Residual issues 9th Joint Note / XII BIPARTITE SETTLEMENT* as on 26 th August

🐯 *Bank Karmachari Sena* 🐯

🚩          *Mahasangh*          🚩

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🚩 *All India Bank Adhikari* 🚩

🐯       *Sena Mahasangh*       🐯

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           26th August, 2024

📌*Residual issues 9th Joint Note / XII BIPARTITE  SETTLEMENT*

*A Meeting was held with the representatives of constituent Unions and IBA for further discussion on Residual issues*

_On behalf of the undersigned, BKSM was represented by Mr. Amey Kondvilkar (Dy. Gen. Secretary)_

_AIBASM was represented by Mr. Rohan Jondhale on behalf of Shri. Rajesh Matkari_

Several residual issues were discussed 

1. Five day Banking - 

The residual issue of five day Banking was discussed.

Unions urged IBA to expedite the follow-up regarding the clearance of much awaited five day working proposal 

IBA further clarified that it is pursuing the matter and the same is pending with Finance Ministry.

2. Leave Bank Scheme

The Leave Bank Scheme which is already approved in the bipartite Settlement.

The modalities regarding the said scheme will taken-up in upcoming meeting 

3. Transport Allowance to PWD Employees

Transport allowance for the PWD Employees has been approved to INR 600.

4. Recruitment of Staff, Compassionate Recruitment 

It was again brought to the notice of management that there is an acute shortage of Staff across all PSBs.

Moreover it was reiterated that the Compassionate recruitment which has been stalled since long needs to be restarted.

IBA Clarified that the issues pertaining to recruitment shall be dealt separately.

5. Work Life Balance 

The concern of deteriorating Work Life Balance amongst the officers’ fraternity was again represented.

A brief discussion was done on whether IBA can issue an advisory to all PSBs regarding certain Dos and Don’ts in order to help maintain the work life Balance 

The issue needs to be further discussed thoroughly.

There are several other issues that were also discussed 

1. Upgradation of Pension for Retirees

2. Modifications in provisions on Disciplinary actions and Procedures 

3. LTC / LFC modifications 

No resolution was sought on these issues and talks regarding the same will be again taken-up in Next meetings

We shall keep you updated regarding the further advancements.

Thanking you.

*VINOD NIKAM*   🙏

*General Secretary*

*Bank Karmachari Sena Mahasangh Zindabad !*

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*All India Bank Adhikari Sena Mahasangh Zindabad !*

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Excellent information about Bhagwan Shri Krishna

Excellent information about Bhagwan Shri Krishna

1) Krishna was born *5252 years  ago* 

2) Date of *Birth* : *18 th July,3228 B.C*

3) Month : *Shravan*

4) Day :  *Ashtami*

5) Nakshatra : *Rohini*

6) Day : *Wednesday*

7) Time : *00:00 A.M.*

8) Shri Krishna *lived 125 years, 08 months & 07 days.*

9) Date of *Death* : *18th February 3102BC.*

10) When Krishna was *89 years old* ; the mega war *(Kurukshetra war)* took place. 

11) He died *36 years after the Kurukshetra* war.

12) Kurukshetra War was *started on Mrigashira Shukla Ekadashi, BC 3139. i.e "8th December 3139BC" and ended on "25th December, 3139BC".*  

12) There was a *Solar eclipse between "3p.m to 5p.m on 21st December, 3139BC" ; cause of Jayadrath's death.*

13) Bhishma died on *2nd February,(First Ekadasi of the Uttarayana), in 3138 B.C.*

14) Krishna  is worshipped as:

(a)Krishna *Kanhaiyya* : *Mathura*

(b) *Jagannath*:- In *Odisha*

(c) *Vithoba*:- In *Maharashtra*

(d) *Srinath*:  In *Rajasthan*

(e) *Dwarakadheesh*: In *Gujarat*

(f) *Ranchhod*: In *Gujarat*

(g) *Krishna* : *Udupi in Karnataka*

h) *Guruvayurappan in Kerala*

15) *Bilological Father*: *Vasudeva*

16) *Biological Mother*: *Devaki*

17) *Adopted Father*:- *Nanda*

18) *Adopted Mother*: *Yashoda*

19 *Elder Brother*: *Balaram*

20) *Sister*: *Subhadra*

21) *Birth Place*: *Mathura*

22) *Wives*: *Rukmini, Satyabhama, Jambavati, Kalindi, Mitravinda, Nagnajiti, Bhadra, Lakshmana*

23) Krishna is reported to have *Killed only 4 people* in his life time. 

(i) *Chanoora* ; the Wrestler

(ii) *Kansa* ; his maternal uncle

(iii) & (iv) *Shishupaala and Dantavakra* ; his cousins. 

24) Life was not fair to him at all. His *mother* was from *Ugra clan*, and *Father* from *Yadava clan,* inter-racial marriage. 

25) He was *born dark skinned.* He was not named at all throughout his life. The whole village of Gokul started calling him the black one ; *Kanha*. He was ridiculed and teased for being black, short and adopted too. His childhood was wrought with life threatening situations.

26) *'Drought' and "threat of wild wolves" made them shift from 'Gokul' to 'Vrindavan' at the age 9.*

27) He stayed in Vrindavan *till 10 years and 8 months*. He killed his own uncle at the age of  10 years and 8 months at Mathura.He then released  his biological mother and father. 

28) He *never returned to Vrindavan ever again.*

29) He had to *migrate to Dwaraka from Mathura due to threat of a Sindhu King ;  Kala Yaavana.*

30) He *defeated 'Jarasandha' with the help of 'Vainatheya' Tribes on Gomantaka hill (now Goa).*

31) He *rebuilt Dwaraka*. 

32) He then *left to Sandipani's Ashram in Ujjain* to start his schooling at age 16~18. 

33) He had to *fight the pirates from Afrika and rescue his teachers son ;  Punardatta*;  who *was kidnapped near Prabhasa* ; a sea port in Gujarat. 

34) After his education, he came to know about his cousins fate of Vanvas. He came to their rescue in ''Wax house'' and later his cousins got married to *Draupadi.* His role was immense in this saga. 

35) Then, he helped his cousins  establish Indraprastha and their Kingdom.

36) He *saved Draupadi from embarrassment.*

37) He *stood by his cousins during their exile.*

38) He stood by them and *made them win the Kurushetra war.*

39) He *saw his cherished city, Dwaraka washed away.* 

40) He was *killed by a hunter (Jara by name)* in nearby forest. 

41) He never did any miracles. His life was not a successful one. There was not a single moment when he was at peace throughout his life. At every turn, he had challenges and even more bigger challenges. 

42) He *faced everything and everyone with a sense of responsibility and yet remained unattached.*

43)  He is the *only person, who knew the past and future ; yet he lived at that present moment always.*

44) He and his life is truly *an example for every human being.*🌷🙏🏻

*Jai  Shri Krishna*🙏🌹

Excellent information about Bhagwan Shri Krishna

Excellent information about Bhagwan Shri Krishna

1) Krishna was born *5252 years  ago* 

2) Date of *Birth* : *18 th July,3228 B.C*

3) Month : *Shravan*

4) Day :  *Ashtami*

5) Nakshatra : *Rohini*

6) Day : *Wednesday*

7) Time : *00:00 A.M.*

8) Shri Krishna *lived 125 years, 08 months & 07 days.*

9) Date of *Death* : *18th February 3102BC.*

10) When Krishna was *89 years old* ; the mega war *(Kurukshetra war)* took place. 

11) He died *36 years after the Kurukshetra* war.

12) Kurukshetra War was *started on Mrigashira Shukla Ekadashi, BC 3139. i.e "8th December 3139BC" and ended on "25th December, 3139BC".*  

12) There was a *Solar eclipse between "3p.m to 5p.m on 21st December, 3139BC" ; cause of Jayadrath's death.*

13) Bhishma died on *2nd February,(First Ekadasi of the Uttarayana), in 3138 B.C.*

14) Krishna  is worshipped as:

(a)Krishna *Kanhaiyya* : *Mathura*

(b) *Jagannath*:- In *Odisha*

(c) *Vithoba*:- In *Maharashtra*

(d) *Srinath*:  In *Rajasthan*

(e) *Dwarakadheesh*: In *Gujarat*

(f) *Ranchhod*: In *Gujarat*

(g) *Krishna* : *Udupi in Karnataka*

h) *Guruvayurappan in Kerala*

15) *Bilological Father*: *Vasudeva*

16) *Biological Mother*: *Devaki*

17) *Adopted Father*:- *Nanda*

18) *Adopted Mother*: *Yashoda*

19 *Elder Brother*: *Balaram*

20) *Sister*: *Subhadra*

21) *Birth Place*: *Mathura*

22) *Wives*: *Rukmini, Satyabhama, Jambavati, Kalindi, Mitravinda, Nagnajiti, Bhadra, Lakshmana*

23) Krishna is reported to have *Killed only 4 people* in his life time. 

(i) *Chanoora* ; the Wrestler

(ii) *Kansa* ; his maternal uncle

(iii) & (iv) *Shishupaala and Dantavakra* ; his cousins. 

24) Life was not fair to him at all. His *mother* was from *Ugra clan*, and *Father* from *Yadava clan,* inter-racial marriage. 

25) He was *born dark skinned.* He was not named at all throughout his life. The whole village of Gokul started calling him the black one ; *Kanha*. He was ridiculed and teased for being black, short and adopted too. His childhood was wrought with life threatening situations.

26) *'Drought' and "threat of wild wolves" made them shift from 'Gokul' to 'Vrindavan' at the age 9.*

27) He stayed in Vrindavan *till 10 years and 8 months*. He killed his own uncle at the age of  10 years and 8 months at Mathura.He then released  his biological mother and father. 

28) He *never returned to Vrindavan ever again.*

29) He had to *migrate to Dwaraka from Mathura due to threat of a Sindhu King ;  Kala Yaavana.*

30) He *defeated 'Jarasandha' with the help of 'Vainatheya' Tribes on Gomantaka hill (now Goa).*

31) He *rebuilt Dwaraka*. 

32) He then *left to Sandipani's Ashram in Ujjain* to start his schooling at age 16~18. 

33) He had to *fight the pirates from Afrika and rescue his teachers son ;  Punardatta*;  who *was kidnapped near Prabhasa* ; a sea port in Gujarat. 

34) After his education, he came to know about his cousins fate of Vanvas. He came to their rescue in ''Wax house'' and later his cousins got married to *Draupadi.* His role was immense in this saga. 

35) Then, he helped his cousins  establish Indraprastha and their Kingdom.

36) He *saved Draupadi from embarrassment.*

37) He *stood by his cousins during their exile.*

38) He stood by them and *made them win the Kurushetra war.*

39) He *saw his cherished city, Dwaraka washed away.* 

40) He was *killed by a hunter (Jara by name)* in nearby forest. 

41) He never did any miracles. His life was not a successful one. There was not a single moment when he was at peace throughout his life. At every turn, he had challenges and even more bigger challenges. 

42) He *faced everything and everyone with a sense of responsibility and yet remained unattached.*

43)  He is the *only person, who knew the past and future ; yet he lived at that present moment always.*

44) He and his life is truly *an example for every human being.*🌷🙏🏻

*Jai  Shri Krishna*🙏🌹

Key features of the Unified Pension Scheme

.   **** Unified Pension Scheme ****

Key features of the Unified Pension Scheme

1. #Assured_Pension :- 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years.Proportionate for lesser service period upto a minimum of 10 years of service.

2. #Assured_Family_Pension

60 per cent of pension of the employee immediately before her or his demise.

3. #Assured_Minimum_Pension

10,000 per month on superannuation after a minimum of 10 years of service.

4. #Inflation_Indexation

On assured pension, on assured family pension and assured minimum pension.Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of serving employees. 

5. #Lump_Sum_payment at superannuation in addition to gratuity. 1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service.This payment will not reduce the quantum of assured pension.Other salient features of UPS

Provisions of UPS will apply to past retirees of NPS (who have already superannuated).

6. #Arrears for the past period will be paid with interest at PPF rates.

7. #Choice :- UPS will be available as an option to the employees. Existing as well as future employees will have the option of joining NPS or UPS. Choice, once exercised, will be final.

8. #Contribution :- Employee contribution will not increase. The government will provide additional contributions for implementing UPS.

Government contribution increased from "14 per cent to 18.5 per cent"

Implementation of UPS.

9. #Effective :- UPS to be given effect from April 1, 2025. Support mechanism and necessary legal, regulatory and accounting changes will be readied.

10. #Benifiseries :- UPS is being implemented by the Central Government Benefiting 23 lakh Central Government employees.

The same architecture has been designed for adoption by State governments.

If also adopted by State governments it can benefit over 90 lakh government employees who are presently on NPS.

Bank Strike on 28 August Cancelled, Bank of India accepts demands of union

The bank strike scheduled on 28 August by AIBEA has been withdrawn. AIBEA has officially confirmed the same. AIBEA has said that discussions were held between AIBEA and Bank Management and Bank Management has accepted the demands of union.

The All India Bank Employees’ Association (AIBEA) had announced a nationwide strike set for August 28, 2024. The controversy began with a recent event in Kerala, where a local unit of AIBEA honored Pervez Musharraf, the former President of Pakistan. This decision quickly ignited outrage, with many bank employees and unions condemning it as an anti-national act. The backlash didn’t stop there—BJP workers also staged protests outside the event, expressing their strong disapproval.

Following the uproar, the Bank of India issued charge-sheets to 13 employees who were involved in organizing the event. AIBEA has since come to the defense of these employees, demanding that the charge-sheets be withdrawn. The association maintains that the event was simply a routine conference where Musharraf’s name was listed among other honorees, and they argue that the issue has been unnecessarily politicized. AIBEA has made it clear that if the charge-sheets are not revoked, they will proceed with the nationwide strike on August 28, 2024.

Finance Minister Nirmala Sitharaman Reviews Performance of Nine Regional Rural Banks

Union Finance Minister Nirmala Sitharaman conducted a review meeting on Thursday with nine Regional Rural Banks (RRBs) from Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Rajasthan to assess their performance. She instructed the RRB officials to actively participate in raising awareness about government schemes, particularly in aspirational districts.

In light of low withdrawals under the Mudra scheme in the Bundelkhand region during a specific period, the Finance Minister directed the State-Level Bankers’ Committee (SLBC) to hold special meetings with state government officials, sponsor banks, and RRBs. The goal is to improve the performance of the Mudra scheme and other financial inclusion initiatives in Bundelkhand and aspirational districts. The meeting also discussed the business performance of rural banks, the enhancement of services through digital technology, promoting business among MSME groups, and strengthening financial inclusion in rural areas.

Minister Sitharaman highlighted the natural potential of the PM Surya Ghar Yojana in Gujarat and Rajasthan and urged RRBs to raise awareness about the scheme among the general public. She also emphasized the importance of providing loans under this scheme. The meeting also discussed the “One District One Product” (ODOP) program to extend credit access, and RRBs were instructed to identify potential trades under the PM Vishwakarma Yojana within their operational areas and provide loans accordingly. Additionally, the RRBs were directed to increase their participation in agricultural lending at the grassroots level and to meet the declared objectives of lending in priority sectors.

The Finance Minister expressed satisfaction with the improvements in technology upgrades among these nine RRBs in the Western Central region since regular reviews began in 2022. Notably, the consolidated CRAR (Capital to Risk-weighted Assets Ratio) has improved from 7.8% in FY 2021 to 13.7% in FY 2024, and profitability has also improved from a deficit. The Gross Non-Performing Assets (GNPA) ratio remains relatively low at 3.9%. She urged the RRBs to maintain this momentum in the future. The Finance Minister also directed the RRBs to leverage their healthy Current Account Savings Account (CASA) ratio to distribute more loans and requested the Reserve Bank to intervene in resolving the pending dues of the RRBs.

During the review meeting, the Finance Minister emphasized that RRBs should become more customer-friendly and leverage their local connections to further improve their performance. Sponsor banks play a crucial role in providing technical assistance, sharing best practices, and ensuring that RRBs have access to the resources needed for success. The Minister highlighted the importance of active outreach by RRBs within MSME groups to ensure credit availability for small and micro-enterprises. She mentioned that all RRBs have customized MSME products aligned with cluster activities, but they need to regularly review their credit portfolios in that segment.

The Finance Minister also stressed the need for sponsor banks and RRBs to identify the challenges they face. Maintaining asset quality, expanding digital services, and ensuring robust corporate governance are areas that require continuous attention. The meeting was attended by the Chairpersons of RRBs, CEOs of sponsor banks, the Secretary of the Department of Financial Services (DFS), additional secretaries, senior DFS officials, and representatives from the Reserve Bank, SIDBI, NABARD, and senior officials from the five states.

Loan in 6 minutes: ONDC Launches Digital Credit Services for Instant Loans, Know how to apply

The Open Network for Digital Commerce (ONDC), a government initiative, has recently enhanced its fintech capabilities by introducing digital credit offerings. This new feature allows customers to access fully digital and paperless loans within just six minutes. ONDC is a network that allows users to purchase products from various platforms on one single place such as you can do shopping from flipkart, myntra on a single app. Now, ONDC has launched a new product – loan in 6 minutes. You can apply and get loan in 6 minutes via any ONDC app.

How It Works

Customers using platforms like Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, Zyapaar, Indipe, Tyreplex, and Paynearby can now apply for loans through ONDC. The loans are provided by nine lending services providers and facilitated by well-known lenders such as Aditya Birla Finance, DMI Finance, and Karnataka Bank.

Moreover, ONDC has plans to include additional lending services and banks in the future. Providers like Mobikwik, Rupeeboss, and Samridh.ai, as well as lenders including HDFC Bank, IDFC First Bank, Faircent, Pahal Finance, Fibe, Tata Capital, Kotak Mahindra Bank, Axis Finance, FTCash, and Central Bank of India, are expected to join the network soon.

Simplifying the Borrowing Experience

According to ONDC’s Managing Director and CEO, T. Koshy, this new service simplifies the borrowing process by integrating various digital systems into a single platform. This integration not only reduces operational costs for lenders and borrowers but also enhances financial inclusion, making credit accessible even in remote and underserved areas.

Key Features of the Loan Process

The ONDC network has streamlined the loan process with the following public services:

• Account Aggregator for data collection
• Digilocker or Aadhaar for Know Your Customer (KYC) verification
• eNACH or eMandate for loan repayment
• Aadhaar eSign for signing loan agreements

How to get Loan

Open Network for Digital Commerce (ONDC) is a government-backed platform that offers paperless, digital loans in six minutes. ONDC’s loans are available through its buyer apps and can be used to purchase products and services like travel tickets, delivery services, and more. You can use any ONDC app to avail loan facilities.

Future Plans

Following the launch of these loans, ONDC is planning to introduce GST invoice financing loans by the end of September 2024. The network has been working on expanding its financial services since September of the previous year. Upcoming services include unsecured GST-based invoice loans, purchase finance, and working capital lines. Additionally, ONDC is looking to roll out online insurance options, including health, marine, motor, and life insurance.

In a recent update, ONDC’s Chief Business Officer, Shireesh Joshi, mentioned that the network has completed its test phase and is now ready to onboard more credit providers. He noted that ONDC is targeting a specific base number of providers before making the service available to the wider public.

Performance and Reach

In July, ONDC achieved over 12 million monthly transactions in e-commerce. Of these, approximately 4.4 million were related to mobility, while the remaining 7.6 million were from other domains. The network is currently operational in over 611 cities and has 111 network participants.

Job Crisis: 2.43 lakh job cuts by companies in 2023-24,

Despite strong profits, large and medium-sized companies listed on the stock market have been cautious in their hiring practices. Out of 6,000 listed companies, data from 1,196 shows that only 90,800 people were employed in 2023-24. This is a significant drop from the 3.34 lakh people hired in 2022-23, marking a decrease of 2.43 lakh jobs in one year.

According to a report by Bank of Baroda, hiring saw a 1.5% increase in 2023-24, compared to a 5.7% increase in 2022-23. These figures represent employees on company payrolls and do not include daily wage or contract workers.

The report highlights that out of the 1,196 companies, 700 increased their workforce, 375 reduced it, and 121 made no changes. The year 2022-23 was the first financial year post-COVID, with a surge in business activities leading to extensive hiring. However, business activities did not maintain the same pace in 2023-24, which impacted hiring.The data shows that the IT sector leads in employment, accounting for approximately 25% of the total workforce, followed by banking at 22%. Together, these two sectors employ 47% of the total workforce, with finance, healthcare, and automotive sectors coming next.

Stability was observed in media and entertainment, automotive, consumer durables, insurance, healthcare, crude, and chemicals sectors. In contrast, layoffs were reported in agriculture, IT, energy, textiles, logistics, and hospitality sectors.

Online retailers have created 15.8 million jobs in the country, with 3.5 million going to women. Approximately 1.76 million retail enterprises are engaged in e-commerce activities.

A report titled “Assessment of the Net Impact of E-commerce on Employment and Consumer Welfare in India” by the Delhi-based Policy Research Institute of the India Foundation (PIF) states that e-commerce is a leading sector for employment in India.

Compared to offline retailers, online sellers employ 54% more people and employ nearly twice as many women. The report, released by Commerce and Industry Minister Piyush Goyal, reveals that each e-commerce seller provides jobs to an average of about 9 people, including 2 women. In contrast, offline sellers employ 6 people, including only 1 woman.

Consumers in smaller cities are more likely to shop online compared to those in larger cities, spending an average of over 5,000 rupees each month.

Female Constable Refuses Night Bank Duty, Creates Chaos at Police Station

Gonda: The Katra Bazar police station is once again in the spotlight, this time due to a viral  video showing a female constable creating a commotion. The incident occurred when the constable, upset about being assigned night bank duty, refused to perform her duties within the station premises, alleging that the assignments were being made arbitrarily.

The incident took place after 7 PM last Tuesday. The constable, who resides in a rented house in the town, was stressed about her night duty. She was seen crying and threatening to take her own life, claiming that she was being harassed with such duty assignments. Upon learning about the situation, fellow officers arrived at the scene, escorted her into a police vehicle, and brought her back to the station.

At the station, Circle Officer (CO) Nitya Goswami and Station House Officer (SHO) Sanjay Gupta tried to calm her down, but she continued to express her displeasure over the way duties were being assigned. The SHO stated that she had been assigned bank duty, but she did not report for it, leading to the commotion. The incident is currently under investigation, and the CO has been informed

Customer attacks Bank of India Employees with rod, Staff had gone for Loan recovery

 

Samastipur: In a recent incident at Harpur Eloth village, located in the Musarigharari police station area of Samastipur, employees of the Bank of India faced a shocking situation. On Tuesday, when the bank’s staff went to recover an overdue loan amount, they were attacked by a hardware businessman with a rod.

The incident left bank employee Sanjeet Kumar Pandit seriously injured. He is working in Bank on contract basis. During the altercation, branch manager Amarjeet Kumar, who was accompanying Sanjeet, also sustained injuries while trying to intervene. Both the injured employees were rushed to Sadar Hospital for immediate medical attention.

Amarjeet Kumar, the branch manager of the Bank of India’s Harpur Eloth branch, shared details about the incident. He explained that the hardware businessman, Ramji Kumar, holds a current account with their branch, which has been overdue for quite some time. To resolve the overdue payment issue, Amarjeet and Sanjeet visited Ramji Kumar’s shop on Tuesday evening.

While discussing the repayment, the situation quickly escalated. Without warning, Ramji Kumar attacked Sanjeet Kumar with a rod, resulting in a severe injury to Sanjeet’s left hand, including a broken bone. The incident drew the attention of nearby residents who intervened and helped defuse the situation.

Following the attack, the Sadar hospital administration promptly informed the city police about the incident. The police recorded the statement of the injured bank employee, Sanjeet Kumar, in which Ramjivan Kumar, the hardware businessman, was identified as the attacker. The case is now under investigation as the police take the necessary steps to address the incident.

Govt extends tenure of ED of these 3 PSU Banks

 

IDBI Bank Robbery: Over Rs.19 Lakh Stolen, Security Guard Detained

Bihar: Dr. Kumar Ashish, the Superintendent of Police for Saran, reported that the preliminary information indicates a theft amounting to over ₹19 lakh in IDBI Bank. The police have taken the bank’s security guard into custody based on suspicion. The robbery was carried out by three criminals.

The incident occurred at the IDBI Bank located in Gola Bazaar, Sonpur police station area in Saran district. A total of more than ₹19 lakh was stolen, including ₹17.25 lakh from the cash counter and ₹2.5 lakh from a customer. The police have detained the bank’s security guard on suspicion and have launched a search operation in the area, including a blockade. They are also using technical resources to aid the investigation. Police officers are on-site, thoroughly investigating the case.

Dr. Ashish further explained that the police are examining CCTV footage from the bank and the surrounding areas. Senior police officials have arrived at the scene and are actively involved in the investigation.

Bankers are least corrupt in India

FIR filed against the person who slapped Bank of Maharashtra Manager

FIR has been lodged against Mr. Mayor Borde, claiming to be a leader of the Swabhimani Shetkari Sanghatna from Sandile, Tq. Jafrabad, Dist. Jalna. He assaulted the Branch Manager of Bank of Maharashtra, Warod Budruk Branch, Tq. Jafrabad, Dist. Jalna.

https://twitter.com/i/status/1823378342219022534

Indian Banking Sector Faces Mass Resignations due to high stress

In a surprising development, India’s banking sector is witnessing a significant wave of resignations, with thousands of bankers leaving their positions across various institutions. This notable trend has become increasingly apparent over the past few months, indicating a substantial shift in the industry’s workforce dynamics.

Reasons Behind the Resignations

Experts have identified several factors contributing to this surge in resignations. Key reasons include heightened work pressure, the availability of better opportunities in other sectors, and a growing desire among employees for a healthier work-life balance. The banking industry, traditionally known for its demanding environment and long working hours, has seen a marked increase in stress levels, prompting many employees to seek less stressful career paths.

Impact of Fintech and Digitalization

The rapid growth of the fintech sector and the ongoing digitalization of financial services have introduced new opportunities for banking professionals. Many former bankers are now transitioning to roles within financial technology firms, which typically offer more flexible work environments and a focus on innovation. This shift reflects the broader changes in the financial services landscape and highlights the evolving preferences of banking professionals.

Challenges Faced by Banks

This mass exodus is not without its challenges for the banking sector. Banks are now dealing with talent shortages and rising recruitment costs. The departure of experienced employees has sparked discussions among industry leaders and policymakers about the necessity for reform in working conditions and career advancement opportunities within the banking sector.

Navigating the Change

As the Indian banking industry adjusts to this period of transformation, it faces the dual challenge of retaining its current talent while also attracting new professionals who can thrive in the changing financial services environment. Addressing these challenges will be crucial for the industry’s future stability and growth.

Bank Privatization Update: Banking Laws Bill Amended, Check what happened

On August 9, 2024, the government took a significant step towards banking sector reform by introducing the Banking Law Amendment Bill in the Lok Sabha. A lot of people are curious to know about the bank privatization – did the government introduce anything about privatization?

The Banking Laws (Amendment) Bill, 2024, is now in the hands of the Parliamentary Standing Committee, according to PRS Legislative Research. This bill, introduced in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary, is set to bring several important changes to the banking sector. Let’s break down what this bill means and what you need to know.

Key Changes Proposed by the Bill

1. More Nominees for Your Bank Account:
   One of the main highlights of this bill is the proposal to allow up to four nominees per bank account, up from the current limit of one. This change aims to give customers more flexibility in choosing who can inherit their bank accounts in case something happens to them.
2. Redefining ‘Substantial Interest’:
   The bill also suggests updating the definition of ‘substantial interest’ for individuals holding directorships in banks. The current limit of ₹5 lakh has been in place for nearly 60 years. The new proposal would increase this limit to ₹2 crore, reflecting changes in the financial landscape and making it more relevant to today’s standards.
3. Banking on Auditor Freedom:
   Banks will get more leeway in deciding how much they pay their statutory auditors. This change is meant to give banks the flexibility to negotiate auditor fees more freely, which could help streamline operations and potentially reduce costs.
4. Changing Reporting Dates:
   The bill proposes altering the reporting dates for banks to the 15th and the last day of each month. This is a shift from the current schedule of the second and fourth Fridays of the month. The new dates are intended to simplify compliance and reporting processes for banks.

CBI Arrests Prathama UP Gramin Bank Manager for Accepting Bribe

The Central Bureau of Investigation (CBI) team has arrested the branch manager of Prathama UP Gramin Bank while he was accepting a bribe of ₹30,000. The accused branch manager had demanded ₹60,000 as a bribe for approving a loan file from the Khadi Gram Udyog.

Sachin, a resident of Kotkadar village in the Nagina Dehat police station area, reported that he had applied for a loan to set up a flour mill under the Khadi Gram Udyog scheme. The application was approved, and a file for a loan of ₹6 lakh was sent to the Prathama UP Gramin Bank branch in Kotkadar. In return, the bank branch manager, Priyanshu Tyagi, demanded ₹60,000 as a bribe, which amounted to 10% of the loan. He threatened to reject the file if the bribe was not paid. After two months, the file was sent back to the bank, but the manager still refused to process it without the bribe.

Sachin contacted the CBI in Ghaziabad. On Thursday, the CBI team arrived in Kotkadar and, as planned, Sachin went to give ₹30,000 to the bank manager. The ₹30,000 was meant to be paid after the file was approved. Sachin alleged that the manager instructed him to give the money to the peon, Madan, outside. Sachin complied, and the CBI team caught Madan accepting the bribe. Madan was then taken to the branch manager, and upon confirmation, the CBI team arrested the branch manage

Check Salary of MD & CEO of SBI, PNB and other Government Banks in 2024

ver wondered how much the top executives at major government banks make? In 2024, the salaries of leaders like the Managing Directors (MDs) and Chief Executive Officers (CEOs) of big banks such as the State Bank of India (SBI) and Punjab National Bank (PNB) are a hot topic. These figures give us an idea of their responsibilities and the current state of the banking world. In this article, we’ll break down the latest salary information for these top positions, making it easy to understand how much they earn and what it means for the banking industry today. Let’s have a look at the salary of MD & CEO of major public sector banks (PSU Banks). Click here to join our whatsapp channel to get news updates about banking industry.

Bank	Salary (Rs.)
Bank of Maharashtra	74,00,000
Indian Bank	47,53,000
Central Bank of India	44,46,000
Bank of Baroda	44,38,137
Canara Bank	42,23,971.58
Indian Overseas Bank	40,80,132
Union Bank of India	40,00,000
State Bank of India	39,42,000
Punjab National Bank	39,31,488
Bank of India

Punjab National Bank Chief Manager passed away in Hotel, Investigation starts

 Panipat: Punjab National Bank officials Kamal Girdhar and Subhash recently reported the untimely death of Rakesh Kumar, who served as the Chief Manager at the CBP branch. This branch is situated behind the Hive Hotel in Panipat.

Discovery and Identification

Rakesh Kumar’s body was found in a private hotel above the NK Tower Guest House on GT Road in Panipat. The 45-year-old was originally from Rudrapur, Uttarakhand. He had dedicated 20 years to Punjab National Bank and had been stationed at the CBP branch in Panipat for the past 4 years.

Immediate Response and Family Arrangements

Upon discovering the body, the police arrived promptly. After conducting a post-mortem, they handed over Rakesh’s body to his family. The family is now taking him back to their ancestral home in Rudrapur for the last rites, which they plan to perform at their village’s crematorium. In a compassionate gesture, the Punjab National Bank Employees’ Union provided ₹20,000 to the bereaved family to assist with funeral expenses.

Circumstances of the Incident

According to officials Kamal Girdhar and Subhash, Rakesh’s health suddenly deteriorated around 9:00 PM on Friday night. Hotel staff immediately informed his family, but unfortunately, he had passed away by the time they arrived. The police were then notified, and they transferred the body to the mortuary at the District Civil Hospital.

Ongoing Investigation

The police conducted a post-mortem on Saturday morning before returning the body to the family. They are currently investigating the circumstances surrounding Rakesh’s sudden illness and death. Further details will be shared as the investigation progresses.

Final Thoughts

The sudden loss of Rakesh Kumar has left a void in the Punjab National Bank community. His dedication and service will be remembered by his colleagues and the community he served.

India should privatize PSU Banks to increase economic growth

India needs to prioritize the privatisation of banks and public sector enterprises as a key reform to drive higher economic growth. This was emphasized by Arvind Panagariya, chairman of the sixteenth finance commission, during a FICCI event on August 7.

Need for Bank Privatisation

Panagariya stressed that the primary reform needed is the privatisation of banks. He highlighted the history of non-performing assets (NPAs) in the country, which have necessitated bank recapitalisation efforts. According to Panagariya, India has gone through two cycles of NPA cleanup, and the government needs to break free from this repetitive cycle.

Economic Activity in Public Sector

On the topic of economic activity, Panagariya pointed out that it remains heavily concentrated in the public sector, where capital is not being utilized efficiently. He underscored the necessity for the government to divest from these sectors to enhance economic efficiency.

Ineffective Use of Labour

Panagariya also highlighted that India is not using its most abundant resource—labour—effectively. He remarked, “India’s abundant factor was labour, but we focused on heavy industries and machinery. We don’t use our labour effectively at all.” He called for comprehensive factor market reforms to address this issue.

Challenges of Land Reforms

Addressing land reforms, Panagariya noted that they are the most challenging to implement. Despite this difficulty, he implied that land reforms are crucial for holistic economic reform.

Vision for India@100

Panagariya’s remarks were made at the book launch of IMF executive director KV Subramanian’s book, India@100. The book outlines a vision for India to become a $52 trillion economy by 2047.

Growth Targets for $52 Trillion Economy

Subramanian, a former chief economic advisor of India, stated that for India to achieve this vision, it needs to grow at an annual rate of 8 percent, and 12-12.5 percent in nominal terms. This ambitious growth rate is essential for transforming India into a $52 trillion economy by the centenary of its independence.

MTNL Defaults on Bank Loan Payments, Check Bank Wise Amount

State-owned telecom company MTNL has missed loan payments totaling Rs 422.05 crore, according to a recent regulatory filing. This default includes Rs 328.75 crore for principal repayments and Rs 93.3 crore in interest for the months of June and July.

Here’s a breakdown of the defaulted payments:

• Union Bank of India: Rs 155.76 crore
• State Bank of India: Rs 140.37 crore
• Bank of India: Rs 40.33 crore
• Punjab & Sind Bank: Rs 40.01 crore
• Punjab National Bank: Rs 41.54 crore
• UCO Bank: Rs 4.04 crore

MTNL had previously borrowed Rs 5,573.52 crore from these banks. Overall, the company has a staggering Rs 7,873.52 crore in borrowings from various banks and financial institutions, and its total debt stands at Rs 31,944.51 crore.

To address its financial troubles, MTNL has requested Rs 1,151.65 crore from the government to cover interest payments on sovereign guarantee bonds for this fiscal year. Additionally, the government has proposed allocating Rs 3,668.97 crore in the budget to repay the principal amount of MTNL’s bonds.

This situation highlights MTNL’s ongoing financial struggles and the significant steps being taken to manage its debt and obligations.