RBI: All Agency Banks must remain available to the public on 31 March 2019 (Sunday)

RBI: All Agency Banks must remain available to the public on 31 March 2019 (Sunday)

RESERVE BANK OF INDIA

RBI/2018-19/150
DBR.No.Leg.BC.30/09.07.005/2018-19

March 26, 2019

All Agency Banks
Dear Sir/ Madam
All Agency Banks to remain open for public on March 31, 2019 (Sunday)

The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and payment transactions. Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2019 (Sunday).

Banks shall give due publicity about availability of above banking services on this day.

Yours faithfully
(Saurav Sinha)
Chief General Manager-in-Charge

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Dearness Allowance @ 61.10% for February, March & April 2019 i.r.o. Workmen and Officer Employees in banks

Dearness Allowance @ 61.10% for February, March & April 2019 i.r.o. Workmen and Officer Employees in banks
Indian Banks' Association

HR & Industrial Relations

No.CIR/HR&IR/76/D/2018-19/6764
February 1, 2019
All Members of the Association
(Designated Officers)

Dear Sirs,
Dearness Allowance for Workmen and Officer Employees in banks for the months of February, March & April 2019 under X BPS/ Joint Note dated 25.5.2015

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960-100) for the quarter ended December 2018 are as follows:-

• October 2018 - 6893.42
• November 2018 - 6893.42
• December 2018 - 6870.60

The average CPI of the above is 6885 and accordingly the number of DA slabs are 611 (6885-4440= 2445/4= 611 Slabs) The last quarterly Payment of DA was at 607 Slabs. Hence there is a increase in DA slabs of 4, i.e 611 Slabs for payment of DA for the quarter February, March & April 2019
In terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the months of February, March & April 2019 shall be 61.10 % of 'pay'. While arriving at dearness allowance payable, decimals from third place may please be ignored.

Yours faithfully,

S K Kakkar
Senior Advisor (HR&IR)

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UFBU meeting All India Strike - Talks with IBA on wage revision - Offer increased to 8%

UFBU meeting All India Strike - Talks with IBA on wage revision - Offer increased to 8%

CIRCULAR NO. 31

Date: 30.11.2018

TO ALL AFFILIATES & MEMBERS
Dear Comrades,

• Talks with IBA on wage revision - Offer increased to 8%
• UFBU meeting - Call given for All India Strike on 26th 2018 against amalgamation of Bank of Baroda, Dena Bank and Vijaya Bank.

We reproduce hereunder the Circular No. UFBU/2018/20 Dated the 30th November 2018 issued by Com. Sanjeev K. Bandlish, Convenor, United Forum of Bank Unions (UFBU), for information of all affiliates and members.

With revolutionary greetings,
Yours sincerely,
(SANJEEV K. BANDLISH)
GENERAL SECRETARY

"After the last round of discussions held on 12-10-2018, there was another round of Bipartite Talks between IBA and UFBU today in Mumbai. IBA team was led by Shri Rajkiran Rai G. (MD & CEO of Union Bank of India) Chairman of the Negotiating Committee of IBA. UFBU was represented by leaders of all the nine constituent unions.

IBA's increased offer: Picking up the thread from the discussions of the last round of discussions wherein we had urged upon the IBA to improve their offer of 6% hike in the cost of pay slip components, IBA today revised their offer and increased their offer to 8% instead of 6% offered earlier. IBA also reiterated their formula of further wage increase based on their proposal linked to annual increase in Operating Profit and on Return on Assets of the Banks. While welcoming their improved offer, we stated that differential wage increase based profits of each Bank is not acceptable to us and that the wage revision in the Banks should be uniform as has been hitherto. We also further stated that their revised offer is far below our expectations. Hence, we urged upon the IBA to further revise their offer substantially to an acceptable level. We further stated that the issue of full mandate i.e. wage revision for Officers to cover all Officers upto Scale-VII should also be resolved. IBA expressed their limitations in this regard but we insisted them to find an amicable solution to this important issue.

We have requested the IBA to hold further discussions at the earliest and also hold Sub Committee meeting to sort out other remaining issues raised by us in the Charter of Demands. IBA agreed to this suggestion.

UFBU MEETING: Thereafter, meeting of the UFBU was held at AIBEA Office. While taking note of the improved offer of IBA, the meeting expressed its disappointment that the revised offer is totally inadequate to meet our expectations and further noted with concern the attitude of the IBA in not coming forward to resolve the mandate issue. The meeting decided to pursue these issues vigorously.

WE OPPOSE MERGER AND AMALGAMATION OF THE 3 BANKS - ALL INDIA STRIKE ON 26-12-2018: Regarding the proposed amalgamation of Bank of Baroda, Dena Bank and Vijaya Bank, the meeting noted that the Government and the concerned Banks were moving ahead with their decision and hence it was decided to give the call for observing All India Strike on 26th December, 2018.

Separate circular with other preparatory programmes will be issued shortly. We call upon all our constituent unions and members to start preparations for this strike action.

Comrades, we are passing through challenging times and hence our unity and united approach will be highly imperative to face these challenges and attacks."

NCBE Cir. 31

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11th Bipartite settlement next meeting date on 29th Sept 2018

11th Bipartite settlement next meeting date on 29th Sept 2018

Indian Banks' Associations(IBA)

HR & INDUSTRIAL RELATIONS
No.HR &IR/UFBU/XIBPS/5870

September 15, 2018

Shri Sanjay K LUANDA
Convenor
United Forum of Bank Unions (UFBU) &
General Secretary
National Confederation of Bank Employee,
C/o State Bank of India. LHO
Plot No 1, Sector-17A
Chandigarh-160 017

Dear Sir,
Wage Negotiation: Negotiating Committee Meeting with Unions/ Associations

It has been decided in consultation withthe Chairman, Negotiating Committee of IBA. to hold next meeting ofNegotiating Committee of IBA with the representatives of Constitute & Workmen Unions/ Officers' Associations on Saturday, 29th September 2018 at 10:00 am in the Committee Room of IBA, World Trade Centre,Cuffe Parade, Mumbai.

2. You are,therefore,requested to please convey suitably to the General Secretaries ofConstituent Workmen Unions/ Officers' Associations of UFBU to make itconvenient to attend the meeting by their authorized representative (a)as under:

Sr No.	Name of the Union/Association	No of Representative (s)
1.	All India Bank Employees' Association (AIBEA)	2
2.	National Confederation of Bank Employees (NCBE)	2
3.	Bank Employees' Federation of India (BEFI)	1
4.	Indian Nahanni Bank Employes' Federation (INBEF)	1
5.	National Organisation of Bank Workers (NOBW)	1
6.	All India Bank Officers' Confederation (AIBOC)	2
7.	All India Bank Officers' Association (AIBOA)	1
8.	Indian National Bank Officers' Congress (INBOC)	1
9.	National Organisationof Bank Officers (NOBO)	1

3. Kindly confirm participation with details of the participants.

Yours Faithfully,

Senior Advisor (IIR &IR)

Source : www.bipartitesettlement.com

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Banks will remain open and banking activity will continue unimpeded in the first week of September

Ministry of Finance
Banks will remain open and banking activity will continue unimpeded in the first week of September

Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September ; Monday, 3rd September is not a pan India holiday

ATMs in all States will be fully functional; Banks advised to ensure availability of sufficient cash for dispensation from ATMs

31 AUG 2018 

It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public.

It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September. Monday, 3rd September is not a pan India holiday and banks only in some States where a holiday is declared under the Negotiable Instruments Act, 1881 will remain closed.
Even on those days, ATMs in all States will be fully functional and there will be no impact on online banking transactions. Banks have been advised to ensure that sufficient cash is available for dispensation from ATMs. Banks will remain open on all other days.

PIB

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IBA : Medical Insurance Scheme - constitution of committee

IBA : Medical Insurance Scheme - constitution of committee

INDIAN BANKs' ASSOCIATION

HR & INDUSTRIAL RELATIONS

No.HR&IR/SKK/Medical Ins/2018-19/5041

May 8, 2018

Shri Sanjev K.Bandish,Convenor,UFBU
United Forum of Bank Unions,
C/o State Bank of India,LHO,Plot no.1, Sector -17A
Chandigarh - 1600017

Dear Sir,
Medical Insurance Scheme - constitution of committee

Please refer to our earlier communication in the subject matter and discussions held on 5th May,2018 with the Negotiating Committee. As desired , we place below the four suggested options:

i. Banks may go back to the earlier Hospitalization Expenses reimbursement Scheme as was in vogue till 9th Bi-partite settlement for employees and dependent family members.

ii. Directly deal with united India Insurance Co.Ltd or any other Insurance Company by calling quotes, without any interference from Broker.

iii. Advise banks to decide on the course of Medical Insurance Scheme on their own. Each Bank can negotiate with Insurance Companies to provide a Scheme tailor made to the requirement of the same.

iv. Continue with the process of appointing two or more brokers to help in assisting the IBA member banks to get a suitable Scheme prepared after getting the best quote as the nuances and fine print of the Insurance Policy and its features & interpretation will not be known to most employees & IBA in the absence of a broker.

2.In this context, as suggested by you, we would like to hold a meeting at our stadium House Office on 11.5.2018 at 11.00am to have fruitful deliberation for further course of action regarding Medical Insurance Scheme. You are therefore requested to kindly make it convenient to depute four representatives (two from officers Associations & two from Workmen Unions) to attend the meeting & share the views of the unions & Associations so that the matter may be concluded well in time before renewal.

3.A line of confirmation will be highly appreciated in this regard.

Yours faithfully,
S/d,
S K Kakkar,
senior Advisor (HR&IR)

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Statement on Developmental and Regulatory Policies - October 4, 2017- Banking Facility for Senior Citizens and Differently abled Persons

Banking Facility For Senior Citizen And Differently Abled Persons - RBI Notification

RESERVE BANK OF INDIA

RBI/2017-18/89
DBR.No.Leg.BC.96/09.07.005/2017-18

November 9, 2017

All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks

Dear Sir/ Madam
Statement on Developmental and Regulatory Policies - October 4, 2017- Banking Facility for Senior Citizens and Differently abled Persons

Please refer to Paragraph 8 of Statement on Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 as part of Fourth Bi-monthly Monetary Policy Statement 2017-18, a copy of which is enclosed. It has been observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. Notwithstanding the need to push digital transactions and use of ATMs, it is imperative to be sensitive to the requirements of senior citizens and differently abled persons.

2. In view of the above, banks are required to put in place appropriate mechanism with the following specific provisions for meeting the needs of such customers so that they are able to avail of the bank’s services without difficulty.

(a) Dedicated Counters/Preference to Senior Citizens, Differently abled persons Banks are advised to provide a clearly identifiable dedicated counter or a counter which provides priority to senior citizens and people who are differently abled including visually impaired persons.

(b) Ease of submitting Life Certificate
As per extant guidelines issued by Department of Government and Bank Accounts, in addition to the facility of Digital Life Certificate under "Jeevan Praman" Scheme (refer circular DGBA.GAD.H-2529/45.01.001/2014-15 dated December 9, 2014), pensioners can submit physical Life Certificate form at any branch of the pension paying bank. However, it is observed that often the same is not updated promptly by the receiving branch in the Core Banking Solution (CBS) system of the bank, resulting in avoidable hardship to the pensioners. It is, therefore, advised that banks shall ensure that when a Life Certificate is submitted in any branch, including a non-home branch, of the pension paying bank, the same is updated/ uploaded promptly in CBS by the receiving branch itself, to avoid any delay in credit of pension.

(c) Cheque Book Facility
(i) Banks shall issue cheque books to customers, whenever a request is received, through a requisition slip which is part of the cheque book issued earlier.
(ii) Banks are advised to provide minimum 25 cheque leaves every year, if requested, in savings bank account, free of charge.
(iii) Banks shall not insist on physical presence of any customer including senior citizens and differently abled persons for getting cheque books.
(iv) Banks may also issue cheque books, on requisition, by any other mode as per bank’s laid down policy.

It is further clarified that providing such facility in BSBDA will not render the account to be classified as non-BSBDA (c.f. Bank’s response to query number 14 and 24 of our circular "DBOD.No. Leg. BC.52/09.07.005/2013-14 dated September 11, 2013 on Financial Inclusion - Access to Banking Services - BSBDA - FAQs").

(d) Automatic conversion of status of accounts
Presently, in some banks, even fully KYC - compliant accounts are not automatically converted into ‘Senior Citizen Accounts’ on the basis of date of birth maintained in the bank’s records. Banks are advised that a fully KYC compliant account should automatically be converted into a ‘Senior Citizen Account’ based on the date of birth available in bank’s records.

(e) Additional Facilities to visually impaired customers
Banks are advised that the facilities provided to sick/old/incapacitated persons vide Paragraph 9 of our Master Circular DBR.No.Leg.BC.21/09.07.006/2015-16 dated July 1, 2015 on Customer Service in Banks (regarding operations of accounts through identification of thumb/toe impression/mark by two independent witnesses and authorising a person who would withdraw the amount on behalf of such customers) shall also be extended to the visually impaired customers.

(f) Ease of filing Form 15G/H
Banks are advised to provide senior citizens and differently abled persons Form 15G/H once in a year (preferably in April) to enable them to submit the same, where applicable, within the stipulated time.

(g) Door Step Banking

We have issued instructions on Doorstep Banking vide circular DBOD.No.BL.BC.59/22.01.010/2006-2007 dated February 21, 2007 under Section 23 of Banking Regulation Act, 1949. However, in view of the difficulties faced by senior citizens of more than 70 years of age and differently abled or infirm persons (having medically certified chronic illness or disability) including those who are visually impaired, banks are advised to make concerted effort to provide basic banking facilities, such as pick up of cash and instruments against receipt, delivery of cash against withdrawal from account, delivery of demand drafts, submission of Know Your Customer (KYC) documents and Life certificate at the premises/ residence of such customers.

3. Banks are advised to implement these instructions by December 31, 2017 in letter and spirit and give due publicity in their bank branches and website.

Yours faithfully
(Saurav Sinha)
Chief General Manager

Source : RBI

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Interest rate on the long term saving deposits in post offices

Interest rate on the long term saving deposits in post offices

Interest rates on bank deposits are not uniform and vary from bank to bank. Hence, a one-on-one comparison of interest rates may not be possible.

The interest rates on term deposits are deregulated and they are determined by the banks themselves as per their Board approved policies. In contrast interest rates on Small Savings Schemes are administered interest rates linked to G-Sec rate of comparable maturity.

The percentage of savings in the savings schemes in Post Office as on 31.03.2016 is 14.84% of the deposits in the savings schemes of PSBs.

The Government has taken various steps to popularise all the existing schemes by carrying out publicity through print and electronic/Audio Visual media on an all India basis. Jan Dhan Yojana is a scheme of the Government to encourage deposits in banks and promote savings.

This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

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Indelible Ink Mark to avoid multiple transactions : Not applicable for withdrawal or deposit

Indelible Ink Mark to avoid multiple transactions : Not applicable for withdrawal or deposit

Indelible Ink Mark to avoid multiple transactions

The Central Government has announced that banks will mark with indelible ink the fingers of people exchanging old currency at bank counters to stop them from coming back repeatedly and avoid multiple transactions.

The drawing limits against Bank Accounts and from ATMs and over the cash disbursement have also been increased. It was noted that one of the primary reasons for long queues was that the same persons were visiting Bank branches, ATMs etc. repeatedly. It was also noted that certain unscrupulous elements are using the services of poor and innocent people to convert their black money into white. 

To prevent such misuse of the facility and enable larger number of persons to draw cash, indelible ink used during elections shall be used for over the counter exchange against old Rs.500/- and Rs.1000/- notes. This is not applicable in the case of withdrawal from or deposit into accounts.
Cash disbursement points, especially Bank branches will be advised to put-up notices outside their branches advising people to avoid exchange of old notes over the counter multiple times. 

Parking Charges at Airports suspended till 21.11.16

The Ministry of Civil Aviation has decided to suspend the collection of parking charges at all airports till midnight of 21 November 2016. This has been done in order to facilitate the smooth movement of passengers.

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2nd and 4th Saturday as Holidays in Banks w.e.f. 1st Sep, 2015: DFS Notification

Wage Negotiation between IBA Workmen Unions and Officers’ Association - 10th BPS - 2nd and 4th Saturday as Holidays, DFS Order and Notification

F.No.4/117/2015-IR
Government of India
Ministry of Finance
Department of Financial Services

Jeevan Deep, IIIrd Floor,
Parliament Street. New Delhi
Dated the August 20. 2015

To
1. Dy. Governor,
Reserve Bank of India.
Central Office,
Mumbai.
2. Chief Executive,
Indian Banks’ Association,
Mumbai.

Subject: Wage Negotiation between IBA Workmen Unions and Officers’ Association - 10th BPS - 2nd and 4th Saturday as Holidays

Sir,

I am directed to refer to IBA’s letter No. HR&IR/XBPS/3/975 dated 25th June, 2015 and RBI's letter No.DBR(Leg.)No.953/09.04.022/2015-16 dated 15.7.2015 on the subject cited above and to enclose herewith a copy of the Notification(in English and in Hindi) regarding declaring every second and fourth Saturday of every month as public holiday for banks in India with effect from 1st September, 2015.

2. RBI and IBA are requested to take necessary action accordingly.

3. This issues with the approval of Competent Authority.

Yours faithfully.

Encl. As above

(Manish Kumar)
Under Secretary to the Government of India

To be published in the Gazette of India, Extra ordinary, Part II, Section 3, Sub-section (II)

MINISTRY OF FINANCE
(DEPARTMENT OF FINANCIAL SERVICES)

NOTIFICATION

NEW DELHI, THE 20 AUGUST ,. 2015

S.0. - (E) In exercise of the powers conferred by section 25 of the Negotiable Instruments Act, 1881 (26 of 1881), the Central Government hereby declares the second and the fourth Saturday of every month as publlc holiday for banks In India, whether or not such banks are Included In the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), with effect from the 1st day September, 2015.

(F. No. 4/1/712015-IR]

 

sd/-
(Mohammad Mustafa)
Joint Secretary to the Government of India

To
The Manager,
Government of India Press,
Ring Road, Mayapuri,
New Delhi -1 10064.

Via: Staffnews.in

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Bank Staff: Higher House Rent Allowance as per 2011 Census

Bank Staff: Higher House Rent Allowance as per 2011 Census

AIBEA Circular

Date : 6th July, 2015

Dear Comrades,
HOUSE RENT ALLOWANCE AS PER 2011 CENSUS

Recently Government of India has issued the Gazette notification for the Census as of 2011. It is the 15th Census in India beginning from 1872 and 7th since our independence.

Some data from the Census:

• Population as per this Census in 2011: 121,01,93,422
• Rank: No. 2 with 17.5% of world population ( 1st is China: 19%)
• No. of Districts: 640
• Most populace State : UP
• Least populous State: Sikkim
• Most populated metro : Mumbai : 1,84,14,288
• Most Literate State : Kerala ( 94 %)
• Least Literate State : Bihar ( 64 %)
• Sex Ratio : 940 Female : 1000 Male
• Literacy of Male : 82.14 %
• Literacy of Female : 65.46 %
• Highest populace District: Thane, Mumbai
• 100 % Literacy District : Palakkad, Kerala
• 100 % Banking State : Kerala
• 100 % Banking District : Palakkad
• Increase in population from last census in 2001 to 2011: 18.1 crore

Some disturbing facts:

• Total household: 24.39 cr; Rural households accounted for 17.91 cr (73%)
• 30 % of Indian rural households doesn’t have land and depend on casual labor for subsistence.
• As many as 2.37 crore (one in eight) families in villages live in houses of one room with ‘kaccha’ walls and roof.
• 23.52 % rural families have no literate adult above 25 years
• 74 % of the rural households survived on a monthly income of less than Rs 5,000 of its highest earner
• 51 % of the households are engaged in casual, manual labour and 30 % in cultivation.
• 7 in 10 homes in rural live on less than Rs 200 a day
• 18.06 lakh people are still engaged in manual scavenging
• Households with destitutes or those living on alms is over 6.68 lakh
• As many as 4.08 lakh households rely on rag-picking.

Higher HRA for bank employees: Employees in the below-mentioned upgraded centres would get the revised/higher HRA rates and receive the arrears from 2011.

45 lacs and above HRA will be paid at 10%	Surat, Pune
12 to 45 lacs HRA will be paid at 9%	Asansol, Vijayawada, Rajkot, Faridabad, Srinagar, Jamshedpur, Kannur, Trivandrum, Mallapuram, Thrissur, Kozhikode, Jabalpur, Vasai-Virar, Nasik, Allahabad, Meerut, Ghaziabad,
5 to 12 lacs HRA will be paid at 7.5%	Nellore, Kollam, Gulbarga, Ujain, Nanded Waghala, Malegaon, Sangli, Rourkela, Erode, Saharanpur, Noida, Firozabad, Jhansi, Siliguri, Durgapur.

In addition, in various towns and cities, number of small places in the outskirts have been brought as part of the bigger town/city/UA and such places would also attract the higher HRA of the concerned town/city/Urban Agglomeration.

Source: http://banknewskumar.blogspot.in

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PSU bank employees will soon get pay hike, arrears for 30 months

PSU bank employees will soon get pay hike, arrears for 30 months

Mumbai, May 22:  Employees of public sector banks, old generation private sector banks and some foreign banks will be a happy lot as they will soon get 15 per cent pay hike, arrears for the last 30 months, and other benefits as part of a deal that the unions and bank managements have reached.

Unions, under the aegis of the United Forum of Bank Unions, and bank managements, represented by the Indian Banks’ Association, have worked out a detailed Bipartite Settlement/ Joint Note and the same will be formalised on May 25.

The benefits that about 7.50 lakh bank employees stand to get are a special pay, a new hospitalisation scheme backed up by insurance and holiday on every second and fourth Saturday in a month.

The back wages (arrears) that bank employees will get for the last 30 months will warm the cockles of their heart. Income tax authorities too will be happy as arrears will be taxable.


S Nagarajan, General Secretary, All India Bank Officers’ Association, said “A special allowance has been introduced for employees… there is a new hospitalisation scheme backed up by insurance.” The wage settlement will benefit 3,04,000 odd officers (as on March 31, 2012) in the banking sector.

Officers will get health insurance cover of Rs. 4 lakh and the clerical and sub-staff will get Rs. 3 lakh cover, he added.

A corporate buffer will be created by banks to reimburse hospitalisation expenditure exceeding the above mentioned limits.

Pointing out that the last wage settlement expired in October 2012, Nagarajan, in a lighter vein, observed that “Five years is the tenure of the wage settlement. We have already exhausted 30 months in coming to a settlement. It’s time now to submit the next charter of demands.”

Vishwas Utagi, Vice President, All India Bank Employees Association, said the wage settlement will benefit about 4.50 lakh clerical and sub-staff in the banking sector.

Bank employees will get close a couple of lakh rupees, on an average, as arrears in gross terms, he explained. Since payrolls are computerised, the arrears could be credited to employees’ accounts in a month.

Utagi said the issue of upgradation of pension of retirees and 100 per cent neutralisation of dearness allowance will be taken up by the United Forum of Bank Unions separately.

Read at: The Hindu Businessline

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Incentive for mobilization and registration of subscribers under Atal Pension Yojana.

PFRDA Order: Incentive for mobilization and registration of subscribers under Atal Pension Yojana

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

1st Floor, ICADR Building, Plot No. 6.

Vasant Kunj Institutional Area,

Phase – II, New Delhi – 110070

No. PFRDAIAPY/4/62

19th May, 2015

To,
All Banks under APY
Sir,

Subject: Incentive for mobilization and registration of subscribers under Atal Pension Yojana.

I am directed to say that incentive structure for Banks to mobilize and register subscriber under Atal Pension Yojana has been under the consideration of PFRDA.

2. In consultation with the Department of Financial Services, Ministry of Finance, it has been decided that for mobilizing each account the Banks will be paid an incentive as per the table below:
i. Per capita incentive at Rs 100
ii. Incentive payable for promotion and development of APY:

S no	Number of subscribers under APY with each Bank	Incentive for promotional efforts (only for new accounts opened during the year)
1	Less than 1 lakh	Rs 20/-
2	More than 1 lakh upto 3 lakh	Rs 30/-
3	More than 3 lakh upto 5 lakh	Rs 40/-
4	More than 5 lakh	Rs 50/-

As Banks are expected to engage the Banking Correspondents (BCs) / Micro Finance Institutions (MFIs) / Non-bank aggregators to mobilize the subscribers, they can Share the incentives with such BCs / MFIs / Non-bank aggregators etc. in the ratio 50:50 :: Banks : BCs/MFIs/ Non-bank aggregators.

 

3. Banks are advised to contact aggregators for shifting of existing eligible Swavalamban subscribers to APY as per the scheme.

 

4. Payment of incentives to banks each year will be made after the completion of the financial year on receipt of funds from the government.

Yours sincerely,

(Purnima Sharma)

Dy. General Manager

Source: http://pfrda.org.in/WriteReadData/Links/Incentive%20Structure%20for%20APY5c598c21-5021-481a-8866-16213d2d1343.pdf

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25% retirement till 2020: Recruitment process in Public Sector Banks

25% retirement till 2020: Recruitment process in Public Sector Banks

 GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA

QUESTION NO 896

ANSWERED ON 03.03.2015

Recruitment process in PSBs

896 Shri Balwinder Singh Bhunder

Will the Minister of FINANCE be pleased to state :-

(a) whether it is a fact that by 2020 around 35 percent of Officers/employees of Public Sector Banks (PSBs) would retire from service;
(b) if so, what preparations have been done by Bank; bank-wise to timely notify the vacancies and by IBPS to speed up recruitment process with a view to timely fill the vacancies;
(c) whether the Department of Financial Services (DFS) has issued any direction in this regards; and
(d) if so, the details thereof?

ANSWER

The Minister of State in the Ministry of Finance (Shri Jayant Sinha)
(a) The percentage of officers/employees that would retire by the year 2020 differ in Public Sector Banks (PSBs). On an average, about 25% of officers and employees would retire by the year 2020 in PSBs.
(b) PSBs assess/anticipate vacancies including retirements annually and take necessary action to fill the same including intimating their requirement to Institute of Banking Personnel Selection(IBPS) for making allotment well in advance.

(c) & (d): Yes, Sir. Government has granted managerial autonomy to the PSBs in the matters related to Human Resource (HR) including recruitment. Government has also advised all PSBs to prepare a succession plan.

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IBA Official Minutes of meeting dated 23.02.2015 for 10th Bipartite Wage Revision – Bank Wage Revision from 01.11.2012

Indian Banks’Association

Minutes of the discussions held on 23rd February 2015 between IBA representing 

Management of banks which are parties to the Bipartite settlement and 

Workmen Unions and Officers Associations on wage revision

Discussions were held between the Indian Banks’Association representing Managements of banks and the authorized representatives of Workmen Unions and Officers Associations on wage revision for officers in banks. After holding several rounds of discussions, the parties have mutually agreed as under:

1. The wage revision will be effective from 1.11.2012
2. The annual wage increase in salary and allowances @ 15% which works out to Rs.4725 crores on salary slip components.
3. The new scales will be constructed after merging dearness allowance corresponding 4440 points as on November 2011, which works out to 60.15% and adding a load factor of 2% on Basic pay plus Dearness Allowance as on 31st March 2012 amounting to around Rs.597 crores.
4. Distribution of annual wage increase between workmen unions and Officers Associations will be worked separately based on breakup of establishment expenses as on 31-3-2012.
5. Every second and fourth Saturday of the month will be a holiday and the other Saturdays will be full working days.
6. All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.
7. The parties will meet on mutually convenient dated to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions have been reached. The parties will endeavour to finalise the Bipartite Settlement/Joint Note within a period of ninety days from the date of this minutes.

Signed at Mumbai on 23rd February 2015

FOR MANAGEMENT	FOR OFFICER’S ASSOCIATIONS/ WORKMEN UNIONS
T M Bhasin	All India Bank Officer’s Confederation
V R Iyer	All India bank Officers Association
Arundhati Bhattacharya	Indian National Bank Officers Congress
Rajeev Rishi	National Organisation of Bank Officers

Source Image by http://banknewskumar.blogspot.in/

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Second and fourth Saturdays will henceforth be holidays for banks. The remaining Saturdays in a month will be full working days

Second and fourth Saturdays will henceforth be holidays for banks. The remaining Saturdays in a month will be full working days

This was one of the agreements arrived at the meeting of the Indian Banks’ Association with associations of bank employees and staff in Mumbai on Monday.

The agreement, primarily settling the long pending negotiations over the wage revision, led to the United Forum of Banking Unions (UFBU) deferring its four day strike plan later this month.

“It is a balancing act,” UFBU (Andhra Pradesh and Telangana) Convenor VVSR Sarma told The Hindu about the agreement on the additional holidays. The influential body of the bank staffers was insisting that all Saturdays should be holidays.

By limiting it to two Saturdays and making other Saturdays full working day, the banks have ensured that the impact on the customers due to the additional holidays is less.

On the key wage revision component, Mr.Sarma said 15 per cent increase is what the IBA has agreed. The negotiations had hit a stalemate after the banks struck to 13 per cent, while the UFBU demanded 19 per cent. According to Mr.Sarma, the cost for the banks due to the 15 per cent hike that has been agreed works out to Rs.4,725 crore.

The agreement on the wage revision would be implemented with effect from November 1, 2012, he added.

Read at: The Hindu

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Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement

Bank Employees to get 15% increase in wages – Strike from 25th Feb called off – 10th Bipartite Wage Settlement

 PSU bank employee unions withdraw strike call, settle wages: Economic Times

NEW DELHI: Employee unions of public sector banks today withdrew their strike call following an agreement with the management on 15 per cent wage hike.

“In today’s talks, wage revision settled at 15 per cent with effect from November 2012,” United Forum of Bank Unions (UFBU) Convener M V Murali said.

The bank unions had threatened to go on 4-day nation-wide strike from February 25 demanding 19 per cent hike in wages. The wage hike was due from November 2012.

At a meeting today in Mumbai, PSU banks employee unions and bank management, Indian Banks’ Association (IBA), agreed on 15 per cent wage hike and entered into an agreement for it.

National Organisation of Bank Workers (NOBW) Vice President Ashwini Rana said: “We are not happy as our expectation was that bank staff would get what was given to them last time — 17.5 per cent increase in wages”.

The bank employees will now also get holidays on two Saturdays in a month.

“Long pending demand of holiday on second and fourth Saturdays for the bank employees have also been reached,” AIBEA General Secretary C H Venkatachalam said.

Last week, Finance Minister Arun Jaitley had appealed to bank employee unions to call off their strike as talks were on for a revision of wages of employees.

The Minister said banks are already in negotiations with their unions and associations for wage settlement and “the bipartite negotiations in a cordial manner is the only available tool for settlement”.

The wage revision of public sector bank employees has been due since November 2012.

Earlier, unions had deferred one-day strike scheduled for January 7 as IBA improved the wage hike offer to 12.5 per cent from 11 per cent earlier.

There are 27 public sector banks in the country with a combined employee strength of about 8 lakh. There are about 50,000 branches of these banks across the country.

Read at Economic Times

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Finance Minister asks bank employees not to participate in strike

Press Information Bureau

Government of India

Ministry of Finance

21-February-2015 19:53 IST

Finance Minister Shri Arun Jaitley Makes an Appeal to all the Employees of Public Sector Banks (Psbs), Their Unions & Associations not to Resort to Agitation Approach by Participating in Bank Strike; Says Bipartite Negotiations in a Cordial Manner is the only Available tool for Settlement

The Union Finance Minister Shri Arun Jaitley has made an appeal to all the employees of Public Sector Banks (PSBs) and their Unions & Associations not to resort to agitation approach by participating in bank strike . He informed the employees of PSBs that banks are already in negotiations with their Unions and Associations for wage settlement The Finance Minister Shri Jaitley said that the bipartite negotiations in a cordial manner is the only available tool for settlement.

The Finance Minister Shri Jaitley said that participating in the proposed strike is neither desirable nor affordable in the interest of the nation. Making an another appeal to the employees of PSBs, their Unions and Associations, the Finance Minister asked them not to resort to such disruptive means, and call off the call for strike.

******

PIB

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Home Loan Rates in 2015: Here’s Your Guide

Home Loan Rates in 2015: Here’s Your Guide
As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:

SBI ( State Bank of India)
ICICI Bank
HDFC Bank
HSBC Bank
Axis Bank
PNB Housing Finance
DHFL
India Bulls ( Up to Rs 25 lakh)
Citi Bank
Tata Capital Housing Finance Ltd
EMI per lakh works out to be Rs 975.

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:

Federal Bank
Bank of India
UCO Bank
Canara Bank

The EMI per lakh works out to be Rs 978.
Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:

IDBI
Punjab National Bank
Allahabad Bank
Central Bank of India
Corporation Bank
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
Kotak Bank
Dena Bank
First Blue Home Finance
Syndicate Bank
Indian Overseas Bank
State Bank of Travancore
Indian Bank

The EMI per lakh works out to be Rs 982.
IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.
Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.

Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.

ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.

Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).

Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

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Dearness Relief payable for the period February, 2015 to July 2015

Dearness Relief payable for the period February, 2015 to July 2015 to (a) surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.1986 retirees who are in receipt of Ex-gratia

Indian Banks’ Association
HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2014-15/1279

31st January 2015

Designated Officers of all Nationalised Banks and Associate Banks of State Bank of India

Dear Sirs,

Dearness Relief payable for the period February, 2015 to July 2015 to (a) surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.1986 retirees who are in receipt of Ex-gratia

As per the directive contained in the Government of India, Ministry of Finance Department of Financial Services (Banking Division) letter F.No.11/2/2012-IR dated 17.12.13, the Dearness Relief payable to surviving pre 1.1.1986 retirees/surviving spouses of pre 1.1.86 retirees of banks for the period February to July 2015 will be as under :

Applicable CPI Average		Amountof Ex-gratia per month	Rate ofAmount of dearness Relief   Dearness Relief per month		Total Ex-gratia amount induding Dearness Relief per month
		Z	%            Z		Z
5774	Pre 1.1.86 retireesSurviving spouses of pre 1.1.86 retirees	350	866.31	3032	3382
		175	866.31	1516	1691

yours faithfully,

sd/-
K S Chauhan
Senior vice President

Source: http://www.iba.org.in/Documents/Cir_12790001.pdf

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