Expected DA for Banker's from May 2024

Expected DA Calculation Updated on 29.02.24 on the basis of CPI for the month of Jan'24 with the assumptions of CPI for the next two months as mentioned hereunder. The CPI for the month of Jan'24 announced today as 138.90 (there is an increase of just 0.10 points from Dec'23)(as per revised base year 2016) (The base year was changed from Oct 2020)

1. On assumptions if there is an average of increase of 0.40 in the next two months, 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. Accordingly, on this assumption, we may expect there would be an increase of 8 slabs and the total tentatively revised DA slabs would be 701 from May'24 in terms of 11th BPS.
2. On assumptions if there is is an average of increase of 0.30 in the next two months, we may expect there would be an increase of 7 slabs and the total tentatively revised DA slabs would be 700 from May'24 in terms of 11th BPS.
3. On assumptions if there is is an average of increase of 0.15 in the next two months, we may expect there would be an increase of 4 slabs and the total tentatively revised DA slabs would be 697 from May'24 in terms of 11th BPS.

Acid attack on Bank of Baroda Female Manager, Case transferred to Allahabad Court

A few months ago, a female bank manager working at Bank of Baroda fell victim to a horrifying acid attack. She was stationed as the manager at the Syed Sarawa branch of Bank of Baroda, located in the Kaushambi district near Allahabad, Uttar Pradesh. The attack was a result of her issuing a recovery notice against the village head (प्रधान) who had connections to the notorious Atiq Ahmed, a prominent figure in the local mafia. It is worth noting that Atiq Ahmed was killed in Prayagraj (formerly Allahabad) on April 15, 2023.

The case has been pending in court for an extended period, prompting the bank manager’s father to request an expeditious hearing. As a result, the sensational case, currently in the Kaushambi District Court, will now be transferred to the Allahabad District Court. This decision was made by Justice Ajay Bhanot of the Allahabad High Court after considering the transfer application filed by Raju Rai Sonkar, the bank manager’s father.

The incident took place in the Charwa police station area of the Kaushambi district. The bank manager’s daughter had issued a recovery notice against Azam, the former head (प्रधान) of Syed Sarawa, during her tenure as the manager at the Syed Sarawa branch of Bank of Baroda. Allegedly, out of anger towards the recovery notice, Azam, along with eight other associates, carried out a vicious acid attack on the bank manager on August 8, 2022, resulting in severe burns.

The bank manager’s family filed a First Information Report (FIR) against Azam and the eight others at the Charwa police station, charging them with attempted murder and violating the SC/ST Act. Following the investigation and subsequent filing of the charge sheet, the trial began. The government also took swift action and invoked the Gangster Act against all the accused individuals involved in the incident.

The bank manager’s lawyer, Sunil Chaudhary, argued that the accused was a member of the infamous Atiq Ahmed gang, with a long list of criminal cases against him. Despite being incarcerated at present, he remains a dangerous criminal. Since the denial of bail by the High Court, there has been pressure from the accused to coerce the plaintiff and witnesses into withdrawing the case, putting the victim’s life in grave danger.

To address these concerns, the Single Bench of the High Court has ordered the transfer of the pending case from the Kaushambi District Court to the Allahabad District Court. The next hearing for this case is scheduled for March 6th, where justice will continue to be pursued for the victim, ensuring that those responsible for this heinous crime are held accountable.

High Court orders RBI to pay compensation for denying maternity leave of Female Employee

The Kolkata High Court ruled that there should be no discrimination between regular and contract employees regarding the rights of childbirth and maternity leave. A petitioner, appointed on a contract basis for three years from August 16, 2011, as an executive trainee in the RBI, had challenged the top bank’s failure to grant maternity leave with pay for 180 days.

Justice Raja Basu Choudhury, in his verdict on Monday, stated that there should be no discrimination between regular and contract employees working in the bank on issues related to the birth of a child and maternity leave rights. The court directed the Lead Bank to compensate her for the period she was denied leave with pay.

Considering that the RBI generally provides maternity benefits to its employees as per its master circular, the judge stated, “Denying the petitioner such benefits, in my opinion, is a discriminatory act as its purpose is to create a distinction within a class, which is not permissible.”

The court declared this to be a violation of Article 14 of the Indian Constitution. It emphasized that refusing maternity leave to the petitioner is a discriminatory act and a contravention of the Maternity Benefit Act, 1961.

Justice Basu Choudhury remarked that if the RBI is allowed to deprive the petitioner of her fundamental right to maternity benefits and only grant leave without pay, it would be akin to forcing an employee to work during her pregnancy, posing risks to both her and the fetus. The court stated, “If permitted, it would defeat the purpose of social justice.”

Man looted Rs 15 lac from female bank employee by blackmailing to upload her private video

 A man named Pradeep, who resides in the village of Gorchi in the district, first committed a crime against a female bank employee and then threatened to viral her explicit video, extorting 1.5 million rupees from her. Frustrated with the accused’s behavior, the victim lodged a complaint with the police. The police have registered a case against Pradeep and initiated an investigation.

In the complaint filed with the police, a 28-year-old female bank employee explained that some time ago, Pradeep from the Gorchi village came to the bank to apply for a loan. During this time, the man took her mobile number. Later, he started calling her to discuss the loan. One day, he convinced the victim to meet him at a hotel, where they engaged in a physical relationship. During this encounter, he recorded explicit videos and took photos without her consent. Threatening to viral these videos, he has committed this crime multiple times. Additionally, he extorted approximately 1.5 million rupees from her through intimidation, and now he is refusing to return the money. The police are currently investigating the case.

Election Commission ties up with Banks to spread awareness about Voting

 The Election Commission has partnered with two prominent organizations, the Indian Banks Association (IBA) and the Department of Posts (DOP), in order to promote voter awareness and boost voter turnout in the upcoming Lok Sabha elections.

The Memorandum of Understanding (MoU) was signed on Monday in the presence of Chief Election Commissioner Rajeev Kumar and Election Commissioner Arun Goyal. Department of Posts Secretary Vineet Pandey, IBA Chief Executive Sunil Mehta, and other officials were also present at the event.

The Election Commission has expressed concern about the lack of interest shown by the urban population and the youth in general, as many registered voters did not exercise their right to vote in the previous elections. In the last parliamentary elections, more than 30 crore out of 91 crore voters abstained from voting.

The Commission aims to address this issue by continuing its efforts to raise awareness about elections throughout the country. In addition to the collaboration with IBA and DOP, the Election Commission has also recently joined forces with the Ministry of Education to formally incorporate electoral literacy into the educational curriculum of schools and colleges

BANK PENSIONERS DEMAND PENSION UPDATION

Bank Union AIBEA writes letter to IBA to pay Ex-gratia for pensioners

The All India Bank Employees’ Association (AIBEA) has recently written a letter to the Indian Banks’ Association (IBA) urging them to pay ex-gratia to pensioners. The letter highlights the need to revise and enhance the ex-gratia amount for retirees who left the bank prior to 1986. These retirees, many of whom are in their 90s, have expressed concerns about the rising cost of living, inflation, and medical expenses. The AIBEA has requested the IBA to consider their representation favorably and make the necessary revisions to provide adequate support to these senior citizens.

What AIBEA said?

Ex-gratia payable to pre-1986 retirees of private Banks: We refer to our letter No. 1142 dt. 4-8-2023 regarding extending payment of Ex Gratia to pre-1986 retirees in private Banks. You are aware that in February, 2023 IBA decided and accordingly advised PSBs that pre-1986 retirees/their surviving spouses be paid ex-gratia amount of Rs. 10,000 per month to ensure that total amount payable to them per month is Rs.10,000 including the Ex-gratia payable under DFS guidelines of 17-12-2013. This has been a very welcome gesture on the part of IBA to extend financial relief to these senior citizens who are above the age of 90/95. But the private banks who are already implementing the DFS guidelines of 2013 are not implementing the IBA guidelines of 7-2-2023 since the Advisory is addressed to PSBs. We request you to use your good offices for extending this benefit in the private banks also.

Ex-gratia for pensioners: Similarly, in the current negotiations for wage revision, in the MoU signed with the Unions on 7-12-2023, it has been agreed that ex-gratia amount will be paid to all the past pensioners of PSBs depending upon the different Settlement periods. You will appreciate that pensioners of private sector Banks also need to be covered by the Scheme. Since Pension Settlements dated 29-10-1993 and 27-4-2010 cover PSBs and Private Sector Banks, excluding them from the proposed ex-gratia payment would be unfair. We shall thank you to take up the matter with the managements of private sector Banks for their consent and inclusion in the scheme.

Bank of Baroda Chief Manager sent to two year Jail by CBI court

A special CBI court in Mumbai has delivered a verdict after 27 years in a case involving a manager from the Bank of Baroda. The manager, identified as Ramchandra Shridhar Joshi, has been found guilty in two separate cases for his involvement in causing a total loss of over Rs 15 crore to the bank. The cases revolve around the fraudulent diversion of funds from the bank to conspirators.

According to officials, the Central Bureau of Investigation (CBI) had charge-sheeted Joshi back in 1996, during his tenure as the Chief Manager at the Walkeshwar Road Branch in Mumbai. The CBI took over the investigation in 1994 and subsequently filed charge sheets in both cases in 1996.

The first case involves a loss of Rs 10.50 crore, while the second case involves a loss of Rs 5 crore. The CBI alleges that Joshi fraudulently diverted the bank’s funds to the accused conspirators, leading to these substantial losses.

After an extensive trial, the special CBI court has now delivered its verdict. In the first case, Joshi has been sentenced to under two years of rigorous imprisonment along with a fine of Rs three lakh. In the second case, he has been sentenced to one year of imprisonment and a fine of Rs 1.37 lakh.

It is important to note that during the trial, two of the charge-sheeted accused individuals passed away, resulting in the abatement of their cases. Additionally, another accused was discharged, leaving Joshi as the sole person convicted in connection with these fraudulent activities.

This verdict marks the end of a long legal process that has spanned nearly three decades. The conviction of the Bank of Baroda manager serves as a reminder of the consequences that can be faced by individuals involved in financial fraud and the commitment of investigative agencies like the CBI to bring such individuals to justice

PM Modi launches ‘Goat Bank’, Know about this Bank

During his ‘Mann ki Baat’ radio broadcast, Prime Minister Narendra Modi praised a unique initiative called the “Goat Bank” that is being spearheaded by a couple from Odisha. This initiative aims to promote goat rearing at the community level and has been instrumental in fostering self-sufficiency in animal husbandry among villagers.

PM Modi highlighted the often overlooked importance of goat rearing in discussions about animal husbandry, which tend to focus on cows and buffaloes. He emphasized the significant role that goats play in the livelihoods of people in various regions of the country, particularly in Kalahandi, Odisha, where the practice is gaining popularity as a means of improving the standards of living for villagers.

The Prime Minister also explained the operational model of the Goat Bank, wherein farmers receive goats that give birth to multiple kids within a span of two years. While the bank retains six kids, the remaining offspring are provided to the same family for further goat rearing. This initiative has successfully engaged over 1,000 farmers from 50 villages, empowering them to become self-reliant in the field of animal husbandry

PM Modi commended such initiatives and highlighted the cultural values of service and selflessness deeply rooted in Indian society. He cited examples of individuals like Bhim Singh Bhavesh from Bihar, who focuses on education and healthcare for underprivileged communities, and Mohammad Manshah from Jammu and Kashmir, dedicated to preserving the Gojri language. These examples showcase the spirit of social responsibility and dedication that exists among the people of India.

UPDATE ON 12TH BIPARTITE AND 5 DAYS BANKING

55% Bank Frauds in India involved third party account takeovers: Report

The Tel Aviv-based company BioCatch specializes in detecting digital fraud. In their “2024 Digital Banking Fraud Trends in India” report, they found significant insights into the nature of fraud in the country’s banking sector.

Third-Party Account Takeovers

BioCatch discovered that 55% of reported bank fraud cases in India involved third-party account takeovers. This type of fraud occurs when unauthorized individuals gain access to someone else’s bank account, email, or social media profile without permission.

Comparison with Social Engineering Scams

The report highlights that third-party account takeover fraud is more prevalent than social engineering scams in India’s fraud landscape.

Data Analysis

In December 2023 alone, BioCatch analyzed over 350 million sessions to identify potential vulnerabilities.

Focus on India

The study emphasizes India as the primary focus for understanding the latest fraud risks and prevention strategies in the banking sector.

Mule Accounts

Mule accounts, which are significantly underreported, pose a substantial threat to the banking industry. On average, each device involved in mule activity in India accessed 35 accounts.

Regional Insights

BioCatch found varying levels of mule activity across different regions:

• Bhubaneswar: 14%
• Lucknow and Navi Mumbai: 3.4%
• Mumbai: 2.2%
• Bhagabatipur and Gobindapur in West Bengal: 1.7% and 2.6%, respectively
• Bengaluru: 1.8%
• Cuttack: 1.6%

Expert Commentary

Tom Peacock, the Director of Global Fraud Intelligence at BioCatch, noted that mule accounts represent a significant but often overlooked trend in fraud. He urged Indian financial institutions to implement stronger security measures to detect and shut down these networks effectively

Rs 750 crore Loan Scam in Bank of India and Other Banks

The Enforcement Directorate (ED) conducted raids in several states including Uttar Pradesh on Friday in connection with a bank loan scam worth 750 crore rupees. The ED suspects that money laundering took place in the bank loan scam. The ED conducted raids at locations linked to Gangotri Enterprises, a company whose promoters are Vinay Shankar Tiwari, Rita Tiwari, and Ajit Pandey. Vinay Shankar Tiwari is the son of the late Bahubali leader Harishankar Tiwari from Uttar Pradesh. Vinay Shankar Tiwari was elected as a legislator on a BSP ticket from the Chilupar seat in Gorakhpur, but later joined the SP

It is alleged that Gangotri Enterprises conducted a loan scam of approximately 750 crore rupees from consortiums of several banks between 2012 and 2016. The consortium of banks is led by the Bank of India. On Friday, the ED conducted raids in Lucknow, Gorakhpur, and Noida in Uttar Pradesh in connection with this scam. Raids were also conducted at locations in Ahmedabad, Gujarat, and Gurugram, Haryana. Gangotri Enterprises is involved in road construction, toll plaza operations, and other government contracts. The ED had also seized properties worth around 72 crore rupees in this case in November last year.

Robbery at Bank of Baroda CSP in Bihar, Police starts investigation

A case of daylight robbery at the Bank of Baroda’s CSP manager in Siwan, Bihar has come to light. Fearless criminals carried out the robbery, looting two and a half lakh rupees. The incident is said to have taken place in the Maharajganj police station area. The police have started investigating the case since receiving the information

According to the information, the Bank of Baroda’s CSP center is located near the railway crossing on the Siwan-Chhapra road, and its CSP manager is Pankaj Kumar Verma. He stated that he and two of his staff members were present at the CSP center. There were also some customers inside at that time. Suddenly, three criminals entered the CSP center carrying weapons and threatening them, they looted two and a half lakh rupees kept in the safe. After that, the criminals fled with the weapons. Following this, the CSP manager raised an alarm, and the people nearby gathered. The police were informed about the incident, but by then, the criminals had already escaped.

Meanwhile, the staff member Ranjit Kumar, present at the shop, stated that three criminals entered pretending to be customers and then brandished a gun. They looted two and a half lakh rupees and fled. At the same time, one criminal was standing outside the CSP center with a weapon, keeping an eye on everyone. Currently, there is a sense of terror in the surrounding area after the robbery.

After the incident, the SHO Chhotan Kumar and SDPO Rakesh Kumar Ranjan reached the scene. During this time, Rakesh Kumar Ranjan said that an investigation is being conducted based on the shopkeeper’s statement. Two and a half lakh rupees have been looted. A primary report will be registered based on the application.”

Finance Secretary praised Govt Banks for achievement in Financial Inclusion

Dr. Vivek Joshi, Secretary, DFS, had recently chaired a meeting to review the progress of various Financial Inclusion (FI) Schemes viz. PMJDY, PMJJBY, PMSBY, APY, PMMY, SUPI, PMSVANidhi, & PMVishwakarma with the heads of Public Sector Banks along with senior officials of SIDBI & Mudra.

In meeting, DFS Secretary praised public sector banks and requested them to achieve all the targets of financial inclusion.

Dr. Vivek Joshi Chairs Meeting to Review Progress of Financial Inclusion Schemes

Dr. Vivek Joshi, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, chaired a meeting to review the progress of various Financial Inclusion (FI) Schemes. The meeting was attended by the heads of Public Sector Banks, as well as senior officials from the Small Industries Development Bank of India (SIDBI) and the Micro Units Development and Refinance Agency (MUDRA)

The Financial Inclusion Schemes that were reviewed during the meeting include:

1. Pradhan Mantri Jan Dhan Yojana (PMJDY)
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
4. Atal Pension Yojana (APY)
5. Pradhan Mantri Mudra Yojana (PMMY)
6. Stand Up India (SUPI)
7. Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi)
8. Pradhan Mantri Vishwakarma Vandana Yojana (PMVishwakarma).

During the meeting, the progress made by banks and financial institutions under these schemes was reviewed. The aim of these schemes is to promote financial inclusion and provide social security to various sections of society, including individuals from low-income backgrounds, street vendors, and small businesses.

HDFC Bank Manager arrested for changing mobile number in customer’s account and withdrawing money

In an alarming incident involving the disappearance of Rs 2 lakh 30 thousand from a customer’s account at HDFC Bank in Ambikapur, the Kotwali police have taken swift action by arresting the former bank manager and a bank officer.

The bank officials executed the fraudulent act by withdrawing funds from the account using a copied check that had been issued to the customer. Additionally, they altered the registered mobile number linked to the account. Both individuals accused of the crime have been brought before the court.

The victim, Sonpratap (40), a resident of Khairbar village under the jurisdiction of Ambikapur police station, held an account at the Namanakala branch of HDFC Bank. His mobile number was associated with the account, although an ATM card had not been issued.

When Sonpratap arrived at the bank to withdraw the funds with his check, he was shocked to find his account empty. He immediately reported the matter to the bank officials, who conducted an inquiry and discovered that the funds had been withdrawn on four separate occasions between February 13 and May 30. It was also revealed that an ATM card had been issued for Sonpratap’s account.

Upon interrogating the bank officials based on Sonpratap’s report, it was revealed that his registered mobile number had been replaced with an unfamiliar number. Furthermore, unauthorized online transactions had been conducted using his bank account. As a result of the investigation, the Kotwali police have registered a criminal case under sections 420, 409, and 34 on Wednesday, February 21.

Following a thorough investigation, the police apprehended the former bank manager, Ravi Ranjan Singh (33), a resident of Bhatgaon Old Mines in Surajpur, along with bank officer Manisha Jain (27), who resides in Ambikapur. It has been reported that both individuals have since left HDFC Bank and are currently employed at another financial institution.

INSURANCE FIRM CAN'T DECIDE OM MEDICAL EXPENSES LIMIT

Rs 4 crore fraud in Bank of India, 14 ATM cards recovered

The police of Satraksh Thana in Jaidepur area have arrested Syed Atahar Hussain, a resident of Lucknow, in connection with a multi-million rupee scam at the Bank of India branch in Barauli. According to the police, Atahar is a chemical engineer. Approximately INR 4 crores were fraudulently transferred to his account from the bank. During the arrest, 14 ATM cards, several mobile phones, and various documents, including INR 18,660, were recovered from him. In this case, several individuals, including the bank manager, were already in jail.

The Bank of India branch in Barauli Malik village of Jaidepur Thana region had opened multiple accounts in the names of others and withdrew millions of rupees as loans. When the people whose names were used received notices of foreclosure, a sensation erupted. On September 17, Amar Ujala published an article titled “Bank Scam: Loans not given to farmers, sent foreclosure notices” exposing the scam.

During the investigation, it was revealed that the bank manager himself, along with accomplices, embezzled millions. Subsequently, Jaidepur Police had arrested Bank Manager Aman Verma, Assistant Manager Shailendra Pratap, and Mastermind Suresh Madhu Ravat, sending them to jail. The victims of this scam were spread across the entire district, leading to cases being filed in Jaidepur, Satraksh, Loni Katara, and Haidargarh.

Satraksh Thana’s SHO, Amar Kumar Chaurasia, explained that one victim of this scam, Pawan Kumar from Saray Budhedi village in the Satraksh Thana region, had also filed seven cases, stating that he had been a victim of the bank manager’s fraudulent activities. During the investigation, it was found that approximately INR 4 crores from the bank scam were sent to the account of Syed Atahar Hussain in the Gudamba Thana region of Lucknow district. With the disclosure of his name during the investigation, Syed Atahar Hussain was arrested. The police are preparing to charge him as a mastermind in this scam.

The accused was found in possession of expensive items, including iPhones and Samsung phones worth more than two and a half lakhs. He also had watches and bracelets worth lakhs. Satraksh Thana SHO Amar Kumar Chaurasia mentioned that Atahar is also involved in cryptocurrency and plotting businesses.