Saturday, May 31, 2014


          Training for 1st Batch of 2014-15 Starts from June 2nd 2014. 
                        (Next Batch will have to wait for few more months)  
                        Know your Service conditions!
                       Basic Pay Rs.                               :   8000
                       SWO. Allowance                          :     500
                       D.A (@97.50% May 2014)         :   8287
                       H.R.A @7.00%                           :     595
                      Conveyance.Allow.                       :     225
                       GROSS SALARY                       :  17607   
          DEDUCTION FOR PENSION FUND :    1678
(Wage revision talks are going on.)
*You are eligible for Medical Aid Rs.2000 for the year 2014.

*Other Staff welfare benefits:

Tuesday, May 20, 2014

On May 23rd!

call for country wide demonstration
against privatisation move of RBI Panel(Nayak committee)
on May 23rd and not strike as reported in news channels and 
financial newspapers.

Date of demonstration changed from 21st to 23rd as some of the unions
In UFBU hesited to participate in the demonstration.

More light on Nayak Committee Report:

 Privatise the Public Sector Banks

Sunday, May 18, 2014

What is Nayak committee report?

 “On 20th January 2014, Reserve Bank of India (RBI) constituted an Expert Committee,

under the  Chairmanship of Shri P.J.Nayak, Ex-Chairman of Axis Bank,

to review “Governance of the Boards of Banks in India”.

The Committee has submitted its Report on 12th May 2014 recommending, inter alia,

 (i) scrapping of Bank Nationalisation Acts, SBI Act and SBI (Subsidiary Banks) Act,

(ii) Converting all PSBs  into Companies under the Companies Act,

(iii) Formation of a “Bank Investment Company” (BIC) under the Companies Act and transfer of all Shares held by the Central Government in PSBs to the newly formed BIC

Friday, May 2, 2014

SBI signs up “Reliance Money Infra” as business correspondent

SBI signs up “Reliance Money Infra” as business correspondent
The Anil Ambani group firm will identify borrowers, process loan applications and follow up on recovery

State Bank of India has signed up Reliance Money Infrastructure (RMIL), an Anil Ambani Group company, in a ‘business correspondent’ deal to source a range of banking services.
The deal was concluded on February 25 but has been made effective with retrospective effect from October 5, 2013.
SBI strategy

The deal authorises RMIL to identify borrowers; collect, process, and submit loan applications; promote credit groups; take up post-sanction monitoring, follow-up, and recovery.
As the service provider, RMIL will also collect small-value deposits; sell micro-insurance, mutual fund and pension products; and receive and deliver small-value remittances.
An industry analyst called this a mother-of-all-business-correspondent agreement, part of an SBI strategy to outsource listed services for ‘facilitating business growth.’ It is particularly significant since it comes after the latest round of issuance of banking licences in which Reliance Capital, another group company, was an applicant but failed to make the grade.
Products list

Among products the service provider will dabble in are: no-frill savings bank accounts through kiosk banking model; home loans/loans against property; auto loans; gold loans; SME loans;

Thursday, May 1, 2014

May Day Message

My May Day SMS:

Unite and fight – the onlyway.
 Struggles never take rest!!
Let us know History of May Day!
(Selected portion of an article:Read with Patience/Passion)
The history of the world holiday on the 1st May - May Day, or International Workers Day, held in commemoration of four anarchists executed for struggling for an 8-hour day.
Originally a pagan holiday, the roots of the modern May Day bank holiday are in the fight for the eight-hour working day in Chicago in 1886, and the subsequent execution of innocent anarchist workers.
In 1887, four Chicago anarchists were executed; a fifth cheated the hangman by killing himself in prison. Three more were to spend 6 years in prison until pardoned by Governor Altgeld who said the trial that convicted them was characterised by "hysteria, packed juries and a biased judge". The state had, in the words of the prosecution put "Anarchy is on trial" and hoped their deaths would also be the death of the anarchist idea.
The anarchists were trade union organisers and May Day became an international workers day to remember their sacrifice. They were framed on false charges of throwing a bomb at police breaking up a demonstration in Chicago. This was part of a strike demanding an 8 hour day involving 400,000 workers in Chicago that started May 1st 1886 .
It began over a century ago when the American Federation of Labour adopted an historic resolution which asserted that "eight hours shall constitute a legal day's labour from and after May 1st, 1886".
In the months prior to this date workers in their thousands were drawn into the struggle for the shorter day. Skilled and unskilled, black and white, men and women, native and immigrant were all becoming involved.