Bank of Baroda Officers Union announces All India strike against New Transfer Policy

The All India Bank of Baroda Officers’ Association has declared a strike in protest against the bank management’s new anti-officer transfer policy. According to the circular, officers who have completed 6 years in the officers’ cadre within their current zone can request a transfer to another zone of their preference after this period. The union views this policy as unjust due to the lengthy 6-year duration and is demanding a reduction in the required duration.

The BOB Officers’ Union has threatened an All India Strike if the revised transfer policy is not revoked. They argue that the current policy imposes undue hardship on officers and are advocating for a more flexible approach to transfers.

Strike schedule

• Black Badge/Black ribbon wearing from Monday, 29th April.
• Submission of Memorandum to all Regional Heads addressed to our Bank’s MD&CEO by team of Office bearers/Activists on 30th April 2024 evening.
• Demonstrations outside all Regional Offices on one evening during the period 1st May to 4th May 2024, taking into account the election model code of conduct as applicable in the relevant area.
• All India Strike on 7th June 2024, after General Elections are over. In the meantime, we shall serve Strike Notice to the Bank.

What BOB employees say?

3. The last year transfer policy/IZT were exercised with criteria of 3 years for lady officers and 4 years for Male officers and now with policy being changed to 6 years, the sudden increase in the minimum relaxation tenure for this IZT exercise is creating panic among the officers and demoralising concerned officers and their family members, who have been posted outside the parent zone during previous IZT exercises.
4. Every year all the officers of the bank are obeying the instructions of the top management and undergoing the IZT even though they are facing some personal problems with a hope that they will be transferred back to the parent zone after completion of 3 years’ service.
5. The Management is thinking that they have given enough concession for women and men under the IZT policy but they have forgotten that most of the employees who have undergone IZT posting have been undergoing physical and mental agony, since many of the officers have left their families back at their parent zone due to health problem of parents/in laws, nontransferable employment of spouse, education problem of children etc. This IZT policy has further demotivated and shut down the hope of these officers of getting back to their family.
6. Still there are some officers whose IZT request has been rejected in earlier IZT exercises for shortage of a day or two with respect to the cutoff date. But these officers has been identified by the Management during the IZT 2019-20 and relieved late by the respective zonal office/regional office which in turn effected the officers during retransfer to the parent zone.
7. Many of the lady officers were undergoing fertility treatments and still were transferred midway and suffered due to delay in treatment due to IZT
8. Since 2019 there is no recruitment in Bank and all previous IZT batches have been retransferred with 3 / 4 years ( lady staff 3 years) criteria, Management’s sudden shift to 6 Years minimum tenure is demoralizing officer employees as there is no work life balance in our bank due to IZT Transfers.
9. The IZT policy eligible period for the employees being 6 years is very long and staying away from families is unbearable, which adversely impact family life of the officer’s.
10. Earlier officers with age of 55 are eligible for retransfer to their parent zone or to the zone of their choice, now in this IZT policy the age criteria has been increased to 58 years which is ruthless.

- Advertisement -

Government Banks Vacancies may decrease this year

The banking sector is currently facing a significant staffing shortage, while India is grappling with high unemployment rates. Each year, hundreds of thousands of candidates eagerly participate in the IBPS examination, hoping to secure a job in the public sector banks. These aspiring candidates dedicate countless hours to studying in order to qualify for the prestigious IBPS PO and Clerk exams. However, an unfortunate piece of news has emerged. Recently, senior executives from public sector banks (PSBs) and industry experts have indicated that the recruitment process for lower-level positions in PSBs is expected to slow down in the upcoming year of 2024-25. The primary reason behind this is the rapid digitalization of basic banking functions.

PSBs have invested in digital methods that have yielded positive results. Basic functions like query handling and collection have been successfully conducted digitally. As a result, there may be a reduced need for aggressive hiring of employees in these roles. PSBs are also looking to expand their digital services by investing in digital products. While some functions may remain offline, the overall focus is on growing digital offerings to meet the evolving needs of customers.

Decline in Employee Count

Data from the Reserve Bank of India (RBI) reveals a year-on-year decrease in the total number of employees in PSBs. In 2013-14, the employee count stood at 8,59,692, which fell to 7,56,644 in 2022-23. On average, PSBs have witnessed a decline of 15,000 to 20,000 employees annually.

The data also highlights a drop in the number of clerical level employees in PSBs over the past few years. For instance, from 2013-14 to 2022-23, the total number of clerks decreased from 3,15,292 to 2,57,771. Similarly, the count of subordinate officers fell from 1,56,218 in 2013-14 to 1,01,555 in 2022-23.

The Need for Additional Jobs in PSBs:

Bankers and bank unions have emphasized the necessity to increase manpower at the clerical level in PSBs due to the mounting pressure at the branch level. PSBs handle a significantly larger number of customers compared to private banks, with an average employee serving 1,000-2,000 customers, while private banks typically handle 400-500 customers per employee.

Rise in Private Sector Bank Employees:

In contrast, private sector banks have experienced a doubling of their employee strength from 2013-14 to 2022-23. The total number of employees in these banks increased from 3,03,856 to 7,45,612. However, the hiring has primarily been at higher pay grades, resulting in a decrease in the number of clerks from 68,031 (10 years earlier) to 23,589 in 2022-23.

In recent months, private banks have also witnessed high attrition levels compared to their public sector counterparts. Reports suggest that several private banks experienced an average attrition rate of 35-40 percent at the junior employee level in 2022-23. Over the last three fiscal years, attrition among the top private banks reached its highest level in FY23.

RBI Governor Shaktikanta Das addressed the issue of high attrition levels in private sector banks. He acknowledged that the central bank is closely monitoring the situation. Das emphasized the importance for every bank to build a core team to manage such challenges. He also noted the changing career outlook of young professionals, highlighting their inclination towards job switching.

RBI announced to sell Rs.32000 crore Government Securities

The Reserve Bank of India (RBI) has announced an auction for the sale of Government Securities amounting to Rs 32,000 crore. This auction, scheduled for Friday, aims to facilitate the sale (re-issue) of Government Securities through a multiple price-based method.

Bidding Process

Primary dealers have the opportunity to electronically submit their bids via the E-Kuber System between 09:00 A.M. and 09:30 A.M. on Friday. The RBI has specified that primary dealers must fulfill the Minimum Underwriting Commitment (MUC) and minimum bidding commitment under Additional Competitive Underwriting (ACU) for the auction.

Importance of the Auction

The auction serves as an opportunity for primary dealers to participate in the underwriting process and contribute to the government’s financing activities. The underwriting commission will be credited to the current account of the respective primary dealers with the Reserve Bank of India (RBI) on the day of the issue of securities.

Government Securities and their Types

Government Securities, also known as G-Secs, are tradable instruments issued by the Central Government or the State Governments. These securities acknowledge the Government’s debt obligation. G-Secs can be either short-term, such as treasury bills with original maturities of less than one year, or long-term, such as Government bonds or dated securities with an original maturity of one year or more.

In India, the Central Government issues both treasury bills and bonds or dated securities, while State Governments issue bonds or dated securities known as State Development Loans (SDLs). G-Secs are regarded as practically risk-free gilt-edged instruments, carrying no risk of default.

Conclusion

The auction for the sale of Government Securities reflects the government’s continued efforts to manage its borrowing program efficiently and meet its funding requirements. As the auction is scheduled for April 26, the RBI encourages primary dealers to prepare and actively participate, thereby supporting the smooth conduct of the auction and ensuring successful outcomes for all stakeholders.

Bank of Baroda Cashier commits suicide due to dispute with Wife

On Thursday night, a tragic incident took place in Supaul district. Chandan Yadav, a 30-year-old resident of Tulapatti ward, committed suicide by hanging himself in his house around 11:45 pm. Chandan was married and had a two-year-old son, but his wife, Kajal Devi, was staying at her maternal home. Chandan had gone to pick her up on Thursday evening, but she refused to return to his house. This rejection led to Chandan’s extreme step of taking his own life. He was working as a cashier in Bank of Baroda

Upon discovering Chandan’s lifeless body, his family members were understandably distraught and expressed their anger towards the hospital staff. They created a ruckus near the post-mortem room in Supaul Sadar Hospital premises, particularly directing their frustration towards the health manager. The family claimed that they had to wait for two hours for the post-mortem to begin and were appalled to find dirt on the stretcher provided for Chandan’s body.

The incident was reported to the Kishanpur police station in the early morning. Prashant Kumar Rai, the chief of the police station, confirmed that Chandan Yadav worked as a cashier at the Bank of Baroda in Sitamarhi. He further stated that Chandan had committed suicide by hanging himself in a closed room. The police are now investigating the circumstances surrounding Chandan’s death

At Supaul Sadar Hospital, the family members of the deceased expressed their dissatisfaction with the hospital’s handling of the situation. They arrived at the hospital at 9:30 am but had to wait for an additional two hours before the health department responded to their presence. The family members were dismayed when they were presented with a dirty stretcher to transport Chandan’s body. In response, they insisted that the body must be cleaned before they would allow the post-mortem to proceed. Only after the sweeper cleaned the stretcher did the family permit the body to be taken inside

Court orders UCO Bank to pay compensation for not closing FD of customer

The District Consumer Dispute Redressal Commission-III, South Kolkata (West Bengal) bench recently ruled against UCO Bank for deficiency in service. The bank was found liable for its failure to utilize the Core Banking Solution (CBS) facility to credit the matured fixed deposit amount in the complainant’s savings account. As a result, the bank has been directed to transfer the matured amount with interest and pay Rs. 20,000/- as compensation.

Background of the Case

The complainants were customers of UCO Bank and held a fixed deposit account that matured on November 7, 2021, with a value of Rs. 7,337/-. Upon maturity, they requested the branch manager to credit the matured amount to their savings account, for which they had previously submitted KYC documents. However, the branch manager refused to credit the amount, citing a mismatch between the KYC details of the fixed deposit account and the savings account.

The complainants made verbal communications and visits to the bank’s zonal office but did not receive a satisfactory response. Consequently, they approached the District Consumer Dispute Redressal Commission-III, South Kolkata, and filed a consumer complaint against the bank.

Bank’s Response and Commission’s Decision

In response to the complaint, UCO Bank denied all allegations and claimed that it had repeatedly requested the complainants for KYC documents to facilitate the transfer of the matured fixed deposit amount. However, the bank did not provide any supporting documents or evidence to substantiate its claims.

The District Commission acknowledged the importance of Core Banking Solution (CBS) in modern banking, which allows customers to avail themselves of services from any branch within the CBS network. It also emphasized the need for periodic KYC updation to maintain accurate customer records, as per Reserve Bank of India (RBI) guidelines.

While the District Commission recognized the validity of the bank’s stance regarding the KYC mismatch between accounts, it held that the bank failed to effectively utilize the provisions of CBS to address the issue. Despite the availability of CBS, the bank neglected to resolve the matter efficiently. Therefore, the District Commission held the bank liable for deficiency in services.

Commission’s Ruling

As a result of the ruling, the District Commission directed UCO Bank to transfer the matured fixed deposit amount with interest, adhering to RBI guidelines and completing re-KYC formalities at the branch where the fixed deposit originated. Additionally, the bank was ordered to pay a compensation of Rs. 20,000/- to the complainants for mental agony, harassment, and litigation costs

Supreme Court says Child Care Leave and Maternity Leave are constitutional right of Women Employees

The Supreme Court made a strong statement on Monday, emphasizing the constitutional requirement for a two-year childcare leave in addition to the mandatory 180-day maternity leave for women employees. The court equated the denial of such leave to forcing women to give up their jobs. Chief Justice D Y Chandrachud and Justice J B Pardiwala expressed this viewpoint in response to a petition filed by Shalini Dharmani, an assistant professor in a government college in Himachal Pradesh. Dharmani, whose child has a rare genetic disorder requiring multiple surgeries and constant care, raised concerns about her exhausted leaves and the refusal of the Himachal Pradesh government to grant her childcare leave.

Dharmani’s counsel, Pragati Neekhra, informed the court that the Himachal Pradesh government denied her childcare leave because the state service rules did not include a provision similar to Section 43-C of the Central Civil Service (Leave) Rules. This section, modified in 2010, allows women employees to take childcare leave of 730 days until their disabled children reach 22 years of age, while women with normal children can avail it until their kids reach 18 years of age.

Constitutional Mandate for Women’s Workforce Participation

The bench, led by the Chief Justice, expressed discontent with the absence of such a provision in Himachal Pradesh. They emphasized that the participation of women in the workforce is not a privilege but a constitutional mandate. Childcare leave serves an important constitutional objective of enabling women to be part of the workforce. Without this provision, mothers are left with no choice but to resign from their jobs to care for their children during critical phases of their lives.

In response to the petitioner’s case, the bench directed the Himachal Pradesh government to immediately establish a high-level committee chaired by the chief secretary. This committee should include secretaries from the social welfare and women and child welfare departments. The committee’s objective is to thoroughly reconsider the issue of childcare leave for women employees. The court also instructed the committee to engage with relevant Union ministries and submit a report with appropriate policy recommendations on incorporating childcare leave into the state service rules by July 31. In the meantime, the court requested the Himachal Pradesh government to consider granting extraordinary leave to Shalini Dharmani so she can attend to her son who suffers from a rare genetic disorder called osteogenesis imperfecta (brittle bone disease).

Case filed against PNB and BOB Managers related to death claim settlement

Recently, a case of death claim fraud has come to light in Ghaziabad. The son of deceased customer withdrew amount from the bank accounts. But later on the another son and daughter of the deceased customer filed a court case alleging that their father had submitted a will to the bank but the amount was withdrawn without following the instructions mentioned in the will.

The court has ordered a report to be filed against the son and two bank branch managers. The Chief Judicial Magistrate has ordered an investigation into the matter.

According to Advocate Amit Pant, Vijay Kumari (62), the daughter of the deceased Rajkumar Mehta, and her son Yashpal, filed a complaint with the Chief Judicial Magistrate. They claimed that their father had made a will while he was alive, which outlined how his assets should be distributed.

However, after his death, their brother Girish Mehta withdrew around Rs 36 lakh from Punjab National Bank GT Road and Bank of Baroda JKG branch. They believe that the branch managers were involved in this fraudulent withdrawal, even though their father had deposited a copy of the will with the bank.

This case highlights the importance of settling death claims with due diligence. It is advised that death claims should be handled with utmost responsibility.

𝑃𝑢𝑡 𝐴𝐶 𝑎𝑡 26+* *𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑎𝑛𝑑 𝑝𝑢𝑡 𝑡𝒉𝑒 𝐹𝑎𝑛 𝑜𝑛. By 𝑀𝑖𝑛𝑖𝑠𝑡𝑟𝑦 𝑓𝑜𝑟 𝑃𝑜𝑤𝑒𝑟 𝑎𝑛𝑑 𝐸𝑛𝑒𝑟𝑔𝑦, 𝐺𝑂𝐼*

*𝑃𝑢𝑡 𝐴𝐶 𝑎𝑡 26+* *𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑎𝑛𝑑 𝑝𝑢𝑡 𝑡𝒉𝑒 𝐹𝑎𝑛 𝑜𝑛. By 𝑀𝑖𝑛𝑖𝑠𝑡𝑟𝑦 𝑓𝑜𝑟 𝑃𝑜𝑤𝑒𝑟 𝑎𝑛𝑑 𝐸𝑛𝑒𝑟𝑔𝑦, 𝐺𝑂𝐼*

*𝐶𝑜𝑟𝑟𝑒𝑐𝑡 𝑢𝑠𝑒 𝑜𝑓 𝐴𝐶*

*𝐴𝑠 𝒉𝑜𝑡 𝑠𝑢𝑚𝑚𝑒𝑟 𝒉𝑎𝑠 𝑠𝑡𝑎𝑟𝑡𝑒𝑑 𝑎𝑛𝑑 𝑤𝑒 𝑢𝑠𝑒* *𝐴𝑖𝑟 𝑐𝑜𝑛𝑑𝑖𝑡𝑖𝑜𝑛𝑒𝑟𝑠 𝑟𝑒𝑔𝑢𝑙𝑎𝑟𝑙𝑦, 𝑙𝑒𝑡 𝑢𝑠 𝑓𝑜𝑙𝑙𝑜𝑤 𝑡𝒉𝑒 𝑐𝑜𝑟𝑟𝑒𝑐𝑡 𝑚𝑒𝑡𝒉𝑜𝑑.*

𝑀𝑜𝑠𝑡 𝑝𝑒𝑜𝑝𝑙𝑒 𝒉𝑎𝑣𝑒 𝑎 𝒉𝑎𝑏𝑖𝑡 𝑜𝑓 𝑟𝑢𝑛𝑛𝑖𝑛𝑔 𝑡𝒉𝑒𝑖𝑟 𝐴𝐶𝑠 𝑎𝑡 20-22 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑎𝑛𝑑 𝑤𝒉𝑒𝑛 𝑡𝒉𝑒𝑦 𝑓𝑒𝑒𝑙 𝑐𝑜𝑙𝑑, 𝑡𝒉𝑒𝑦 𝑐𝑜𝑣𝑒𝑟 𝑡𝒉𝑒𝑖𝑟 𝑏𝑜𝑑𝑖𝑒𝑠 𝑤𝑖𝑡𝒉 𝑏𝑙𝑎𝑛𝑘𝑒𝑡𝑠. 𝑇𝒉𝑖𝑠 𝑙𝑒𝑎𝑑𝑠 𝑡𝑜 𝑑𝑜𝑢𝑏𝑙𝑒 𝑙𝑜𝑠𝑠. 𝐻𝑂𝑊  ???

𝐷𝑜 𝑦𝑜𝑢 𝑘𝑛𝑜𝑤 𝑡𝒉𝑎𝑡 𝑡𝒉𝑒 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑜𝑓 𝑜𝑢𝑟 𝑏𝑜𝑑𝑦 𝑖𝑠 36 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝐶𝑒𝑙𝑠𝑖𝑢𝑠? 𝑇𝒉𝑒 𝑏𝑜𝑑𝑦 𝑐𝑎𝑛 𝑡𝑜𝑙𝑒𝑟𝑎𝑡𝑒 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑟𝑎𝑛𝑔𝑖𝑛𝑔 𝑓𝑟𝑜𝑚 23 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑡𝑜 39 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑒𝑎𝑠𝑖𝑙𝑦. 𝐼𝑡 𝑖𝑠 𝑐𝑎𝑙𝑙𝑒𝑑 𝒉𝑢𝑚𝑎𝑛 𝑏𝑜𝑑𝑦 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑡𝑜𝑙𝑒𝑟𝑎𝑛𝑐𝑒. 

𝑊𝒉𝑒𝑛 𝑡𝒉𝑒 𝑅𝑜𝑜𝑚 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑖𝑠 𝑙𝑜𝑤𝑒𝑟 𝑜𝑟 𝒉𝑖𝑔𝒉𝑒𝑟, 𝑡𝒉𝑒 𝑏𝑜𝑑𝑦  𝑟𝑒𝑎𝑐𝑡𝑠, 𝑏𝑦 𝑠𝑛𝑒𝑒𝑧𝑖𝑛𝑔, 𝑠𝒉𝑖𝑣𝑒𝑟𝑖𝑛𝑔, 𝑒𝑡𝑐.

𝑊𝒉𝑒𝑛 𝑦𝑜𝑢 𝑟𝑢𝑛 𝑡𝒉𝑒 𝐴𝐶 𝑎𝑡 19-20-21 𝑑𝑒𝑔𝑟𝑒𝑒𝑠, 𝑟𝑜𝑜𝑚 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑖𝑠 𝑚𝑢𝑐𝒉 𝑙𝑜𝑤𝑒𝑟 𝑡𝒉𝑎𝑛 𝑡𝒉𝑒 𝑛𝑜𝑟𝑚𝑎𝑙 𝑏𝑜𝑑𝑦 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑎𝑛𝑑 𝑖𝑡 𝑠𝑡𝑎𝑟𝑡𝑠 𝑡𝒉𝑒 𝑝𝑟𝑜𝑐𝑒𝑠𝑠 𝑐𝑎𝑙𝑙𝑒𝑑 𝒉𝑦𝑝𝑜𝑡𝒉𝑒𝑟𝑚𝑖𝑎 𝑖𝑛 𝑡𝒉𝑒 𝑏𝑜𝑑𝑦 𝑤𝒉𝑖𝑐𝒉 𝑎𝑓𝑓𝑒𝑐𝑡𝑠 𝑏𝑙𝑜𝑜𝑑 𝑐𝑖𝑟𝑐𝑢𝑙𝑎𝑡𝑖𝑜𝑛, 𝑤𝒉𝑒𝑟𝑒𝑏𝑦, 𝑏𝑙𝑜𝑜𝑑 𝑠𝑢𝑝𝑝𝑙𝑦 𝑖𝑛 𝑠𝑜𝑚𝑒 𝑝𝑎𝑟𝑡𝑠 𝑜𝑓 𝑡𝒉𝑒 𝑏𝑜𝑑𝑦 𝑖𝑠 𝑛𝑜𝑡 𝑎𝑑𝑒𝑞𝑢𝑎𝑡𝑒. 𝑇𝒉𝑒𝑟𝑒 𝑎𝑟𝑒 𝑚𝑎𝑛𝑦 𝑑𝑖𝑠𝑎𝑑𝑣𝑎𝑛𝑡𝑎𝑔𝑒𝑠 𝑖𝑛  𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑢𝑐𝒉 𝑎𝑠 𝑎𝑟𝑡𝒉𝑟𝑖𝑡𝑖𝑠 𝑒𝑡𝑐.

𝑀𝑜𝑠𝑡 𝑜𝑓 𝑡𝒉𝑒 𝑡𝑖𝑚𝑒 𝑡𝒉𝑒𝑟𝑒 𝑖𝑠 𝑛𝑜 𝑠𝑤𝑒𝑎𝑡𝑖𝑛𝑔 𝑤𝒉𝑒𝑛 𝐴𝐶 𝑖𝑠 𝑂𝑁, 𝑠𝑜 𝑡𝒉𝑒 𝑡𝑜𝑥𝑖𝑛𝑠 𝑜𝑓 𝑡𝒉𝑒 𝑏𝑜𝑑𝑦 𝑐𝑎𝑛 𝑛𝑜𝑡 𝑐𝑜𝑚𝑒 𝑜𝑢𝑡 𝑎𝑛𝑑 𝑖𝑛 𝑡𝒉𝑒 𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚, 𝑐𝑎𝑢𝑠𝑒 𝑟𝑖𝑠𝑘 𝑜𝑓 𝑚𝑎𝑛𝑦 𝑚𝑜𝑟𝑒 𝑑𝑖𝑠𝑒𝑎𝑠𝑒𝑠, 𝑠𝑢𝑐𝒉 𝑎𝑠 𝑠𝑘𝑖𝑛 𝑎𝑙𝑙𝑒𝑟𝑔𝑦 𝑜𝑟 𝑖𝑡𝑐𝒉𝑖𝑛𝑔, 𝒉𝑖𝑔𝒉 𝑏𝑙𝑜𝑜𝑑 𝑝𝑟𝑒𝑠𝑠𝑢𝑟𝑒 𝑒𝑡𝑐.

𝑊𝒉𝑒𝑛 𝑦𝑜𝑢 𝑟𝑢𝑛 𝐴𝐶 𝑎𝑡 𝑠𝑢𝑐𝒉 𝑙𝑜𝑤 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒𝑠, 𝑖𝑡'𝑠  𝑐𝑜𝑚𝑝𝑟𝑒𝑠𝑠𝑜𝑟 𝑐𝑜𝑛𝑡𝑖𝑛𝑢𝑜𝑢𝑠𝑙𝑦 𝑤𝑜𝑟𝑘𝑠 𝑜𝑛 𝑓𝑢𝑙𝑙 𝑒𝑛𝑒𝑟𝑔𝑦, 𝑒𝑣𝑒𝑛 𝑖𝑓 𝑖𝑡 𝑖𝑠 5 𝑠𝑡𝑎𝑟𝑠, 𝑒𝑥𝑐𝑒𝑠𝑠𝑖𝑣𝑒 𝑝𝑜𝑤𝑒𝑟 𝑖𝑠 𝑐𝑜𝑛𝑠𝑢𝑚𝑒𝑑 & 𝑖𝑡 𝑏𝑙𝑜𝑤𝑠 𝑚𝑜𝑛𝑒𝑦 𝑓𝑟𝑜𝑚 𝑦𝑜𝑢𝑟 𝑝𝑜𝑐𝑘𝑒𝑡.

*𝑊𝒉𝑎𝑡 𝑖𝑠 𝑡𝒉𝑒 𝑏𝑒𝑠𝑡 𝑤𝑎𝑦 𝑡𝑜 𝑟𝑢𝑛 𝐴𝐶 ?? 𝑆𝑒𝑡 𝑢𝑝 𝑇𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒𝑠 𝑓𝑜𝑟 26 𝐷𝑒𝑔𝑟𝑒𝑒𝑠 𝑜𝑟 𝑚𝑜𝑟𝑒.*

*𝑌𝑜𝑢 𝑑𝑜𝑛'𝑡 𝑔𝑒𝑡 𝑎𝑛𝑦 𝑏𝑒𝑛𝑒𝑓𝑖𝑡 𝑏𝑦  𝑓𝑖𝑟𝑠𝑡 𝑠𝑒𝑡𝑡𝑖𝑛𝑔 𝑇𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑜𝑓 𝐴𝐶 𝑡𝑜 20 - 21 𝑎𝑛𝑑 𝑡𝒉𝑒𝑛 𝑤𝑟𝑎𝑝 𝑡𝒉𝑒 𝑠𝒉𝑒𝑒𝑡/ 𝑡𝒉𝑖𝑛 𝑄𝑢𝑖𝑙𝑡 𝑎𝑟𝑜𝑢𝑛𝑑 𝑦𝑜𝑢.*

*𝐼𝑡 𝑖𝑠 𝑎𝑙𝑤𝑎𝑦𝑠 𝑏𝑒𝑡𝑡𝑒𝑟 𝑡𝑜 𝑟𝑢𝑛 𝐴𝐶 𝑎𝑡 26+ 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑎𝑛𝑑 𝑝𝑢𝑡 𝑡𝒉𝑒 𝑓𝑎𝑛 𝑜𝑛 𝑎𝑡  𝑠𝑙𝑜𝑤 𝑠𝑝𝑒𝑒𝑑.* 28 𝑝𝑙𝑢𝑠 𝑑𝑒𝑔𝑟𝑒𝑒𝑠 𝑖𝑠 𝑏𝑒𝑡𝑡𝑒𝑟.

𝑇𝒉𝑖𝑠 𝑤𝑖𝑙𝑙 𝑐𝑜𝑠𝑡 𝑙𝑒𝑠𝑠 𝑒𝑙𝑒𝑐𝑡𝑟𝑖𝑐𝑖𝑡𝑦 𝑎𝑛𝑑 𝑦𝑜𝑢𝑟 𝑏𝑜𝑑𝑦 𝑡𝑒𝑚𝑝𝑒𝑟𝑎𝑡𝑢𝑟𝑒 𝑤𝑖𝑙𝑙 𝑎𝑙𝑠𝑜 𝑏𝑒 𝑖𝑛 𝑡𝒉𝑒 𝑟𝑎𝑛𝑔𝑒 𝑎𝑛𝑑 𝑡𝒉𝑒𝑟𝑒 𝑤𝑖𝑙𝑙 𝑏𝑒 𝑛𝑜 𝑖𝑙𝑙 𝑒𝑓𝑓𝑒𝑐𝑡 𝑜𝑛 𝑦𝑜𝑢𝑟 𝒉𝑒𝑎𝑙𝑡𝒉.

*𝐴𝑛𝑜𝑡𝒉𝑒𝑟 𝑎𝑑𝑣𝑎𝑛𝑡𝑎𝑔𝑒 𝑜𝑓 𝑡𝒉𝑖𝑠 𝑖𝑠 𝑡𝒉𝑎𝑡 𝑡𝒉𝑒 𝐴𝐶 𝑤𝑖𝑙𝑙 𝑐𝑜𝑛𝑠𝑢𝑚𝑒 𝑙𝑒𝑠𝑠 𝑒𝑙𝑒𝑐𝑡𝑟𝑖𝑐𝑖𝑡𝑦, 𝑡𝒉𝑒 𝑏𝑙𝑜𝑜𝑑 𝑝𝑟𝑒𝑠𝑠𝑢𝑟𝑒 𝑜𝑛 𝑡𝒉𝑒 𝑏𝑟𝑎𝑖𝑛 𝑤𝑖𝑙𝑙 𝑎𝑙𝑠𝑜 𝑑𝑒𝑐𝑟𝑒𝑎𝑠𝑒 𝑎𝑛𝑑 𝑆𝑎𝑣𝑖𝑛𝑔 𝑤𝑖𝑙𝑙 𝑢𝑙𝑡𝑖𝑚𝑎𝑡𝑒𝑙𝑦 𝒉𝑒𝑙𝑝 𝑟𝑒𝑑𝑢𝑐𝑒 𝑡𝒉𝑒 𝑒𝑓𝑓𝑒𝑐𝑡𝑠 𝑜𝑓 𝑔𝑙𝑜𝑏𝑎𝑙 𝑤𝑎𝑟𝑚𝑖𝑛𝑔. 𝐻𝑜𝑤 ???*

*𝑆𝑢𝑝𝑝𝑜𝑠𝑒 𝑦𝑜𝑢 𝑠𝑎𝑣𝑒 𝑎𝑏𝑜𝑢𝑡 5 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝐴𝐶 𝑝𝑒𝑟 𝑛𝑖𝑔𝒉𝑡 𝑏𝑦 𝑟𝑢𝑛𝑛𝑖𝑛𝑔 𝐴𝐶 𝑜𝑛 26+ 𝐷𝑒𝑔𝑟𝑒𝑒 𝑎𝑛𝑑 𝑜𝑡𝒉𝑒𝑟 10 𝑙𝑎𝑘𝒉 𝒉𝑜𝑢𝑠𝑒𝑠 𝑎𝑙𝑠𝑜 𝑑𝑜 𝑙𝑖𝑘𝑒 𝑦𝑜𝑢, 𝑡𝒉𝑒𝑛 𝑤𝑒 𝑠𝑎𝑣𝑒 5 𝑚𝑖𝑙𝑙𝑖𝑜𝑛 𝑢𝑛𝑖𝑡𝑠 𝑜𝑓 𝑒𝑙𝑒𝑐𝑡𝑟𝑖𝑐𝑖𝑡𝑦 𝑝𝑒𝑟 𝑑𝑎𝑦.*

*𝐴𝑡 𝑡𝒉𝑒 𝑟𝑒𝑔𝑖𝑜𝑛𝑎𝑙 𝑙𝑒𝑣𝑒𝑙 𝑡𝒉𝑖𝑠 𝑠𝑎𝑣𝑖𝑛𝑔𝑠 𝑐𝑎𝑛 𝑏𝑒 𝑐𝑟𝑜𝑟𝑒𝑠 𝑜𝑓 𝑢𝑛𝑖𝑡𝑠 𝑝𝑒𝑟 𝑑𝑎𝑦.*

𝑃𝑙𝑒𝑎𝑠𝑒 𝑐𝑜𝑛𝑠𝑖𝑑𝑒𝑟 𝑡𝒉𝑒 𝑎𝑏𝑜𝑣𝑒 𝑎𝑛𝑑 𝑑𝑜 𝑛𝑜𝑡 𝑟𝑢𝑛 𝑦𝑜𝑢𝑟 𝐴𝐶 𝑎𝑡 𝑎𝑙𝑙, 𝑏𝑒𝑙𝑜𝑤 26 𝑑𝑒𝑔𝑟𝑒𝑒𝑠. 𝐾𝑒𝑒𝑝 𝑦𝑜𝑢𝑟 𝑏𝑜𝑑𝑦 𝑎𝑛𝑑 𝑒𝑛𝑣𝑖𝑟𝑜𝑛𝑚𝑒𝑛𝑡 𝒉𝑒𝑎𝑙𝑡𝒉𝑦.

*𝐹𝑜𝑟𝑤𝑎𝑟𝑑𝑒𝑑 𝑖𝑛 𝑃𝑢𝑏𝑙𝑖𝑐 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡*

*𝑀𝑖𝑛𝑖𝑠𝑡𝑟𝑦 𝑓𝑜𝑟 𝑃𝑜𝑤𝑒𝑟*

*𝑎𝑛𝑑 𝐸𝑛𝑒𝑟𝑔𝑦, 𝐺𝑂𝐼.*

Today's talk between IBA n UFBU

Today's talk between IBA n UFBU

43 RRB ALMOST GOT PROFIT WAITING FOR WAGE REVISION

Out of 43 RRB almost all got profit for FY 2023-24, still waiting for wage revision

Bank-wise Details of the Shareholding of Government in PSU

5 PSU banks to reduce govt shareholding to meet MPS norms

Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said. Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023.

"As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction.

Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent.

As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent.

However, the regulator had given special forbearance to state-owned banks. They have time till August 2024 to meet the requirement of 25 per cent MPS.

Joshi said banks have various options to bring down the stake, including follow on public offering or Qualified Institutional Placement.

Depending on market condition, each of these banks will take a call in the best interest of shareholders, he added. Without giving a timeline, he said, efforts were on to meet the requirement.

Joshi said the finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government.

The Department of Financial Services (DFS) in a communication addressed to heads of PSBs has asked them to look at their system and processes related to gold loan.

A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts.

The letter flagged various concerns, including disbursement of gold loans without requisite gold collateral, anomalies regarding collection of fees and repayment in cash.

The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disbursed in compliance with regulatory requirements and internal policies of banks.

It is to be noted that the price of the yellow metal has surged to a record level. Price of 10 gm gold in the last one month jumped from Rs 63,365 to Rs 67,605.

According to the letter, the department has come across instances of non-compliance regarding the gold loan portfolio and hence issued the advisory.

The country's biggest lender, State Bank of India (SBI) alone has a gold loan portfolio of Rs 30,881 crore as of December 2023.

Punjab National Bank's gold loan exposure stood at Rs 5,315 crore while Bank of Baroda was at Rs 3,682 crore at the end of the third quarter.

Banks can not force Lawyers to pay Court Fees from their own pockets

The Privilege Committee of the Bar Council of Punjab & Haryana has called for a meeting with the Chairpersons of HDFC, ICICI, and Axis Banks. The reason behind this is an allegation that these banks have been instructing their panel lawyers to pay the court fees for filing cases in the Debt Recovery Tribunal in Chandigarh.

According to the complaint made by the Debt Recovery Tribunal (DRT) Bar Association in Chandigarh, the court fees can amount to lakhs of rupees. It is claimed that the banks only reimburse the lawyers months later. The DRT Bar Association believes that this practice is unethical and unfair. They argue that the high court fees are unaffordable for ordinary lawyers, and it is not appropriate for the banks or their officers to ask panel lawyers to pay from their own pockets.

The DRT Bar Association argues that this practice goes against the rights, duties, and privileges of advocates as outlined in the Advocates Act, 1961, and the BCI Rules. The Privilege Committee, headed by Chairman Lekh Raj Sharma and Members Raja Gautama and Karanjit Singh, agrees with this view. They believe that if this practice is widespread, it violates the provisions of the Advocate Act 1961, particularly Section 30. They also believe it is detrimental to the interests of common advocates, especially young ones. They argue that this unethical practice would give wealthy advocates a monopoly over legal work, which would undermine the talent and opportunities for other advocates.

The Privilege Committee comprising Chairman Lekh Raj Sharma and Members Raja Gautama and Karanjit Singh opined that “Prima facie it appears that this kind of the practice if it is prevalent is certainly in violation of the provision of the Advocate Act 1961, particularly Section 30, against Privileges Rights and Duties of the Advocate and also against the interest of the common Advocates particularly young Advocates.“

In response to these concerns, the Committee has summoned the Chairpersons of HDFC, ICICI, and Axis Bank to appear before them at the Bar Council of Punjab & Haryana. The Committee warns that failure to cooperate with the order would be seen as an admission of the unethical practice, and further action will be taken accordingly, in accordance with the law.

What is CPI and WPI?

What is CPI and WPI?

Consumer Price Index (CPI): The Consumer Price Index measures changes in the average price level of goods and services purchased by households over time. It is used to measure inflation and indicates the cost of living for consumers. The CPI is calculated by selecting a basket of goods and services that represent typical consumer purchases and tracking the changes in their prices over time. This index is often used to adjust wages, pensions, and government benefits to account for changes in purchasing power.

Wholesale Price Index (WPI): The Wholesale Price Index measures changes in the average price level of goods traded in bulk or at the wholesale level. It primarily serves as an indicator of inflation in the production and distribution stages of the economy. WPI tracks the price changes of goods before they reach the retail level and includes commodities such as raw materials, intermediate goods, and finished goods. Policymakers, businesses, and analysts use WPI to monitor inflationary pressures within the economy and make decisions based on price trends in the wholesale market.

Last 10 years Inflation Rate in India

Now, let’s have a look at the Last 10 years Inflation Rate in India.

Year	Average Inflation Rate
2024	5.09 (February)
2023	5.49
2022	6.7%
2021	5.13%
2020	6.62%
2019	3.73%
2018	3.94%
2017	3.33%
2016	4.95%
2015	4.91%
2014	6.67%
2013	10.02%

According to data released by the National Statistics Office (NSO), India’s retail inflation rate dropped to 5.09 percent in February 2024. This is the lowest it has been in the past four months. In January 2024, the inflation rate was slightly higher at 5.10 percent. It’s worth noting that the current inflation rate falls within the range set by the Reserve Bank of India (RBI), which is 2 to 6 percent. This means that the current inflation rate is considered acceptable by the RBI.

First let’s understand what is Inflation? Inflation is a term used to describe the general increase in prices of goods and services. It’s something that affects everyone, from the cost of groceries to the overall health of the economy. As India prepares for the upcoming general elections, it’s important to take a closer look at the country’s inflation rate to better understand its economic situation.

When we compare inflation in rural and urban areas, we find that the inflation rate in rural areas is slightly higher. In February, the rural inflation rate was 5.34 percent, which is 0.56 percent higher than the urban inflation rate of 4.78 percent. In December, the rural inflation rate was even lower at 4.34 percent

Bournvita to be removed from ‘Health drinks’ category. Govt says ‘there is no

Bournvita and other similar bevrages should be removed from the health drink category on e-commerce platforms as there is no ‘health drink’ category defined under Food Safety and Standards Act (FSS Act 2006), Ministry of Commerce and Industry said in a letter issued to the e-commerce companies.

In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.

"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.

In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.

"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.

In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.

"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.

A year ago, Bournvita, had entered into a controversy because of its high content of sugar levels. A few days later, the National Commission for Protection of Child Rights (NCPCR) asked the Mondelez India-owned brand to remove all “misleading" commercials claiming of several health benefits with the consumption of the drink, reported Economic Times, referring to PTI. The action by the child rights body came after a video threw light upon the high sugar content in the beverage, which was earlier often labelled as “health drink" in several ads.

In a notice to Bournvita, the NCPCR also asked the confectionary major to send a detailed explaination or report in the matter. The action by NCPCR came after it received a complaint alleging that Bournvita promotes itself as a health drink and make claims like improving children's growth and development regardless of its high percentage of sugar and other ingredients that may impact children's health.

How to increase your eligibility for a personal loan? Here are 7 ways

Securing a personal loan is based on various factors that lenders evaluate to determine your capacity to repay the loan. There are various steps you can take to enhance your eligibility for a personal loan and potentially secure more favourable loan terms, such as lower interest rates or increased loan amounts. Here are some essential strategies

• Establish and sustain a strong credit score: This is paramount for lenders. A high credit score (preferably above 670) demonstrates responsible credit management, making you a more appealing borrower. Strive to pay all your bills punctually, maintain a low credit utilisation ratio (the amount of credit used divided by the total credit limit), and refrain from applying for excessive credit within a short timeframe.
• Lower your debt-to-income ratio (DTI): A reduced DTI ratio (calculated by dividing monthly debt payments by gross monthly income) indicates to lenders that you have sufficient income to handle additional debt. Pay off existing debts, such as credit cards or other loans, to decrease your DTI and enhance your loan eligibility.
• Boost your income: While it may sound straightforward, a higher income signifies a greater ability to repay the loan. If feasible, consider ways to enhance your income, such as securing a raise, taking on a side job, or monetising a hobby.
• Sustain consistent employment: A consistent employment record showcases financial reliability to lenders. Employment gaps or frequent job shifts may raise concerns.
• Think about a co-signer with a solid credit score: If your credit score is not ideal, having a co-signer with a strong credit history and steady income can greatly enhance your approval odds and potentially result in more favourable loan terms.
• Explore and compare lenders: Various lenders have different eligibility requirements and interest rates. Conduct research and compare lenders to identify one that provides favorable terms based on your credit profile and income.
• Limit loan application submissions: Numerous loan applications in a brief timeframe can adversely affect your credit score. Pre-qualify with lenders to determine if you meet their initial criteria before submitting a formal application.

By adhering to these steps and showcasing your financial responsibility, you can enhance your eligibility for a personal loan and potentially obtain a loan with more favourable terms tailored to your needs.

Frequently Asked Questions (FAQs)

Q. Why is it advisable not to submit multiple personal loan applications?

Submitting multiple loan applications in a brief timeframe can adversely affect your credit score. It’s advisable to pre-qualify with lenders to determine if you meet their initial criteria before submitting a formal application. 

This is because each official loan application results in a hard inquiry on your credit report. These inquiries can remain on your credit report for up to two years and may reduce your credit score, particularly if there are several inquiries within a brief period. A diminished credit score can make you a less appealing borrower and might result in loan denials or elevated interest rates. Additionally, lenders perceive multiple loan applications as an indication of financial desperation. This can raise concerns and decrease the likelihood of approval for any of your applications.

Furthermore, applying to multiple lenders can be overwhelming and make it challenging to keep track of loan terms and compare offers accurately. You might ultimately accept a loan with unfavourable terms due to fatigue from the application process.

Q. What makes personal loans a good choice?

Personal loans provide numerous benefits that make them suitable for various financial circumstances. Here's an overview of the primary advantages:

• Flexibility: Unlike certain loans designated for particular purposes (such as home equity loans for home renovations), personal loans provide greater flexibility in how you can utilise the funds. Common uses include debt consolidation, medical bills, unforeseen expenses, significant purchases, or even home improvements (depending on the lender).
• Quick approval and disbursement: Personal loans are usually unsecured, meaning they don't require collateral like your home. This simplified process enables faster approval times (sometimes even within the same day) and quicker access to funds compared to loans that require appraisals or more extensive paperwork.
• Reduced risk: With a personal loan, if you default on the loan, you won't be at risk of losing your home through foreclosure. This is a notable advantage, particularly if you're hesitant to put your homeownership on the line.
• Moderate loan amounts: Personal loans are ideal for borrowing smaller to moderate sums. They can be a suitable choice if you don't require a large amount of money, unlike home equity loans, which typically come with higher minimum loan amounts.
• Consistent payments: Personal loans feature fixed interest rates and set repayment terms (usually ranging from 12 to 60 months). This offers predictability for budgeting and makes managing your loan payments straightforward.

Q. How do you choose which bank or financial institution to borrow the loan from?

It's advisable to compare the offers from different banks before selecting a specific lender. Utilise online tools such as the loan eligibility calculator and personal loan EMI calculator to identify the loan option that best fits your needs. Some essential factors to consider when choosing a loan provider include interest rates, loan tenure, processing fees, and other associated costs.

Q. How can I compare the interest rates of personal loans?

Visit a financial aggregator's website and use the personal loan eligibility tool to receive a comprehensive list of available personal loan options, including important details like interest rates, processing fees, and additional charges such as pre-payment fees. With this information, you can easily compare the different personal loan options offered by various banks and NBFCs.

Q. Are personal loan interest rates fixed or variable?

For a fixed-rate personal loan, your EMI amount remains constant, meaning you will pay the same EMI each month throughout the loan tenure. Conversely, with a floating-rate personal loan, the EMI amount will decrease over time as it follows the reducing balance method for interest calculation. With a floating rate, the bank may adjust the applicable interest rate periodically according to the new MCLR rules. Floating interest rates may be revised either semi-annually or annually.