Friday, April 29, 2016

D.A rate for May, June, July 2016:
Total slabs= 420
Total %.      = 42.00%
i.e. decrease of 6 slabs
For Pensioners: No change.
D.A rate for May, June, July 2016:
Total slabs= 419
Total %.      = 41.90%
i.e. decrease of 7 slabs
For Pensioners: No change.
(NOBW news)

Saturday, April 16, 2016

Talks with IBA

UFBU circular on talks with IBA held on 13.04.2016.........


In response to our letter to the IBA seeking discussions on follow-up actions on some of the issues raised by us, IBA had fixed up a meeting with UFBU on 13th April, 2016 and accordingly the meeting was held in IBA’s Office as scheduled.  IBA was represented by Mr. M V Tanksale, Chief Executive, Mr. K. Unnikrishnan, Dy. Chief Executive, Mr. Visweshwar, Senior Advisor, Mr. K S Chauhan, Senior Vice-President – HR & IR and other officials of the HR-IR Department.  UFBU was represented by representatives of all the 9 constituents.

a)  Difficulties faced by employees/officers in implementation of Medical Insurance Scheme:  

We pointed out the following:

i.             While the Scheme covers reimbursement of Rs. 3 lacs and Rs. 4 Lacs for clerks/substaff and officers respectively plus additional coverage from Corporate Buffer, some of the managements are maintaining that the coverage is only restricted upto Rs. 3 lacs and R. 4 lacs.  The correct position should be suitably clarified to all the Banks and in turn by all Banks to the employees at large.

Monday, March 14, 2016

It is not Mallaya alone!

In yet another case of wilful default, a consortium of 10 banks — with "Indian Bank"as the lead bank— is on the lookout for two missing directors of a firm called Varun Industries for duping it to the tune of Rs 2,555.56 crore.

Directors of Varun Industries, Kiran Mehta and Kailash Agarwal, are on the run after duping 10 banks to the tune of Rs 2,555 crore; their office in Byculla and residential properties have been sealed and will be auctioned off.

Indian Bank issued a public notice on March 4, 2016, against Varun Industries directors Kiran Mehta and Kailash Agarwal stating they owed the Consortium money. It reads: "This is to inform that M/S Varun Industries limited, having its office in Byculla east, having Kiran Mehta and Kailash Agarwal as directors had availed credit facilities aggregating Rs 1,798.37 crore as on July 31, 2013, from the Consortium of banks. Both the directors furnished their personal guarantees, in order to avail the aforesaid credit facilities. However, none of them is available at the addresses given to us, and are not traceable/responding. The company has not furnished several details despite the commitments made by the company in the various consortium meetings and even after repeated follow-up with the company, in this regard."

The notice further mentions that the company failed to peacefully handover possession of some of their properties mortgaged to the bank and sought clarification/response from the duo within 30 days from the issuance of the notice. If the firm fails to respond, then the consortium would be constrained to proceed based on prima facie view as borne out by records to report to CBI/CIBIL as non co-operative borrower. Also, Varun industries have been declared as Non-performing Asset (NPA).

"Please take further note that the account has been classified as NPA. The amount due to the consortium as on July 31, 2015, is R2,555.56 crore. Please not that the aforesaid amount doesn't include the legal expenses, other charges borne by the bank so far and interest from August 31, 2015 onwards. The bank reserves the right to claim the legal and other expenses incurred/to be incurred as well as future interest," the notice reads.

When this correspondent visited the Varun Industries office in Byculla, he observed that the locked shutter was splattered with bank notices.

A similar scenario was witnessed at the apartments owned by Agarwal and Mehta in Shankheshwar Darshan building. One of Mehta's neighbours said, "We haven't seen Mehta or anyone from his family for a very long time. We don't know where they stay."

However, the security guard claimed that Agarwal's flat was occupied by a tenant. Upon inspection, the flat appeared to be locked from the outside.

Similarly, two apartments on the 19th and 20th floor at Vardhaman Heights in Byculla (East) — owned by Mehta and Agarwal respectively — were being guarded by a watchman hired by the bank. Upon inquiry, the guard said his job was to inform the bank the moment he sees anyone entering the sealed flats.

When contacted, L Raman, DGM for Indian Bank — who had signed the notices against the duo — refused to divulge details stating that he was not authorised to comment. However, a senior bank official said, "Rules state we have to issue a notice and follow the protocol thereafter. We will auction their properties as scheduled and initiate every legal action to recover our money."

The Consortium
Indian Bank (Consortium lead bank), JMFL (UCO Bank), Central Bank of India, Syndicate Bank, State Bank of India, United Bank of India, Bank of India, Bank of Baroda, ARCIL (IDBI) and Allahabad Bank. About Varun Industries established in 1989 as a small trading house, the company was incorporated as Varun Continental Ltd in March 1996. And was renamed Varun Industries Limited in April 2005. After foraying into steel ware upon inception, the company ventured into exporting stainless steel cookware, raw materials, oil and natural gas, wind energy, uranium, mining, gems and jewellery.

Failed bid
One of the banks in the Consortium tried auctioning 7,682 square meters of land and a building admeasuring 5,184 square meters in Melgaon, Nashik, at a reserve price of Rs 10 crore in February last week. However, the auction turned to be a damp squib owing to a poor response.

Wednesday, March 9, 2016


IDBI Bank staff take en masse to Twitter
Updated: March 7, 2016 22:43 IST | Vinson Kurian

IDBI Bank employees and their family members took en masse to Twitter on Sunday to continue with their protest against the move to dilute the Centre’s stake in the bank, as announced in the Budget.
The tweets started after the intranet blog of the MD and CEO was closed for comments on Saturday after the staff members wrote some 7,500 protest notes post the dilution announcement.
For two hours around Sunday noon, ‪#‎saveidbibank‬ was in the top five trending list. Tweets were sent to the pages of the Prime Minister, the PMO, and the Finance Minister, among a list of top policymakers.
Being the youngest and tech-savvy public sector bank with an average employee age of 32, it was natural for the staff to take to Twitter, according to a representative of the employee union.
In a way, it helped them reach out to the world at large as the intranet blog of the MD and CEO limited the reach to one another while logging into the company’s private network.
Twitter also helped family members of the staff to tweet against the move to privatise the bank, the representative said.
According to him, this marked a first in trade union members taking the technology route to protest against what he called a ‘wrong policy decision’ that ‘threatened’ their job prospects.
The Hindu Business Line