My son came home after school and told me about his new book
5/24/2018
8/24/2016
Sharing Financial Results of Public Sector Banks (For Quarter 1 of 2016 - 17) 30.06.2016 (as received)
NET PROFIT
1) State Bank of India - Rs. 2521 Crores
2) Bank of Baroda - Rs. 424 Crores
3) Indian Bank - Rs. 307 Crores
4) Punjab National Bank - Rs. 306 Crores
5) IDBI Bank - Rs. 241 Crores
6) Canara Bank - Rs. 229 Crores
7) Union Bank of India - Rs. 166 Crores
8) Vijaya Bank - Rs. 162 Crores
9) Oriental Bank of Commerce - Rs. 101 Crores
10) Syndicate Bank - Rs. 79 Crores
11) Punjab and Sind Bank - Rs. 53 Crores
12) United Bank of India - Rs. 38 Crores
13) Corporation Bank - Rs. 36 Crores
14) Andhra Bank - Rs. 31 Crores
15) State Bank of Hyderabad - Rs. 28 Crores
NET LOSS
1) State Bank of Bikaner and Jaipur - Loss of Rs. 272 Crores
2) Dena Bank - Loss of 279 Crores
3) Bank of Maharashtra - Loss of 397 Crores
4) UCO Bank - Loss of Rs. 441 Crores
5) State Bank of Mysore - Loss of Rs. 472 Crores
6) Allahabad Bank - Loss of Rs. 565 Crores
7) Central Bank of India - Loss of Rs. 600 Crores
8) State Bank of Patiala - Loss of Rs. 610 Crores
9) State Bank of Travancore - Loss of 710 Crores
10) Bank of India - Loss of Rs. 741 Crores
11) Indian Overseas Bank - Loss of Rs. 1450 Crores
1) State Bank of India - Rs. 2521 Crores
2) Bank of Baroda - Rs. 424 Crores
3) Indian Bank - Rs. 307 Crores
4) Punjab National Bank - Rs. 306 Crores
5) IDBI Bank - Rs. 241 Crores
6) Canara Bank - Rs. 229 Crores
7) Union Bank of India - Rs. 166 Crores
8) Vijaya Bank - Rs. 162 Crores
9) Oriental Bank of Commerce - Rs. 101 Crores
10) Syndicate Bank - Rs. 79 Crores
11) Punjab and Sind Bank - Rs. 53 Crores
12) United Bank of India - Rs. 38 Crores
13) Corporation Bank - Rs. 36 Crores
14) Andhra Bank - Rs. 31 Crores
15) State Bank of Hyderabad - Rs. 28 Crores
NET LOSS
1) State Bank of Bikaner and Jaipur - Loss of Rs. 272 Crores
2) Dena Bank - Loss of 279 Crores
3) Bank of Maharashtra - Loss of 397 Crores
4) UCO Bank - Loss of Rs. 441 Crores
5) State Bank of Mysore - Loss of Rs. 472 Crores
6) Allahabad Bank - Loss of Rs. 565 Crores
7) Central Bank of India - Loss of Rs. 600 Crores
8) State Bank of Patiala - Loss of Rs. 610 Crores
9) State Bank of Travancore - Loss of 710 Crores
10) Bank of India - Loss of Rs. 741 Crores
11) Indian Overseas Bank - Loss of Rs. 1450 Crores
Banking & Financial News as per Today's Newspapers 24.08.2016
Calling for time-bound implementation of the Insolvency and Banckruptcy Code (IBC) 2016, Finance Minister Arun Jaitley on Tuesday directed senior officials of his ministry to take "immediate action" on the key requirements of the legislation. "Jaitley directed the senior officers of the Ministry of Finance and Corporate Affairs to take suitable necessary action for implementation of IBC 2016 in a time bound manner," said a Finance Ministry statement.
-The Statesman
The Government is examining SIT’s recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said today.
-Business Line
Bandhan Bank has decided to open about 300 branches to add to its current tally of 700 in the next one year and a majority of these will be in urban pockets in step with its plan to target the affluent society. The new branches are planned aesthetically with special bay and e-lobby to cater to the riches -Bandhan Bank MD Chandra Shekhar Ghosh told.
-Economic Times
Axis Bank has come up with its augmented reality feature within its mobile app which lists all the dining destinations, property lists, shopping centres, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and even directions.
-Economic Times
The Rs 1,200-crore IPO of RBL Bank -first by a private sector lender in a decade-garnered nearly 70 times subscription. The IPO generated demand worth over Rs 59,000 crore, one of the highest in recent times.
-Business Standard
Setting an ambitious target of having five million customers by 2020 and to become the No 3 player in the extremely competitive industry, mid-sized lender Yes Bank today made a foray into the credit card market. "Credit card is central to our customer acquisition plans. We don't believe there is anything like an internal customer or an external customer," the bank's senior group president for retail and business banking Pralay Mondal said.
-Economic Times
Ujjivan Financial Services which recently received an approval from the RBI to set up a ‘Small Finance’ bank , has adopted CRMNEXT’s integrated 'Assisted Bank-in-a-Box Edition'. CRMNEXT's Assisted Bank-in-a-Box solution is a first of its kind, which is designed to provide out-of-box solutions for all customer management needs including inquiry to sales management, eKYC, biometric integration, ready adaptors for CIBIL, Aadhar, PAN verifications etc.
-Economic Times
The National Stock Exchange has appointed Citibank, JM Financial, Kotak Mahindra and Morgan Stanley as lead investment banks to manage its much-awaited IPO.
-Business Standard
The Enforcement Directorate today registered a fresh case against Vijay Mallya and Kingfisher Airlines Ltd to investigate whether they laundered money taken as loans, two ED officials familiar with the development said on condition of anonymity. The fresh probe is in addition to theRs.900 crore IDBI Bank loan default case that in already under investigation. In the new case, the agency will probe a loan default of Rs.6,900 crore.
-Live Mint
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. Accumulating $48.9 trillion in wealth, the US topped the overall list, followed by China, Japan, United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
-Gulf News Com
The Labour Ministry is planning to push a Bill that will enable workers to have their representative in board of directors of companies. The Participation of Workers in Management Bill, 1990, seeks meaningful participation of workers in management at shop floor, establishment and board levels in firms. 'We are considering this Bill. The deliberations are going on... It seeks to increase participation of workers in management,' labour minister Bandaru Dattatreya told PTI.
-Malayala Manorama
-The Statesman
The Government is examining SIT’s recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said today.
-Business Line
Bandhan Bank has decided to open about 300 branches to add to its current tally of 700 in the next one year and a majority of these will be in urban pockets in step with its plan to target the affluent society. The new branches are planned aesthetically with special bay and e-lobby to cater to the riches -Bandhan Bank MD Chandra Shekhar Ghosh told.
-Economic Times
Axis Bank has come up with its augmented reality feature within its mobile app which lists all the dining destinations, property lists, shopping centres, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and even directions.
-Economic Times
The Rs 1,200-crore IPO of RBL Bank -first by a private sector lender in a decade-garnered nearly 70 times subscription. The IPO generated demand worth over Rs 59,000 crore, one of the highest in recent times.
-Business Standard
Setting an ambitious target of having five million customers by 2020 and to become the No 3 player in the extremely competitive industry, mid-sized lender Yes Bank today made a foray into the credit card market. "Credit card is central to our customer acquisition plans. We don't believe there is anything like an internal customer or an external customer," the bank's senior group president for retail and business banking Pralay Mondal said.
-Economic Times
Ujjivan Financial Services which recently received an approval from the RBI to set up a ‘Small Finance’ bank , has adopted CRMNEXT’s integrated 'Assisted Bank-in-a-Box Edition'. CRMNEXT's Assisted Bank-in-a-Box solution is a first of its kind, which is designed to provide out-of-box solutions for all customer management needs including inquiry to sales management, eKYC, biometric integration, ready adaptors for CIBIL, Aadhar, PAN verifications etc.
-Economic Times
The National Stock Exchange has appointed Citibank, JM Financial, Kotak Mahindra and Morgan Stanley as lead investment banks to manage its much-awaited IPO.
-Business Standard
The Enforcement Directorate today registered a fresh case against Vijay Mallya and Kingfisher Airlines Ltd to investigate whether they laundered money taken as loans, two ED officials familiar with the development said on condition of anonymity. The fresh probe is in addition to theRs.900 crore IDBI Bank loan default case that in already under investigation. In the new case, the agency will probe a loan default of Rs.6,900 crore.
-Live Mint
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. Accumulating $48.9 trillion in wealth, the US topped the overall list, followed by China, Japan, United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
-Gulf News Com
The Labour Ministry is planning to push a Bill that will enable workers to have their representative in board of directors of companies. The Participation of Workers in Management Bill, 1990, seeks meaningful participation of workers in management at shop floor, establishment and board levels in firms. 'We are considering this Bill. The deliberations are going on... It seeks to increase participation of workers in management,' labour minister Bandaru Dattatreya told PTI.
-Malayala Manorama
Banking & Financial News as per Today's Newspapers 23.08.2016
Finance Minister Arun Jaitley will hold a meeting with the heads of PSBs on Sept 16 to find ways to deal with the situation. Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the Government to expedite recovery are also part of the agenda.
-The New Indian Express
Calling Urjit Patel a "competent economist", Finance Minister Arun Jaitley expressed hope that as the next RBI Governor he will be able to contain inflation and contribute in country's economic growth.
-Business Standard
A move is afoot to change the ranking of the RBI Governor to the level of principal secretary in the Central Government’s protocol order, after Urjit Patel assumes office. A senior Govt official said the finance ministry had prepared such a plan. The Governor currently has the rank of a Union Minister of State, a position no other regulator holds. Accordingly, the four Deputy Governors, who now hold the rank of secretary, will also slip down the hierarchy by a notch.
-Business Standard
The selection panel to appoint 3 Govt nominees for the monetary policy committee (MPC) held its first meeting recently to consider the candidates, a top Finance Ministry official said today. "The committee had its first meeting recently. Let's see if they can suggest a name before October 4 policy," the official said. Once formed, the 6-member MPC will decide on interest rates based on the inflation target under the monetary policy framework agreement.
-Deccan Chronicle
Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new unit-linked insurance product Secure Bhavishya to protect and meet an individual’s future financial needs. It will help customers build-up a retirement fund which can be used to provide a steady post retirement income, a company statement said.
-Business Line
Bank of Baroda MD and CEO P S Jayakumar today said the onus of recovery is on the Government and not RBI. He said the Government needs to pay vendors on time for services, ensure the projects perform and improve the legal system by upgrading enforcement processes.
-The Economic Times
Lenders of the Indian financial systems require looser liquidity, more efficiency and pools of profit to resolve NPA issue, said Arundhati Bhattacharya, Chair-Managing Director of SBI.
-Money Control Com
Former CCI head Ashok Chawla will take over as Non-Executive Part-time Chairman of Yes Bank from October as the lender has received approval from the Reserve Bank for this appointment.
-NDTV Profit
SBI chairman Arundhati Bhattacharya said that retail loans is still less than 10% of the country's GDP, which is far lower than other developing countries, hence there is more room to grow.
-Economic Times
RBL Bank's up to 12.13 billion rupees ($182 million) IPO was fully subscribed on the second day of the sale on Monday, stock exchange data showed.
-Reuters
PNB MetLife today announced the launch of its first online ULIP — Mera Wealth Plan — a comprehensive and flexible online plan.
-Business Line
Moody's Investors Service today said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
-NDTV Profit
The IT services industry is increasingly looking to make performance evaluation more stringent. A recent news report stated that Infosys has sacked 500 employees. The story said that some of these employees could not complete the required 9.15 hours of work every day. In a statement, Infosys said that it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
-Business Standard
Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next Central Bank Governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
-Business Line
-The New Indian Express
Calling Urjit Patel a "competent economist", Finance Minister Arun Jaitley expressed hope that as the next RBI Governor he will be able to contain inflation and contribute in country's economic growth.
-Business Standard
A move is afoot to change the ranking of the RBI Governor to the level of principal secretary in the Central Government’s protocol order, after Urjit Patel assumes office. A senior Govt official said the finance ministry had prepared such a plan. The Governor currently has the rank of a Union Minister of State, a position no other regulator holds. Accordingly, the four Deputy Governors, who now hold the rank of secretary, will also slip down the hierarchy by a notch.
-Business Standard
The selection panel to appoint 3 Govt nominees for the monetary policy committee (MPC) held its first meeting recently to consider the candidates, a top Finance Ministry official said today. "The committee had its first meeting recently. Let's see if they can suggest a name before October 4 policy," the official said. Once formed, the 6-member MPC will decide on interest rates based on the inflation target under the monetary policy framework agreement.
-Deccan Chronicle
Canara HSBC Oriental Bank of Commerce Life Insurance has introduced a new unit-linked insurance product Secure Bhavishya to protect and meet an individual’s future financial needs. It will help customers build-up a retirement fund which can be used to provide a steady post retirement income, a company statement said.
-Business Line
Bank of Baroda MD and CEO P S Jayakumar today said the onus of recovery is on the Government and not RBI. He said the Government needs to pay vendors on time for services, ensure the projects perform and improve the legal system by upgrading enforcement processes.
-The Economic Times
Lenders of the Indian financial systems require looser liquidity, more efficiency and pools of profit to resolve NPA issue, said Arundhati Bhattacharya, Chair-Managing Director of SBI.
-Money Control Com
Former CCI head Ashok Chawla will take over as Non-Executive Part-time Chairman of Yes Bank from October as the lender has received approval from the Reserve Bank for this appointment.
-NDTV Profit
SBI chairman Arundhati Bhattacharya said that retail loans is still less than 10% of the country's GDP, which is far lower than other developing countries, hence there is more room to grow.
-Economic Times
RBL Bank's up to 12.13 billion rupees ($182 million) IPO was fully subscribed on the second day of the sale on Monday, stock exchange data showed.
-Reuters
PNB MetLife today announced the launch of its first online ULIP — Mera Wealth Plan — a comprehensive and flexible online plan.
-Business Line
Moody's Investors Service today said continued reforms to enhance business environment and moderate inflation will help India achieve robust growth but cautioned that rising contingent liability risks in the banking sector could affect its credit quality.
-NDTV Profit
The IT services industry is increasingly looking to make performance evaluation more stringent. A recent news report stated that Infosys has sacked 500 employees. The story said that some of these employees could not complete the required 9.15 hours of work every day. In a statement, Infosys said that it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.
-Business Standard
Indian shares fell on Monday as state-owned lenders retreated after Urjit Patel was named as the next Central Bank Governor, which was seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
-Business Line
10/11/2014
Bank officers to ‘work-to-rule’ over pay hike row
COIMBATORE, OCT 11:
The All India Bank Officers' Confederation (AIBOC) has decided to stick to office hours and not attend office on Sundays/ holidays and extended office hours with effect from Monday.
The AIBOC Executive Committee has also authorised the leadership to decide about a strike for minimum of two days along with other constituents of UFBU (United Forum of Bank Unions) in the first week of November to press their demand for early settlement of wage revision.
Sharing details of AIBOC's Executive Committee discussions at Delhi, District President of AIBOC, Coimbatore J Vanangamudi told Business Line that the committee had, among others, discussed wage revision for officers, working conditions and other issues including stringent action against bank loan defaulters.
Voicing criticism about the unrelenting stand of the IBA, he said "we have created a record of sorts in financial inclusion, implemented various policies and programmes of the government, but the IBA is adamant even towards our genuine salary revision demand. We have therefore decided to withdraw extra co-operation by strictly observing office hours, not attend office on Sundays and holidays. We are also planning a massive rally at Jantar Mantar on October 13, country-wide protest demonstrations with UFBU constituents on October 17 and one-day dharna between Oct 18 and Oct 31 at all State capitals".
(This article was published on October 11, 2014)
http://www.thehindubusinessline.com/news/states/bank-officers-to-worktorule-over-pay-hike-row/article6491957.ece
10/05/2014
SBI may offer flexible hours, work place for women staff
The bank will target youngsters with digital banking drive
MUMBAI, SEPTEMBER 29:
State Bank of India’s women employees, engaged as remote experts to interact with customers for digital banking, may get to enjoy a bit more flexibility when it comes to work place and work hours.
With the bank rolling out digital banking branches in High Streets and shopping malls, work place and work hours flexibility is within the realm of possibility, feels Chairman Arundhati Bhattacharya.
India’s largest bank is toying with this idea in the backdrop of its introduction of a two-year sabbatical leave for women employees during their entire career.
SBI’s digital banking branch allows instant account opening with a personalised debit card.
Further, the branch also offers Remote Expert facility, whereby customers can interact with the bank’s experts via high-definition video for advice on their financial needs — loans, life insurance, general insurance, demat account, securities, etc.
Battacharaya said: “As we go ahead with this kind of remote experts in digital banking, we are trying to see whether there is a way in which we can make the work place and work hours a little more flexible. But these are things that we are still working on.
“Now, if you (an employee) are having conversation with customers from a place other than the branch, the bank needs to have the right kind of recording facility and the right way of monitoring. This is not easy. So, we will see. ”
The first woman chief of SBI said her bank has opened seven digital banking branches across Delhi, Mumbai, Bangalore and Kolkata in the last few months.
New brand
For its digital banking drive, SBI is creating the “sbiINTOUCH” brand.
“It is called sbiINTOUCH because it is supposed to put us in touch with the younger generation and because it is a touch experience. It is a sub-brand of SBI.
“These branches enable us to get the tech-savvy youngsters in. Youngsters are at home with technology and this sort of enables them to do a lot of things on their days out because these branches are all in High Street and shopping malls,” Bhattacharya said.
(This article was published on September 29, 2014)
http://www.thehindubusinessline.com/industry-and-economy/banking/sbi-may-offer-flexible-hours-work-place-for-women-staff/article6458485.ece
Talks on wage revision break down; bank unions plan national strike
Improvements on many counts, but IBA not to raise wage offer beyond 11%
KOCHI, SEPTEMBER 29:
Following the breakdown of its negotiations with the Indian Banks Association (IBA) for a wage revision agreement, the United Forum of Bank Unions (UFBU) has decided to go on a one-day all-India strike later next month.
Employees will wear black badges on October 10 and country-wide protest demonstrations will be conducted on October 17. A one-day dharna will be held at all State capitals between October 18 and 31. This would be followed by a one-day, country-wide protest strike, date for which is yet to be decided.
The decision to resort to further agitations to press the IBA to agree to a more liberal wage offer was taken by the UFBU leadership after the failure of the September 26 talks. The UBFU has been demanding a 25 per cent revision in pay slip components, but the IBA offered 11 per cent.
Union leaders told BusinessLine that while the IBA negotiators were flexible on certain issues, they were adamant that the wage increase could not go beyond the already offered 11 per cent in monthly salaries. The unions were ready to scale down their demand, but the banks’ management was totally inflexible, they alleged.
Wage agreement
At the negotiations, the IBA wage negotiation team was led by Central Bank of India Chairman and Managing Director Rajeev Rishi. The talks on a five-year wage agreement in the banking sector have been going on for more than a year.
UFBU leaders said that at the latest round of talks, the demand for 100 per cent reimbursement of hospitalisation expenses of the bank staff and their families was raised. The IBA agreed to the unions’ demand that employees will be covered by the Mediclaim scheme, but they had to submit their claims to the banks and that the reimbursement will be made by the banks with the improved benefits of the new insurance scheme. A final medical reimbursement plan will be worked out based on the consensus.
The IBA is willing to consider the demand for 100 per cent DA on pension for pre-November 2002 retirees. The IBA will also consider a reasonable proposition on updating pension. It will look into the demand for a five-day week if UFBU submitted a new set of proposals. On the issue of regulated working hours for officers, the IBA agreed to study the new proposal submitted by the unions.
The IBA’s suggestion of implementing the CTC (cost-to-company) principle was rejected by the unions. The suggestion of limiting the wage talks up to Scale-III officers instead of up to Scale-VII was also rejected.
(This article was published on September 29, 2014)
http://www.thehindubusinessline.com/industry-and-economy/banking/talks-on-wage-revision-break-down-bank-unions-plan-national-strike/article6458482.ece
SBI announces revised, liberal home loan scheme for staff
THIRUVANANTHAPURAM, OCTOBER 3:
State Bank of India has revised housing loan scheme for employees by incorporating liberal provisions in terms of maximum limits and expanded repayment period across categories.
The scheme was last revised in February, 2008. The latest revision was announced in a corporate circular dated September 30, 2014.
Group insurance
The new housing loan entitlements were decided on by a meeting of the executive committee of the central board held in Mumbai on September 19.
The benefit of revised housing loan scheme will be applicable to all eligible employees who are on roll as on September 19. The revised ceiling and interest rates will be effective immediately to all new loans sanctioned/ disbursed on or after September 30.
The bank is considering the possibility of covering all new staff housing loan accounts with a group insurance policy as an added welfare measure to all employees.
The central board noted that the loan limits fixed six years ago have lost relevance due to increase in prices of land and construction materials. Property rates have gone up substantially.
Employees/ officers have had to resort to borrowing on commercial rates to complete housing projects or to acquire ready built-up flats/houses.
Loan conversion
Existing commercial housing loan may be converted under the new scheme. Option for enhancement of loans is also allowed to liquidate existing loan, subject to conditions.
On promotion, an employee will be permitted to draw up the entitlement to the grade/scale to which he/she is promoted, for repaying loans taken on commercial/public terms.
The board noted that a number of employees have raised additional housing loan from the bank at commercial rates. Such staff members may be permitted to take the housing loan up to their revised entitlement for repaying the outstanding housing loan, subject to conditions. This facility is available only as a one-time measure and has to be used up before June 30, 2015.
Repayment for the new loans will be in 360 instalments (224 for principal + 112 for interest + maximum moratorium of 24 months.)
In the case of existing loans, the original repayment schedule of 168 + 72 instalments will continue.
(This article was published on October 3, 2014)
http://www.thehindubusinessline.com/industry-and-economy/banking/sbi-unveils-home-loan-scheme-for-staff/article6469190.ece
9/28/2014
Wage revision: Bank unions plan protests from Oct 10
THIRUVANANTHAPURAM, SEPT 28:
The United Forum of Bank Unions (UBFU) has decided to resume the agitation path to protest the ‘adamant’ stand of the Indian Banks’ Association (IBA) with respect to the pending wage revision.
Accordingly, employees will wear black badges on October 10. Country-wide protest demonstrations will be conducted on October 17.
INDEFINITE STRIKE?
A one-day dharna will be held at all State capitals between October 18 and 31.
This would be followed by a one-day country-wide protest strike, the date for which is yet to be decided.
The next option was intermittent and relay strikes, which would give way to an indefinite strike unless a solution is found to the vexed issue.
According to CH Venkatachalam, General Secretary, UBFU, the latest round of talks with the IBA was held on Friday last.
The UBFU has been demanding a 25 per cent revision in pay slip components, while the IBA has offered a “very meagre” 11 per cent.
The IBA wanted to know the UBFU’s views on introduction of the cost-to-company method as well as fixed and variable pay concepts. The unions reiterated that the same was not acceptable to them.
WAGE REVISION
Cost-to-company indicates the employee’s total expense for the employer in a year. This includes all facilities given during the service period.
Venkatachalam said the IBA insisted on limiting the wage revision discussions up to scale III officers instead of up to scale VII, which was also rejected.
On the vital issue of improvement in the IBA offer of 11 per cent, it continued to plead its inability unless the UFBU scaled down its demand in view of the financial constraints of banks.
“This was despite the UBFU indication that we would be flexible in our demand, depending on improvements in other areas.
“We categorically informed IBA that we would be reasonable and flexible provided IBA reciprocated. But the IBA chose to ignore and did not offer to improve its offer.”
However, the talk found some common ground on a few other areas of dispute.
HOSPITAL EXPENSES
For instance, there was a detailed discussion on the demand for 100 per cent reimbursement of hospitalisation expenses incurred by the employees/ officers and family members and the IBA offer of a group mediclaim scheme.
“We explained apprehensions about the implementation of the scheme and hassle-free reimbursement of claims.
“We reiterated that employees/officers should not be required to deal directly with the insurance company or their Third Party Administrators,” Venkatachalam said.
IBA agreed and has accordingly clarified that even though employees would be covered by the mediclaim scheme, they would continue to submit their claims to the management.
The reimbursement would be made by banks with the improved benefits of the scheme accruing to the employees.
BROAD CONSENSUS
IBA also agreed to incorporate the suggestions of the UFBU while finalising the scheme. Hence a broad consensus was mutually agreed upon and the final scheme would be worked out accordingly.
Other demands raised were: 100 per cent DA on pension for those retiring before November, 2002, improvement in family pension, and periodical updation of pension; introduction of five-day banking; and regulated working hours for officers.
IBA said it was inclined to favourably consider the demand for 100 per cent DA on pension for pre-November 2002-retirees.
An improvement in family pension was being worked out and a decision would be taken soon on the same.
5-DAY BANKING
As regards updation of pension, IBA said in view of the high cost involved, it would be difficult to agree to the same.
But it agreed that any viable and affordable proposition from the UFBU in this regard would be examined.
As for five-day banking, IBA regretted its inability to accept the demand in the present situation. It agreed to apply its mind to the matter if the UBFU submitted a detailed note indicating the logic and rationale.
On the issue of regulated working hours for officers, IBA was not inclined to agree to the same.
However, it agreed to study the note submitted by the officers’ organisation.
(This article was published on September 28, 2014)
http://www.thehindubusinessline.com/industry-and-economy/banking/wage-revisionbank-unions-chalk-out-plan-for-protestsfromoct-10/article6454526.ece
Banks unions to go on strike for wage hike
MUMBAI, SEPT 26:
With bank management’s unwilling to improve the wage hike offer and other service conditions, Bank unions will go on a strike, according to CH Venkatachalam, General Secretary, All India Bank Employees Association.
The bank-wide wage negotiation meeting between the bank managements and the unions on Friday ended in a stalemate.
Venkatachalam said the date of strike will be decided in consultation with all trade unions in the banking sector.
While the bank managements, under the aegis of the Indian Banks’ Association are for 11 per cent increase in wage bill, unions say this is not enough.
“Besides increase in the cash component of the salary, we also want improvement in pension benefits, enhanced healthcare benefits, and five-day banking, among others,” said Venkatachalam.
http://www.thehindubusinessline.com/industry-and-economy/banking/banks-unions-to-go-on-strike-for-wage-hike/article6450172.ece
9/20/2014
Bank employees expect early settlement on wage revision
The All India Bank Officers’ Confederation on Friday said it hoped the negotiation with the Indian Banks’ Association (IBA) on September 24 would result in the wage revision acceptable to the employees, failing which United Forum of Bank Unions would be forced to take some strong steps.
Addressing the members here, Confederation President Y. Sudarshan regretted the managements treat employees as ‘liability’ when it comes to wage revision while for the rest of operations, including spread of various government schemes, they are treated as assets. The vast human resource of banks, which has helped the industry to come to the present level and is prepared to the take modernisation forward, should be treated as capital asset and salaries as long-term investment, he demanded.
Officers and employees do not take pleasure in resorting to strikes and inconvenience the public, Mr. Sudarshan clarified. It is the attitude of the managements that has been forcing them to resort to strikes. Not a single wage revision in the past two decades has come without strike whereas government employees and legislators get salaries revised at regular intervals, he regretted. The 9th bipartite agreement expired in October 2012 and since then employees have eagerly been awaiting the next revision amidst several negotiations and a couple of strikes, he said.
Initially, the IBA had offered 5 per cent hike, Mr. Sudarshan said and termed it a piece of biscuit thrown at dogs. During the recently concluded negotiations, the IBA came up to offering 11 per cent hike whereas the Confederation has stuck to its demand of 25 per cent hike. The Unions and employees are no more prepared to wait, Mr. Sudarshan added.
He said public sector banks have been continuing their contribution towards strengthening the economy even as they were the ones responsible for the nation withstanding the economic slowdown in 2011. They have been the ones ensuring government’s programmes reach the targeted class, including the latest Jan Dhan Yojana. The Confederation is also opposed to merger of PSU banks, attempts for which are reportedly being made by the central government, he said.
Confederation Advisor M. Harshavardhan and others were present. (Eom)
http://www.thehindu.com/news/cities/Mangalore/bank-employees-expect-early-settlement-on-wage-revision/article6429262.ece
12/29/2013
IBA Snubs Senior Leaders of UFBU by Offering 5% Hike - Is it High Time to Pass the Baton to Younger Generation ?
In its circular dated 21st November, 2013, UFBU has admitted
that although it is now over 12 months since 10th BPS has become overdue, yet
"there is no significant progress in the 10th Bipartite Wage negotiations even
though it was initially assured by IBA to conclude the wage negotiation process
at the earliest". Still, UFBU has handled IBA with kid gloves during
all this period. In this background, the much awaited IBA and UFBU
meeting was finally held on 14th December, 2013 (i.e. almost after two months of
the last meeting). This meeting was held when UFBU had already given a
strike notice for 18th December, 2013 i.e. strike is to take place within four
days of the meeting.
Inspite of their UFBU brandishing their last resort weapon
i.e. strike, IBA snubbed the G-9 Union Leaders (known as UFBU) by offering
5% increase over the wage expenses covered by the payslip components.
It was so low an offer that UFBU was even reluctant to talk immediately after
the talks and they told that the IBA is not satisfactory and thus strike stands.
They did not have the courage to say initially that IBA had offered merely 5%
increase. Anyway, slowly the cat was out of the bag and soon they had to
issue the circular. The UFBU has issued its circular dated 14th
December, 2013 (Copy of the same can be downloaded by
CLICKING HERE ),
which can be summed up as
follows:-
(a) Initially
IBA told that it would be difficult to take any additional cost on account of
wage increase; (This means IBA intially offered 0% increase);
(b) After lot
of explanations by UFBU members about high inflation and increase in operating
profits etc., followed by lot of discussions, IBA offered 5% increase over the
wage expenses covered by the payslip components;
(c) IBA also
stated that they would like to cover the wage revision negotiations with UFBU
only upto Scale III officers. (this means there will be separate
negotiations or announcements for wage revision of Scale IV to Scale VII);
(d) Government
is not in favour of introduction of 5 day banking;
(e)
Compassionate appointment scheme is still under consideration of the Government
(UFBU is still continuing this demand in the wage negotition, whereas it needs
to be delinked from wage negotiations);
This pathetic
increase of 5% after
5 years,
means, an increase
of 1% annually.
I am very much sure,
everybody is well
aware of the
following facts :-
(a) The inflation rate is
much higher than the compensation paid in the shape of rise in DA, which results
that with every passing month, the wages of bankers in real terms go in
negative;
(b) In last few years, GoI
has increased the scope of various taxes like VAT, Service Tax by increasing the
rate and / or covering additional services in the net. Thus, the
expenditure on such services like visits to hotels, telephone bills, gas supply,
have gone up. Thus, the purchasing power of the bankers, inspite of
getting additional DA, is reducing with each passing day.
In nutshell we can say that
the salary in hand available for spending is lesser and lesser in real terms or
real purchasing power. In such circumstances,
the offer of 5%
increase is nothing but a JOKE with the banking fraternity.
Now question arises, as to
how IBA can dare to offer a mere 5% increase in salaries after 5 years, when
there has been so much hue and cry all around for honourable settlement and high
salaries for Central Government employees. I can trace that it can be one
or combination of the following factors : -
(a) IBA has realised that
Union Leaders and Bank
Unions are toothless and can only barge and not take
action. They can at best go for one or two days strike, which can
result in loss to customers but will save hundreds of crores of rupees to banks
in the shape of deductions in salaries.
(b) Union leaders have sold
their soul and are ready to bend backward to any extent to keep their bosses
happy so that they allow their fiefdom to continue. They issue circulars
after month / two months just to keep their cadre engaged.
(c)
Clubbing of issues like
Stopping of Banking Reforms alongwith Wage Revision has sent a message to IBA
and GoI that unions are least bothered for wage revision and more interested in
stopping bank reforms to save their respective territories.
(d) GoI feels that paying
reasonable salaries to bankers will lead them empowered to raise their voices on
other matters like corruption, NPA etc. and thus
pay them low so that poor
talent is attracted to banks and they can enjoy the fruits of public money.
This is on similar premises wherein politicians love to keep large population
below poverty line so that they keep on struggling for day to day requirements
and find no time to raise voice against the corrupt political class.
The future does not seem to
be rosy for bankers, as in the given circumstances, it is unlikely that bankers
can expect increase of over 12% or so inspite of strikes for few days.
There is a need for drastic steps (even beyond strike) - may be throwing of the
old unions. Young Bankers have to start a new movement as old
bankers have already resigned to their fate. Like AAP of Kejriwal, new
innovative methods have to be adopted and the free fund flow of crores of rupees
to existing unions has to be cut by starting a movement for change. Till
new leaders emerge with self-less interest, bankers need to suffer as our poor
population is suffering.
I am
waiting for the new ray of hope, which I feel will come from younger generation
bankers with the help of some senior colleagues who have vast experience
of banking. Retired Bankers
serving as leaders and those who are on the verge of retirement need to now pass
on the baton to young bankers to challenge IBA and GoI.
Senior colleagues can guide and / or make suggestions to the young people but
not interfere in the day to day affairs. It is something like that happens
in our families. As sons and daughters grow, we slowly stop day to day
interference in their life but keep a check if they try to drift from the right
path. There is a strong need to show maturity and retire with honour from
public life.
In the
meantime, bankers must go on strike on 18th December, 2013, as even the
reconciliatory proceedings have failed and unions have issued the final call for
strike. The unity needs to be maintained at this juncture.
an article by Shri Rajesh Goyal
http://www.allbankingsolutions.com/Wage-Revision/Xth-Bipartite-Settlement/IBA-snubs-5percent-increase.htm
10/02/2013
MASSIVE INCREASE OF 50 SLABS IN DA LIKELY - FROM November 2013 to January, 2014
We have been writing that now a days it is extremely difficult to predict such things as inflation figureswidely fluctuate and are released by government. However, on the request of our readers and based on the trends so far released, we give below our PROJECTIONS for the DA. However, we would like toCAUTION our readers that inflation, especially food inflation, has been fluctuating widely, and thus at this stage it is very difficult to predict the inflation rate.
The exact increase for DA cannot be given at this stage as GOI has yet to announce the CPI for the month of September 2013. However, based on the CPI already announced for the month of July 2013 and August, 2013, we are doing this guess work. The CPI announced and projected so far are as follows:-
| Month | CPI |
| July, 2013 | 5364 |
| August 2013 | 5409 |
| September 2013 | 5455 (Projected) |
There has been high increase in CPI in the month of July 2013 followed by increase in August 2013. The inflation trends of recent times indicate that in September 2013 too the inflation figures will be high Assuming that there will be increase again of similar nature, the revised DA is likely to be around 96.45%, (increase of massive 50 slabs) for the months of November 2013 to January, 2014 (i.e. increase of 50 slabs).
[The present DA is 88.95% for the months of August, September and October, 2013]. The PROJECTED DA is as follows:
Likely DA Increase for Officers :
| Actual DA for | Likely DA for | Increase in DA | |||
| Officers | Aug, Sept, Oct 2013 | From November 2013 | |||
| Stage | Scale | Basic Pay | 88.95% | 96.45% | 7.50% |
| DA Amount Payable | DA Amount Payable | DA Amount Payable | |||
| 1 | I,II,III | 14500 | 12897.75 | 13985.25 | 1087.50 |
| 2 | I,II,III | 15100 | 13431.45 | 14563.95 | 1132.50 |
| 3 | I,II,III | 15700 | 13965.15 | 15142.65 | 1177.50 |
| 4 | I,II,III | 16300 | 14498.85 | 15721.35 | 1222.50 |
| 5 | I,II,III | 16900 | 15032.55 | 16300.05 | 1267.50 |
| 6 | I,II,III | 17500 | 15566.25 | 16878.75 | 1312.50 |
| 7 | I,II,III | 18100 | 16099.95 | 17457.45 | 1357.50 |
| 8 | I,II,III | 18700 | 16633.65 | 18036.15 | 1402.50 |
| 9 | I,II,III | 19400 | 17256.30 | 18711.30 | 1455.00 |
| 10 | I,II,III | 20100 | 17878.95 | 19386.45 | 1507.50 |
| 11 | I,II,III | 20900 | 18590.55 | 20158.05 | 1567.50 |
| 12 | I,II,III | 21700 | 19302.15 | 20929.65 | 1627.50 |
| 13 | I,II,III | 22500 | 20013.75 | 21701.25 | 1687.50 |
| 14 | I,II,III | 23300 | 20725.35 | 22472.85 | 1747.50 |
| 15 | I,II,III | 24100 | 21436.95 | 23244.45 | 1807.50 |
| 16 | I,II,III | 24900 | 22148.55 | 24016.05 | 1867.50 |
| 17 | I,II,III | 25700 | 22860.15 | 24787.65 | 1927.50 |
| 18 | I,II,III | 26500 | 23571.75 | 25559.25 | 1987.50 |
| 19 | I,II,III | 27300 | 24283.35 | 26330.85 | 2047.50 |
| 20 | I,II,III | 28100 | 24994.95 | 27102.45 | 2107.50 |
| 21 | I,II,III | 28900 | 25706.55 | 27874.05 | 2167.50 |
| 22 | I,II,III | 29700 | 26418.15 | 28645.65 | 2227.50 |
| 23 | I,II,III | 30600 | 27218.70 | 29513.70 | 2295.00 |
| 24 | I,II,III | 31500 | 28019.25 | 30381.75 | 2362.50 |
| 25 | I,II,III | 32400 | 28819.80 | 31249.80 | 2430.00 |
| 26 | I,II,III | 33300 | 29620.35 | 32117.85 | 2497.50 |
| 27 | I,II,III | 34200 | 30420.90 | 32985.90 | 2565.00 |
| 28 | I,II,III | 35100 | 31221.45 | 33853.95 | 2632.50 |
| 1 | IV | 30600 | 27218.70 | 29513.70 | 2295.00 |
| 2 | IV | 31500 | 28019.25 | 30381.75 | 2362.50 |
| 3 | IV | 32400 | 28819.80 | 31249.80 | 2430.00 |
| 4 | IV | 33300 | 29620.35 | 32117.85 | 2497.50 |
| 5 | IV | 34200 | 30420.90 | 32985.90 | 2565.00 |
| 6 | IV | 35200 | 31310.40 | 33950.40 | 2640.00 |
| 7 | IV | 36200 | 32199.90 | 34914.90 | 2715.00 |
| 1 | V | 36200 | 32199.90 | 34914.90 | 2715.00 |
| 2 | V | 37200 | 33089.40 | 35879.40 | 2790.00 |
| 3 | V | 38200 | 33978.90 | 36843.90 | 2865.00 |
| 4 | V | 39300 | 34957.35 | 37904.85 | 2947.50 |
| 5 | V | 40400 | 35935.80 | 38965.80 | 3030.00 |
| 1 | VI | 42000 | 37359.00 | 40509.00 | 3150.00 |
| 2 | VI | 43200 | 38426.40 | 41666.40 | 3240.00 |
| 3 | VI | 44400 | 39493.80 | 42823.80 | 3330.00 |
| 4 | VI | 45600 | 40561.20 | 43981.20 | 3420.00 |
| 5 | VI | 46800 | 41628.60 | 45138.60 | 3510.00 |
| 1 | VII | 46800 | 41628.60 | 45138.60 | 3510.00 |
| 2 | VII | 48100 | 42784.95 | 46392.45 | 3607.50 |
| 3 | VII | 49400 | 43941.30 | 47646.30 | 3705.00 |
| 4 | VII | 50700 | 45097.65 | 48900.15 | 3802.50 |
| 5 | VII | 52000 | 46254.00 | 50154.00 | 3900.00 |
Likely Increase of DA for Workmen Staff :
| Actual DA for | Likely DA for | Increase in DA | |||
| Officers | Existing | Aug, Sept, Oct 2013 | From November 2013 | ||
| Stage | Scale | Basic Pay | 88.95% | 96.45% | 7.50% |
| DA Amount Payable | DA Amount Payable | DA Amount Payable | |||
| 1 | Clerk | 7200 | 6404.40 | 6944.40 | 540.00 |
| 2 | Clerk | 7600 | 6760.20 | 7330.20 | 570.00 |
| 3 | Clerk | 8000 | 7116.00 | 7716.00 | 600.00 |
| 4 | Clerk | 8400 | 7471.80 | 8101.80 | 630.00 |
| 5 | Clerk | 8900 | 7916.55 | 8584.05 | 667.50 |
| 6 | Clerk | 9400 | 8361.30 | 9066.30 | 705.00 |
| 7 | Clerk | 9900 | 8806.05 | 9548.55 | 742.50 |
| 8 | Clerk | 10500 | 9339.75 | 10127.25 | 787.50 |
| 9 | Clerk | 11100 | 9873.45 | 10705.95 | 832.50 |
| 10 | Clerk | 11700 | 10407.15 | 11284.65 | 877.50 |
| 11 | Clerk | 12300 | 10940.85 | 11863.35 | 922.50 |
| 12 | Clerk | 13000 | 11563.50 | 12538.50 | 975.00 |
| 13 | Clerk | 13700 | 12186.15 | 13213.65 | 1027.50 |
| 14 | Clerk | 14400 | 12808.80 | 13888.80 | 1080.00 |
| 15 | Clerk | 15100 | 13431.45 | 14563.95 | 1132.50 |
| 16 | Clerk | 15800 | 14054.10 | 15239.10 | 1185.00 |
| 17 | Clerk | 16500 | 14676.75 | 15914.25 | 1237.50 |
| 18 | Clerk | 17200 | 15299.40 | 16589.40 | 1290.00 |
| 19 | Clerk | 18500 | 16455.75 | 17843.25 | 1387.50 |
| 20 | Clerk | 19300 | 17167.35 | 18614.85 | 1447.50 |
| 21 | Clerk | 20100 | 17878.95 | 19386.45 | 1507.50 |
| 22 | Clerk | 20900 | 18590.55 | 20158.05 | 1567.50 |
| 23 | Clerk | 21700 | 19302.15 | 20929.65 | 1627.50 |
| 24 | Clerk | 22500 | 20013.75 | 21701.25 | 1687.50 |
| 25 | Clerk | 23300 | 20725.35 | 22472.85 | 1747.50 |
| 26 | Clerk | 24100 | 21436.95 | 23244.45 | 1807.50 |
| 27 | Clerk | 24900 | 22148.55 | 24016.05 | 1867.50 |
| 1 | Sub-Staff | 5850 | 5203.58 | 5642.33 | 438.75 |
| 2 | Sub-Staff | 6050 | 5381.48 | 5835.23 | 453.75 |
| 3 | Sub-Staff | 6250 | 5559.38 | 6028.13 | 468.75 |
| 4 | Sub-Staff | 6450 | 5737.28 | 6221.03 | 483.75 |
| 5 | Sub-Staff | 6650 | 5915.18 | 6413.93 | 498.75 |
| 6 | Sub-Staff | 6900 | 6137.55 | 6655.05 | 517.50 |
| 7 | Sub-Staff | 7150 | 6359.93 | 6896.18 | 536.25 |
| 8 | Sub-Staff | 7400 | 6582.30 | 7137.30 | 555.00 |
| 9 | Sub-Staff | 7650 | 6804.68 | 7378.43 | 573.75 |
| 10 | Sub-Staff | 7900 | 7027.05 | 7619.55 | 592.50 |
| 11 | Sub-Staff | 8200 | 7293.90 | 7908.90 | 615.00 |
| 12 | Sub-Staff | 8500 | 7560.75 | 8198.25 | 637.50 |
| 13 | Sub-Staff | 8800 | 7827.60 | 8487.60 | 660.00 |
| 14 | Sub-Staff | 9100 | 8094.45 | 8776.95 | 682.50 |
| 15 | Sub-Staff | 9450 | 8405.78 | 9114.53 | 708.75 |
| 16 | Sub-Staff | 9800 | 8717.10 | 9452.10 | 735.00 |
| 17 | Sub-Staff | 10150 | 9028.43 | 9789.68 | 761.25 |
| 18 | Sub-Staff | 10550 | 9384.23 | 10175.48 | 791.25 |
| 19 | Sub-Staff | 10950 | 9740.03 | 10561.28 | 821.25 |
| 20 | Sub-Staff | 11350 | 10095.83 | 10947.08 | 851.25 |
| 21 | Sub-Staff | 11750 | 10451.63 | 11332.88 | 881.25 |
| 22 | Sub-Staff | 12150 | 10807.43 | 11718.68 | 911.25 |
| 23 | Sub-Staff | 12550 | 11163.23 | 12104.48 | 941.25 |
| 24 | Sub-Staff | 12950 | 11519.03 | 12490.28 | 971.25 |
| 25 | Sub-Staff | 13350 | 11874.83 | 12876.08 | 1001.25 |
| 26 | Sub-Staff | 13750 | 12230.63 | 13261.88 | 1031.25 |
| 27 | Sub-Staff | 14150 | 12586.43 | 13647.68 | 1061.25 |
| Special Pay forClerical & SubStaff | |||||
| CTO-B (with passing powers)/SWO | 500 | 444.75 | 482.25 | 37.50 | |
| Head Cashier II | 780 | 693.81 | 752.31 | 58.50 | |
| Special Assistant | 1180 | 1049.61 | 1138.11 | 88.50 | |
| All other existing Spl Pay holders | 500 | 444.75 | 482.25 | 37.50 | |
| 0.00 | 0.00 | 0.00 | |||
| Bill Collectors /Armed Guard | 240 | 213.48 | 231.48 | 18.00 | |
| Daftary | 340 | 302.43 | 327.93 | 25.50 | |
| Head Peon | 4550 | 4047.23 | 4388.48 | 341.25 | |
| HeadMessenger in IOB | 1000 | 889.50 | 964.50 | 75.00 | |
| Electrician / AC Plant Helper | 1250 | 1111.88 | 1205.63 | 93.75 | |
| Driver | 1450 | 1289.78 | 1398.53 | 108.75 | |
| All other existing spl pay holders (substaff) | 350 | 311.33 | 337.58 | 26.25 | |
| 0.00 | 0.00 | 0.00 | |||
| Graduation Pay / PQA -after 1 year | 250 | 222.38 | 241.13 | 18.75 | |
| Graduation Pay / PQA -after 2 year | 490 | 435.86 | 472.61 | 36.75 | |
| Graduation Pay / PQA -after 3 year | 740 | 658.23 | 713.73 | 55.50 | |
| Graduation Pay / PQA -after 4 year | 990 | 880.61 | 954.86 | 74.25 | |
| Graduation Pay / PQA -after 5 year | 1230 | 1094.09 | 1186.34 | 92.25 | |
| http://www.allbankingsolutions.com/Wage-Revision/DA/DA-Nov-2013-Projected.htm |
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