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

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

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

Strike schedule

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

What BOB employees say?

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

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Government Banks Vacancies may decrease this year

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

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

Decline in Employee Count

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

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

The Need for Additional Jobs in PSBs:

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

Rise in Private Sector Bank Employees:

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

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

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

RBI announced to sell Rs.32000 crore Government Securities

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

Bidding Process

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

Importance of the Auction

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

Government Securities and their Types

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

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

Conclusion

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

Bank of Baroda Cashier commits suicide due to dispute with Wife

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

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

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

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

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

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

Background of the Case

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

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

Bank’s Response and Commission’s Decision

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

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

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

Commission’s Ruling

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

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

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

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

Constitutional Mandate for Women’s Workforce Participation

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

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

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

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

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

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

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

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