BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Friday, April 28, 2017

DA slab 13 down fir banker from May 2017 salary will be down to 1.30% be ready aachche din aagaya

Again our projection is true.

13 DA Slabs down from May,17 i.e 1.30%  on your basic and spl pay.Total DA Slabs 456. 45.60% for all cadre & Stages. No change for Pensioners. Aachhe din aagaya 

Wednesday, April 26, 2017

Interview Cheat Sheet: Most Commonly Asked Group Discussion Questions In 2016-17

A GD panel round or a group discussion is an employer's way of testing your knowledge on a particular topic or subject as well your ability to communicate and work with a team. While the purpose of a GD round is elimination, not selection, companies are increasingly using group discussions to evaluate a potential candidate's personality. A group discussion round will usually have 8-10 participants along with a moderator who will ask the participants to discuss a topic or subject for a limited time.

A GD round is a chance for you to showcase your listening and communication skills within a group. A discussion can last anywhere between 15 to 45 minutes and judges will be on the lookout for how candidates perform under pressure. Topics raised at GD rounds generally range from current affairs like "are Chinese goods a threat to India?" to abstract questions like "how can world leaders end terrorism." However having a structured and relevant conversation over serious political and social issues without preparation may seem daunting to some.

To give job seekers a rough idea of what to expect from a GD Round, AmbitionBox, which provides information on interview experiences and workplace reviews has compiled a list of most commonly asked questions in a group discussion, broadly divided into four categories. 


Group discussion topics on current affairs:
  • Are Chinese goods a threat to India?
  • Modi recently launched a campaign for 'Make in India', which caused several thinkers to go vocal about its pros and cons. Yet 'Make in India' is better than 'Made in India'. What do you think?
  • The world is gradually accepting globalization. And the latest implications of globalization across businesses seem bigger and better than ever before.
  • Automation will kill jobs. Yes or No?
  • Google's creepy My Activity page holds too much of information about us. Agree or Disagree?

Group discussion topics on social issues:
  • Should Pakistani artists be thrown out of India?
  • Is marriage relevant these days?
  • Love marriage vs. Arranged marriage, share your thoughts.
  • Causes, effects, and solutions of Caste system in India
  • Poor people have less liberty for the choice of profession.

Group discussion topics on business and economy:
  • Are digital payments secure enough for the Indian economy to go cashless?
  • Is the Aadhaar database secured enough?
  • Are the charges on ATM cash withdrawals justified?
  • Is demonetization affecting common people more than black money holders?
  • Indian States are Poorer than African nations according to the UNDP

Abstract topics for group discussion:
  • Should the practice of Yoga be made compulsory in schools?
  • Dont you think too much importance is given to cricket as compared to other sports in India?
  • Is compulsory attendance really needed in schools and colleges?
  • Polythene bags should be completely banned!
  • Selling alcohol on highways should be banned to curb accidents.
source ndtv profit

DA rate for banker from 2012 to till date

 Dearness Allowance for workmen and officer employees in banks
Payable for the YearPayable for the monthsAverage CPINo. of slabs% of pay
2017 February March April 6315 469 46.9 
2016-17 Nov Dec Jan 6353 478 47.8 
2016 Aug Sep Oct 6261.9 455 45.5 
2016 May June July 6117 420 42 
2016 Feb Mar Apr 6147 426 42.6 
2015-16 Nov Dec Jan 6033 398 39.8 
2015 Aug Sep Oct 5896 364 36.4 
2015 May Jun Jul 5790.17 738 110.7 
2015 Feb Mar Apr 5774.95 734 110.1 
2014-15 Nov Dec Jan 5767 732 109.8 
2014 Aug Sept Oct 5569.52 683 102.45 
2014 May Jun Jul 5432.56 650 97.5 
2014 Feb Mar Apr 5501.04 666 99.9 
2013-14 Nov Dec Jan 5402.13 641 96.15 
2013 Aug Sept Oct 5211.91 593 88.95 
2013 May Jun Jul 5082.57 561 84.15 
2013 Feb Mar Apr 4976.05 535 80.25 
2012-13 Nov Dec Jan 4877 510 76.5 
2012 Aug Sept Oct 4709 468 70.2 
2012 May June Jul 4549 428 64.2 
2012 Feb Mar Apr  4519 420 63 

Salary Deducted For Not Serving Notice Period is not Taxable .......Good News For You

In a significant ruling, the Ahmedabad bench of Income Tax Appellate Tribunal or ITAT recently ruled that an amount deducted from an employee's salary for not serving out a notice period cannot be considered as taxable income. "...in our considered view, the actual salary received by the assessee is only taxable and therefore, we allow this ground of appeal of the assessee," the bench said earlier this month. In other words, this means that where an employee has not served the notice period as per terms of employment and deduction has been made from his or her salary in this regard, such deduction could not be treated as income of employee and subjected to income tax.

The ruling came in a case related to a person who did not serve the full notice period during his stint at two companies and his employers had deducted certain amount while paying the final salaries.

In this particular case, the person had shown only net receipt as income while filing his return of income. The Income Tax Department contended that as salary was taxed on due basis, whether paid or not, and did not allow this deduction. However, the Tribunal ruled in favour of assessee.


Commenting on the tribunal's ruling, Sandeep Sehgal, director for tax and regulatory at Ashok Maheshwary & Associates LLP, said, "This is a significant ruling. The person got only net amount in his hands and the deductions were made by the employers beforehand. The tribunal recognised this fact and concluded that such deductions made can't be considered as income in the hands of the person as this is not a real income."

In many organisations, typically, when an employee resigns but does not serve out the notice period according to the employment conditions, the employer deducts part of the salary attributed to this period. Income tax authorities however tend to tax the entire salary due, whether paid or not. Hence, the Tribunal's order assumes significance after it said that the deducted amount could not be considered as taxable salary income.

source profit ndtv

Tuesday, April 25, 2017

Employees will be able withdraw up to 90% of their provident fund accounts for purchase/construction of houses or purchase of land.

The government has amended the rules of the Employees' Provident Funds Scheme to enable over four crore subscribers to pay equated monthly instalments (EMIs) of home loans. They can also make payments towards purchase/construction of houses or purchase of land. This is part of the government's 'Housing for All' agenda. The Employees' Provident Fund Organisation (EPFO) is the retirement fund body that manages provident fund savings on behalf of employees. The government also recently announced other measures like Pradhan Mantri Awas Yojana (Urban) for middle-income groups to boost the housing sector.

Here are 10 things to know:

1) EPFO subscribes will be able withdraw up to 90 per cent of their accumulations in their provident fund accounts for purchase/construction of houses or purchase of land.  
2) To purchase a house under this new scheme, the subscriber has to be a member of a cooperative society or a society registered for housing purpose and such society should have at least ten members. The subscriber can also purchase the flat/house or land from the government or any agency under housing scheme or any promoter or builder.

3) The retirement fund body will make the payment for purchase of the property to the housing agency - not to the provident fund subscribers.

 

Earlier, only those EPFO subscribers who had completed five years of service were allowed to withdraw provident fund savings for purchase of house/flat/construction including land. They were allowed to withdraw only 36 months of their salary (basic salary and dearness allowance) for this purpose.

4) The new rules also provide that that monthly instalments towards home purchase can also be paid from provident fund deposits.

5) The monthly instalments will be directly paid to to the government, housing agency, primary lending agency or the bank concerned.

6) The subscriber has to apply to the EPFO for availing the new scheme.

7) The withdrawal facility from the provident fund account will be available to only those members who fulfil certain conditions

8) The member should have contributed to the fund for at least three years.

9) The facility will be available only once to every member during his or her lifetime. The rule applies to all those who together with their subscriber spouse have at least Rs. 20,000 in their accounts.

10) If the member fails to get allotted a flat or in the event of the cancellation of an allotment, the amount so withdrawn has to be refunded in one lump sum within a period not exceeding fifteen days from the date of such cancellation or non-allotment.

Five Workmen Unions will meet on 29th April at Chennai to finalise the Common Charter of Demands

Five Workmen Unions
will meet on 29th April  at Chennai
to finalise the Common Charter of Demands
to be submitted  to IBA
on 2nd May 2017.

Monday, April 24, 2017

RBI may use new PCA Framework to Identify weak Banks for Merger.

Rating agency says RBI may use new PCA framework to identify weak banks for merger
More than half the country’s state-owned banks would breach at least one of the four thresholds specified by the Reserve Bank of India under its revised “prompt corrective action” (PCA) framework, mainly owing to high non-performing loans (NPLs), according to Fitch Ratings.
The credit rating agency felt that the RBI may use the PCA framework to identify weak banks as candidates for mergers.
The RBI has tightened the thresholds — for capital ratios, NPLs, profitability and leverage — at which banks enter the PCA framework. Fitch underscored that this appears to be an acknowledgement of the significant asset-quality stress in the system and that more banks are in need of regulatory intervention.
“PCA was previously viewed as an extraordinary step, which the RBI urged banks to make great efforts to avoid. That now looks likely to change. More than half of state-owned banks would breach at least one of the new thresholds, mainly owing to high NPLs, based on their latest financial reports,” said the agency.
The new PCA framework will be invoked on the basis of the banks’ FY17 financials.
Fitch observed that the RBI has also given itself greater discretion in terms of the measures it can use to intervene in banks once they fall under the PCA framework, which suggests it has recognised a need to take corrective action at an earlier stage when banks run into difficulties.
The previous PCA, in contrast, explicitly reserved the most interventionist actions for banks that had breached more extreme thresholds.
“It is possible that intervention could involve forcing banks to conserve capital, if other actions do not address problems. The risk of non-performance on bank capital instruments may therefore have risen,” said Fitch.
Flagging the possibility of the RBI using the PCA framework to identify weak banks as candidates for mergers, the agency said State Bank of India took over five smaller lenders earlier this month, and further consolidation could be part of the overall strategy to clean up the banking system.
However, such mergers would also require the support of the government, it added.

Finance Ministry in talks with PSBs to consider their Growth Blueprint and Capital Infusion.

The Finance Ministry has initiated complete negotiations with select public banks to consider their growth blueprint over the next three years and look for turnaround plans to check if they need more growth capital.
The Department of Financial Services will be meeting representatives of 10 state-owned banks that received funds in March this year.
“The ministry officials have sought business plans for the next three years and also wanted detailed turnaround plans. Banks will also have to submit stressed asset resolution plans,” a senior public sector banker told pti
The officials will also be assessing capital needs of each bank for the next three years, a source added.
In the second tranche of capital infusion, the government had infused Rs 8,586 crore in 10 banks in March. For the full 2016-17, it had pumped in Rs 25,000 crore.

Capital Infusion to Public Sector Banks

The recipients in the last fiscal were Bank of India (Rs 1,500 crore), Bank of Maharashtra (Rs 300 crore), IDBI Bank (Rs 1,900 crore), Indian Overseas Bank (Rs 1,100 crore), Central Bank of India (Rs 100 crore), Dena Bank (Rs 600 crore), UCO Bank (Rs 1,150 crore), Andhra Bank (Rs 1,100 crore), United Bank of India (Rs 418 crore) and Allahabad Bank (Rs 418 crore).
Talks are part of the Indradhanush plan which involved banks submitting detailed growth plans and indicating how they are going to deploy the funds to get additional money.
Some banks have already got calls from the ministry for the meeting and the bankers will be meeting individually.
The government funding is linked to strict parameters. The first tranche of capital infusion for fiscal 2017 was announced in July 2016.
According to the road map announced in August 2015, the government will infuse Rs 70,000 crore into the banks over four years, while they will have to raise an additional Rs 1.1 trillion from the markets to meet their capital requirements, in line with global risk norms Basel-III.
Public sector banks are to get Rs 25,000 crore in each fiscal of 2016 and 2017 and Rs 10,000 crore each in fiscal 2018 and 2019. The Budget has allocated Rs 10,000 crore in the current financial year.

Thursday, April 20, 2017

SBI's VRS offer gets poor response only 3500 application received till last date

The (VRS) offer for of State Bank of India’s associate banks, now formally merged with the parent, has had a relatively poor response.

A not-so-good package and a weak job market has held back many who of the 12,500 who were eligible from putting in their papers; only 3,500 have finally opted for it.  While 4,300 had applied till the final date of April 5, around 800 of them withdrew applications by April 12, the last day for doing so.
 
A top official said the response was below (about 50 per cent) expectation but this was not a problem, as those who have stayed back are not a burden. Many have significant experience, handy to manage the merger transition. The bank would be look at skill and experience profile for deciding postings, the official said.

All the five entities — State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, in addition to Bharatiya Mahila Bank (BMB) —merged with with effect from April 1.

The bank had set some criteria for the VRS. Those opting for it should have over 20 years of service and attained at least 55 years of age.

Two senior executives with the group said the package  (maximum 30 months salary) was not seen as attractive. Plus, these are not the best of times to look for a job outside.  Also, up to the rank of assistant general manager have an opportunity to get placed within the circle (of SBI) he or she works. This helps to increase the chance of being placed at a branch or office which could be a home place or nearby, they said.

A staffer whose VRS application is accepted is to get an amount equal to 50 per cent of the residual period of service, capped at 30 months’ salary.  The employee strength of after the merger has increased to 270,011, which includes 69,191 from the associate and BMB.

The total customer base will reach 370 million, with a branch network of around 24,000 and nearly 59,000 ATMsy. The merged entity will have a deposit base of a little more than Rs 26 lakh crore and advances of Rs 18.5 lakh crore.

Tuesday, April 18, 2017

PNB and BOB two large Mumbaibased banks” could potentially merge in the current financial year.

*After SBI merger, now Punjab National Bank and Bank of Baroda may take over smaller lenders*
By Dheeraj Tiwari, ET Bureau | Apr 18, 2017, 01.17 PM IS 
The government is also looking to allow lateral entry in banks and will work closely with the Banks Board Bureau to reform the human resource structure at the state-owned lenders.
NEW DELHI: The government is working on a road map for the overhaul of state-run lenders that involves the next round of consolidation, public offers in the next few months by banks to raise fresh capital, and changes in the hiring policy, including increased lateral entry. This could see Punjab National Bank (PNB) and Bank of Baroda taking over smaller lenders, said a senior finance ministry official. 

The government is actively looking at candidates for consolidation with the Prime Minister’s Office keen on having a few large banks rather than several smaller ones, he said. “We may start with some low-hanging fruit. For example, Punjab & Sind Bank can be merged into Punjab National Bank. Big lenders like Bank of Baroda can take over some turnaround banks in the southern region, like Indian Overseas Bank,” the official said, adding that various permutations and combinations are being discussed. The banks couldn’t immediately be reached for comment. 

No decision has been made as yet and these plans are only at the proposal stage. 

This comes as the finance ministry is working closely with the Reserve Bank of India to address non-performing assets. Last week, RBI had unveiled stricter norms under the revised prompt corrective action framework, which may force lenders to consolidate in case they don’t meet the regulatory requirements. 

“Primarily, we are only going to be matchmakers, but, yes, if RBI feels that such action is necessitated in terms of regulatory requirements, we may act accordingly,” said the official cited above, hinting that the government will also suggest options to the lenders. 

“All these plans are fluid, as we also need to take clearances from the Competition Commission, as followed in the case of Bharatiya Mahila Bank and SBI merger,” he said. 

State Bank of India absorbed five associate lenders and Bharatiya Mahila Bank earlier this month, boosting India's No. 1 bank’s financial muscle. 


The government will push large state-owned lenders to tap the markets this fiscal, another government official said. “Under the Indradhanush road map, banks were to raise Rs 1.8 lakh crore from the markets for capitalisation,” he said. “We expect large banks to explore that route.” 

That money will be needed as the government has allocated just Rs 10,000 crore toward capital infusion in banks this fiscal. 

Indradhanush is a seven pronged revamp plan for state-run banks that the government announced in 2015. 

It included a programme to deal with bad debt and called for capital infusion to the tune of Rs 70,000 crore till FY19. 

The government will also push seven public sector banks — United Bank of India, Indian Bank, Bank of Maharashtra and Central Bank of India among them — to tap the markets in the next five months to meet the 25% public shareholding norm. 

The government is also looking to allow lateral entry in banks and will work closely with the Banks Board Bureau to reform the human resource structure at the state-owned lenders. 

The latest development appears to be a broader plan than the one that Banks Board Bureau chief Vinod Rai alluded to in an interview with Reuters last month. He had suggested that “two large Mumbaibased banks” could potentially merge in the current financial year.

Monday, April 17, 2017

SBI merger: Hyderabad HC stays absorption of associate banks' officers

The scheme for absorption of 30,000 officers of five initiated by (SBI) hit a speed bump on Thursday, with the high court here issuing an interim order, directing the country’s biggest lender to not act on the options given by these staffers till June 15.

The court has been petitioned by and Association. It has  challenged the scheme by which options have been sought from the officers to be absorbed. They contend there is lack of clarity on conditions such as seniority after the merger and on alleged disparities in superannuation benefits for officers and those of the in a merged entity.

The HC has directed to file a reply before a further hearing. This came on the day of expiry of the deadline for submission of options for officers of the associates being merged — State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, besides Bharatiya Mahila Bank.

“We have brought our concerns to the notice of the Union minister, Reserve Bank of India and the chairman in the past year but did not receive any positive response. That is why we had to pursue legal means to seek justice,” said Harshavardhan Madabhushi, secretary general of the petitioner association.

As the management maintains the absorption of staff was just a continuation of their service, there was no rationale in offering Provident Fund benefits (associate bank staff do not have a PF provision) only from April 1, 2017, or tweaking the terminal benefits compared to those for officers, the petitioners argue.  They also express apprehension over not spelling out the parameters on their seniority in the merged entity. Officers of the enjoy slightly better pension and gratuity provisions compared to counterparts in but the petitioners argue such benefits were cut whereever there was a possibility of an associate bank officer getting more than a counterpart in the new scheme.

With the court stay, the petitioners believes the Voluntary Retirement Scheme (VRS) announced by will also have to undergo changes, depending on the final judgement. So far, 4,000 of the associate banks’ staff, mostly officers, hace opted for the VRS. “Those who have opted for it have done so as they did not find merit in the service conditions offered by the management,” said Madabhushi. On August 16 last year, all the boards of directors of the had approved the acquisition scheme mooted by  At the time, the officers and other staff of these had said the scheme was silent on aspects important to them, concerning pay and allowances, except for stating that “pay and allowances offered to the employees and officers shall not be less favourable, overall, as compared to what they would have drawn in the associate bank”.

In a letter to Union Minister Arun Jaitley in 2016, the petitioner body had said its concern and nervousness on these aspects was more so because of what they'd observed on the earlier acquisitions of State Bank of Saurashtra and State Bank of Indore.

It said had reduced the seniority, depriving officers of equitable promotional opportunities after the acquisition. It was alleged that certain allowances being paid to similarly placed officers in were denied to State Bank of Saurashtra and State Bank of Indore officers after the merger

Friday, April 14, 2017

Only 8 public sector bank make profit out of 21

Iba invited UFBU 2nd May Tuesday

1st formal meeting with IBA on 2 ND May,2017
 IBA invited United Forum of Bank Unions for introductory round of talks for XIth Bipartite Settlement on Tuesday, the 2nd May, 2017. IBA is known to have formed its six members Negotiating committee  headed by Sh. R. K. Thakker, Chairman U.Co. Bank with Sh. Rakesh Sharma-M.D. Canara Bank, Sh. Jai Kumar-M.D. Bank of Baroda, Sh. Usha Ananthakrishanan-M.D. PNB, Sh. Prashant Kumar-DMD of SBI and Sh. Shyam Srinivasan M.D. of Federal Bank as other members. Meanwhile, mandate for negotiations has already been received from Public Sector Banks except from all P Bank of Baroda and State Bank of India. State Bank of India Board is meeting in the last week of this month and issue will be discussed there. It is also pertinent to mention that 3-4 Banks have given tapered mandate to negotiated upto scale III/IV.
   

UFBU , Under the LEADERSHIP  of Com. Sanjeev Bandlish, Convenor will be REPRESENTED by 9 constituents.
Let us hope for better Settlement this time.

Wednesday, April 12, 2017

1st meeting of 11th BP will be held with IBA on 2nd MAY 2017 at 4.00 pm in MUMBAI

 No automatic alt text available.

Govt asks PSBs to finalise next wage revision before November 1

The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November. 

There are 21 public sector banks, post merger of six lenders with SBI, in the country. They together employ about 8 lakh people. 

In a communication to CEOs and MDs of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the time-frame 

"However, it is seen that several banks are yet to proceed in the matter," it said, requesting the PSBs to "look into the matter and conclude the next wage revision prior to the effective date of November 1, 2017". 

The wage revision of public sector bank employees takes place every five year. The last revision was effected in November 2012. In the last wage negotiation between PSU banks employee unions and bank management, Indian Banks' Association (IBA) had settled at 15 per cent hike 

Recently, Banks Board Bureau chief Vinod Rai had made a case that the compensation package across the board of public sector banks needs to be improved. 

Maybe, we are not able to do much with the fixed part of compensation package but (with) variable part we are hopeful that in the next financial year (2017-18), we will be able to introduce a far more attractive package which do have bonuses, ESOPs and other performance linked incentives as part of the package," he had said. 

Rai has also suggested that managing directors of the public sector banks should be appointed for minimum 6 years 

 

Friday, April 7, 2017

WHAT IS CRR SLR MSF AND CALL RATE

CRR - Cash Reserve Ratio - Banks in India are required to hold a certain proportion of their deposits in the form of cash. However Banks don't hold these as cash with themselves, they deposit such cash(aka currency chests) with Reserve Bank of India , which is considered as equivalent to holding cash with themselves. This minimum ratio (that is the part of the total deposits to be held as cash) is stipulated by the RBI and is known as the CRR or Cash Reserve Ratio.

When a bank's deposits increase by Rs100, and if the cash reserve ratio is 9%, the banks will have to hold Rs. 9 with RBI and the bank will be able to use only Rs 91 for investments and lending, credit purpose. Therefore, higher the ratio, the lower is the amount that banks will be able to use for lending and investment. This power of Reserve bank of India to reduce the lendable amount by increasing the CRR, makes it an instrument in the hands of a central bank through which it can control the amount that banks lend. Thus, it is a tool used by RBI to control liquidity in the banking system.




Latest RBI Bank Rates in Indian Banking - 2017


SLR RateCRRMSFRepo RateReverse Repo RateBase Rate
20.5%4%6.75%6.25%5.75%9.3% - 9.7%






SLR - Statutory Liquidity Ratio - Every bank is required to maintain at the close of business every day, a minimum proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities. The ratio of liquid assets to demand and time liabilities is known as Statutory Liquidity Ratio (SLR). RBI is empowered to increase this ratio up to 40%. An increase in SLR also restricts the bank's leverage position to pump more money into the economy.

Net Demand Liabilities - Bank accounts from which you can withdraw your money at any time like your savings accounts and current account.
Time Liabilities - Bank accounts where you cannot immediately withdraw your money but have to wait for certain period. e.g. Fixed deposit accounts. 

Call Rate - Inter bank borrowing rate - Interest Rate paid by the banks for lending and borrowing funds with maturity period ranging from one day to 14 days. Call money market deals with extremely short term lending between banks themselves. After Lehman Brothers went bankrupt Call Rate sky rocketed to such an insane level that banks stopped lending to other banks.


MSF - Marginal Standing facility - It is a special window for banks to borrow from RBI against approved government securities in an emergency situation like an acute cash shortage. MSF rate is higher then Repo rate. Current MSF Rate: 6.75%


Bank Rate - This is the long term rate(Repo rate is for short term) at which central bank (RBI) lends money to other banks or financial institutions. Bank rate is not used by RBI for monetary management now. It is now same as the MSF rate. Current bank rate is 6.75%

RBI UNCHANGED REPO RATE AT 6.25%






RBI keeps the policy repo rate unchanged at 6.25 per cent ,Reverse Repo rate changed
The Monetary Policy Committee (MPC) Reserve Bank of India in its first Bi-monthly Monetary Policy Statement, 2017-18 Resolution announced on April 6, 2017, decided to keep the policy repo rate under LAF unchanged at 6.25 per cent. However, the gap between Repo and Reverse repo is now 0.25%.
Analysis:
According to Central Bank assesment, inflation has been quiescent since the February bi-monthly monetary policy statement and the headline CPI inflation is set to undershoot the target of 5.0 per cent for Q4 of 2016-17 in view of the sub-4 per cent readings for January and February. For 2017-18, inflation is projected to average 4.5 per cent in the first half of the year and 5 per cent in the second half.
Inflation trajectory at the current juncture 
1.Unertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Niño event around July-August, and its implications for food inflation. 
2. A prominent risk could emanate from managing the implementation of the allowances recommended by the 7th CPC. In case the increase in house rent allowance as recommended by the 7th CPC is awarded, it will push up the baseline trajectory by an estimated 100-150 basis points over a period of 12-18 months, with this initial statistical impact on the CPI followed up by second-order effects. 
3. Another upside risk arises from the one-off effects of the GST. 
4. The general government deficit, which is high by international comparison, poses yet another risk for the path of inflation, which is likely to be exacerbated by farm loan waivers. 
5. Recent global developments entail a reflation risk which may lift commodity prices further and pass through into domestic inflation. Moreover, geopolitical risks may induce global financial market volatility with attendant spillovers. 
Favourable Domestic factors: 
On the downside, international crude prices have been easing recently and their pass-through to domestic prices of petroleum products should alleviate pressure on headline inflation. Also, stepped-up procurement operations in the wake of the record production of foodgrains will rebuild buffer stocks and mitigate food price stress, if it materialises.
1. The pace of remonetisation will continue to trigger a rebound in discretionary consumer spending. Activity in cash-intensive retail trade, hotels and restaurants, transportation and unorganised segments has largely been restored.
2.significant improvement in transmission of past policy rate reductions into banks’ lending rates post demonetisation should help encourage both consumption and investment demand of healthy corporations. 
3. various proposals in the Union Budget should stimulate capital expenditure, rural demand, and social and physical infrastructure all of which would invigorate economic activity.
4.the imminent materialisation of structural reforms in the form of the roll-out of the GST, the institution of the Insolvency and Bankruptcy Code, and the abolition of the Foreign Investment Promotion Board will boost investor confidence and bring in efficiency gains.
5. the upsurge in initial public offerings in the primary capital market augurs well for investment and growth.
Since the introduction of the formula in April 2016, interest rates on small savings are about 61-95 basis points higher, depending on tenor, compared to what they should be if the formula is followed. If the spread between small savings rates and bond yields remains wide, the diversion of deposits to small savings would impede a full transmission to bank lending rates.

Thursday, April 6, 2017

Hello Comrade, please join my Union .

 Hello Comrade, please join my Union . . .
SBI Leader: Dear friend,
Now you are an employee of State Bank.
Why don’t you join our Union ? We are the majority Union in our Bank.
AB Employee: But, you know that AIBEA is the majority Union in the entire Banking Industry. If majority is the criteria, as per your own argument, you should join AIBEA.
SBI Leader: No friend. In SBI, we only sign the Settlements with management.
AB Employee: May be but most of our service conditions are common today and are governed by industry-level Bipartite Settlement. AIBEA is the architect of the Bipartite Settlement in the banking industry. In all the Bipartite Settlements, AIBEA is the main signatory. Your Union joined the Bipartite Settlement only in 1979 in the 3rdBPS. AmI right ?
SBI Leader: Yes correct, but . . .
AB Employee:If signing settlement is the main point, then you should join AIBEA because AIBEA achieved BP Settlement for all.
SBI Leader: You see we have so many achievements.
AB Employee: I see, let me ask you some questions about your achievements.
SBI Leader: Yes please.
AB Employee: Whether lady employees who join SBI and who are on probation are eligible for maternity leave with salary like in my bank ?
SBI Leader: No. it will be given only on loss of pay.
AB Employee: So this is your achievement for lady employees.
SBI Leader: You see comrades, sometimes we have to agree with the management conditions.
AB Employee: So, at the cost of women employees, you will agree with management condition to give maternity leave on loss of pay ? This shows that you are against the interest of omen employees.
SBI Leader: Sometimes, it happens friend.
AB Employee: Ok. We know about your Union. What about your CPS Agreement ?
SBI Leader: Yes, it is very good. We got more allowance.
AB Employee: So, for the sake of money, you will sign anything ? You have
increased working hours. Is it not a betrayal ?
SBI Leader: See, we got more money.
AB Employee: Yes, you got Petrol allowance also. But your Union agreed to abolish the entire cadre of Sweepers/safai karamacharis. Thousands of these permanent posts meant for the poor downtrodden people were abolished/outsourced to get this benefit. Are you not hitting them below the belt ?
SBI Leader: See you have to sacrifice something to get something.
AB Employee: So, you will sacrifice the interest of substaff to get some money. Ok. In the CPS, you have also agreed for more mobility to get more allowance. Will not lady employees be affected by this ?
SBI Leader: Of course you are right. But sometimes we have to compromise to get more money. See last year our union got more petrol allowance and newspaper allowance.
AB Employee: I know that. But to get this money, you have surrendered the basic right. Now, as per your agreement,
for minor misconduct, branch manager can
straightway give punishment of Rs. 500 as fine without any memo or
charge sheet or enquiry.
SBI Leader: Actually I am not aware of this. If it is true , it is wrong.
AB Employee: It is true, I have seen your Bank Circular which says that your union has agreed to this.
SBI Leader: Ok, I will check up.
AB Employee: What about Compassionate Appointment in your Bank ? Is it available in your Bank ?
SBI Leader: No. there is no Compassionate ground appointments in SBI.
Management will only give some exgratia to the family.
AB Employee: So, even if an employee dies, money is the only criteria
in SBI. For the sake of money, can we forego the scheme
achieved by AIBEA and UFBU
?
How the widow and children
of the deceased employee will survive with sum lumpsum money.
SBI Leader: I agree with you. Our union should not have agreed to this.
AB Employee: Because it was agreed in SBI, it has been forced on
Associate Banks also. We are suffering because of your union. Now, you want me to join your Union !
SBI Leader: Sorry friend, our union should have fought on this issue.
AB Employee: Again, in CPS, for the sake of some more money, your union has agreed for extra working hours and heavy workload.
SBI Leader: It is true, but it only an option.
AB Employee: Yes, but can we sell our rights like this ?
SBI Leader: But we will get more money.
AB Employee
:
Ok.
Everything is money only.
What about retirement benefits in your Bank.
SBI Leader: We have 3 benefits. CPF, Pension and Gratuity. It is our achievement.
AB Employee
:We know how 3 benefits came to SBI. We were getting PF and
Gratuity. You were getting PF and Pension. Both were getting only 2 benefits. In 1972, when Govt. made Gratuity Act, this was extended to SBI and not by any struggle or agreement by your Union. For implementing Gratuity Act in SBI, it is only AIBEA union in SBI which went to court and got it.
SBI Leader: Actually I am not aware of this background. But our union says we have 3 benefits.
AB Employee:
That is why, in our Bank, we get Gratuity under Bipartite Settlement
without any ceiling but you are getting Gratuity under the Act with ceiling.
See, for example, General Manager of Associate Bank is getting Gratuity
of Rs. 18 lacs but General manager of SBI is getting only Rs. 10 lacs.
SBI Leader: But I am told that Gratuity ceiling under the Act is going to be increased.
AB Employee:
Yes, it is not because of your union. We went on strike on 2 nd
September, 2015 and 2016 demanding increase in Gratuity and so Government is considering to improve it. But your Union did not join this strike at all.
SBI Leader: I agree, we should have also gone on strike.
AB Employee: What about your Pension scheme. Are you governed by the same Pension Settlement like our Bank?
SBI Leader: No. we are not part of that
AIBEA Settlement. We have a separate scheme.
AB Employee: Do you know that in AIBEA Pension Settlement, there is no ceiling on pension but in your SBI scheme there is a ceiling.
SBI Leader: Yes. There is a ceiling. Upto that ceiling, we get pension at 50% of Pay. If you cross that ceiling, pension is only 40% of the Pay.
AB Employee: A General manager of my Bank will get Rs. 42,500 as basic Pension on his Basic pay of Rs. 85,000 but a GM of SBI will get only Rs. 34,000 as Basic Pension. So you can see that AIBEA pension scheme is better.
SBI Leader: But we get contributory PF.
AB Employee: But this is not extended to us. The merger scheme says that we will get it only after 1-4-2017.
So we will not get CPF from date of joining, in addition
there is ceiling on Gratuity and pension. What about commutation, is it the same like our Banks ?
SBI Leader: Why you are asking. I think it is the same.
AB Employee: No. It is not the same. In our Bank, when you retire at the age of 60, the commutation factor is 9.81. But in SBI it is only 6.60. A GM of my Bank will get commutation of Rs. 16,67,700 but your GM in SBI will get a commutation of Rs. 8,97,600.
So there will be huge loss in commutation also. Still you talk of your
achievements.
SBI Leader: This I am not aware friend.
AB Employee: So, women are affected, youngsters are affected, poor
substaff and part time staff are affected, seniors will be affected after retirement, even the families of your own members will be affected if their bread winners die in harness. Then what are your achievements ?
SBI Leader: See friend. You are confusing me. Please join our Union. We are a non-political trade union.
AB Employee: I see. When Government decisions are taken by a political party, can you avoid politics in union. What we should be careful about is not to be divided on political lines. In AIBEA, members of all political parties are members. Still we are all united under one banner. Is your Union really non-political.
SBI Leader: Yes, yes
AB Employee: Then why your union joined the Congress Party’s INBEC during emergency. Whether Congress is not a political party.
SBI Leader: At that time, our leaders were under attack. So we joined INBEC. AB Employee: Ok. On 2nd September, 2015 and 2016, when lacs and lacs of workers of all trade unions joined the strike against
Government’s anti-worker labour policies, you did not go on strike. Is it correct.
SBI Leader: See you it was a political strike.
AB Employee: We demanded jobs for all, minimum wages for all workers, pension for all, improvement in Gratuity, Maternity leave for all women
workers, etc. What is wrong in this. Is it also politics.
SBI Leader: See you are talking politics.
AB Employee: When you say, I should leave AIBEA and join your Union, it is also another politics.
SBI Leader: Ok friend, I will go now.
AB Employee: Yes friend, I think that you have started realizing the truth. Please join AIBEA and we shall protect your rights also.
Hello Comrade, please join my Union . . .
SBI Leader: Dear friend,
Now
you
are an employee of State Bank.
Why
don’t you
join our Union ? We are the majority Union in our Bank.
AB Employee: But, you know that AIBEA is the majority Union in the entire Banking
Industry. If majority is the criteria, as per your own argument, you should join AIBEA.
SBI Leader: No friend. In SBI, we only sign the Settlements with management.
AB Employee: May be but most of our service conditions are common today and are
governed by industry-level Bipartite Settlement. AIBEA is the architect of the Bipartite
Settlement in the banking industry. In all the Bipartite Settlements, AIBEA is the main
signatory. Your Union joined the Bipartite Settlement only in 1979 in the 3
rd
BPS. Am
I right ?
SBI Leader: Yes correct, but . . .
AB Employee:
If signing
settlement
is the main point, then
you should join AIBEA
because AIBEA achieved BP Settlement for all.
SBI Leader: You see we have so many achievements.
AB Employee: I see, let me ask you some questions about your achievements.
SBI Leader: Yes please.
AB Employee: Whether lady employees who join SBI and
who are on probation are
eligible for maternity leave with salary like in my bank ?
SBI Leader: No. it will be given only on loss of pay.
AB Employee: So this is your achievement for lady employees.
SBI Leader: You see comrades, sometimes we have to agree with the management
conditions.
AB Employee: So, at the cost of women employees, you will agree with management
condition to give maternity leave on loss of pay ? This shows that you are against the
interest of omen employees.
SBI Leader: Sometimes, it happens friend.
AB Employee: Ok. We know about your Union. What about your CPS Agreement ?
SBI Leader: Yes, it is very good. We got more allowance.
AB Employee: So, for the sake of money, you will sign anything ? You have
increased working hours. Is it not a betrayal ?
SBI Leader: See, we got more money.
AB Employee: Yes, you got Petrol allowance also. But your Union agreed to abolish
the entire cadre of Sweepers/safai karamacharis. Thousands of these permanent posts
meant for the poor downtrodden people were abolished/outsourced to get this benefit.
Are you not hitting them below the belt ?
SBI Leader: See you have to sacrifice something to get something.
AB Employee: So, you will sacrifice the interest of substaff to get some money. Ok.
In the CPS, you have also agreed for more mobility to get more allowance. Will not
lady employees be affected by this ?
SBI Leader: Of course you are right. But sometimes we have to compromise to get
more money. See last year our union got more petrol allowance and newspaper
allowance.
AB Employee: I know that. But to get this money, you have surrendered the basic
right. Now, as per your agreement,
for minor
misconduct, branch manager can
straightway give punishment of Rs. 500 as fine without any memo or
charge sheet or
enquiry.
SBI Leader: Actually I am not aware of this. If it is true , it is wrong.
AB Employee: It is true, I have seen your Bank Circular which says that your union
has agreed to this.
SBI Leader: Ok, I will check up.
AB Employee: What about Compassionate Appointment in your Bank ? Is it available
in your Bank ?
SBI Leader: No.
there is no Compassionate ground appointments in SBI.
Management will only give some exgratia to the family.
AB Employee:
So, even if an employee
dies, money is the only criteria
in SBI. For
the sake of money, can we forego the scheme
achieved
by AIBEA and UFBU
?
How
the widow and children
of the deceased employee will survive with sum
lumpsum
money.
SBI Leader: I agree with you. Our union should not have agreed to this.
AB Employee: Because it was agreed in SBI, it has been forced on
Associate Banks
also. We are suffering because of your union. Now, you want me to join your Union !
SBI Leader: Sorry friend, our union should have fought on this issue.
AB Employee:
Again, in CPS, for the sake of some more money, your union has
agreed for extra working hours and heavy workload.
SBI Leader: It is true, but it only an option.
AB Employee: Yes, but can we sell our rights like this ?
SBI Leader: But we will get more money.
AB Employee
:
Ok.
Everything is money only.
What about retirement benefits in
your Bank.
SBI Leader: We have 3 benefits. CPF, Pension and Gratuity. It is our achievement.
AB Employee
:
We know how
3 benefits
came
to SBI. We were getting
PF and
Gratuity.
You
were getting PF and Pension. Both were getting only 2 benefits. In
1972, when Govt. made Gratuity Act, this was extended to SBI and not by any struggle
or
agreement by your Union. For implementing Gratuity Act in SBI, it is only AIBEA
union in SBI which went to court and got it.
SBI Leader: Actually I am not aware of this background. But our union says we have
3 benefits.
AB Employee:
That is why, in our Bank, we get Gratuity under Bipartite
Settlement
without any ceiling but you are getting
Gratuity
under the Act with ceiling.
See, for
example, General Manager of Associate Bank is getting
Gratuity
of Rs. 18 lacs but
General manager of SBI is getting only Rs. 10 lacs.
SBI Leader: But I am told that Gratuity ceiling under the Act is going to be increased.
AB Employee:
Yes, it is not because of your union. We went on strike on 2
nd
September, 2015 and 2016 demanding increase in Gratuity and so Government is
considering to improve it. But your Union did not join this strike at all.
SBI Leader: I agree, we should have also gone on strike.
AB Employee:
What about your Pension scheme.
Are you governed by the same
Pension Settlement like our Bank?
SBI Leader: No. we are not part of that
AIBEA Settlement. We have a separate
scheme.
AB Employee: Do you know that in AIBEA Pension Settlement, there is no ceiling on
pension but in your SBI scheme there is a ceiling.
SBI Leader: Yes. There is a ceiling. Upto that ceiling, we get pension at 50% of Pay.
If you cross that ceiling, pension is only 40% of the Pay.
AB Employee: A General manager of my Bank will get Rs. 42,500 as basic Pension
on his
Basic
pay of Rs. 85,000 but a GM of SBI will get only Rs. 34,000 as Basic
Pension. So you can see that AIBEA pension scheme is better.
SBI Leader: But we get contributory PF.
AB Employee: But this is not extended to us. The merger scheme says that we will
get it only after 1-4-2017.
So we will not get CPF from date of joining,
in addition
there is ceiling on Gratuity and pension. What about commutation, is it the same like
our Banks ?
SBI Leader: Why you are asking. I think it is the same.
AB Employee:
No. It is not the same. In our Bank, when you retire at the age of
60, the commutation factor is 9.81. But in SBI it is only 6.60. A GM of my Bank will
get commutation of Rs. 16,67,700 but your GM in SBI will get a commutation of Rs.
8,97,600.
So there will be huge loss in commutation also.
Still you talk of your
achievements.
SBI Leader: This I am not aware friend.
AB Employee: So, women are affected, youngsters are affected, poor
substaff and
part time staff are affected, seniors will be affected after retirement, even the families
of your own members will be affected if their bread winners die in harness. Then what
are your achievements ?
SBI Leader: See friend. You are confusing me. Please join our Union. We are a
non-political trade union.
AB Employee: I
see.
When Government decisions are taken by a political party,
can you avoid politics in union. What we should be careful about is not to be divided
on political lines. In AIBEA, members of all political parties are members. Still we are
all united under one banner. Is your Union really non-political.
SBI Leader: Yes, yes
AB Employee:
Then why your union joined the Congress Party’s INBEC during
emergency. Whether Congress is not a political party.
SBI Leader: At that time, our leaders were under attack. So we joined INBEC.
AB Employee: Ok. On 2
nd
September, 2015 and 2016, when lacs and lacs of workers
of all trade unions joined the strike against
Government’s
anti-worker
labour policies,
you did not go on strike. Is it correct.
SBI Leader: See you it was a political strike.
AB Employee:
We demanded
jobs for all, minimum
wages
for all workers, pension
for all,
improvement
in Gratuity, Maternity leave for all women
workers, etc. What is
wrong in this. Is it also politics.
SBI Leader: See you are talking politics.
AB Employee: When you say, I should leave AIBEA and join your Union, it is also
another politics.
SBI Leader: Ok friend, I will go now.
AB Employee: Yes friend, I think that you have started realizing the truth. Please
join AIBEA and we shall protect your rights also.
Page 2 of 4SBI Leader: Dear friend,
Now
you
are an employee of State Bank.
Why
don’t you
join our Union ? We are the majority Union in our Bank.
AB Employee: But, you know that AIBEA is the majority Union in the entire Banking
Industry. If majority is the criteria, as per your own argument, you should join AIBEA.
SBI Leader: No friend. In SBI, we only sign the Settlements with management.
AB Employee: May be but most of our service conditions are common today and are
governed by industry-level Bipartite Settlement. AIBEA is the architect of the Bipartite
Settlement in the banking industry. In all the Bipartite Settlements, AIBEA is the main
signatory. Your Union joined the Bipartite Settlement only in 1979 in the 3
rd
BPS. Am
I right ?
SBI Leader: Yes correct, but . . .
AB Employee:
If signing
settlement
is the main point, then
you should join AIBEA
because AIBEA achieved BP Settlement for all.
SBI Leader: You see we have so many achievements.
AB Employee: I see, let me ask you some questions about your achievements.
SBI Leader: Yes please.
AB Employee: Whether lady employees who join SBI and
who are on probation are
eligible for maternity leave with salary like in my bank ?
SBI Leader: No. it will be given only on loss of pay.
AB Employee: So this is your achievement for lady employees.
SBI Leader: You see comrades, sometimes we have to agree with the management
conditions.
AB Employee: So, at the cost of women employees, you will agree with management
condition to give maternity leave on loss of pay ? This shows that you are against the
interest of omen employees.
SBI Leader: Sometimes, it happens friend.
AB Employee: Ok. We know about your Union. What about your CPS Agreement ?
SBI Leader: Yes, it is very good. We got more allowance.
AB Employee: So, for the sake of money, you will sign anything ? You have
increased working hours. Is it not a betrayal ?
SBI Leader: See, we got more money.
AB Employee: Yes, you got Petrol allowance also. But your Union agreed to abolish
the entire cadre of Sweepers/safai karamacharis. Thousands of these permanent posts
meant for the poor downtrodden people were abolished/outsourced to get this benefit.
Are you not hitting them below the belt ?
SBI Leader: See you have to sacrifice something to get something.
AB Employee: So, you will sacrifice the interest of substaff to get some money. Ok.
In the CPS, you have also agreed for more mobility to get more allowance. Will not
lady employees be affected by this ?
SBI Leader: Of course you are right. But sometimes we have to compromise to get
more money. See last year our union got more petrol allowance and newspaper
allowance.
AB Employee: I know that. But to get this money, you have surrendered the basic
right. Now, as per your agreement,
for minor
misconduct, branch manager can
straightway give punishment of Rs. 500 as fine without any memo or
charge sheet or
enquiry.
SBI Leader: Actually I am not aware of this. If it is true , it is wrong.
AB Employee: It is true, I have seen your Bank Circular which says that your union
has agreed to this.
SBI Leader: Ok, I will check up.
AB Employee: What about Compassionate Appointment in your Bank ? Is it available
in your Bank ?
SBI Leader: No.
there is no Compassionate ground appointments in SBI.
Management will only give some exgratia to the family.
AB Employee:
So, even if an employee
dies, money is the only criteria
in SBI. For
the sake of money, can we forego the scheme
achieved
by AIBEA and UFBU
?
How
the widow and children
of the deceased employee will survive with sum
lumpsum
money.
SBI Leader: I agree with you. Our union should not have agreed to this.
AB Employee: Because it was agreed in SBI, it has been forced on
Associate Banks
also. We are suffering because of your union. Now, you want me to join your Union !
SBI Leader: Sorry friend, our union should have fought on this issue.
AB Employee:
Again, in CPS, for the sake of some more money, your union has
agreed for extra working hours and heavy workload.
SBI Leader: It is true, but it only an option.
AB Employee: Yes, but can we sell our rights like this ?
SBI Leader: But we will get more money.
AB Employee
:
Ok.
Everything is money only.
What about retirement benefits in
your Bank.
SBI Leader: We have 3 benefits. CPF, Pension and Gratuity. It is our achievement.
AB Employee
:
We know how
3 benefits
came
to SBI. We were getting
PF and
Gratuity.
You
were getting PF and Pension. Both were getting only 2 benefits. In
1972, when Govt. made Gratuity Act, this was extended to SBI and not by any struggle
or
agreement by your Union. For implementing Gratuity Act in SBI, it is only AIBEA
union in SBI which went to court and got it.
SBI Leader: Actually I am not aware of this background. But our union says we have
3 benefits.
AB Employee:
That is why, in our Bank, we get Gratuity under Bipartite
Settlement
without any ceiling but you are getting
Gratuity
under the Act with ceiling.
See, for
example, General Manager of Associate Bank is getting
Gratuity
of Rs. 18 lacs but
General manager of SBI is getting only Rs. 10 lacs.
SBI Leader: But I am told that Gratuity ceiling under the Act is going to be increased.
AB Employee:
Yes, it is not because of your union. We went on strike on 2
nd
September, 2015 and 2016 demanding increase in Gratuity and so Government is
considering to improve it. But your Union did not join this strike at all.
SBI Leader: I agree, we should have also gone on strike.
AB Employee:
What about your Pension scheme.
Are you governed by the same
Pension Settlement like our Bank?
SBI Leader: No. we are not part of that
AIBEA Settlement. We have a separate
scheme.
AB Employee: Do you know that in AIBEA Pension Settlement, there is no ceiling on
pension but in your SBI scheme there is a ceiling.
SBI Leader: Yes. There is a ceiling. Upto that ceiling, we get pension at 50% of Pay.
If you cross that ceiling, pension is only 40% of the Pay.
AB Employee: A General manager of my Bank will get Rs. 42,500 as basic Pension
on his
Basic
pay of Rs. 85,000 but a GM of SBI will get only Rs. 34,000 as Basic
Pension. So you can see that AIBEA pension scheme is better.
SBI Leader: But we get contributory PF.
AB Employee: But this is not extended to us. The merger scheme says that we will
get it only after 1-4-2017.
So we will not get CPF from date of joining,
in addition
there is ceiling on Gratuity and pension. What about commutation, is it the same like
our Banks ?
SBI Leader: Why you are asking. I think it is the same.
AB Employee:
No. It is not the same. In our Bank, when you retire at the age of
60, the commutation factor is 9.81. But in SBI it is only 6.60. A GM of my Bank will
get commutation of Rs. 16,67,700 but your GM in SBI will get a commutation of Rs.
8,97,600.
So there will be huge loss in commutation also.
Still you talk of your
achievements.
SBI Leader: This I am not aware friend.
AB Employee: So, women are affected, youngsters are affected, poor
substaff and
part time staff are affected, seniors will be affected after retirement, even the families
of your own members will be affected if their bread winners die in harness. Then what
are your achievements ?
SBI Leader: See friend. You are confusing me. Please join our Union. We are a
non-political trade union.
AB Employee: I
see.
When Government decisions are taken by a political party,
can you avoid politics in union. What we should be careful about is not to be divided
on political lines. In AIBEA, members of all political parties are members. Still we are
all united under one banner. Is your Union really non-political.
SBI Leader: Yes, yes
AB Employee:
Then why your union joined the Congress Party’s INBEC during
emergency. Whether Congress is not a political party.
SBI Leader: At that time, our leaders were under attack. So we joined INBEC.
AB Employee: Ok. On 2
nd
September, 2015 and 2016, when lacs and lacs of workers
of all trade unions joined the strike against
Government’s
anti-worker
labour policies,
you did not go on strike. Is it correct.
SBI Leader: See you it was a political strike.
AB Employee:
We demanded
jobs for all, minimum
wages
for all workers, pension
for all,
improvement
in Gratuity, Maternity leave for all women
workers, etc. What is
wrong in this. Is it also politics.
SBI Leader: See you are talking politics.
AB Employee: When you say, I should leave AIBEA and join your Union, it is also
another politics.
SBI Leader: Ok friend, I will go now.
AB Employee: Yes friend, I think that you have started realizing the truth. Please
join AIBEA and we shall protect your rights also.
Page 4 of 4

Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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