BREAKING NEWS ""****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***** 1st Wage Revision meeting of 11th BP was held on 2-05-2017 T- Tuesday See details outcome. post date 04.05.2017 **********11th BP charter of demand posted 20.09.2016***DA FOR BANK EMPLOYEES FROM FEBRUARY 2017 TO APRIL 2017 0.9% decrease*****Penalty awaits those accepting cash in excess of Rs. 3 lakh and above in any transaction*****INCOME TAX CHART FY 2017-2018******Out of 2.15 lakh ATM in India only 40000 ATM in Rural Are --- HOw the problem solve- blog post date 26.11.2016*****Goods and Services Tax (GST) – What is it and how would it affect Business activity in India ----must read post date 05.08.16****"Bank Merger List finalized in Ministry of Finance See mega list where you are?????******Aug 2016 DA increased 35 slab (3.50%) ie 455 @ 45.50% For Pensioners increase 29 slab****BANK MERGER FINALIZED SEE MERGER LIST OF INDIAN BANK*****Expected DA for MAY 2016 – Bank Employees posted 14.03.2016"****Income Tax Slabs and Rates for FY 2015-16 and AY 2016-17**"Basic comparision Bank Staff vs Lic employee ....See where the Bankers stand.......""****11thbiprite.blogspot.com created inside my main blog please visit for latest 11th BP news first"*****New DA FORM FEB 2016 WILL BE 43% for bank employee****PAN for cash transactions over Rs 2 lakh mandatorys****Comparison of Salary of Bank Staff and Central Govt Staff post 7th CPC must read must read ***** Government Plans to Privatize IDBI Bank: Jayant Sinha*** ****Three Bank may be forced to look at a merger in 1st stage*****Indian Overseas Bank and Bank of India look particularly weak-report by Moody's Investors Service************""

Wednesday, October 18, 2017

Never asked a question regarding 11th BPS to C.H Venkatachalam-- Please read below letter


Yesterday  Mr prabin Biswas  a bank employyed sent a mail to our respected leader mr C.H Venkatachalam  general Secretary of AIBEA ,a biggest workman union in banking industry about his few queries regarding 11th BPS. But Respected  General Secretary without given his answer he bypass the main matter and indicate him as  non member of AIBEA, Sir  I have few question to you  please  give the answer here publicly

1>As leader of big union  any one banker can ask you any type of banking question is it right or wrong?

2>I also observed in state level not a single leader  never give the answer point wise rather they diverted the matter and  blame  the other

3>  Where is the problem to call indefinite strike  please clarify ???

4>Banker need monetary benefit  rather than non monetary benefit  --do u agree???

5>How many  retired leader are their in the negotiating team please expalin??

6> Sir We think you are a leader of all banker but your answer proved that you are not a leader of all banker-

thanking you




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Almost two lakh security personnel manning ATMs across the country may lose their jobs over the next two-three years

 Almost two lakh security personnel manning ATMs across the country may lose their jobs over the next two-three years as Indian banks have started deploying advanced e-surveillance architecture for security and monitoring of their cash machines. 


Axis BankBSE -9.52 % has taken a lead in implementing the globally prevalent centralised e-surveillance in most of its ATMs while others such as State Bank of IndiaBSE -2.77 %, HDFC Bank and Uco Bank are in the various stages of mechanising their ATM security arrangement. 

Bankers say the shift will help them save up to 90% in security costs and that the modern system is safer and more reliable. "This (centralised e-surveillance) enables us to remotely monitor our ATMs 24x7 rather than relying on the guard to report any incidents," said a senior official from HDFC Bank, which is running a pilot in 500 machines. He said the bank will do additional deployment going ahead. 


E-surveillance may take away 2 lakh ATM security jobs

This initiative is in line with our overall objective of leveraging the digital solutions to enhance our services & provide a secure transacting environment to our customers," Sonchhatra said. 

A centralised e-surveillance facility can monitor ATMs 24x7 from a security operation centre. 

The system includes installation of multiple sensors—motion sensor, thermal sensor, removal sensor and breaking sensor—a hooter or alarm, 2-3 CCTVs, and a two-way speaker in the ATM room. In the event of unauthorised activities, a hooter alert propels a twoway communication between the officials at the security operation centre and the alleged intruders, through mike, speakers and CCTV system. The system would also alert the local police station and nearby onroad patrolling officer. 
Banks are also deploying a quick response team to visit ATMs whenever the need arises. 

"The e-surveillance solution is safer and more reliable than physical caretaker," said Rajiv Anand, head for retail banking at Axis Bank.He also pointed out that the cost of e-surveillance is approximately Rs 5,000 per site per month while at present banks spend about RsRs36,000 per ATM per month for engaging security guards in three shifts a day. 

Uco Bank Executive Director JK Garg said that the bank is planning to put a centralised surveillance system in place to reduce cost. According to Bank Employees Federation, as many as 20,000 contractual security personnel guarding ATMs may turn redundant immediately. About 370 people have lost jobs this year in West Bengal alone. Kunal Pande, partner at KPMG in India, said most banks in the country so far merely brought ATMs under CCTV coverage. "Although this can greatly add to efficiencies of security and law enforcement agencies and reduce reliance on physical security guards, they can only help in monitoring, they cannot provide an immediate response to a crime in action," he said. 

"The security guards and policemen who are deployed today to physically monitor infrastructure and establishments could be redeployed for active security work," said Pande. 

Indian banks have installed about 1.84 lakh ATMs between them as of May end. One-fourth of them belong  .to SBI 


 

Failure of governance at Axis Bank is now absolute, India’s sixth largest bank has been caught lying again

On Tuesday evening, the Indian lender reported that the central bank wasn’t happy with its classification of nine large corporate accounts as standard assets. As a result, the non-state-owned bank, the country’s sixth-largest by market value, has decided to rebrand the entire $750 million as nonperforming. It’s the second time this year that Axis has had to bump up its bad-loan count under pressure from the Reserve Bank of India. In May, it reported a previously undisclosed soured asset of almost $1.5 billion. That time around, it wasn’t the only financial institution to try and hide a bad egg. ICICI Bank Ltd. and Yes Bank Ltd. made similar disclosures, prompting me to coin a new metric to value Indian banks: the price-to-truth ratio. If Axis had diligently followed the RBI’s asset classification norms, as much as 24 percent of its $565 million profit for the last full year would have vanished into thin air. (The lender’s shares plunged as much as 9.4 percent on Wednesday morning.)
Even now all Axis has to say in its defense is that it’s not the only one lying: Most other banks that have exposure to these nine firms, which include three unidentified power producers and one steelmaker, are also carrying the advances as standard assets on their balance sheets. What makes this new mea culpa all the more galling is that just three months ago, CFO Jairam Sridharan was busy telling the world that credit costs, which had risen from an annualized rate of 1.73 percent during the March quarter to 1.95 percent in June, had only inched higher because of a seasonal blip. He said things were looking so under control management might even consider paring its guidance of 1.75 percent to 2.25 percent in full-year credit costs. (Axis’s fiscal year runs from April to March.)
Axis Bank 2Q net income: 4.3 billion rupees
Just as he was making that cheery prognosis, shareholders came to know Axis had reappointed CEO Shikha Sharma for another inning, giving her a clear runway until 2021. The board announced its decision with almost a year to go in Sharma’s current term because there was speculation she might leave for the Tata Group. Would that have been such a bad thing? Sharma, who came to the bank as CEO in 2009, has overseen shareholder returns of 252 percent, less than the country’s Bankex index at 270 percent. On her watch, $250 million of bad loans has swelled to more than $4 billion, even as total assets merely tripled. Now, after the September quarter, annualized credit costs have ballooned to 3.16 percent. That includes a 1.42 percentage point bump due to the $250 million provision management had to make after the central bank caught its lie. As for that full-year credit-cost guidance, which the CFO was planning to lower in July, it’s now been raised to between 2.2 percent and 2.6 percent.
Whichever way you look at it, the failure of governance at Axis is now absolute. That other banks will also be admitting to having similarly lied about their nonperforming loans can’t be an excuse. If the non-executive directors of Axis, including the former bureaucrat who chairs it, feel even a modicum of responsibility toward shareholders, they should quit, and leave it to a new board to deal with management and its fibs.

Tuesday, October 17, 2017

PAN Card Correction: How To Update Details To Link With Aadhaar Card

PAN Card Correction: How To Update Details To Link With Aadhaar Card

The Permanent Account Number (PAN), which is a unique 10-character alpha-numeric number, is mandatory to be quoted for filing of income tax returns (ITRs). All your financial transactions can only be processed if you have a PAN. All bank accounts and the Aadhaar identity card of an individual must be linked with PAN. PAN helps the tax department keep a tab on all your financial transactions and also helps it nab tax evaders.

In a recent order, the government has made it mandatory to link Aadhaar -  a 12-digit unique identity number given by the Unique Identification Authority of India - with the PAN card by December 31. However, if the details of both the IDs do not match, one has to update his PAN card and furnish his name, address, date of birth etc as is mentioned in the Aadhaar ID. https://www.ndtv.com/business/aadhaar-card-linking-three-aadhaar-linking-deadlines-not-to-miss-1761225
 

How to update PAN card details

 
Go to the website of NSDL

Applicants should fill PAN change request form online and submit it. The same form will be applicable for citizens as well as non-citizens of India, according to NSDL's website.
pan card
(Applicants should fill PAN change request form online and submit it.)
 
They can initially select PAN change request along with citizenship, category and his/her title and then enter the required details and submit the form. A token number will be generated and displayed to the applicant before filling the form. This token number would also be sent on email Id (provided in the application) for reference purpose.

Users can select any one of the following four options while filling PAN change request application online:  
 


1. Physical acknowledgement


The applicant has to print the successfully generated application form, affix recent colour photographs, duly sign in the space provided, and forward the same alongwith prescribed supporting documents to NSDL's official address given on its website.
 




2. Digital Signature Certificate (DSC)

In DSC option, the applicant needs to upload scanned images (as per defined parameters) of photo, signature and supporting documents while making the application. There is no need to send PAN application form and supporting documents to NSDL.
 


3. Aadhaar based e-Sign

Under this option, the applicant needs to upload scanned images (as per defined parameters) of photo, signature and supporting documents while making his application. Aadhaar would be considered as supporting document. There is no need to send the PAN application form and supporting documents to NSDL.
 


4. Aadhaar based e-KYC


In Aadhaar based e-KYC option, Aadhaar details would be considered as PAN application details (name, date of birth, gender, residential address, email ID, mobile number & photograph) and Aadhaar as supporting document and would be forwarded to the Income Tax Department for allotment of PAN. All these fields are non-editable.

The photograph used in Aadhaar would be used in PAN card and there is no need to upload a supporting document, photo and signature. PAN card will be dispatched at the address mentioned in Aadhaar.


However, if the data submitted fails in any format level validation, a response indicating the error(s) will be displayed on the screen. The applicant should rectify the errors and re-submit the form.

If there are no format level errors, a confirmation screen with data filled by the applicant will be displayed. The applicant may either edit or confirm the same.

For changes or correction in PAN data, fill all mandatory fields (marked with *) of the form and select the corresponding box on the left margin of appropriate fields where correction is required.

If the application is for re-issuance of a PAN card without any changes in PAN related data of the applicant, fill all fields in the form but do not select any box on left margin.

In case of either a request for change or correction in PAN data or request for re-issuance of a PAN card without any changes in PAN data, the address for communication will be updated in the income tax department's database using address for communication provided in the application.
 


How to cancel PAN card

 
For cancellation of PAN, fill all mandatory fields in the form, enter PAN to be cancelled in item No.10 of the Form and select the check box on left margin. PAN to be cancelled should not be same as PAN (the one currently used) mentioned at the top of the Form.
 


How to make payment for PAN card

 
If communication address is within India, the fee for processing PAN application is  110.00 ( Rs. 93.00 + 18.00% Goods and Services Tax). If communication address is outside India, then the fee for processing PAN application is Rs. 1020.00[ (application fee Rs. 93.00 + dispatch charges Rs. 771.00) + 18.00% Goods and Services Tax].

Payment can be made either by demand draft, credit card / debit card or net banking.

Monday, October 16, 2017

Banks need Rs 3.3 lakh crore as NPA provisioning in FY18: Crisil

are likely to need nearly Rs 3.3 lakh crore this fiscal as provisioning for large accounts in the current financial year, said a report.

The report said with the economic value of assets underlying NPAs eroding with time, and resolutions are hard to come by, would need to step up on provisioning, mainly for large corporate NPAs. It will facilitate faster clean-up of their balance sheets.

"Our estimates show that would need to set aside close to Rs 3.3 lakh crore this fiscal, or 50 per cent more than Rs 2.2 lakh crore they provided for NPAs last fiscal," said in the report released here today.

The provisioning quantum was arrived at after an account-by-account analysis of the economic value of assets underlying large corporate NPAs.

The potential write-downs could be in the 25-75 per cent range, the rating agency said.

While some of the accounts have been adequately provided for, the majority of them will require higher provisioning compared with current levels, based on the residual economic value of the assets, it said.

"It could lead to a net loss of nearly Rs 60,000 crore for the banking sector this fiscal with (PSBs) bearing the brunt of increase in provisions and the resultant impact on profitability because of their higher stock of NPAs," the report said.

Though the assessment assumes effective resolution of stressed assets this fiscal, any delay would extend the pain on profitability into the next fiscal too.

It further said operating profitability is likely to stabilise by the end of this fiscal due to improvement in the net interest income.

It will be supported by lower interest reversals on (NPAs), pick-up in credit growth, and reduction in funding costs.

"Pressure on the earnings profiles of would reduce from next fiscal if increase provisioning on large corporate NPAs this fiscal," the rating agency's senior director (ratings) Krishnan Sitaraman said.

Stabilisation in operating profitability and mitigation of asset quality stress would then set the stage for earnings revival, especially of PSBs, as they focus more on credit growth, said.

Sunday, October 15, 2017

Weak banks and corporates leave Indian economy vulnerable: IMF

imf, International Monetary Fund


The International Monetary Fund (IMF) on Wednesday said a combination of weak and corporates leave India vulnerable to a tightening of the global financial conditions, as it pressed for more steps to ensure good capitalisation in public sector 

A recent study, according to International Monetary Fund Financial Counsellor Tobias Adrian, showed that Indian sector was vulnerable given that large segments have low profitability and have large problem loans.

"We also found that Indian corporate remains highly leveraged and at high risks. So the combination of weak and weak corporates leaves India vulnerable to a tightening of global financial conditions," Adrian told reporters here.

Gross (NPA) of the public sector rose to Rs 6.41 lakh crore at the end of March 2017 as against Rs 5.02 lakh crore a year ago, according to a Finance Ministry data.

He welcomed the measures taken to address the problems of the banks, but said, "more needs to be done to ensure that there is good capitalisation in public sector and also to implement further public-sector reform.

AIBEA calls for two-day 24th and 25th october 2017 all-India strike in IDBI Bank

IDBI Bank employees will conduct two days The All India Strike on 24 and 25 october along with the members of various bank unions demanding Over-due wage revision.
The wage revision for employees and officers of IDBI Bank is due from November 1, 2012 to October 31, 2017 on the lines of settlement in all other banks, AIBEA General Secretary, CH Venkatachalam said in a statement.
Noting that the wage revision was already settled in other banks, he said, the negotiation talks were underway for next wage revision due from November one, 2017.
The all India strike in IDBI Banks will be conducted on October 24 and 25 by employees and officers demanding “overdue wage revision”, he said.
“It is most regrettable and deplorable that the management of IDBI Bank has been delaying the issue unwarrantedly. “, he said.He said the Association along with other unions would extend “all out support”and will give a call for strike in all banks in support of the IDBI Bank.
“In view of the adamant attitude of the management (of IDBI), our units in IDBI Bank — All India IDBI Officers Association and All India IDBI Employees Association have once again decided to resort to agitation and have given call for two day strike “, he said.
Venkatachalam said the Association had already taken up the issue with Finance Minister Arun Jaitley last month and would take up the issue again with him “very soon”.
As part of the protest, he said the Unions would stage protest on October 23 in front of IDBI Bank branches.
Senior representatives of the associations would take part in a demonstration in front of IDBI Bank head office in Mumbai on October 24, he added.
A joint central committee meeting of the AIBEA and All India Bank Officers’ Association will be held in Delhi on November 8 to decide on an industry-level agitation programme on this issue, including a call for an all-India strike by both the employees’ and officers’ associations in all the banks.

Friday, October 13, 2017

Demonetisation was a dumb idea

The data is out. If there is still anyone out there who believes that demonetization was a well-thought out and well-planned economic policy, they are not reading the data.
Every claim that the Prime Minister and his loyal ministers made has proven to be false. The RBI Governor and ex Deputy Governor had gone on record saying that it was a "well thought out plan". This is ironic since, within the first 50 days, the RBI issued 30 circulars and notifications to address the "How to", "when to", and "why for what" issues that kept cropping up.
IndiaSpend tracked the usage of key phrases (Graph 1) by Modi during his aggressive national campaign in the weeks after he announced that "high-value notes" of Rs 500 and Rs. 1,000 were being eliminated in an economy that uses 98% of cash for purchase of consumer goods.
Graph 1: Cashless/digital: How Modi changed (and changed) the demonetization narrative

Initially, demonetization was sold to the public as a tool to: (i) wipe out black money, and (ii) weed out fake currency - allegedly being used by India's enemies (read Pakistan) to fund terrorism in Kashmir.
Now we know that the amount of black money that returned to the banking channels amounted to 98.96% of the high value notes. The government had spread whispers that more than half of the high value notes outstanding would be black money. Much of this would turn "white" by paying taxes and a chunk would be burnt, giving the government a windfall to spend on rural infrastructure. These statements turned out to be absolute lies or massively stupid estimates.
Table 1: Demonetization was a total failure - and some Indian lost their lives and many Indians lost their daily income.
 What was supposed to happen (Rs trillion)RBI Data as of June 30, 2017 (Rs trillion)
Total Notes17.017.0
High Value notes15.415.4
Genuine, "white money" deposited in banks6.015.3
"Black money"5.0-
Tax @ 40%2.0-
% of GDP1.2%-
Tax/GDP in India11%11%
Money will be burnt; windfall to the country because this debt is extinguished4.00.1
Source: Media, RBI
The second narrative was that fake currency would be eliminated and India would be safer because the misguided youth in Kashmir would not be paid Rs 500 to disrupt the peace by throwing stones at security forces. The RBI has now confessed that the value of fake currency notes was estimated to be Rs 410 million. This is 0.000027% of the Rs 500 and Rs 1,000 notes that were in circulation. So, to catch the very, very, very few who had fake currency notes, the Modi government (with not a whimper of protest from a highly compromised Reserve Bank of India, which issues the currency notes) risked the livelihoods of tens of millions of Indians and the lives of many Indians. Catchpost has documented 90 deaths as of December 9, 2016 - within 31 days of demonetization. There must have been many more.
And all for nothing: as the data indicates (Tables 2, 3, 4), there has been a spurt in border issues, mostly in Kashmir, suggesting that money is a medium of exchange and not the reason why people wage war - however, wrong that reason may be. Sadly, a 12th standard student would know that fact.
Table 2: Ceasefire violations have increased by nearly 100%
YearAlong LoC in J&K (under control of Army)Along international border in J&K
(under control of Border Security Force)
2014153430
2015152253
2016228221
2017228*23#
Source: Business Standard; Figures tabled in Lok Sabha on July 20, 2017; * Upto 11th July, 2017; # up to 30th June, 2017.
Table 3: Militant attacks on the India army are up 50%
YearNumber of incidentsArmy Fatalities
201504-
20160931
2017*1409
Source: Business Standard; Figures tabled in Lok Sabha on July 20, 2017; * Upto 11th July, 2017.
Table 4: Infiltration bids eliminated on LoC (Line of Control) up 30%
YearInfiltration bidsInfiltrators killedSoldiers Killed
2014233909
2015183008
2016273709
2017*163603
Source: Business Standard; Figures tabled in Lok Sabha on July 20, 2017; * Upto 11th July, 2017; # up to 30th June, 2017.

RBI can no longer count.

As the December 2016 data rolled in and the notes were clearly heading back to the banks, the government probably got the first hint that the disastrous demonetization would be exposed before the crucial state elections in UP, scheduled for March, 2017. To ensure that the embarrassment of a failure of demonetization would not have an impact on polling day, by sheer coincidence (remember, the RBI is an independent institution) the RBI conveniently stopped publishing data on notes returned by the end of December 2016.
In what can only be cited as a "have they lost their mind?!" moment, the RBI went on record saying they ran out of note-counting machines. This from a central bank that has over USD 400 billion in fx reserves! I don't know what note-counting machines cost, but I am sure Amazon could have helped find them and delivered the machines to the doorstep of the RBI.
Meanwhile, the artful dodgers in Modi's social media brigade changed the narrative of demonetization to "making India a digital economy" (Graph 3). This caught the fancy of the urban elite and the upwardly ambitious youth in smaller towns. Smart phones are not always owned by "smart" people!
The poor who reside in villages - where the availability of banks and ATMs is far lower than a national average of one bank branch for every 9,000 people and one ATM for every 11,000 people - were still standing in line to collect usable money to survive on a daily basis. The Digital economy does not work when there is no consistent power supply. But this cashless economy narrative, too, was a failure. Data points indicate that the use of cash has clawed back to levels before the demonic demonetization.

The impact is still being felt.

For those who believe that the BJP has placed India on a take-off trajectory and have placed Prime Minister Modi on some elevated platform of solid leadership, please note these facts:
  1. GDP has slipped to 5.7% p.a. for the quarter ended June 2017 - this is a number that is equal to or lower than the GDP during the previous, corrupt and inefficient regime led by Prime Minister Manmohan Singh and run by the mafia of the Congress-led UPA alliance and their crony capitalists (see Graph 2); India voted the Congress thugs out of office, but the BJP has retained their dismal GDP track record;

    Graph 2: The recent GDP numbers have no historical comparison, but they are unimpressive and are now probably lower than what they were during the last years of the previous government, adjusted for the difference between the old and new series

  2. Note: The circled number is from a changed data series starting Jan 2015
  3. India has been a huge beneficiary of low oil prices (50% lower than during the final years of the previous UPA-2 government); the lower oil import bill and local oil subsidies have given the government an estimated 1.0% of GDP windfall annually, for the past 3 years! Yet, there is no spurt in government-backed investments;
Table 5: Lowe oil prices gave India a huge leg-up - and this government wasted the windfall, so no spurt in GDP
 August 24, 2013May 24, 2014August 31, 2017
Party in powerCongressBJPBJP
EventTapering TantrumsModi MagicNo magic?
S&P BSE-3018,51924,79331,730
US$/INR64.0158.3663.90
10-Year GoI8.26%8.63%6.52%
MSCI EM ($)9331,0431,088
MSCI World ($)372418478
Oil ($/bl)10610447
Gold ($/oz)1,3981,2931,321
Source: Bloomberg; as of August 31, 2017
Table 6: Government spends on poor via MNREGA will surge due to impact of demonetization because the affected poor will seek guaranteed employment
Year ending March 31Spend, in INR billionGovernment in power
200788.2Congress
2008158.6Congress
2009272.5Congress
2010379.1Congress
2011393.8Congress
2012370.7Congress
2013396.0Congress
2014385.1Congress
2015360.3BJP
2016440.1BJP
2017579.6BJP
2018 est480.0BJP
Notes: MNREGA Spending figures from FY -13 onwards have been sourced from the financial statements of MNREGA website; Figures prior to 2013 have been sourced from Report to the People document for FY'14; FY '17 figures as on 30-June-2017; FY '18E total expenditure figure includes only the budgeted outlay to MNREGA scheme. Actual spends may be higher / lower depending on states own contribution. 

from The Honest Truth  by Ajit Dayal  posted at equimaster