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After amalgamation of PNB, OBC, will have a new name and logo and Punjab National Bank will be the anchor b

Amalgamated entity of 3 PSBs to retain sovereign status: UBI chief

Press Trust of India | Kolkata | Last Updated at December 07 2019 22:51 IST

Alleging that some private banks were trying to mislead a section of depositors of the three state-run banks which will be merged into an entity by telling them to shift their deposits, a top UBI official on Saturday said that the proposed amalgamated lender will retain the "sovereign status".

In the biggest consolidation exercise in the banking space, the Centre had announced that the United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).

Speaking to reporters here, United Bank of India MD and CEO Ashok Kr Pradhan said that the "sovereign status of the amalgamated entity will not be diluted as government holdings in these banks are very high".

The merger of the three PSBs is scheduled to come into force from April 1 next year.

"There are some vested interests. Particularly, some private banks have been spreading rumours by posting their agents in front of some branches and telling the depositors to shift their deposits as these (public sector) banks will be closed down", Pradhan alleged.

He also said some groups have been trying to launch a "misinformation campaign to scare the depositors" so that they shift their deposits elsewhere.

"There is no cause for worry and money with our banks is fully safe and secured," he said.
Regarding the progress of the amalgamation process, he said it is "going on smoothly" and 34-odd committees, formed by the three banks, would submit their reports by the end of December.

The amalgamated lender will have a new name and logo and Punjab National Bank will be the anchor bank, he said.

Corp Bank trade unions fear closure of branches post-merger

United Forum of Corporation Bank Unions (UFCBU) has expressed concern that the proposed merger of Corporation Bank and Andhra Bank with Union Bank of India will lead to the closure of many branches of Corporation Bank in some states.

Addressing presspersons in Mangaluru on Friday, Satish Shetty, General Secretary of Corporation Bank Officers’ Organisation (CBOO) and office-bearer of UFCBU, said Union Bank of India has more than 900 branches in Uttar Pradesh and Corporation Bank has around 350 branches in that state. Considering the concentration of Union Bank of India in U.P , many of the branches of Corporation Bank are likely to face closure in that state, he said.

Similarly, Andhra Bank has around 2,000 branches and Corporation Bank around 450 branches in Telangana and Andhra Pradesh states. The proposed merger may lead to the closure of many branches of Corporation Bank in these two states also, he said.

Such closure of branches will not help the existing customers of the bank in those branches. Quoting the examples of the merger of associate banks of State Bank of India (SBI) with it, and the merger of Vijaya Bank and Dena Bank with Bank of Baroda, he said many of the customers of these banks, especially senior citizens, are facing problems because of the closure of the branches in their vicinity.

Referring to the government programmes such as Pradhan Mantri Jan Dhan Yojna and farm insurance scheme, he said the government could implement these schemes because of the wide network of branches of public sector banks across the country. The closure of branches post-merger may not yield the desired results in the implementation of various government schemes, he said.

Though the country had around 8,000 branches of various banks prior to their nationalisation, the number crossed 30,000 barely 10 years after that. Such an expansion of branch network helped take the banking services to vast majority of people in the country, he said.


Vincent D’Souza, Convenor of UFCBU, said that all the trade unions of Corporation Bank will stage a day-long protest under the banner of UFCBU in front of the head office of Corporation Bank in Mangaluru on Saturday. Various noted personalities from coastal Karnataka will lend their support by participating in the day-long protest, he said.

Wage revesion talk as 5th December 2019

Harassment of Dena Bank and Vijaya Bank Staff*by BOB Management

*Harassment of Dena Bank and Vijaya Bank Staff*

It has come to the notice that *Bank of Baroda management is harassing Dena Bank Staff* in all the possible ways. . *False allegations/  explanations, charge sheets are a common practice.*                                                       Humiliating attitude of Higher Ups has started taking its toll.                                  Due to harsh attitude may officers including scale 1 to 5   has already submitted there papers, Now,  BOB management has start issuing Show cause  to DGM level officers.
*We need to protest and support the DENA BANK STAFF, OTHERWISE WE WILL ALSO BE TREATED IN SAME WAY.                                          SPREAD THIS PROTEST MESSAGE TO ALL OF YOUR BANKER CONTACT AND GROUP.*🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻

BRIEF HISTORY OF BPS to UNDERSTAND for your pension

Forwarded Message Pension issues
......
Dear Retirees  friends,. 

BRIEF HISTORY OF BPS to UNDERSTAND THE FACTS

7th BPS
In 7th BPS for the period 01.11.1997 to 31.10.2002,

(a) the DA upto 1664 points was merged with the Basic Pay
(b) But for the purpose of payment of pension, merger upto 1616 point was
considered,which resulted in lower basic for the purpose of pension calculation.
The pension of the employees retired from 01.11.1997 till the date of settlement
(11.03.1999) was reduced from 50% to 41% due to above illegal settlement.

All the employees who retired during 01.11.1997 till the date of settlement
 were paid the revised pension from the date of settlement. ie 2000
They were denied the arrears of revised pension. They were forced to give
undertaking that revised pension will be paid if they agree not to claim the
arrears of pension and revised commutation.

8th BPS
The 8th BPS for the period 01.11.2002 to 31.10.2007
 8th BPS was signed in 02.06.2005.
The employees retired during 01.11. 2002 til the date of signing of
settlement ( i.e. upto July 2005) were denied the arrears of pension and
commutation as happened in 7th BPS.

 7th 8th & 9th BPS
UFBU agreed to share the incremental cost of pension since
7th BPS    total  16.5%   ( 8.25% from employees + 8.25% from  Management)
8th BPS    Total  18.5%   ( 9.25% from employees + 9.25% from Management )
9th BPS    Total   26%     ( 13% from  employees  + 13%  From Management  )

DO YOU KNOW THAT THIS INCREMENTAL COST WAS RECOVERED FROM THE EMPLOYEES AND SAME AMOUNT FROM THE MANAGEMENT BUT MANAGEMENT SHARE HAS NOT BEEN DEPOSITED IN THE PENSION FUND TRUST.

The Some Bank management stopped depositing 10% of basic pay
each month in the pension fund as per pension regulation. They are
manipulating the Actuarial valuation report and accordingly depositing there
share (lower amount) on quarterly/ half yearly/ yearly basis.

It is  the responsibility of the Unions to ensure that the incremental cost of
pension, so agreed, has been deposited in the pension fund, but leaders are not
 interested to care the retirees FUND

The Bank not deposited 10% statutory contribution every month as on 31.03.2010.  As per annual report from the website.
In fact Bank withdrew Rs 57 cr from pension fund to boost the profit to 3058 crore in March 2010.
The bank has deposited employer contribution to pension
 Rs 472  crore during 2008-09
 Rs 365  crore during 2007-08 
 Rs  NIL           during 2009-10
 How the employer contribution can be Nil during 2009-10.?

 The list of PSB not deposited the statutory share in pension fund is very long which includes SBI + Groups and  PSB, United Bank, UCO Bank, Central Bank Union Bank. Central..................

 It is diversion / loot of employees retirement funds to boost the profits.  The amount involved is more than one lac crores which has been laundered since 01.11.1997.

 RBI allow amortization of pension cost/fund  to boost the banks profit and used 19611.57 coroe from the banks pension fund and returned in 5 Installments.
Why the banks have not deposited this 19611.57 cr in one installment.
Is it not a loss to the pension fund?.
The 9% average return on pension cost of Rs 19611.57 will add to pension kitty
by 1765.04 cr per year.). Loss of interest of Rs 1765.04 cr to
pension fund is equal to 40% of wage rise offered .

***The interest loss to the Pension Funds for retirees due to the amortisation of Pension cost of banks over 5 years in the IXth BPS, high loss of interest to pension fund.
It is an act of --misappropriation of pension funds at the corporate level .***
Other words we can say Maha LOOT on Pension Fund.

10th BPS
10th settlement signed with IBA, UFBU has agreed that DA upto 4440 index
point i.e.60.15% will be merged and Basic plus 60.15% plus 2% amouting Rs
597 cr will be used to construct the scale, meaning thereby 102% of Basic plus
60.15% DA will be new basic.( 102% of old Basic + 60.15% of DA )

The remaining 13% they utilized as grade pay / spl.pay.
The grade pay /spl.pay ie near about 13% NOT COUNTED or ADD FOR THE PENSION PURPOSE,
GREAT GREAT 13%  LOSS TO THE PENSIONER WHO RETIRED ON OR AFTER 01-11-2012 .

Friends,  In Banking GM becomes ED, he is no longer a bank employees
but a Govt. nominee on the Board.    He is not governed by Bank employees
Pension Regulation. In fact he has to resign but his resignation is treated as
retirement and his retirement dues are paid. He is entitled to gratuity/ pension
leave encashment PF and other retirement benefits.
GM becoming ED is entitled for pension on his resignation but normal
employees resigning after -20- years is denied the pension.
So ED gets salary fixed by Govt. plus monthly pension.
Do you know that now ED/ CMD are getting -2- pensions. One pension from
parent Bank from where he was GM and 2nd pension of Chairman/ Executive
Director from the Bank he retired as CMD/ED.
Your pension fund is paying pension of ED/CMD and he has never contributed
incremental cost or 10% to the fund.

Dear Friends as you know that neither the bank Managements represented by the IBA  nor the unions represented by UFBU have been serious to resolve our burning issues despite our hue and cry through various forums.  In fact, they both have gone to the extent of saying that – we the retires cease to have any relationship with the employers and have no contractual obligations whatsoever and refused to have any dialogue with the organisations representing us for the redress of our legitimate grievances stated supra, vide their “Record Note” dated 25th May, 2015, which reminds us of the historical “Magnacarta” signed  by themselves , to leave our fates to destiny forever.

DEAR FRIENDS,
All above are facts based on past experience, the IBA and UFBU may cheat again so be careful and watchful. We think and feel that we are required to give a BIG BIG serious thought .
All above are for your information and knowledge under our knowledge sharing prog. 2018
JAGO FRIENDS  &
 अपने अपने नेताओं को भी जगायो ताकि 11 BPS मे आप सब के साथ धोखा न हो.
Thanks for sparing few moments for this.

Patanjali said it got loans of ₹1,200 cr from SBI,₹700 cr from PNB, ₹600 cr from Union Bank of India, ₹400 cr from Syndicate Bank and ₹300 cr from Allahabad Bank to buy RUCHI SOYA

Patanjali secures ₹3,200 crore loan from banks to buy 

• Patanjali said it got loans of ₹1,200 cr from SBI,₹700 cr from PNB, ₹600 cr from Union Bank of India, ₹400 cr from Syndicate Bank and ₹300 cr from Allahabad Bank
• Ruchi Soya went into the insolvency in December 2017: Baba Ramdev-led Patanjali Ayurved on Friday said it has already tied up loan worth₹3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.

In September, the National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya.

"The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement.

Patanjali also said it has got loans of ₹1,200 crore from SBI, ₹700 crore from Punjab National Bank, ₹600 crore from Union Bank of India, ₹400 crore from Syndicate Bank and₹300 crore from Allahabad Bank.

Ruchi Soya went into the insolvency in December 2017.

NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later, Singapore-based DBS Bank became dissenting creditor and approached the National Company Law Appellate Tribunal challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.

Ruchi Soya told the NCLT that resolution applicant Patanjali group will infuse ₹204.75 crore as equity and ₹3,233.36 crore as debt.

The amounts will be infused into a special purpose vehicle (SPV), Patanjali Consortium Adhigrahan Pvt Ltd, which will be later amalgamated with Ruchi Soya.

Another ₹900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly ₹12 crore.

On April 30 this year, a committee of creditors had approved Patanjali group's ₹4,350 crore resolution plan to take over Ruchi Soya. Lenders will have to take a haircut of around 60 per cent.

Shailendra Ajmera of EY was appointed as resolution professional to manage the company's affairs and conduct insolvency proceedings. PTI KRH MJH HRS