BANKERS NEWS -2020 AND BEFORE
Important Banking News for Bankers and Bank Pensioners /Retirees
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NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
BANKERS NEWS-2020 AND BEFORE
PLAN N PROGRESS CREATES NEW PAGE FOR EXCLUSIVE NEWS FOR BANKERS AND RETIREES
We have found that we have a large number readers belonging to banking and financial sectors and retirees from the financial sectors . To help such of our readers , we have created this page that gives exclusive news relating to their financial well-being , their expectations and reality of the situation . This page will contain news that , we believe , interests them . Hope our new initiative will be liked by our readers fraternity
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CABINET PANEL MEETS TO DISCUSS NITI AYOG RECOMMENDATIONS
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New Updated Article
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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BANKPENSIONERS NEWS
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Bankers News Today / Latest
New Updated Article :
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
News for Bank Pensioners
Bank pensiners Latest News / Alert Today
Bankers Wage Revision Latest News
GOVERNMENT APPROVAL FOR PAYMENT UNDER 11TH BIPARTITE SETTLEMENT
Dated 19.12.2020 : It is reported that Department of Financial Services ( DFS ) has advised its " NO OBJECTION " to IBA for paying revised salary , pension and arrears from 01.11.2017 under 11th Bipartite settlement and Joint Note dated 11.11.2020 as ad-hoc payment to the serving officers / officers retired after 01.11.2017 of Public Sector Banks . The ad-hoc payments can be adjusted by the banks on amendments to the relevant regulations . Thus Government has paved way for disbursal of arrears and revised salary . However the approval of boards of public sector banks may be needed before disbursal .
DFS has also asked IBA to submit detailed proposal with cost implications for revision of family pension and employer's contribution to New Pension Scheme .
Dated 19.12.2020 : It is reported that Department of Financial Services ( DFS ) has advised its " NO OBJECTION " to IBA for paying revised salary , pension and arrears from 01.11.2017 under 11th Bipartite settlement and Joint Note dated 11.11.2020 as ad-hoc payment to the serving officers / officers retired after 01.11.2017 of Public Sector Banks . The ad-hoc payments can be adjusted by the banks on amendments to the relevant regulations . Thus Government has paved way for disbursal of arrears and revised salary . However the approval of boards of public sector banks may be needed before disbursal .
DFS has also asked IBA to submit detailed proposal with cost implications for revision of family pension and employer's contribution to New Pension Scheme .
TAX RELIEF ON SALARY ARREARS - SECTION 89(1)
Dated 16.12.2020 : It is expected that salary arrears and pension arrears for those bank employees retired after November 2017 will be disbursed during the current month or next . Many of the staff members / officers have to pay additional income tax now for the total income they will have in the current FY 2020-21 . Some would not have paid any tax in earlier years . Bank staff retired after November 2017 will also be getting Gratuity arrears .
However tax relief under section 89 (1 ) is available for the salary and gratuity arrears received where arrears can be apportioned to the respective years and reduce the total tax liability .
To know how to calculate the relief and utilise the reliefs available to the possible extent , you may visit our articles on income tax by clicking here
However tax relief under section 89 (1 ) is available for the salary and gratuity arrears received where arrears can be apportioned to the respective years and reduce the total tax liability .
To know how to calculate the relief and utilise the reliefs available to the possible extent , you may visit our articles on income tax by clicking here
WAGE SETTLEMENT - RESIDUAL ISSUES
Dated 10.12 .2020 : The representatives of four Staff unions viz AIBEA , NCBE , INBEF & NOBW , were invited for a meeting by IBA team , to discuss the residual issues listed in the MOU . Accordingly Union representatives today met IBA and a joint circular is issued by the four unions with regard to the discussions .
1. 5 DAY BANKING : The demand will be pursued further .
2. PENSION UPDATION : The matter will be pursued .
3 FAMILY PENSION , NPS @ Q4 % : Matter is with DFS ( Department of Financial Service ) and approval expected shortly .
4. IMPLEMENTATION OF WAGE SETTLEMENT : Government approval is expected and the it is being endeavored to be implemented with December 2020 salary .
Union Representatives further requested IBA to hold regular meeting with them and settle all residual issues before start of the next Bipartite settlement .
Dated 10.12 .2020 : The representatives of four Staff unions viz AIBEA , NCBE , INBEF & NOBW , were invited for a meeting by IBA team , to discuss the residual issues listed in the MOU . Accordingly Union representatives today met IBA and a joint circular is issued by the four unions with regard to the discussions .
1. 5 DAY BANKING : The demand will be pursued further .
2. PENSION UPDATION : The matter will be pursued .
3 FAMILY PENSION , NPS @ Q4 % : Matter is with DFS ( Department of Financial Service ) and approval expected shortly .
4. IMPLEMENTATION OF WAGE SETTLEMENT : Government approval is expected and the it is being endeavored to be implemented with December 2020 salary .
Union Representatives further requested IBA to hold regular meeting with them and settle all residual issues before start of the next Bipartite settlement .
BANK PENSIONERS : GENERATE LIFE CERTIFICATES FROM HOME
09.12.2020 : Now pensioners have facility of submitting their annual Life certificates by availing doorstep services from two organizations :
1. IPPB SERVICE : Government of India has brought out the service of digital Life Certificate ( DLC ) using the network of Post Offices / postmen through India post Payment Bank . Postman will visit your place , do the bio-metrics and generate Digital life certificate for you . Service charge is Rs 70 For details , CLICK HERE
2. DSB SERVICE : Door Step Banking ( DSB ) , an initiative taken by PSB Alliance and an umbrella setup of all Public Sector Banks , gives service of issuing Digital life Certificate to the customers of public sector banks at their homes . The service is available in more than 100 centers across India . For details , CLICK HERE
Pensioners can utilize any of the two choices available at the doorstep , if they are unable to personally visit Pension paying branches .
1. IPPB SERVICE : Government of India has brought out the service of digital Life Certificate ( DLC ) using the network of Post Offices / postmen through India post Payment Bank . Postman will visit your place , do the bio-metrics and generate Digital life certificate for you . Service charge is Rs 70 For details , CLICK HERE
2. DSB SERVICE : Door Step Banking ( DSB ) , an initiative taken by PSB Alliance and an umbrella setup of all Public Sector Banks , gives service of issuing Digital life Certificate to the customers of public sector banks at their homes . The service is available in more than 100 centers across India . For details , CLICK HERE
Pensioners can utilize any of the two choices available at the doorstep , if they are unable to personally visit Pension paying branches .
DA TO BANKERS SLIGHTLY ENHANCED FROM NOVEMBER 2020
Dated 04 .12.2020 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank employees / officers from November 2020 to January 2021 was enhanced earlier to 81.80 % from existing 77.50 % on the Basic pay and Special Allowance .
Banks are paying the DA at the above rates already .
Now central government has revised the basis of Consumer Price index and according to new method , the average 7716.13. instead of 7714 points earlier calculated . Hence there would be an increase of 819 slabs instead of 818 slabs . Increase in every slab of DA fetches 0.10 % of basic and special pay as additional DA . Hence bank workers and officers will get DA of 81.9 % instead of 81.8 % for the months of November 2020 , December 2020 and January 2021
Note : Bank Pensioners DA will be due to for change only in February 2021 .
Source : IBA CIRCULAR DATED 02.12.2020
Dated 04 .12.2020 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank employees / officers from November 2020 to January 2021 was enhanced earlier to 81.80 % from existing 77.50 % on the Basic pay and Special Allowance .
Banks are paying the DA at the above rates already .
Now central government has revised the basis of Consumer Price index and according to new method , the average 7716.13. instead of 7714 points earlier calculated . Hence there would be an increase of 819 slabs instead of 818 slabs . Increase in every slab of DA fetches 0.10 % of basic and special pay as additional DA . Hence bank workers and officers will get DA of 81.9 % instead of 81.8 % for the months of November 2020 , December 2020 and January 2021
Note : Bank Pensioners DA will be due to for change only in February 2021 .
Source : IBA CIRCULAR DATED 02.12.2020
BANKS WORKING EFFECTED DUE TO EMPLOYEES / OFFICERS STRIKE YESTERDAY
Dated 27.11.2020 : All India Bank Employees Association ( AIBEA ) , All India Bank Officers Association ( AIBOA ) and Bank Employees Federation of India ( BEFI ) had given call to their members who are employees and officers of various banks to participate in a nationwide strike yesterday in support of a call given by major central trade unions against the various policies of central government towards farmers and laborers .
The strike effected most of the public sector banks except State Bank of India and private banks .
Dated 27.11.2020 : All India Bank Employees Association ( AIBEA ) , All India Bank Officers Association ( AIBOA ) and Bank Employees Federation of India ( BEFI ) had given call to their members who are employees and officers of various banks to participate in a nationwide strike yesterday in support of a call given by major central trade unions against the various policies of central government towards farmers and laborers .
The strike effected most of the public sector banks except State Bank of India and private banks .
WAGE REVISION : SALIENT POINTS OF AGREEMENT BETWEEN OFFICER UNIONS AND IBA :
11.11.2020 : Some of the salient points agreed between officers unions and IBA in the 11th Bipartite settlement are :
1. NEW PAY SCALES :
a : Basic pay :
SCALE 1 : 36,000- 1490 / 7 - 1740 / 2 -1990/ 7 - 63840
SCALE 2 : 48,170 - 1740 / 1- 1990/10 - 69810
SCALE 3 : 63,840 - 1990/5 - 2220/ 2- 78230
SCALE 4 : 76010- 2220/ 4 - 2500/2 - 89890
SCALE 5 : 89890 - 2500/2 - 2730/2 - 100350
SCALE 6 : 104,240 - 2970/ 4 - 116,120
SCALE 7 : 116,120 - 3220/4 - 129,000
DA : DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points
2. Special Allowance of 16.40 % of Basic pay for scale I to Scale III , 19 % for scale 4 & scale 5 and 20 % for scale 6 & scale 7 ( which reckons for DA , but not for retirement benefits including pension , gratuity , NPS ,
3. House Rent allowance in " A " Class cities 9 % , 0ther special places - 8 % and all other places 7 %
4. Transfer Allowance effective from 01.11.2020 : Rs 30,000 for scale 4 and above and Rs 25,000 for others .
5.Performance Linked Incentive:
Year to Year growth of operating profit of the bank :
A. Less than 5 % : NIL
B. 5 % to 10 % : 5 days of BASIC + DA
C. ABOVE 10 % TO 15 % : 10 days of BASIC + DA
D. ABOVE 15% : 15 days of BASIC + DA
6. Medical AIid Rs 10,300 pa for scale 1 to 3 and Rs 12,300 pa for others
The agreement is effective from 01.11.2017 .
11.11.2020 : Some of the salient points agreed between officers unions and IBA in the 11th Bipartite settlement are :
1. NEW PAY SCALES :
a : Basic pay :
SCALE 1 : 36,000- 1490 / 7 - 1740 / 2 -1990/ 7 - 63840
SCALE 2 : 48,170 - 1740 / 1- 1990/10 - 69810
SCALE 3 : 63,840 - 1990/5 - 2220/ 2- 78230
SCALE 4 : 76010- 2220/ 4 - 2500/2 - 89890
SCALE 5 : 89890 - 2500/2 - 2730/2 - 100350
SCALE 6 : 104,240 - 2970/ 4 - 116,120
SCALE 7 : 116,120 - 3220/4 - 129,000
DA : DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points
2. Special Allowance of 16.40 % of Basic pay for scale I to Scale III , 19 % for scale 4 & scale 5 and 20 % for scale 6 & scale 7 ( which reckons for DA , but not for retirement benefits including pension , gratuity , NPS ,
3. House Rent allowance in " A " Class cities 9 % , 0ther special places - 8 % and all other places 7 %
4. Transfer Allowance effective from 01.11.2020 : Rs 30,000 for scale 4 and above and Rs 25,000 for others .
5.Performance Linked Incentive:
Year to Year growth of operating profit of the bank :
A. Less than 5 % : NIL
B. 5 % to 10 % : 5 days of BASIC + DA
C. ABOVE 10 % TO 15 % : 10 days of BASIC + DA
D. ABOVE 15% : 15 days of BASIC + DA
6. Medical AIid Rs 10,300 pa for scale 1 to 3 and Rs 12,300 pa for others
The agreement is effective from 01.11.2017 .
SALIENT POINTS OF AGREEMENT BETWEEN WORKMEN UNIONS AND IBA :
11.11.2020 : Some of the salient points agreed between workmen unions and IBA in the 11th Bipartite settlement are :
1. NEW PAY SCALES :
a. Basic pay :
Clerical : Rs 17,900 - 1000/3 , 1230/3 , 1490/4 , 1730/7 , 3270/1 , 1990/1 & 47,920
Sub -staff : Rs 14,500 - 500/4 , 615/5 , 740/4 , 870/3 , 1000/3 & 28,145
b. DA : DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points
2. Uniform special Pay of 16.40 % of Basic pay which reckons for DA , but not for retirement benefits including pension , gratuity , NPS .
3. Uniform House Rent allowance of 10.25 % in all centers all over the country .
4. Transport Allowance of Rs 600 per month for all staff .
5.Performance Linked Incentive:
Year to Year growth of operating profit of the bank :
A. Less than 5 % : NIL
B. 5 % to 10 % : 5 days of BASIC + DA
C. ABOVE 10 % TO 15 % : 10 days of BASIC + DA
D. ABOVE 15% : 15 days of BASIC + DA
The agreement is effective from 01.11.2017 .
11.11.2020 : Some of the salient points agreed between workmen unions and IBA in the 11th Bipartite settlement are :
1. NEW PAY SCALES :
a. Basic pay :
Clerical : Rs 17,900 - 1000/3 , 1230/3 , 1490/4 , 1730/7 , 3270/1 , 1990/1 & 47,920
Sub -staff : Rs 14,500 - 500/4 , 615/5 , 740/4 , 870/3 , 1000/3 & 28,145
b. DA : DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points
2. Uniform special Pay of 16.40 % of Basic pay which reckons for DA , but not for retirement benefits including pension , gratuity , NPS .
3. Uniform House Rent allowance of 10.25 % in all centers all over the country .
4. Transport Allowance of Rs 600 per month for all staff .
5.Performance Linked Incentive:
Year to Year growth of operating profit of the bank :
A. Less than 5 % : NIL
B. 5 % to 10 % : 5 days of BASIC + DA
C. ABOVE 10 % TO 15 % : 10 days of BASIC + DA
D. ABOVE 15% : 15 days of BASIC + DA
The agreement is effective from 01.11.2017 .
WAGE NEGOTIATIONS OF UFBU WITH IBA CONCLUDES
Dated 10.11.2020 : It is reported that the meeting of IBA representatives with the constituents of UFBU except BEFI continued today also and negotiations concluded . It is expected that the settlement will be inked tomorrow among all the participants .
However we are yet to receive full details of the agreement both financial and non -financial . We shall report the details as soon as we have information .
Dated 10.11.2020 : It is reported that the meeting of IBA representatives with the constituents of UFBU except BEFI continued today also and negotiations concluded . It is expected that the settlement will be inked tomorrow among all the participants .
However we are yet to receive full details of the agreement both financial and non -financial . We shall report the details as soon as we have information .
BIPARTITE MEETING OF UFBU WITH IBA : FURTHER PROGRESS
Dated 10.11.2020 : It is reported that the meeting of IBA representatives with the constituents of UFBU except BEFI took place yesterday and continued till late evening . All the representatives invited attended the meeting including the representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO . Earlier officers unions had shown reluctance to attend the meeting .
It is further reported that the meeting ended on a positive note . We are yet to receive further details about the decisions arrived / progress made in the meeting .
Dated 10.11.2020 : It is reported that the meeting of IBA representatives with the constituents of UFBU except BEFI took place yesterday and continued till late evening . All the representatives invited attended the meeting including the representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO . Earlier officers unions had shown reluctance to attend the meeting .
It is further reported that the meeting ended on a positive note . We are yet to receive further details about the decisions arrived / progress made in the meeting .
OFFICERS UNIONS ARE UNWILLING TO PARTICIPATE
Dated 05.11 .2020 : It is reported that the four officer unions viz AIBOC , AIBOA , INBOC & NOBO have intimated their unwillingness to attend the Monday meeting with IBA , unless IBA discusses non-financial issues and settles the matter before the scheduled meeting .
The non-financial issues include 5 day week , pension updation and leave rules changes . The officers unions want IBA to exclusively discuss with them on these matters and resolve the issues and they are prepared to attend such meeting any time .
We have to wait for IBA's reaction to the issue .
Dated 05.11 .2020 : It is reported that the four officer unions viz AIBOC , AIBOA , INBOC & NOBO have intimated their unwillingness to attend the Monday meeting with IBA , unless IBA discusses non-financial issues and settles the matter before the scheduled meeting .
The non-financial issues include 5 day week , pension updation and leave rules changes . The officers unions want IBA to exclusively discuss with them on these matters and resolve the issues and they are prepared to attend such meeting any time .
We have to wait for IBA's reaction to the issue .
NEXT ROUND OF BIPARTITE MEETING OF UFBU WITH IBA FIXED
Dated 05.11.2020 : It is reported that a meeting of IBA representatives with the constituents of UFBU except BEFI is arranged on the Monday 9th, November 2020 at IBA office in Mumbai to carry forward the negotiations towards signing of Bipartite settlement / Joint Note . The representatives invited are from four workmen unions viz AIBEA , NCBE , INBEF & NOBW ( except BEFI ) and the four officer unions viz AIBOC , AIBOA , INBOC & NOBO .
It is reported that cost sheet of wage hike has already been arrived at and signed by the both parties . It is reported that residual issues may be discussed in the meeting before signing of the agreement .
Dated 05.11.2020 : It is reported that a meeting of IBA representatives with the constituents of UFBU except BEFI is arranged on the Monday 9th, November 2020 at IBA office in Mumbai to carry forward the negotiations towards signing of Bipartite settlement / Joint Note . The representatives invited are from four workmen unions viz AIBEA , NCBE , INBEF & NOBW ( except BEFI ) and the four officer unions viz AIBOC , AIBOA , INBOC & NOBO .
It is reported that cost sheet of wage hike has already been arrived at and signed by the both parties . It is reported that residual issues may be discussed in the meeting before signing of the agreement .
GROUP INSURANCE FOR BANK RETIREES - EXTENSION OF TIME LIMIT TO JOIN THE SCHEME
Dated 02.11.2020 : Bank pensioners were allowed to renew / join the group plan taken by IBA with National Insurance Company till 28.10.2020 and the cover for the policy has started effective from 01st, November 2020 for a period of one year . It is reported that good number have opted for the scheme this year , as some of the conditions were relaxed .
National insurance company has agreed to permit those retirees who have not renewed so far or want to take group policy afresh to join the scheme till 21.11.2020 with the following conditions :
1. This is one time relaxation and no more extension of time limit .
2. The retirees who were in group insurance till 31.10.2020 can renew the policy by opting now for the required cover . However any medical expenses incurred during the break period will not be eligible for cover .
3. Thirty days waiting period will be applicable to those retirees who want to join afresh now .
4 . The policy under the extension will be valid from 01.12.2020 to 31.10.2021 . However there will be no pro-rata reduction in premium for the broken period .
Bank retirees who are interested to join the scheme may contact their banks who are expected to issue circulars shortly . ( Some banks have already issued the circulars )
Dated 02.11.2020 : Bank pensioners were allowed to renew / join the group plan taken by IBA with National Insurance Company till 28.10.2020 and the cover for the policy has started effective from 01st, November 2020 for a period of one year . It is reported that good number have opted for the scheme this year , as some of the conditions were relaxed .
National insurance company has agreed to permit those retirees who have not renewed so far or want to take group policy afresh to join the scheme till 21.11.2020 with the following conditions :
1. This is one time relaxation and no more extension of time limit .
2. The retirees who were in group insurance till 31.10.2020 can renew the policy by opting now for the required cover . However any medical expenses incurred during the break period will not be eligible for cover .
3. Thirty days waiting period will be applicable to those retirees who want to join afresh now .
4 . The policy under the extension will be valid from 01.12.2020 to 31.10.2021 . However there will be no pro-rata reduction in premium for the broken period .
Bank retirees who are interested to join the scheme may contact their banks who are expected to issue circulars shortly . ( Some banks have already issued the circulars )
IT'S TIME TO SUBMIT LIFE CERTIFICATE FOR BANK PENSIONERS
IT'S TIME TO SUBMIT LIFE CERTIFICATES BY BANK PENSIONERS
Dated 01.11.2020 : This is November and it’s time for submission of Life Certificate by Pensioners at Bank . For continuance of Pension , all Pensioners and Family Pensioners have to submit Life Certificate to the concerned bank in which they receive Pension / family pension before end of November every year. However due to the present situation arisen out of Covid Pandemic , Pensioners have been given time up to 31st, December 2020 for submission of the same for the current year .
Pensioners / Family pensioners may visit the branches of the banks , where they are drawing their pensions, for doing the needful and to continue to receive their pensions uninterrupted .
Dated 01.11.2020 : This is November and it’s time for submission of Life Certificate by Pensioners at Bank . For continuance of Pension , all Pensioners and Family Pensioners have to submit Life Certificate to the concerned bank in which they receive Pension / family pension before end of November every year. However due to the present situation arisen out of Covid Pandemic , Pensioners have been given time up to 31st, December 2020 for submission of the same for the current year .
Pensioners / Family pensioners may visit the branches of the banks , where they are drawing their pensions, for doing the needful and to continue to receive their pensions uninterrupted .
BIPARTITE MEETING OF WORKMEN UNIONS WITH IBA : PAY SCALES AGREED UP ON
Dated 31.10.2020 : It is reported that IBA and the four workmen unions viz AIBEA , NCBE , INBEF & NOBW have finalised the pay scales of both clerical staff and sub- staff in today' s meeting . The agreed pay scales are :
Clerical : Rs 17,900 - 1000/3 , 1230/3 , 1490/4 , 1730/7 , 3270/7 , 1990/1 & 47,920
Sub -staff : Rs 14,500 - 500/4 , 615/5 , 740/4 , 870/3 , 1000/3 & 28,145
Discussions had come to abrupt halt on 16th October as differences cropped up over special allowance . Unions had sought hike of 20 % for special allowances while IBA had offered 16.4 % hike only . The matter regarding special allowances is yet to be settled.
Other matters agreed :
1. Stagnation increment will be 9 increments after reaching the maximum .
2. DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points ( Already agreed )
3. HRA will be uniform in all centres .
4. DA will be paid on Transport allowance .
All other matters like PQP , Special pay , FPP , HRA and Medical Aid are still under discussion .
The joint circular issued by the unions hopes that the final settlement would be signed with IBA at an early date
PS : It was recently reported in media that Honorable FM Ms Nirmala Seetharaman had spoken to IBA Chairman with regard to updation of Pension . Many bank pensioners had expected that today's meeting might also encompass the matters relating to bank pensioners . However joint circular is silent on the issue
Source : Joint Circular issued by the Unions .
Dated 31.10.2020 : It is reported that IBA and the four workmen unions viz AIBEA , NCBE , INBEF & NOBW have finalised the pay scales of both clerical staff and sub- staff in today' s meeting . The agreed pay scales are :
Clerical : Rs 17,900 - 1000/3 , 1230/3 , 1490/4 , 1730/7 , 3270/7 , 1990/1 & 47,920
Sub -staff : Rs 14,500 - 500/4 , 615/5 , 740/4 , 870/3 , 1000/3 & 28,145
Discussions had come to abrupt halt on 16th October as differences cropped up over special allowance . Unions had sought hike of 20 % for special allowances while IBA had offered 16.4 % hike only . The matter regarding special allowances is yet to be settled.
Other matters agreed :
1. Stagnation increment will be 9 increments after reaching the maximum .
2. DA Rates from November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points ( Already agreed )
3. HRA will be uniform in all centres .
4. DA will be paid on Transport allowance .
All other matters like PQP , Special pay , FPP , HRA and Medical Aid are still under discussion .
The joint circular issued by the unions hopes that the final settlement would be signed with IBA at an early date
PS : It was recently reported in media that Honorable FM Ms Nirmala Seetharaman had spoken to IBA Chairman with regard to updation of Pension . Many bank pensioners had expected that today's meeting might also encompass the matters relating to bank pensioners . However joint circular is silent on the issue
Source : Joint Circular issued by the Unions .
GROUP INSURANCE FOR BANK RETIREES - TPA FOR MEDICLAIM POLICY
Dated 30.10.2020 : Recently IRDAI has updated published a list of approved TPA . We have published the list of all such TPA along with their toll free numbers for their customers / senior citizens along with their web address .
Many retirees would have subscribed to new mediclaim group policy issued by National Insurance Company . The policy will become operative from 01.11.2020 . Insurance company would have already advised relevant TPA and their other details . In case you have not received details of your TPA assigned , you can go to link and find relevant details of the TPA
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Dated 30.10.2020 : Recently IRDAI has updated published a list of approved TPA . We have published the list of all such TPA along with their toll free numbers for their customers / senior citizens along with their web address .
Many retirees would have subscribed to new mediclaim group policy issued by National Insurance Company . The policy will become operative from 01.11.2020 . Insurance company would have already advised relevant TPA and their other details . In case you have not received details of your TPA assigned , you can go to link and find relevant details of the TPA
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NEXT ROUND OF BIPARTITE MEETING OF WORKMEN UNIONS WITH IBA ON 31ST CTOBER
Dated 28.10.2020 : It is reported that the representatives of four workmen unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group have been called for a meeting with IBA on 31st , October 2020 at IBA office in Mumbai
Discussions had come to abrupt halt on 16th October as differences cropped up over special allowance . Unions had sought hike of 20 % for special allowances while IBA had offered 16.4 % hike only . Now the scheduled meeting will carry forward the discussions .
Source : AIBEA FB page
Dated 28.10.2020 : It is reported that the representatives of four workmen unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group have been called for a meeting with IBA on 31st , October 2020 at IBA office in Mumbai
Discussions had come to abrupt halt on 16th October as differences cropped up over special allowance . Unions had sought hike of 20 % for special allowances while IBA had offered 16.4 % hike only . Now the scheduled meeting will carry forward the discussions .
Source : AIBEA FB page
BANKERS TO GET HIGHER DA FROM NOVEMBER 2020
Dated 23 .10.2020 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank employees / officers from November 2020 to January 2021 will be enhanced to 81.80 % from existing 77.50 % on the Basic pay and Special Allowance . It is noted that the The average consumer Index rose from 7540 points to 7714 points . There is an increase of 43 DA slabs from 775 to 818 . Increase in every slab of DA fetches 0.10 % of basic and special pay as additional DA .
Note : Bank Pensioners DA will be due to for change only in February 2021 .
Source : AIBEA circular
Note : Bank Pensioners DA will be due to for change only in February 2021 .
Source : AIBEA circular
WAGE NEGOTIATION WITH IBA DERAILED : OFFICERS UNIONS
Dated 18.10 .2020 : The four officer unions viz AIBOC , AIBOA , INBOC & NOBO have announced derailment of negotiations with IBA on the issue of wage revision . As per them , IBA has withdrawn from the negotiations in yesterday's meeting , sighting their failure to come to conclusion on wage sheets with workmen unions . In view of the development , associations are chalking out agitational programme which includes
1. Withdrawal of extra co-operation
2. Officers to restrict their allocated work up to 6.00 pm only
3. Officers not to respond SMS / WHATSAPP calls beyond 6 .00 pm
4 . Officers not to work on official holidays and sundays , including participating in webnoirs , canvassing third party products etc .
Source : TWITTER ACCOUNT OF AIBOC
Dated 18.10 .2020 : The four officer unions viz AIBOC , AIBOA , INBOC & NOBO have announced derailment of negotiations with IBA on the issue of wage revision . As per them , IBA has withdrawn from the negotiations in yesterday's meeting , sighting their failure to come to conclusion on wage sheets with workmen unions . In view of the development , associations are chalking out agitational programme which includes
1. Withdrawal of extra co-operation
2. Officers to restrict their allocated work up to 6.00 pm only
3. Officers not to respond SMS / WHATSAPP calls beyond 6 .00 pm
4 . Officers not to work on official holidays and sundays , including participating in webnoirs , canvassing third party products etc .
Source : TWITTER ACCOUNT OF AIBOC
BIPARTITE MEETING OF EMPLOYEE UNIONS WITH IBA HITS A SNAG
Dated 17.10.2020 : It is reported that the employee unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group had asked for a rise of 20 % for special allowances and the IBA offered only 16.4 % rise in yesterday's meeting . It is at par with what IBA has offered to officers unions and it is reported that officers associations have accepted the offer . The employee unions have not agreed to the proposition of IBA and the parleys have hit a snag . The distribution of agreed hike to various components was also held up , in view of the differences . We have to wait for further announcements .
Source : AIBEA Facebook page
Dated 17.10.2020 : It is reported that the employee unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group had asked for a rise of 20 % for special allowances and the IBA offered only 16.4 % rise in yesterday's meeting . It is at par with what IBA has offered to officers unions and it is reported that officers associations have accepted the offer . The employee unions have not agreed to the proposition of IBA and the parleys have hit a snag . The distribution of agreed hike to various components was also held up , in view of the differences . We have to wait for further announcements .
Source : AIBEA Facebook page
MEETING OF OFFICERS UNIONS WITH IBA ON M O U TO CONTINUE ON 17TH , OCTOBER
Dated 16.10 .2020 : It's reported that meeting of representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO with IBA was prolonged yesterday and will continue tomorrow 17th, October 2020 .
Dated 16.10 .2020 : It's reported that meeting of representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO with IBA was prolonged yesterday and will continue tomorrow 17th, October 2020 .
BIPARTITE MEETING OF CLERICAL UNIONS WITH IBA ON 16TH OCTOBER
Dated 15.10.2020 : It is reported that the representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group have been called for a meeting with IBA on 16th , October 2020 to carry forward the discussions .
Dated 15.10.2020 : It is reported that the representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group have been called for a meeting with IBA on 16th , October 2020 to carry forward the discussions .
MEETING OF OFFICERS UNIONS WITH IBA ON M O U ADJOURNED
Dated 13.10 .2020 : It's reported that today's meeting of representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO with IBA is adjourned to 15th , October 2020 .
Dated 13.10 .2020 : It's reported that today's meeting of representatives of officer unions viz AIBOC , AIBOA , INBOC & NOBO with IBA is adjourned to 15th , October 2020 .
TODAY'S MEETING OF OFFICERS UNIONS WITH IBA ON M O U INCOCLUSIVE
Dated 12.10 .2020 : The representatives of four officer unions viz AIBOC , AIBOA , INBOC & NOBO met IBA team today, on the issues listed in the MOU. The discussions started at1.00 pm and progressing . As the discussions remained inconclusive at the end of the day , the meeting will continue tomorrow also .
Source : Twitter from AIBOC Official Media cell
Dated 12.10 .2020 : The representatives of four officer unions viz AIBOC , AIBOA , INBOC & NOBO met IBA team today, on the issues listed in the MOU. The discussions started at1.00 pm and progressing . As the discussions remained inconclusive at the end of the day , the meeting will continue tomorrow also .
Source : Twitter from AIBOC Official Media cell
GROUP INSURANCE HEALTH POLICY FOR BANK RETIREES REVISED
GROUP INSURANCE FOR BANK RETIREES - ADDITIONAL CONDITIONS NOW
Dated 09.10.2020 : Earlier in the month , National Insurance Company had relaxed and revised the Group insurance policy offered to bank retirees with options for cover amounts . Now as per AIBEA circular dated 08.10.2020 , following additional conditions are placed for the insurance :
1. Retired Award staff can avail base cover up to Rs 3.00 lakhs only
2. Super top cover will not be available for base cover of Rs 1 lakhs and Rs 2 lakhs .
3 . Room rent will be allowed maximum of Rs 1,500 per day for policies with base cover of Rs 1 lakh and ICU charges will be restricted to Rs 2,000 per day
4 . Room rent will be allowed maximum of Rs 3,000 per day for policies with base cover of Rs 1 lakh and ICU charges will be restricted to Rs 4,000 per day
5. However Room rent will continue to be maximum of Rs 5,000 per day for policies with base cover of Rs 3 lakhand Rs 4 lakhs and ICU charges will continue to be restricted to Rs 7,500 per day
TO GET THE PREMIUM CHART , DETAILS OF THE SCHEME AND COMPARISON WITH AROGYA SANJEEVANI PLAN AVAILABLE IN THE MARKET , CLICK HERE
SOURCE : AIBEA FACEBOOK PAGE
Dated 09.10.2020 : Earlier in the month , National Insurance Company had relaxed and revised the Group insurance policy offered to bank retirees with options for cover amounts . Now as per AIBEA circular dated 08.10.2020 , following additional conditions are placed for the insurance :
1. Retired Award staff can avail base cover up to Rs 3.00 lakhs only
2. Super top cover will not be available for base cover of Rs 1 lakhs and Rs 2 lakhs .
3 . Room rent will be allowed maximum of Rs 1,500 per day for policies with base cover of Rs 1 lakh and ICU charges will be restricted to Rs 2,000 per day
4 . Room rent will be allowed maximum of Rs 3,000 per day for policies with base cover of Rs 1 lakh and ICU charges will be restricted to Rs 4,000 per day
5. However Room rent will continue to be maximum of Rs 5,000 per day for policies with base cover of Rs 3 lakhand Rs 4 lakhs and ICU charges will continue to be restricted to Rs 7,500 per day
TO GET THE PREMIUM CHART , DETAILS OF THE SCHEME AND COMPARISON WITH AROGYA SANJEEVANI PLAN AVAILABLE IN THE MARKET , CLICK HERE
SOURCE : AIBEA FACEBOOK PAGE
GROUP INSURANCE FOR BANK RETIREES REVISED
Dated 03.10.2020 : National Insurance Company has now relaxed and revised the Group insurance policy offered to bank retirees with options for cover amounts . Further it has reduced the premium for single persons / family pensioners . Following are the salient features of the revised policy :
1. There is no distinction between retired employees and retired officers and both can have the amount of the cover they wish to take between Rs 1. lakh to Rs 4.00 lakhs ( Covers for Rs 1 , 2 , 3 or 4 lakhs )
2. Similarly super top cover also has optional features
3 . Retirees who have opted out of the scheme can join the scheme .
4 . Earlier who had not taken super top policy , now they can opt for it .
5. Irrespective of what policy taken earlier , retirees now can exercise fresh option .
PREMIUM CHART OF REVISED POLICY :
Dated 03.10.2020 : National Insurance Company has now relaxed and revised the Group insurance policy offered to bank retirees with options for cover amounts . Further it has reduced the premium for single persons / family pensioners . Following are the salient features of the revised policy :
1. There is no distinction between retired employees and retired officers and both can have the amount of the cover they wish to take between Rs 1. lakh to Rs 4.00 lakhs ( Covers for Rs 1 , 2 , 3 or 4 lakhs )
2. Similarly super top cover also has optional features
3 . Retirees who have opted out of the scheme can join the scheme .
4 . Earlier who had not taken super top policy , now they can opt for it .
5. Irrespective of what policy taken earlier , retirees now can exercise fresh option .
PREMIUM CHART OF REVISED POLICY :
1. BASIC POLICY WITHOUT DOMICILIARY ( IN RUPEES AND PREMIUM INCLUDING GST )
SUM INSURED |
SELF + SPOUSE |
SELF ONLY |
4,00,000 |
32.264 |
19,358 |
3,00,000 |
24,199 |
14,520 |
2,00,000 |
16,133 |
9,680 |
1,00,000 |
10,890 |
6,534 |
2. BASIC POLICY WITH DOMICILIARY ( IN RUPEES AND PREMIUM INCLUDING GST )
SUM INSURED |
SELF+ SPOUSE |
SELF ONLY |
4,00,000 |
80,067 |
48,040 |
3,00,000 |
60,054 |
36,032 |
2,00,000 |
40,036 |
24,021 |
1,00,000 |
27,024 |
16,215 |
3. SUPER TOP POLICY ( IN RUPEES AND PREMIUM INCLUDING GST )
a. Premium should be added to the basic policy premium with or without domiciliary
b . For basic coverage of Rs 1 lakh , super top up will be allowed up to Rs 2.00 lakhs
c. For basic coverage of Rs 2 lakh , super top up will be allowed up to Rs 3.00 lakhs
d. For basic coverage of Rs 3 lakh , super top up will be allowed up to Rs 4.00 lakhs
e. For basic coverage of Rs 4 lakh , super top up will be allowed up to Rs 5.00 lakhs
a. Premium should be added to the basic policy premium with or without domiciliary
b . For basic coverage of Rs 1 lakh , super top up will be allowed up to Rs 2.00 lakhs
c. For basic coverage of Rs 2 lakh , super top up will be allowed up to Rs 3.00 lakhs
d. For basic coverage of Rs 3 lakh , super top up will be allowed up to Rs 4.00 lakhs
e. For basic coverage of Rs 4 lakh , super top up will be allowed up to Rs 5.00 lakhs
SUM ASSURED |
SELF + SPOUSE |
SELF ONLY |
5,00,000 |
6,554 |
3,932 |
4,00,000 |
5,243 |
3,146 |
3,00,000 |
4,194 |
2,517 |
2,00,000 |
3,408 |
2,045 |
1,00,000 |
2,097 |
1,258 |
RENEWAL OF GROUP INSURANCE FOR BANK EMPLOYEES AND RETIREES : Further Information
( NOTE 03.10.2020 : THE POLICY BELOW HAS SINCE REVISEDBY THE INSURANCE COMPANY )
Dated 22.09.2020 : We have gathered the following additional information on the matter of renewal of the group insurance health policy for bank employees with National Insurance Company .
1. Super Top up policy for existing staff and retirees will be as follows :
For Existing clerical staff : Top-up Cover of Rs 4.00 lakhs at a cost of Rs 2,419 ( Total cover Rs 7 . lakhs )
For Existing officers : Top -up Cover of Rs 5.00 lakhs at a cost of Rs 3,024 ( Total cover Rs 9 . lakhs )
( EXISTING STAFF WILL HAVE TO BEAR THE PREMIUM FOR TOP UP PORTION WHILE MANAGEMENTS WILL BEAR THE BASIC COVERS )
If existing staff don't want to pay any premium , they will be insured for Rs 3.00 lakhs ( clerical staff ) and Rs 4 lakhs ( officers ) at the bank's cost .
Retired staff super -top up policy
WITHOUT DOMICILIARY :
For Retired clerical staff : Top-up Cover of Rs 4.00 lakhs at a cost of Rs 5,243 + Rs 24,200 ( Total cover Rs 7 lakhs at a cost of 29,443 )
For Retired officers : Top-up Cover of Rs 5.00 lakhs at a cost of Rs 6,554 + Rs 32,263 ( Total cover Rs 9 lakhs at a cost of 38,817 )
WITH DOMICILIARY + super top up :
For Retired clerical staff : Rs 65, 297
For Retired officers : Rs 86,621
( In our opinion , Domiciliary cover is of no use to retirees as the additional premium exceeds the domiciliary cover of Rs 30,000 for clerical and Rs 40,000 for officers . )
( RETIREES WILL HAVE TO BEAR THE ENTIRE PREMIUM COST Which is inclusive of GST )
The premium structure is almost similar to the premiums paid during the last year or slightly lower .The new policy with National insurance co ltd will be effective from 01.11.2020 for one year for retirees and from 01.10.2020 for the existing staff .
Additional Information Received :
1. Room rent and ICU charges are limited to Rs 5,000 and Rs 7,500 respectively .
2. The limit of domiciliary charges are 10 % of the basic cover which will be Rs 30,000 for retired clerical staff and Rs 40,000 for retired officers
3. The retiree bankers who have withdrawn from the scheme earlier will be given a chance to join the scheme from 01.11.2020 .
4. One can take any of the basic only , basic + super top up cover , basic + super top up cover + domiciliary or basic + domiciliary
5. No refund is allowed after payment of the premium .
( NOTE 03.10.2020 : THE POLICY BELOW HAS SINCE REVISEDBY THE INSURANCE COMPANY )
Dated 22.09.2020 : We have gathered the following additional information on the matter of renewal of the group insurance health policy for bank employees with National Insurance Company .
1. Super Top up policy for existing staff and retirees will be as follows :
For Existing clerical staff : Top-up Cover of Rs 4.00 lakhs at a cost of Rs 2,419 ( Total cover Rs 7 . lakhs )
For Existing officers : Top -up Cover of Rs 5.00 lakhs at a cost of Rs 3,024 ( Total cover Rs 9 . lakhs )
( EXISTING STAFF WILL HAVE TO BEAR THE PREMIUM FOR TOP UP PORTION WHILE MANAGEMENTS WILL BEAR THE BASIC COVERS )
If existing staff don't want to pay any premium , they will be insured for Rs 3.00 lakhs ( clerical staff ) and Rs 4 lakhs ( officers ) at the bank's cost .
Retired staff super -top up policy
WITHOUT DOMICILIARY :
For Retired clerical staff : Top-up Cover of Rs 4.00 lakhs at a cost of Rs 5,243 + Rs 24,200 ( Total cover Rs 7 lakhs at a cost of 29,443 )
For Retired officers : Top-up Cover of Rs 5.00 lakhs at a cost of Rs 6,554 + Rs 32,263 ( Total cover Rs 9 lakhs at a cost of 38,817 )
WITH DOMICILIARY + super top up :
For Retired clerical staff : Rs 65, 297
For Retired officers : Rs 86,621
( In our opinion , Domiciliary cover is of no use to retirees as the additional premium exceeds the domiciliary cover of Rs 30,000 for clerical and Rs 40,000 for officers . )
( RETIREES WILL HAVE TO BEAR THE ENTIRE PREMIUM COST Which is inclusive of GST )
The premium structure is almost similar to the premiums paid during the last year or slightly lower .The new policy with National insurance co ltd will be effective from 01.11.2020 for one year for retirees and from 01.10.2020 for the existing staff .
Additional Information Received :
1. Room rent and ICU charges are limited to Rs 5,000 and Rs 7,500 respectively .
2. The limit of domiciliary charges are 10 % of the basic cover which will be Rs 30,000 for retired clerical staff and Rs 40,000 for retired officers
3. The retiree bankers who have withdrawn from the scheme earlier will be given a chance to join the scheme from 01.11.2020 .
4. One can take any of the basic only , basic + super top up cover , basic + super top up cover + domiciliary or basic + domiciliary
5. No refund is allowed after payment of the premium .
PLAN N PROGRESS HAS COMPARED AROGYA SANJEEVANI PREMIUMS WITH IBA GROUP INSURANCE TO KNOW WHICH IS BETTER CLICK HERE
BIPARTITE MEETING OF CLERICAL UNIONS WITH IBA PROGRESSES
Dated 17.09.2020 : The representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group , met IBA team today , to discuss the issues listed in the MOU As per joint circular issued by the four unions , there was some headway in the following issues that were discussed .
1. Out of total Rs 7,898 crores agreed hike ( 15 % ) in the M.O.U , the amount that will be apportioned to workmen employees will be Rs 3,385 crores . Out of Rs 3,385 crores , Rs 495 crores will go to payslip including DA and balance Rs 2,890 crores will be distributed for other purposes .
2. DA Rates fro November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points .
3. Special pay , PQP & FPP will be revised in line with increase in Basic pay
4. Special allowances will be finalised in synchronisation with officers .
5. HRA , Medical aid & Transport Allowance will be taken later
Next meeting will be conveyed early to finalise the pending issues .
( Source AIBEA FB page )
Dated 17.09.2020 : The representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group , met IBA team today , to discuss the issues listed in the MOU As per joint circular issued by the four unions , there was some headway in the following issues that were discussed .
1. Out of total Rs 7,898 crores agreed hike ( 15 % ) in the M.O.U , the amount that will be apportioned to workmen employees will be Rs 3,385 crores . Out of Rs 3,385 crores , Rs 495 crores will go to payslip including DA and balance Rs 2,890 crores will be distributed for other purposes .
2. DA Rates fro November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points .
3. Special pay , PQP & FPP will be revised in line with increase in Basic pay
4. Special allowances will be finalised in synchronisation with officers .
5. HRA , Medical aid & Transport Allowance will be taken later
Next meeting will be conveyed early to finalise the pending issues .
( Source AIBEA FB page )
RENEWAL OF GROUP INSURANCE FOR BANK EMPLOYEES AND RETIREES FINALISED
Dated 16.09.2020 : Indian Bankers Association ( IBA ) has advised member banks to renew the group insurance health policy for bank employees with National Insurance Company , a public sector undertaking from 01.10.2020 for one year till 30.09.2021 . Present year Policy has been issued by United India Insurance Co Limited.
The details of the premium to be paid by the bankers are as follows :
1. For clerical staff : Rs 15, 164 ( Inclusive of GST )
2. For officers : Rs 20,217 ( Inclusive of GST )
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2020 at the following cost with the National insurance company as follows :
1. Retired clerical staff for a cover of Rs 3.00 lakhs at the premium of Rs 24,200 ( Inclusive of GST ) { Rs 20, 508 Premium + Rs 3,692 GST }
2. Retired officers for a cover of Rs 4.00 lakhs at the premium of Rs 32,263 ( Inclusive of GST ) { Rs 27,342 Premium + Rs 4,921 GST }
The premium structure is almost similar to the premiums paid during the last year or slightly lower .The new policy with National insurance co ltd will be effective from 01.11.2020 for one year . Further details regarding change of terms & conditions if any and Top up policy are awaited and we will report as soon as we have information
Source : AIBEA CIRCULAR
Dated 16.09.2020 : Indian Bankers Association ( IBA ) has advised member banks to renew the group insurance health policy for bank employees with National Insurance Company , a public sector undertaking from 01.10.2020 for one year till 30.09.2021 . Present year Policy has been issued by United India Insurance Co Limited.
The details of the premium to be paid by the bankers are as follows :
1. For clerical staff : Rs 15, 164 ( Inclusive of GST )
2. For officers : Rs 20,217 ( Inclusive of GST )
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2020 at the following cost with the National insurance company as follows :
1. Retired clerical staff for a cover of Rs 3.00 lakhs at the premium of Rs 24,200 ( Inclusive of GST ) { Rs 20, 508 Premium + Rs 3,692 GST }
2. Retired officers for a cover of Rs 4.00 lakhs at the premium of Rs 32,263 ( Inclusive of GST ) { Rs 27,342 Premium + Rs 4,921 GST }
The premium structure is almost similar to the premiums paid during the last year or slightly lower .The new policy with National insurance co ltd will be effective from 01.11.2020 for one year . Further details regarding change of terms & conditions if any and Top up policy are awaited and we will report as soon as we have information
Source : AIBEA CIRCULAR
NEXT MEETING OF CLERICAL UNIONS WITH IBA SCHEDULED ON 17TH SEPTEMBER
Dated 12.09.2020 : It is reported that the representatives of four staff unions viz AIBEA , NCBE , INBEF & NOBW have been called to meet IBA team on 17th September , 2020 at 11.00 am . The discussions on nitty gritty of wage revision which were inconclusive in the earlier meeting are expected to be taken forward .
It is also reported that the meeting with officers unions held on 10.09.2020 was inconclusive and will be carried forward in the next meeting to be held .
We will report further developments as and when takes place .
Dated 12.09.2020 : It is reported that the representatives of four staff unions viz AIBEA , NCBE , INBEF & NOBW have been called to meet IBA team on 17th September , 2020 at 11.00 am . The discussions on nitty gritty of wage revision which were inconclusive in the earlier meeting are expected to be taken forward .
It is also reported that the meeting with officers unions held on 10.09.2020 was inconclusive and will be carried forward in the next meeting to be held .
We will report further developments as and when takes place .
MEETING OF OFFICERS UNION WITH IBA SCHEDULED ON 10TH SEPTEMBER
Dated 07.09.2020 : It is reported that the representatives of four officer unions viz AIBOC , AIBOA , INBOC & NOBO have been called to meet IBA team , through a Video conference ( VC ) facility on 10th September , 2020 at 10.30 am . The discussions on nitty gritty of wage revision which were inconclusive in the earlier meeting are expected to be taken forward .
We will report further developments as and when takes place .
BIPARTITE MEETING OF CLERICAL UNIONS WITH IBA PROGRESSES
Dated 29.08.2020 : The representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group , met IBA team yesterday , to discuss the issues listed in the MOU and to finalise the distribution of pay slip components . As per joint circular issued by the four unions , there was some headway in the following issues that were discussed .
1. Out of total Rs 7,898 crores agreed hike ( 15 % ) in the M.O.U , the amount that will be apportioned to workmen employees will be Rs 3,385 crores . Out of Rs 3,385 crores , Rs 495 crores will go to payslip including DA and balance Rs 2,890 crores will be distributed for other purposes .
2. DA Rates fro November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points .
3. Discussions are continuing on the issue of stagnation increment
4. Issues like Special Pay , special allowances will be taken up on finalisation of pay scales .
Further discussions will continue in due course .
( Source AIBEA FB page )
Dated 29.08.2020 : The representatives of four clerical unions viz AIBEA , NCBE , INBEF & NOBW , which are part of a working group , met IBA team yesterday , to discuss the issues listed in the MOU and to finalise the distribution of pay slip components . As per joint circular issued by the four unions , there was some headway in the following issues that were discussed .
1. Out of total Rs 7,898 crores agreed hike ( 15 % ) in the M.O.U , the amount that will be apportioned to workmen employees will be Rs 3,385 crores . Out of Rs 3,385 crores , Rs 495 crores will go to payslip including DA and balance Rs 2,890 crores will be distributed for other purposes .
2. DA Rates fro November 2017 will be 0.07 % per slab of 4 points of quarterly average increase over 6352 points .
3. Discussions are continuing on the issue of stagnation increment
4. Issues like Special Pay , special allowances will be taken up on finalisation of pay scales .
Further discussions will continue in due course .
( Source AIBEA FB page )
TODAY'S MEETING WITH IBA ON M O U INCOCLUSIVE : AIBOC
Dated 24.08.2020 : The representatives of four officer unions viz AIBOC , AIBOA , INBOC & NOBO met IBA team today, on the issues listed in the MOU. The discussions were inconclusive and will be further discussed in first week of Sept 2020. ( Tweet from AIBOC )
Dated 24.08.2020 : The representatives of four officer unions viz AIBOC , AIBOA , INBOC & NOBO met IBA team today, on the issues listed in the MOU. The discussions were inconclusive and will be further discussed in first week of Sept 2020. ( Tweet from AIBOC )
IBA FLOATS TENDER FOR RENEWAL OF GROUP HEALTH INSURANCE POLICY
Dated 24.08.2020 : As per practice , Indian Bankers Association ( IBA ) has floated this year also Technical tender for renewal of the Group Mediclaim Policy for Bank Employees from October 01 , 2020 and renewal of Retirees policy from November 01, 2020 . Bid can be placed from eligible insurance companies on or before 31.08.2020 11.00 am .
In the current year , United India Insurance co Ltd , a public sector insurance company has covered the group insurance for both working and retired employees . Presently the group insurance is taken by around 6 lakh bank employees . The present year policy for working employees expires on 30.09.2020 and policy for retirees expires on 21.10.2020 .
The premium for working staff is borne by the respective managements of the bank while premiums are to be borne by individual retirees .
We will be reporting further developments as and when happens
Dated 24.08.2020 : As per practice , Indian Bankers Association ( IBA ) has floated this year also Technical tender for renewal of the Group Mediclaim Policy for Bank Employees from October 01 , 2020 and renewal of Retirees policy from November 01, 2020 . Bid can be placed from eligible insurance companies on or before 31.08.2020 11.00 am .
In the current year , United India Insurance co Ltd , a public sector insurance company has covered the group insurance for both working and retired employees . Presently the group insurance is taken by around 6 lakh bank employees . The present year policy for working employees expires on 30.09.2020 and policy for retirees expires on 21.10.2020 .
The premium for working staff is borne by the respective managements of the bank while premiums are to be borne by individual retirees .
We will be reporting further developments as and when happens
BANKING RECRUITMENT TO UNDERGO SEA CHANGE UNDER NRA
20.08.2020 : Presently Public sector bank staff recruitment is being managed through Institute of Banking Personnel Selection ( IPBS ) who conduct selection exams on behalf of the sponsor banks . Now the system is going to have sea change in recruitment with the formation of National Recruitment Agency ( NRA ) .
The new agency NRA will encompass the first level test by the Staff Selection Commission (SSC), the Railway Recruitment Boards (RRBs) and the Institute of Banking Service Personnel (IBPS) , marking a paradigm shift in government recruitment . The Union Cabinet chaired by Prime Minister Narendra Modi has approved yesterday the proposal to set up the National Recruitment Agency (NRA) .
The NRA will conduct the Common Eligibility Test (CET) for recruitment to non-gazetted posts in government and public sector banks. This test aims to replace multiple examinations conducted by different recruiting agencies for selection to government jobs advertised each year, with single online test.
Salient features:
1. The Common Eligibility Test will be held twice a year.
2. There will be different CETs for graduate level, 12th Pass level and 10th pass level to facilitate recruitment to vacancies at various levels.
3. The CET will be conducted in 12 major Indian languages. ( Hitherto examinations for recruitment to Central Government jobs were held only in English and Hindi )
4. CET will cover recruitments made by three agencies : viz. Staff Selection Commission, Railway Recruitment Board and the Institute of Banking Personnel Selection. This will be expanded in a phased manner later.
5. CET will be held in 1,000 centres across India and every district of the country will have centres.
6. CET will be a first level test to shortlist candidates and the score will be valid for three years.
7. There shall be no restriction on the number of attempts to be taken by a candidate to appear in the CET subject to the upper age limit. Age relaxation for SC/ST and OBC candidates as per existing rules will apply.
CET is expected to remove the hassle of appearing in multiple examinations for the candidates for different public sector / government jobs.
Hence it will reduce the burden of appearing for different exams and paying exam fees every time . Since exams will be held in every district, it would substantially save travel and lodging cost for the candidates. Applicants are required to register on a single Registration portal.
No need to worry about clashing of examination dates.
ABOUT NRA : National Recruitment Agency will be a Society registered under the Societies Registration Act. It will be headed by a Chairman of the rank of the Secretary to the Government of India. It will have representatives of Ministry of Railways, Ministry of Finance/Department of Financial Services, the SSC, RRB & IBPS. The Government has sanctioned a sum of Rs. 1517.57 crore for the National Recruitment Agency (NRA). The expenditure will be undertaken over a period of three years. It is envisioned that the NRA would be a specialist body bringing the state-of-the-art technology and best practices to the field of Central Government recruitment.
For Press release of PIB dated 19.08.2020 , CLICK HERE
The new agency NRA will encompass the first level test by the Staff Selection Commission (SSC), the Railway Recruitment Boards (RRBs) and the Institute of Banking Service Personnel (IBPS) , marking a paradigm shift in government recruitment . The Union Cabinet chaired by Prime Minister Narendra Modi has approved yesterday the proposal to set up the National Recruitment Agency (NRA) .
The NRA will conduct the Common Eligibility Test (CET) for recruitment to non-gazetted posts in government and public sector banks. This test aims to replace multiple examinations conducted by different recruiting agencies for selection to government jobs advertised each year, with single online test.
Salient features:
1. The Common Eligibility Test will be held twice a year.
2. There will be different CETs for graduate level, 12th Pass level and 10th pass level to facilitate recruitment to vacancies at various levels.
3. The CET will be conducted in 12 major Indian languages. ( Hitherto examinations for recruitment to Central Government jobs were held only in English and Hindi )
4. CET will cover recruitments made by three agencies : viz. Staff Selection Commission, Railway Recruitment Board and the Institute of Banking Personnel Selection. This will be expanded in a phased manner later.
5. CET will be held in 1,000 centres across India and every district of the country will have centres.
6. CET will be a first level test to shortlist candidates and the score will be valid for three years.
7. There shall be no restriction on the number of attempts to be taken by a candidate to appear in the CET subject to the upper age limit. Age relaxation for SC/ST and OBC candidates as per existing rules will apply.
CET is expected to remove the hassle of appearing in multiple examinations for the candidates for different public sector / government jobs.
Hence it will reduce the burden of appearing for different exams and paying exam fees every time . Since exams will be held in every district, it would substantially save travel and lodging cost for the candidates. Applicants are required to register on a single Registration portal.
No need to worry about clashing of examination dates.
ABOUT NRA : National Recruitment Agency will be a Society registered under the Societies Registration Act. It will be headed by a Chairman of the rank of the Secretary to the Government of India. It will have representatives of Ministry of Railways, Ministry of Finance/Department of Financial Services, the SSC, RRB & IBPS. The Government has sanctioned a sum of Rs. 1517.57 crore for the National Recruitment Agency (NRA). The expenditure will be undertaken over a period of three years. It is envisioned that the NRA would be a specialist body bringing the state-of-the-art technology and best practices to the field of Central Government recruitment.
For Press release of PIB dated 19.08.2020 , CLICK HERE
WILL BANK PENSIONERS BE MADE TO SUBMIT IT RETURNS COMPULSORILY ?
Dated 14.08.2020 : Earlier one has to submit IT Returns only if income exceeded certain threshold limit . Subsequently the rule changed and IT returns have to be submitted compulsorily , even when one doesn't have threshold income or any income at all , if one has done any of the following three transactions .
1. Expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. Deposited more than Rs. 1 crore in a current account in a year .
Now Government has proposed to include many financial activities like school fee payment , insurance payment , air travel etc .in the above list to widen the tax net ( For details , visit our Income tax News Page ) . People with such transactions will have to submit IT Returns even when income is zero or negligible .
One of such transaction proposed is " Payment of Health insurance Premium above Rs 20,000 " All bank retirees who need health insurance have taken group health insurance policy with United India Insurance company sponsored By Indian Bankers Association . The minimum insurance being paid under the scheme is above Rs 20,000 only . Hence all pensioners opted for group insurance are paying higher than Rs 20,000 .
Hence if government goes ahead with the proposal of including additional transactions , all bank retirees who have taken health insurance will have to submit IT Returns compulsorily , whatever may be their pension or family pension.
We have to wait for the IT Department notification with regard to their proposal .
Dated 14.08.2020 : Earlier one has to submit IT Returns only if income exceeded certain threshold limit . Subsequently the rule changed and IT returns have to be submitted compulsorily , even when one doesn't have threshold income or any income at all , if one has done any of the following three transactions .
1. Expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. Deposited more than Rs. 1 crore in a current account in a year .
Now Government has proposed to include many financial activities like school fee payment , insurance payment , air travel etc .in the above list to widen the tax net ( For details , visit our Income tax News Page ) . People with such transactions will have to submit IT Returns even when income is zero or negligible .
One of such transaction proposed is " Payment of Health insurance Premium above Rs 20,000 " All bank retirees who need health insurance have taken group health insurance policy with United India Insurance company sponsored By Indian Bankers Association . The minimum insurance being paid under the scheme is above Rs 20,000 only . Hence all pensioners opted for group insurance are paying higher than Rs 20,000 .
Hence if government goes ahead with the proposal of including additional transactions , all bank retirees who have taken health insurance will have to submit IT Returns compulsorily , whatever may be their pension or family pension.
We have to wait for the IT Department notification with regard to their proposal .
BANK PENSIONERS DA ENHANCED : IBA
Dated 05.08.2020 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from August 2020 to January 2021 will be enhanced to 77.50 % from existing 75.90 % on the Basic pension for the pensioners retired after 01.11.2012 , as per Indian Bankers Association announcement . The average consumer Index for June 2020 was 7540 .
New DA Rates for August 2020 to January 2021 for pensioners retired earlier is as follows :
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 176.40 % of Basic pension
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 236.34% of Basic pension
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 351.36 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 12,473.28 + 292.80 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 18,622.08 + 175.68 % of Basic pension exceeding Rs 5,650
d. Basic pension Rs 6,010 : Rs 19,254.52 + 87.84 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement as per IBA Circular ( Click here to view )
WAGE REVISION : UFBU SIGNS M O U WITH IBA
UFBU SIGNS M .O.U WITH IBA ON WAGE REVISION
Dated 23.07.2020 : United Forum of Bank Unions ( UFBU ) informed , through their twitter account , that a broad understanding has been reached with Indian Bankers Association ( IBA ) on the issue of wage revision and a MOU has been signed between them in yesterday's meeting held .
UFBU is an umbrella body of 9 Bank unions AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO and were negotiating with IBA who are authorised to negotiate on the issue by Indian banks . It is informed that the memorandum was signed by all the constituents of UFBU , except BEFI who had reservations about the content of the agreement .
As per the M O U ,
1. The wage revision will be effective from 01.11.2017.
2. The annual wage increase in salary and allowances will be 15% of the wage bill as on 31.03.2017.
3. The new pay scales will be constructed after merging Dearness Allowance corresponding to 6352 points.
4. Distribution of annual wage increase between Workmen and Officers will be worked out separately and proportionately based on break up of establishment expenses as on 31.03.2017.
5. The concept of Performance Linked Incentive (PLI) will be introduced as per a proposed matrix of individual bank's performance and will be
applicable from FY 2020-2021.
6. From 2020, 5 days PL encashment (7 days for those of 55 years of age and above) will be allowed per calendar year besides available facilities of PL encashment.
7. Bank's contribution to the NPS fund will be 14% of Pay and Dearness Allowance from prospective date of signing the settlement subject to
approval of the Govt.
8. The parties will endeavour to finalise the Bipartite Settlement/ Joint Note within a period of ninety days from the date of this minutes
BANK PENSIONERS ISSUES : With regard to issues of bank pensioners , the agreement is silent . However it is understood that Family pension will be raised to 30 % of salary against the present 15 % and there will be no cap on the family pension .
It is understood that residual issues including pensioners matters will be discussed in future meetings to be held .
The earlier settlement between IBA and UFBU under 10th Bipartite agreement had expired on 31.10.2017 and negotiations were being held for the present 11th Bipartite agreement since then . The bank employees were demanding Wage Revision with 20% hike on Pay slip components . 5 Day Banking , Merger of Special Allowance with Basic Pay , Scrap New Pension Scheme(NPS) , Updation of Pension , Improvement in Family Pension
Source : Twitter accounts of IBA CHIEF / UFBU / BEFI circular and media reports
Dated 23.07.2020 : United Forum of Bank Unions ( UFBU ) informed , through their twitter account , that a broad understanding has been reached with Indian Bankers Association ( IBA ) on the issue of wage revision and a MOU has been signed between them in yesterday's meeting held .
UFBU is an umbrella body of 9 Bank unions AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO and were negotiating with IBA who are authorised to negotiate on the issue by Indian banks . It is informed that the memorandum was signed by all the constituents of UFBU , except BEFI who had reservations about the content of the agreement .
As per the M O U ,
1. The wage revision will be effective from 01.11.2017.
2. The annual wage increase in salary and allowances will be 15% of the wage bill as on 31.03.2017.
3. The new pay scales will be constructed after merging Dearness Allowance corresponding to 6352 points.
4. Distribution of annual wage increase between Workmen and Officers will be worked out separately and proportionately based on break up of establishment expenses as on 31.03.2017.
5. The concept of Performance Linked Incentive (PLI) will be introduced as per a proposed matrix of individual bank's performance and will be
applicable from FY 2020-2021.
6. From 2020, 5 days PL encashment (7 days for those of 55 years of age and above) will be allowed per calendar year besides available facilities of PL encashment.
7. Bank's contribution to the NPS fund will be 14% of Pay and Dearness Allowance from prospective date of signing the settlement subject to
approval of the Govt.
8. The parties will endeavour to finalise the Bipartite Settlement/ Joint Note within a period of ninety days from the date of this minutes
BANK PENSIONERS ISSUES : With regard to issues of bank pensioners , the agreement is silent . However it is understood that Family pension will be raised to 30 % of salary against the present 15 % and there will be no cap on the family pension .
It is understood that residual issues including pensioners matters will be discussed in future meetings to be held .
The earlier settlement between IBA and UFBU under 10th Bipartite agreement had expired on 31.10.2017 and negotiations were being held for the present 11th Bipartite agreement since then . The bank employees were demanding Wage Revision with 20% hike on Pay slip components . 5 Day Banking , Merger of Special Allowance with Basic Pay , Scrap New Pension Scheme(NPS) , Updation of Pension , Improvement in Family Pension
Source : Twitter accounts of IBA CHIEF / UFBU / BEFI circular and media reports
BANKING DECLARED AS PUBLIC UTILITY SERVICE FOR NEXT SIX MONTHS
Dated 26.04.2020 : As per notification dated 17.04.2020 of Ministry of Labour and employment , Government of India , the banking services would be considered public utility service for a period of six months for the purpose of Industrial Disputes Act ( 1947 ) effective from 21.04.2020 .
With this notification , Government of India has prohibited bank employees and officers from going on strike for next six months .
To read notification , CLICK HERE
Dated 26.04.2020 : As per notification dated 17.04.2020 of Ministry of Labour and employment , Government of India , the banking services would be considered public utility service for a period of six months for the purpose of Industrial Disputes Act ( 1947 ) effective from 21.04.2020 .
With this notification , Government of India has prohibited bank employees and officers from going on strike for next six months .
To read notification , CLICK HERE
DISTRICT ADMINISTRATIONS ASKED TO PROVIDE SECURITY TO BANKERS
Dated 15.04.2020 : Today Ministry of Home Affairs ( MHA ) has asked local administrations to provide adequate security personnel at bank branches and BCs for maintaining social distancing , law and order and staggering of account holders during the lock down period .
Today MHA issued fresh guidelines with regard to extension of lock down period up to 03.05.2020 . Financial sector including bank branches and ATMs are asked to continue their services during the extended period . Further bank branches are asked to continue with normal working hours till Direct Bank transfers ( DBT ) cash transfers are completed .
To know what services are allowed / barred during Lock-Down 2.0 , CLICK HERE
Dated 15.04.2020 : Today Ministry of Home Affairs ( MHA ) has asked local administrations to provide adequate security personnel at bank branches and BCs for maintaining social distancing , law and order and staggering of account holders during the lock down period .
Today MHA issued fresh guidelines with regard to extension of lock down period up to 03.05.2020 . Financial sector including bank branches and ATMs are asked to continue their services during the extended period . Further bank branches are asked to continue with normal working hours till Direct Bank transfers ( DBT ) cash transfers are completed .
To know what services are allowed / barred during Lock-Down 2.0 , CLICK HERE
BANKERS DEFER THEIR STRIKE PLAN
Dated 29.02.2020 : United Forum of Bank Unions ( UFBU ) had given call to their members who are employees and officers of various banks to participate in a nationwide strikes for 3 days from 11th, March 2020 to 13th, March 2020 in support of their demands with Indian Bankers Association ( IBA ) and the central government in the matter of wage revision .
Now they have deferred their strike plan in view of positive developments in their talks with IBA held . It is reported that IBA has now offered 15 % rise in the pay slip cost .
Bankers have to wait for further announcements from UFBU / IBA to know full developments .
Dated 29.02.2020 : United Forum of Bank Unions ( UFBU ) had given call to their members who are employees and officers of various banks to participate in a nationwide strikes for 3 days from 11th, March 2020 to 13th, March 2020 in support of their demands with Indian Bankers Association ( IBA ) and the central government in the matter of wage revision .
Now they have deferred their strike plan in view of positive developments in their talks with IBA held . It is reported that IBA has now offered 15 % rise in the pay slip cost .
Bankers have to wait for further announcements from UFBU / IBA to know full developments .
BANKERS ON STRIKE PATH FOR FULFILLMENT OF THEIR DEMANDS
Dated 15.01.2020 : United Forum of Bank Unions ( UFBU ) have given call to their members who are employees and officers of various banks to participate in a nationwide strikes in support of their demands with Indian Bankers Association ( IBA ) and the central government in the matter of wage revision .
The strike plan is as below :
1. 31.01.2020 & 01.02.2020 for two days token strike
2. 11.03.2020 , 12.03.2020 & 13.03.2020 for three days token strike
3. Indefinite strike from 01.04.2020
The bankers demand include
1. Wage Revision Settlement at 20% hike on Pay slip components with adequate loading thereof
2. 5 Day Banking
3. Merger of Special Allowance with Basic Pay
4. Scrap New Pension Scheme(NPS)
5. Updation of Pension
6. Improvement in Family Pension
7. Allocation to Staff Welfare Fund based on Operating Profits
8. Exemption from Income Tax on retiral benefits without ceiling
9. Uniform definition of Business Hours, Lunch Hour, etc. in Branches
10. Introduction of Leave Bank
11. Defined Working Hours for Officers
12. Equal wage for equal work for contract employees/Business Correspondents
The earlier wage settlement has lapsed in November 2017 and the negotiations between UFBU & IBA have failed so far
Source : AIBOA Website
Dated 15.01.2020 : United Forum of Bank Unions ( UFBU ) have given call to their members who are employees and officers of various banks to participate in a nationwide strikes in support of their demands with Indian Bankers Association ( IBA ) and the central government in the matter of wage revision .
The strike plan is as below :
1. 31.01.2020 & 01.02.2020 for two days token strike
2. 11.03.2020 , 12.03.2020 & 13.03.2020 for three days token strike
3. Indefinite strike from 01.04.2020
The bankers demand include
1. Wage Revision Settlement at 20% hike on Pay slip components with adequate loading thereof
2. 5 Day Banking
3. Merger of Special Allowance with Basic Pay
4. Scrap New Pension Scheme(NPS)
5. Updation of Pension
6. Improvement in Family Pension
7. Allocation to Staff Welfare Fund based on Operating Profits
8. Exemption from Income Tax on retiral benefits without ceiling
9. Uniform definition of Business Hours, Lunch Hour, etc. in Branches
10. Introduction of Leave Bank
11. Defined Working Hours for Officers
12. Equal wage for equal work for contract employees/Business Correspondents
The earlier wage settlement has lapsed in November 2017 and the negotiations between UFBU & IBA have failed so far
Source : AIBOA Website
LIFE CERTIFICATE TO BE SUBMITTED BY BANK PENSIONERS IN NOVEMBER
Dated 02.11.2019 : This is November and it’s time for submission of Life Certificate by Pensioners at Bank . For continuance of Pension , all Pensioners and Family Pensioners have to submit Life Certificate to the concerned bank in which they receive Pension / family pension before end of November every year.
Pensioners / Family pensioners may visit the branches of the banks for doing the needful and to continue to receive their pensions uninterrupted .
Dated 02.11.2019 : This is November and it’s time for submission of Life Certificate by Pensioners at Bank . For continuance of Pension , all Pensioners and Family Pensioners have to submit Life Certificate to the concerned bank in which they receive Pension / family pension before end of November every year.
Pensioners / Family pensioners may visit the branches of the banks for doing the needful and to continue to receive their pensions uninterrupted .
RETIREE BANKERS GROUP HEALTH INSURANCE POLICY - ONE MORE OPTION
Dated 24.10.2019 : United India Insurance Company has agreed to provide one more option for Retiree bankers who had not opted to be part of or discontinued the group health insurance policy earlier . The last date to enroll is 28.10.2019 . All the terms & conditions and premium quoted will be same as that of existing retirees who are members of the scheme already . However there will be a waiting period of 30 days from the date of commencement of policy that is 1st, November 2019 and hence policy benefits can be availed only from 1st , December 2019 .
Interested retiree bankers who wish to join the scheme now can contact their banks for further details .
( Source : IOB circular dated 23.10.2019 )
Dated 24.10.2019 : United India Insurance Company has agreed to provide one more option for Retiree bankers who had not opted to be part of or discontinued the group health insurance policy earlier . The last date to enroll is 28.10.2019 . All the terms & conditions and premium quoted will be same as that of existing retirees who are members of the scheme already . However there will be a waiting period of 30 days from the date of commencement of policy that is 1st, November 2019 and hence policy benefits can be availed only from 1st , December 2019 .
Interested retiree bankers who wish to join the scheme now can contact their banks for further details .
( Source : IOB circular dated 23.10.2019 )
RETIREE BANKERS HEALTH INSURANCE - UIIC GROUP VERSUS OTHERS
01.10.2019 : Indian Bankers Association ( IBA ) conveyed to member banks the new offer / quotation issued by United India Insurance Company for the renewal of group health insurance policy to retired bankers effective from 01.011.2019. The renewal premium is around 15 % higher than the current year premium . As reviewed last year , this year also we checked the internet to find if any alternative plan is available to the plan offered by united India Insurance Company . In the quotation of UIIC , we find that additional premium amount for domiciliary is more than the insurance amount eligible for total domiciliary claim .
To know various options available for retiree bankers . read the article
01.10.2019 : Indian Bankers Association ( IBA ) conveyed to member banks the new offer / quotation issued by United India Insurance Company for the renewal of group health insurance policy to retired bankers effective from 01.011.2019. The renewal premium is around 15 % higher than the current year premium . As reviewed last year , this year also we checked the internet to find if any alternative plan is available to the plan offered by united India Insurance Company . In the quotation of UIIC , we find that additional premium amount for domiciliary is more than the insurance amount eligible for total domiciliary claim .
To know various options available for retiree bankers . read the article
AIBEA AND BEFI TO JOIN STRIKE 8TH AND 9TH JANUARY
Dated 06.01.2019 : All India Bank Employees Association ( AIBEA ) and Bank Employees Federation of India ( BEFI ) have given call to their members who are employees and officers of various banks to participate in a nationwide strike on 8th and 9th January 2019 in support of a call given by 10 major central trade unions . The call given by INTUC, AITUC, HMS, CITU, AIUTUC, AICCTU, UTUC, TUCC, LPF and SEWA is for opposing alleged anti-worker policies of central government .
Source : BEFI WEBSITE
Dated 06.01.2019 : All India Bank Employees Association ( AIBEA ) and Bank Employees Federation of India ( BEFI ) have given call to their members who are employees and officers of various banks to participate in a nationwide strike on 8th and 9th January 2019 in support of a call given by 10 major central trade unions . The call given by INTUC, AITUC, HMS, CITU, AIUTUC, AICCTU, UTUC, TUCC, LPF and SEWA is for opposing alleged anti-worker policies of central government .
Source : BEFI WEBSITE
MORE THAN 6000 PSU BANK OFFICERS PENALISED FOR BAD LOANS IN FY 2017-18 : FM
Dated 29.12.2018 : Finance Minister Mr Arun Jaitley informed parliament on 28.12.2018 in a written reply that 6,049 bank officers in nationalised banks were held responsible for loans turning bad in fy 2017-18 and were penalised with minor and major penalties including dismissal , compulsory retirement , demotion for their lapses . Further in some cases CBI and police cases have been filed against them for the deficiencies , depending up on the gravity of cases .
The non-performing assets ( NPA ) of nationalised banks rose from Rs 5.66 lakh crore in end of March , 2018 to Rs 9.62 lakh crores at the end of March , 2018 . It is reported that NPA is reduced to Rs 9.43 lakh crores now and PSBs have recovered more than Rs 60,000 crores in the first half of the current financial year
.
Source : Times of India and various other media sources .
Editor's Note : The news acts as morale spoiler for bank officers and it may increase the tendency to avoid / delay taking decisions on loans . Further such tendencies will hamper the gowth of banks and credit growth in the country will be curtailed . Ultimately country's overall economy will also be a casualty . Instead training bank officers for better apraisal of proposals and follow-up will help the banks grow their credit portfolios in a healthy way .
Dated 29.12.2018 : Finance Minister Mr Arun Jaitley informed parliament on 28.12.2018 in a written reply that 6,049 bank officers in nationalised banks were held responsible for loans turning bad in fy 2017-18 and were penalised with minor and major penalties including dismissal , compulsory retirement , demotion for their lapses . Further in some cases CBI and police cases have been filed against them for the deficiencies , depending up on the gravity of cases .
The non-performing assets ( NPA ) of nationalised banks rose from Rs 5.66 lakh crore in end of March , 2018 to Rs 9.62 lakh crores at the end of March , 2018 . It is reported that NPA is reduced to Rs 9.43 lakh crores now and PSBs have recovered more than Rs 60,000 crores in the first half of the current financial year
.
Source : Times of India and various other media sources .
Editor's Note : The news acts as morale spoiler for bank officers and it may increase the tendency to avoid / delay taking decisions on loans . Further such tendencies will hamper the gowth of banks and credit growth in the country will be curtailed . Ultimately country's overall economy will also be a casualty . Instead training bank officers for better apraisal of proposals and follow-up will help the banks grow their credit portfolios in a healthy way .
BANKERS TO GO ON STRIKE ON 26TH DECEMBER
Dated 18.12.2018 : United Forum of Bank Unions ( UFBU ) has given a call to its members who are employees and officers of various banks to participate in a nationwide strike in banking industry on 26th , december 2018 . UFBU compromises of various bank unions like AIBEA , AIBOC , NCBE , AIBOA, BEFI , INBOC , NOBW and NOBO with acumulative membership of more than 10 lakh bankers .
The strike call is to oppose govenment move to merge three of public sector banks Bank of Baroda , Dena Bank and Vijaya Bank . UFBU is also seeking steps to recover bad loans from corporates to save banking industry from collapse .
The strike will be preceded by a nationwide demonstrations in major cities .
Dated 18.12.2018 : United Forum of Bank Unions ( UFBU ) has given a call to its members who are employees and officers of various banks to participate in a nationwide strike in banking industry on 26th , december 2018 . UFBU compromises of various bank unions like AIBEA , AIBOC , NCBE , AIBOA, BEFI , INBOC , NOBW and NOBO with acumulative membership of more than 10 lakh bankers .
The strike call is to oppose govenment move to merge three of public sector banks Bank of Baroda , Dena Bank and Vijaya Bank . UFBU is also seeking steps to recover bad loans from corporates to save banking industry from collapse .
The strike will be preceded by a nationwide demonstrations in major cities .
EXTENDED LAST DATE FOR RENEWAL OF GROUP HEALTH INSURANCE PLAN FOR BANK RETIREES
Dated 08.11.2018 : United India Insurance Company has agreed to extend the renewal of group health insurance plan for those retired bankers who had not paid renewal premium before the stipulated deadline in October 2018 . The new deadline fixed is 14.11.2018 . However for the retirees who renew their health coverage now , the coverage starts only from 16.11.2018 , but will end simultaneously on 31.10.2019 as per the earlier plan . For this effect , the retirees opting for renewal will be required to submit a declaration agreeing for the new condition .
If any of the retirees like to renew their health insurance , they can do now but before 14.11.2018
Source : ARISE
If any of the retirees like to renew their health insurance , they can do now but before 14.11.2018
Source : ARISE
GROUP HEALTH INSURANCE FOR BANK RETIREES
For the benefit of bank retirees , PLAN N PROGRESS compares various prominent health covers available for senior citizens from leading health insurers like Star Health , Religare , HDFC Ergo , Apollo Munich etc with the group cover of United India Insurance Company through IBA . It analyses the premium for retirees of various ages from 61 to 81 years on individual basis as well as floater . To know which is the cheapest for you to decide on the merits / demerits of shifting to a new policy , CLICK HERE
UIIC OFFERS RENEWAL OF GROUP INSURANCE FOR BANK RETIREES WITH NEW CLAUSES AND RATES
Dated 10.10.2018 : Indian Bankers Association ( IBA ) vide their circular dated 09.10.2018 has advised member banks to renew the group insurance health policy for the interested retirees , on their paying quoted premium , from 01.11.2018 to 31.10.2019 as per the new quotation issued by public sector insurance company United India Insurance Company . However circular leaves the choice to the member banks for seeking quotation from any other insurance company and approving any other scheme at their level . The room rent charge has been restricted to Rs 4,000 per day in the renewal proposal .
One can go through the revised rates which are available in the enclosure to the above circular and highlights are as follows :
1. For retired officer , premium without domiciliary is Rs 28,792 for a cover of Rs 4 .00 lakhs and Rs 27,745 for Rs 3.00 lakhs including tax .
2.For retired officer , premium with domiciliary is Rs 82,373 with policy of cover of Rs 4 .00 lakhs and Rs 78,236 with policy of cover of Rs 3 .00 lakhs including tax .
3. For retired clerk , premium without domiciliary is Rs 21,595 for a cover of Rs 3 .00 lakhs and Rs 20,323 for Rs 2.00 lakhs including tax .
4. For retired clerk , premium with domiciliary is Rs 61,784 for a cover of Rs 3 .00 lakhs and Rs 57,647 for Rs 2.00 lakhs including tax
For details of super top up cover , you may view circular dated 09.10.2018
Our observation :
1. If the domiciliary limit continues at 10 % of the insurance cover , the additional premium quoted for domiciliary policy is more than the domiciliary cover . For a domiciliary cover of Rs 40,000 for a retired officer , additional premium quoted is Rs 53,581 . Similarly for retired clerks , additional premium demanded is Rs 40,189 for domiciliary cover of Rs 30,000 . No one would like to pay a premium more than the cover amount and hence the quotation becomes redundant .
2. There is differences of premium quoted for retired officer and a retired clerk for the same amount . Retired officer has to pay Rs 27,745 for a cover of Rs 3.00 lakhs while retired clerk has to pay only Rs 21,595 for the same amount of cover .
3 . Increase is around 75 % compared with the previous year premium collected .
Dated 10.10.2018 : Indian Bankers Association ( IBA ) vide their circular dated 09.10.2018 has advised member banks to renew the group insurance health policy for the interested retirees , on their paying quoted premium , from 01.11.2018 to 31.10.2019 as per the new quotation issued by public sector insurance company United India Insurance Company . However circular leaves the choice to the member banks for seeking quotation from any other insurance company and approving any other scheme at their level . The room rent charge has been restricted to Rs 4,000 per day in the renewal proposal .
One can go through the revised rates which are available in the enclosure to the above circular and highlights are as follows :
1. For retired officer , premium without domiciliary is Rs 28,792 for a cover of Rs 4 .00 lakhs and Rs 27,745 for Rs 3.00 lakhs including tax .
2.For retired officer , premium with domiciliary is Rs 82,373 with policy of cover of Rs 4 .00 lakhs and Rs 78,236 with policy of cover of Rs 3 .00 lakhs including tax .
3. For retired clerk , premium without domiciliary is Rs 21,595 for a cover of Rs 3 .00 lakhs and Rs 20,323 for Rs 2.00 lakhs including tax .
4. For retired clerk , premium with domiciliary is Rs 61,784 for a cover of Rs 3 .00 lakhs and Rs 57,647 for Rs 2.00 lakhs including tax
For details of super top up cover , you may view circular dated 09.10.2018
Our observation :
1. If the domiciliary limit continues at 10 % of the insurance cover , the additional premium quoted for domiciliary policy is more than the domiciliary cover . For a domiciliary cover of Rs 40,000 for a retired officer , additional premium quoted is Rs 53,581 . Similarly for retired clerks , additional premium demanded is Rs 40,189 for domiciliary cover of Rs 30,000 . No one would like to pay a premium more than the cover amount and hence the quotation becomes redundant .
2. There is differences of premium quoted for retired officer and a retired clerk for the same amount . Retired officer has to pay Rs 27,745 for a cover of Rs 3.00 lakhs while retired clerk has to pay only Rs 21,595 for the same amount of cover .
3 . Increase is around 75 % compared with the previous year premium collected .
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HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
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HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
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NEW ARTICLE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
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HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
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HEALTH INSURANCE POLICY RENEWED TO BANKERS WITH ALTERED TERMS
Dated 07.10.2018 : It is reported that the following alterations in the terms have been made for the renewed health policy taken by members of Indian Bankers Association for their serving employees / officers under IBA GMC Employee Policy with United India Insurance Company :
1. Room rent is limited to Rs 4,000 /- per day from existing limit of Rs 5,000/- per day .
2. All bills / receipts for purchase of medicines upon which a cliam is made shall bear the valid GST number of the issuer of such bills / receipts . This condition is applicable to both hospitalisation and domiciliary ( OPD ) claims .
All other terms and conditions are kept unchanged as per expired policy .
The policy will be due for renewal on 30.09.2019
Dated 07.10.2018 : It is reported that the following alterations in the terms have been made for the renewed health policy taken by members of Indian Bankers Association for their serving employees / officers under IBA GMC Employee Policy with United India Insurance Company :
1. Room rent is limited to Rs 4,000 /- per day from existing limit of Rs 5,000/- per day .
2. All bills / receipts for purchase of medicines upon which a cliam is made shall bear the valid GST number of the issuer of such bills / receipts . This condition is applicable to both hospitalisation and domiciliary ( OPD ) claims .
All other terms and conditions are kept unchanged as per expired policy .
The policy will be due for renewal on 30.09.2019
TAX PLANNING FOR FY 2018-19 ( AY 2019-20 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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IBA ASKS MEMBER BANKS TO RENEW HEALTH INSURANCE TO EMPLOYEES / OFFICERS
Dated 02.010.2018 : It is reported that Indian Bankers Association ( IBA ) has asked its member banks to renew the group health insurance policy taken through United India Insurance Company ( UIIC ) for their employees / officers for further period of one year . The policy was due for renewal from 01.11.2018 and will be renewed up to 30.09.2019 at the banks'cost as hitherto . It is reported that IBA has agreed to pay the premium which is 11 % more than the premium for earlier year as demanded by UIIC on 26.09.2018 , which was lower than its earlier proposal .
Main change in the terms of the policy is the revision of maximum bed charges per day from Rs 4,000 to Rs 5,000
Source : AIBEA Circular letter dated 01.10.2018
Dated 02.010.2018 : It is reported that Indian Bankers Association ( IBA ) has asked its member banks to renew the group health insurance policy taken through United India Insurance Company ( UIIC ) for their employees / officers for further period of one year . The policy was due for renewal from 01.11.2018 and will be renewed up to 30.09.2019 at the banks'cost as hitherto . It is reported that IBA has agreed to pay the premium which is 11 % more than the premium for earlier year as demanded by UIIC on 26.09.2018 , which was lower than its earlier proposal .
Main change in the terms of the policy is the revision of maximum bed charges per day from Rs 4,000 to Rs 5,000
Source : AIBEA Circular letter dated 01.10.2018
IBA PROPOSES PERFORMANCE LINKED COMPENSATION
Dated 30.09.2018 : It is reported that Indian Bankers Association ( IBA ) in a Negotiating Committee meeting with representatives of bank officers / employees under the banner of UFBU ( United Forum of Bank Unions ) held on 29.09.2018 advised its inability to increase the wages beyond 6 % proposed earlier , keeping in view of the present health of the member banks . However it would like to consider performance linked compensation beyond the settled pay structure based on financial health and paying capacity of the individual member banks . For the purpose , IBA would like to classify the member banks in to three categories based on operating profit and Return on Assets ( ROA ) . The additional compensation based on performance of each bank will be disbursed after the balance sheet of the previous year is published and meeting the performance criteria agreed earlier .
It is also reported that UFBU has rejected the offer and UFBU would like to continue with the existing uniform pay structure .
Source : AIBOA
Dated 30.09.2018 : It is reported that Indian Bankers Association ( IBA ) in a Negotiating Committee meeting with representatives of bank officers / employees under the banner of UFBU ( United Forum of Bank Unions ) held on 29.09.2018 advised its inability to increase the wages beyond 6 % proposed earlier , keeping in view of the present health of the member banks . However it would like to consider performance linked compensation beyond the settled pay structure based on financial health and paying capacity of the individual member banks . For the purpose , IBA would like to classify the member banks in to three categories based on operating profit and Return on Assets ( ROA ) . The additional compensation based on performance of each bank will be disbursed after the balance sheet of the previous year is published and meeting the performance criteria agreed earlier .
It is also reported that UFBU has rejected the offer and UFBU would like to continue with the existing uniform pay structure .
Source : AIBOA
EMPLOYEES UNION OPPOSES MERGER
DATED 18.09.2018 : News papers reported that Mr Venkatachalam , the General Secretary of All India Bank Employees Association ( AIBEA ) has opposed the move of the government to merge three public sector banks announced by Finance Minister Mr Arun Jaitley . He advised that that there was no evidence to show improvement of efficiency of banks on merger . He cited the example of state bank where total NPA has gone up after merger , bank has turned to loss and staff have reduced . He averred that need is expansion of public sectors banks and not merger .
DATED 18.09.2018 : News papers reported that Mr Venkatachalam , the General Secretary of All India Bank Employees Association ( AIBEA ) has opposed the move of the government to merge three public sector banks announced by Finance Minister Mr Arun Jaitley . He advised that that there was no evidence to show improvement of efficiency of banks on merger . He cited the example of state bank where total NPA has gone up after merger , bank has turned to loss and staff have reduced . He averred that need is expansion of public sectors banks and not merger .
NEW BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
SERVICE CONDITIONS OF EMPLOYEES WILL BE PROTECTED : FINANCE MINISTER
DATED 18.09.2018 : Finance Minister Mr Arun Jaitley assured protection of service conditions for the employees of the three banks to be merged , while announcing the merger of three public sector banks Bank of Baroda , Vijaya Bank and Dena Bank . He categorically assured that no employee of the three banks to be merged would have a service condition adverse to the present one . The best of the service conditions of all the three banks will be carried forward .
DATED 18.09.2018 : Finance Minister Mr Arun Jaitley assured protection of service conditions for the employees of the three banks to be merged , while announcing the merger of three public sector banks Bank of Baroda , Vijaya Bank and Dena Bank . He categorically assured that no employee of the three banks to be merged would have a service condition adverse to the present one . The best of the service conditions of all the three banks will be carried forward .
BANK OF BARODA , VIJAYA BANK AND DENA BANK TO BE MERGED : FINANCE MINISTER
DATED 18.09.2018 : The Government of India has proposed to merge the three public sectors banks Bank of Baroda , Vijaya Bank and Dena Bank in to a single entity which will be the third largest bank of India , as announced by the Finance Minister Mr Arun Jaitley yesterday . This will be the second move of merger of public sector banks , the first one being merger of group banks of State bank of India . Now the boards of the three banks have to consider the proposal of merger , which will be a just formality .
Bank of Baroda , head quarterd Mumbai , is the biggest bank of the three with more than 10 lakh crores of business , 56,000 employees and 5500 branches . Vijaya Bank , head quarterd Bengaluru , has a business mix of 2.80 lakh crores with more than 15,000 staff and 2100 branches . Dena Bank , head quarterd also Mumbai , is the smallest of the three with 1,73 laks of business mix , around 13,000 staff and 1,800 branches . On merger , the combined business of the new entity will be more than 14 lakh crores of business with 85,000 employees and 9,500 branches . The entity is also expected to have 34 % of total low cost deposits of the country . The capital Adequacy ratio ( CAR ) is expected to be 12.25 % , above the regulatory norm of 10.85 % . It is expected that it might take at least one year before the new entity is established as merger of different processes and systems have to take place .
Financial services Secretary of Government of India Mr Rajiv kumar told the media that the proposed move will help operational efficiency and customer service of the three banks .
DATED 18.09.2018 : The Government of India has proposed to merge the three public sectors banks Bank of Baroda , Vijaya Bank and Dena Bank in to a single entity which will be the third largest bank of India , as announced by the Finance Minister Mr Arun Jaitley yesterday . This will be the second move of merger of public sector banks , the first one being merger of group banks of State bank of India . Now the boards of the three banks have to consider the proposal of merger , which will be a just formality .
Bank of Baroda , head quarterd Mumbai , is the biggest bank of the three with more than 10 lakh crores of business , 56,000 employees and 5500 branches . Vijaya Bank , head quarterd Bengaluru , has a business mix of 2.80 lakh crores with more than 15,000 staff and 2100 branches . Dena Bank , head quarterd also Mumbai , is the smallest of the three with 1,73 laks of business mix , around 13,000 staff and 1,800 branches . On merger , the combined business of the new entity will be more than 14 lakh crores of business with 85,000 employees and 9,500 branches . The entity is also expected to have 34 % of total low cost deposits of the country . The capital Adequacy ratio ( CAR ) is expected to be 12.25 % , above the regulatory norm of 10.85 % . It is expected that it might take at least one year before the new entity is established as merger of different processes and systems have to take place .
Financial services Secretary of Government of India Mr Rajiv kumar told the media that the proposed move will help operational efficiency and customer service of the three banks .
MR MUNDHRA ALLAYS FEARS OVER WEAK BANKS :
Dated 19.07.2017 : In the wake of rumours floating over weak banks , Mr S.S. Mundhra , Deputy Governor of Reserve Bank of India has recently urged people not to fall prey to falsehood of misleading news about the future of weak banks . He has told that notion about impending collapse of banks due to poor asset quality is misleading and RBI has included certain banks for Prompt Corrective Action ( PCA ) for improvement of their asset quality . He also told " PCA will not imply that banks will cease normal banking activities including lending "
The list of bankers under PCA include IDBI Bank , Central bank of India , Indian Overseas Bank , Bank of Maharashtra , UCO Bank and Dena Bank who have higher Non Performing Assets and making losses in recent times . Banks under PCA have restrictions on issuing of dividends , opening branches , hiring and giving loans to companies rated below investment grade . . However it does not hamper day to day banking .
. The Deputy Governor expressed his displeasure over social media messages spreading false news about the future of some of the banks .Unsubstantiated rumours around these banks , mostly carried in social media , suggest closure of some of the banks or mergers with other public sector banks which has made customers of these banks panicky . Some messages have gone to the extent of asking viewers to withdraw deposits and close their bank accounts with these banks . The finance minister had earlier stated that India needs five or six global sized banks and it is expected that mergers of some of the Public sector banks will take place in order to build bigger banks . Recent merger of State bank group entities in to State Bank of India is giving credence to the possibility of further mergers .
OUR OPINION :
Customers of banks need not panic about the rumours as Reserve Bank of India has not allowed any major bank to fail in recent history . Even when mergers have taken place , RBI has taken sufficient steps to safeguard the interest of the customers of the weak banks which were merged with bigger / stronger banks . We hope the statement of Mr S.S.Mundhra will bring clarity on the situation .
Dated 19.07.2017 : In the wake of rumours floating over weak banks , Mr S.S. Mundhra , Deputy Governor of Reserve Bank of India has recently urged people not to fall prey to falsehood of misleading news about the future of weak banks . He has told that notion about impending collapse of banks due to poor asset quality is misleading and RBI has included certain banks for Prompt Corrective Action ( PCA ) for improvement of their asset quality . He also told " PCA will not imply that banks will cease normal banking activities including lending "
The list of bankers under PCA include IDBI Bank , Central bank of India , Indian Overseas Bank , Bank of Maharashtra , UCO Bank and Dena Bank who have higher Non Performing Assets and making losses in recent times . Banks under PCA have restrictions on issuing of dividends , opening branches , hiring and giving loans to companies rated below investment grade . . However it does not hamper day to day banking .
. The Deputy Governor expressed his displeasure over social media messages spreading false news about the future of some of the banks .Unsubstantiated rumours around these banks , mostly carried in social media , suggest closure of some of the banks or mergers with other public sector banks which has made customers of these banks panicky . Some messages have gone to the extent of asking viewers to withdraw deposits and close their bank accounts with these banks . The finance minister had earlier stated that India needs five or six global sized banks and it is expected that mergers of some of the Public sector banks will take place in order to build bigger banks . Recent merger of State bank group entities in to State Bank of India is giving credence to the possibility of further mergers .
OUR OPINION :
Customers of banks need not panic about the rumours as Reserve Bank of India has not allowed any major bank to fail in recent history . Even when mergers have taken place , RBI has taken sufficient steps to safeguard the interest of the customers of the weak banks which were merged with bigger / stronger banks . We hope the statement of Mr S.S.Mundhra will bring clarity on the situation .
WEBSITES OF BANKS / BANKERS ASSOCIATION / RESERVE BANK OF INDIA ( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. Reserve Bank of India
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
WEBSITES OF EMPLOYEES / OFFICERS UNIONS / ASSOCIATIONS
( CLICK ON THE NAME TO GO TO THE WEBSITE )
( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. All India Bank Employees Association ( AIBEA )
2. All India Bank Officers Confederation ( AIBOC )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
2. All India Bank Officers Confederation ( AIBOC )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
WEBSITES OF VARIOUS ASSOCIATIONS OF RETIRED BANKERS
( CLICK ON THE NAME TO GO TO THE WEBSITE )
( CLICK ON THE NAME TO GO TO THE WEBSITE )
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