an increase of 30 slabs and the total tentatively revised DA slabs would be 626 from Aug'23 in terms of 11th BPS.
3. On assumptions if there is an increase of 0.40 points CPI in the month of May'23 & 0.30 points CPI in the month of Jun'23. On the basis of this assumption, we may expect there would be an increase of 27 slabs and the total tentatively revised DA slabs would be 623 from Aug'23 in terms of 11th BPS.