Monday, December 14, 2015

We are jolted, but united: IDBI Bank union

We are jolted, but united: IDBI Bank union

December 13, 2015, Bengaluru, DHNS

 IDBI Bank employees, who recently staged a one-day strike to protest the government’s moves to privatise the bank, have been jolted, but are united, a top union leader said. In September, Finance Minister Arun Jaitley had hinted at transforming IDBI Bank along the lines of Axis Bank.

Talking to Deccan Herald, All India IDBI Officers’ Association President (Karnataka Unit) Purushotham A P said, “Earlier, we (IDBI Officers) were not much active in trade unions. There was no union affiliated to All India IDBI Bank Officers Association. Only 2,700 members were affiliated. But, when this privatisation talks began from the FM, everyone started coming together. We thought only trade unions can rescue us from privatisation.” He added in a lighter vein, “One way I should thank the Finance Minister for uniting us.” IDBI Bank has around 30,000 employees.

Wednesday, December 9, 2015


Minutes of the conciliation proceedings held before the conciliation officer and Dy. Chief Labour Commissioner (Central), Mumbai in the matter of strike notice dated 27th November, 2015 served on IBA by AIBOC on pending issues for strike on 11th December, 2015…….
…….During the Conciliation Proceedings detailed discussions was held on following points.
1. Representatives of AIBOC made out a case against the Govt. Policies of denial of Capital in PSBs, Recruitment of Private Entrepreneurs as Chiefs of PSBs, FDI in Banking Industries and privatisation of public Sector Banks starting with IDBI Bank and also the agenda of the Govt. to change the Labour Laws.
Though the issues were taken note of by IBA, they expressed that the issues raised pertains to policy decision to be taken by the Govt., and IBA is not in a position to comment on it. Moreover, IDBI is not part of the wage settlement.
2. On the issue of rectification of anomaly with regard to additional stagnation increments, on the advice of Dy. CLCC, IBA assured that they have seized of the matter and it will be placed before HR Committee next month.

Saturday, December 5, 2015

Flood relief for Tamilnadu

As you all know Tamilnadu is suffering from Heavy Rain/Flodd unseen for more than 100 years.
Apart from Chennai City , Tiruvallur Dt, Kancheepuram Dt, Cuddalore DT. and all costal Districts are also badly affected.
you might have seen the video clippings/Photo/News of the disaster.
Now on behalf of BEFI a call has been given to help the people in the affected area.
Those who are willing to contribute may remit money in the following account as per the circular attached.
A/C Name Bank Employees Federation of India-TN
A/C No. 420077544
Indian Bank
Anna Salai Branch.

Sunday, November 29, 2015

After BEFI it is now AIBOC that demands re-opening of 10 the B.P.S.:
(Registered under the Trade Unions Act 1926, Registration No.:3427/Delhi)
C/o Bank of India, Parliament Street Branch
PTI Building, 4, Parliament Street, New Delhi: 110001
Phone: 011-23730096 Tel/Fax 23719431
Circular No. 2015/75 Dated: 27/11/2015
To All Affiliates/State Units/Members
Dear Comrades,
You are aware that Joint Note for Xth Bipartite Settlement was signed on
 25th May 2015, but there were many issues like the issues of Retirees covered in the Record Note, issue of disciplinary matters, calling officers on Sundays / holidays, anomaly in stagnation increments etc., which remained pending on the assurance of IBA that action required on their part on these issues would soon be taken.

Despite lapse of six months and our several reminders, no steps have been taken by the IBA to resolve the issues, as per the understanding reached during the discussions. There has been no move either to start the negotiations or restart the discussions. Leave apart this, even normal courtesy of acknowledging our communications has not been shown. The settled issues of Medical aid, reimbursement of medical expenses for retired employees through insurance policy are also being denied.
Apart from this, Government, on the one hand,
*is announcing and implementing policies based on the recommendations of P.J. Nayak committee viz. diluting stakes in Public Sector Banks (PSBs),
*privatisation of banks through denial of capital required by PSBs,
*establishing Banking Bureau Board, deliberate delay in appointing Officer Directors on the Banks' Boards,
*appointment of private entrepreneurs as MDs and Chairmen in Banks, permitting FDI in the banking sectors etc.

On the other hand, no steps are being taken to recover debts from willful defaulters, providing more windows by ways of Asset Reconstruction companies and SDRs, thus providing the escape routes to the defaulters of public money.

Wednesday, November 25, 2015

Comparison of 7th P.C Pay and Bank Employees Salary!!

Salary as per 7th P.C and Salary of Bank clerk is given below.
Lower Division Clerk (LDC) and Upper Division Clerk (UDC) are general term used. Various departments will have different names for their dept., posts. But, salary will be based on this Pay Band only.
From the recommendations , it is observed that huge increase is given to officers on the higher ranks. 
In lower levels the increase is not as expected.
I have just given the actual figures. 
It is upto you to judge.

Friday, November 20, 2015

7th Pay Commission Report!!

Much awaited 7th Pay commission report is submitted to the Govt.,

Note , it is recommendation only. Govt., has to approve it. Govt., has the right to increase, decrease or change any provision.
Govt. will appoint a small committee to scrutinize and report about implications on effecting the commission’s report. Therefore, we have to wait for the final outcome.

Comparing CG employees wages with Bank employees will be of no use as their wage bill is paid out of Budget allocation, whereas our wages or paid out of profit earned. Political Bosses can give any amount of increase at their will and pleasure based on various factors.

Of course it is a fact they are already drawing more than bank employees from 5th Pay commission.

Unions for CG employees termed the report as most disappointing and retrograde recommendations. Unlike Banks Bi-partite system, in Cental Govt. Unions can place demands thro representation only. Consultative meetings will be held by Commission, where Unions can express their view. It is commission’s own decision to finalise the increase and give its recommendation to Govt.
(Unions objections circular is reproduced at the end of this post)

From the data available as of now, following are my view:

1. The commission report is finalized much before the expiry of previous wage arrangement. It is a welcome aspect. (When it will be given effect is still a question)
2. Increase of 23.55% for a period of 10 years is a disappointing aspect. It works out to 11.7% for a 5 year settlement.
3. Conversion factor 2.57 is nothing but merging of prevailing D.A.119% and then increasing Basic pay by 16% (it will be 8% for five year). But, in Bank only 2% is increased after merging of D.A. But, 7.75% is given separately, depriving after retirement benefits.
4. Abolition of 52 allowances will affect a section of employees.
5. Annual increment will be 3% as in the past. In Banks annual increments are higher (around 5%)

Wednesday, November 18, 2015

C/o IDBI Bank Ltd., IDBI Tower, Cuffe Parade, Mumbai-400 005
October 26, 2015
Dear Comrades,


United Forum, vide its Circular dated 6.10.2015 had declared the “Programme of organizational action” in protest against the contemplated move of the Government of India to Privatise IDBI Bank Ltd by diluting its share-holding to below 51%. We congratulate you for participating the programme with commitment and full vigour. Unfortunately, press continues to report about Government’s intentions to privatize IDBI Bank Ltd. It has, therefor, now been decided to intensify our programme. The dates for implementation of the “Day-long Dharna Programme” and “One Day Nation-wide Strike Action” are as detailed below :

UFBU supports Strike in SBI Associate Banks

State Sector Bank Employees' Association (SSBEA) Circular on On-Going Agitation in the Associate Banks
SSBEA Circular No. SSBEA/GS/2015 dated 09-11-2015
We are given to understand that the Managements of Associate Banks at the instance of State Bank is putting up misleading information in the Nest by showing some tentative benefits which is likely to accrue on accepting Career Progression and also a letter by the Managing Director informing the employees that if any of them are coerced or threatened to sign a letter of Protest, the same should be brought to the knowledge of General Manager (HR). We have gone through the Notice to the Employees put up on the Nest as well as the Chart indicating the benefits that are likely to accrue on account of Career Progression. Not surprisingly the Managements have once again indulged in misleading our members. The following are the few such points where the Management has deliberately attempted to mislead our members.
1. A comparison is made only on the allowances drawn by the employees as per Bipartite Settlement and the tentative benefit that are likely to be accrued through Career Progression Scheme.. However, the duties and the Passing Powers have not been informed to the employees. It is left to anybody’s arithmetic knowledge that when we are getting Rs. 1930 as Special Allowance for passing Rs. 35000/- in cash and Rs. 1,50,000/- in Transfers, what will be the corresponding allowance that is to be paid for passing Rs. 2,00,000/- in Cash and Rs. 5,00,000/- in Transfers. Obviously the Allowance will be more than Rs. 7000/-.

Monday, November 16, 2015

IBPS IV 2nd batch

Corpoarte Office,
HRM Department
Chennai 600 014

We are pleased to inform that 93 candidates as per Annexure-II of our
notification dated 02.10.2015 have been provisionally selected for
appointment as Clerk in the Bank subject to verification of original Credentialsat the time of reporting, i.e., on 30th November 2015 at Staff Training Centre, Vijayawada.

The provisional list is prepared at our end based on the scrutiny of the photo-copies of documents submitted by the candidates at the time of Interview.

The selection is purely provisional, subject to these candidates being found medically fit and submission of documentary evidence in original to the satisfaction of the Bank in respect of Age, Educational Qualification, Category/Caste and Disability at the time of joining the Bank, failing which the candidature will stand cancelled and the candidates will not be allowed to join the Bank.

Documents in respect of Category/Caste and Disability should be as per the formats prescribed by Government of India.

The reporting date for the candidates listed as per Annexure will be 30th
November 2015 at Staff Training Centre, Vijayawada, Andhra Pradesh. The Offers of Appointment containing the required formalities will be issued by the respective Zonal Managers to the candidates individually.

All concerned are notified that decision of the Bank in respect of all matters pertaining to this Recruitment would be final and binding on all the

We wish the candidates a rewarding career in the Bank.

Chennai Deputy General Manager (HRM)
November 16, 2015

Sunday, November 15, 2015

RBI Employees Strike over Centre Move on November 19
By Express News Service Published: 15th November 2015 06:02 AM Last Updated: 15th November 2015 06:02 AM

BHUBANESWAR: Around 17,000 employees of the Reserve Bank of India (RBI) have decided to launch cease-work on November 19 protesting the Central Government’s move to draft a financial code and legislative reforms.
As per reports, the Ministry of Finance is giving a final shape to shift Government’s debt management functions from RBI to the proposed Public Debt Management Agency (PDMA) which will function as depository of Government securities (G-Sec).
“The proposed PDMA would clip financial autonomy vested with the RBI which is relevant to the money market and affect fiscal federalism as well,” said secretary of Reserve Bank Employees’ Association (RBEA) PC Behera.
Over 400 employees of the Central bank in the State have informed RBI’s Bhubaneswar-based Regional Director for seeking mass casual leave to participate in the protest.
The RBI, by using its financial instruments, has been able to control Indian economy from crumbling during the global economic recessions of 2008 and 2011. “The Central bank has never surrendered to the Government pressure for lowering bank interest rates which would have severe impact on the national economy in the long run,” Behera added.
The bankers also opposed the proposed mechanism of the Central Government for setting up a Monetary Policy Committee (MPC) comprising seven members out of which three would be representatives from RBI. They have insisted that PDMA and MPC should be under a single authority.
For quite some time, the past Governments have been mounting pressure on RBI to mould its policies as populist ones. But the authorities of the bank have not agreed to the Centre’s proposal. Therefore, the current Government is virtually keen to take over the functions of RBI under the pretext of legislative reforms, a bank employee alleged.
The strike would hit a transaction of more than `1000 crore directly or indirectly in the State, source said.
Other demands raised by the employees are upgrading of pension and giving one more pension option for employees who are currently deprived of it in post-retirement.
Pension issue

The RBI staff members have also been pursuing the demand for improvement in pension, as their basic pension once fixed, does not increase.

Though the RBI’s pension scheme is similar to that of the Centre’s, RBI pensioners are not entitled to periodic revision in pension. Revised pension was granted to pre-2002 retirees by the RBI Central Board, but the government withdrew it unilaterally, Ghosh said.

Having failed to get an improved pension scheme despite peaceful ways of protest over the last eight years, the RBI staff and retirees are compelled to mobilise and prepare for a fight, he added.

Saturday, November 7, 2015

Clarification on Med.Ins. Policy for Retired!


No. CIR/HR&IR/2015-16/XBPS/J/1593
October 31, 2015

Chief Executives of Member Banks which are parties to the Bipartite Discussions

Dear Sir/Madam,

Implementation of Medical Insurance Scheme to Retirees as agreed vide Bipartite Settlement/Joint Note dated 25.5.2015

We refer to our Circular No.CIR / HR&IR / 2015-16 / XBPS / J /1413 dated 1.10.2015 advising member banks to obtain consent of retirees expeditiously and provide details to United India Insurance Company Ltd., (UIICL) and to make Group Medical Insurance Policy operational, preferably w.e.f. 1.11.2015. 

 We are informed that as on date, 13  banks have sent details of retirees and  have either paid the premium or are in the process of remitting the premium  and joined the Scheme w.e.f. 1.11.2015.
We have been receiving queries from banks, as to whether surviving spouse of the deceased employee (widow/widower) are eligible to join the Scheme. 

 We are to state that since insurance premium is to be paid by the retirees/surviving spouses of the deceased employees and UIICL has  agreed to include spouse of the deceased employee,

Friday, November 6, 2015

SWO-B allowance?

Two days ago, hundreds of new recruits have been appointed in State Bank of Travancore, a premier public sector bank in our country. 
As per the Bipartite Settlement signed by IBA with AIBEA and as per the internal Settlement with the union in the Bank, all new recruits in clerical cadre in the Bank are to be appointed as Single Window Operator-B with a Special Pay of Rs. 820 along with Basic pay and other pay components.
But management has appointed them with the designation Junior
Associate (Customer Support & Sales) with a Special Pay of Rs.330 in violation of the Settlement. 
Thus, the new recruits were welcome with lesser emoluments than what is provided in the Settlement.
Further, again in violation of Awards and Settlements, the new
employees were informed in the appointment order that they can be terminated by the management anytime without giving any reason.
There was not a single word of welcoming these youngsters which
will encourage them, motivate them and make them feel at home.
Novel way of welcoming the new employees, indeed !
As per Bi-partite settlement......
Only new recruits are to be paid 820 allowance or the all the existing clerks are eligible for 820 allowance? 
Do AIBEA does not know "only those whio are working in cash counters are paid SWO allowance" in all banks?

Friday, October 30, 2015

 D.A Increase for 
Nov, Dec 2015 &Jan 2016 is:
34 Slabs=> 3.4%=>Total 39.80%
Calculated on :
Basic Pay+Special Allowance+Special Pay+PQP

Tuesday, October 27, 2015

What is going on in SBI Associate Banks?

AIBEA CIRCULAR No.27/134/2015/45 23-10-2015


Sub: Strike in Associate Banks of State Bank of India

Dear Comrades,

*Imperial Bank vanished long back but imperialism of SBI management surfaces
*Open attack on service conditions of Associate Banks’ employees
*Rise as one man to resist the rampage, thwart the ravage
*AIBEA-SSBEA’s clarion call to defend our right of collective bargaining and hard-won service conditions *48 Hours/ 2 Days Strike in Associate Banks on 1st and 2nd , Dec. 2015
*Strike by AIBEA on 2nd Dec. 2015
*Indefinite Strike in Associate Banks by end of Dec. 2015 followed by indefinite strike in all Banks

**They want mergers – we want De-linking:
**Attack on Collective Bargaining:
**Our service conditions are not for sale:
**Attacks on trade union rights:
**Why deny legitimate demands:
**Compassionate ground appointments – Naked discrimination:
**Do not foist SBI’s Career Progression Policy on Associate Banks:
**Why we do not accept SBI Career Progression Policy ?
• Increase in working hours by one hour ( 39 hours to 45 hours)
• 7 day banking, shift system and round the clock banking
• Outsourcing all manual jobs like sweepers, peons
• Increased passing powers for Clerical staff at par with officers
• Periodical transfers in clerical/substaff cadre every 3 years like officers and posting only rural/semi-urban centers
**SBI is not the owner of Associate Banks:
**Down with SBI imperialism:

OUR DEMANDS: • De-link Associate Banks from SBI • Do not curb trade union right of representation • Vacate attacks on trade union in SBBJ • Extend compassionate appointment scheme as per Government guidelines. • Increase quantum of staff housing loan. • Recruitment of sub staff and part time employees • Resolve pending demands • Do not impose SBI service condition and career progression in Associate Banks

In principle everyone will support this strike action.

During 10th Bi-partite struggle, in a crucial time 4 days strike and indefinite strike thereafter are cancelled. It is only because of hesitance of AIBEA.
But, this time why AIBEA is so vigorous in this strike when the issue is related to only 5 banks.
Also the entire employees in different banks belong to AIBEA are trapped into this strike.
At the same time why AIBOC union in these banks are keeping silent?
Why a joint struggle not arranged? 

Monday, October 26, 2015



Apropos to the so called expert view by Ms. Latha Venkatesh today, titled “Banks set to turn less profitable, Some need to die”

I request your expert to first know the statistics correct. 

The number of Jan Dhan Accounts opened so far is 188.6 Million as per Govt of India site and the total number of accounts in our country was 684 million SB accounts in 2013 itself as per Crisil report published in the Business Standard dated 28th June 2013. Today, it is around 900 million accounts and not 210 million quoted by your expert. As on 31st March 2015, SBI itself has 273.2 million accounts.

Your expert is a good TV anchor and she has extracted some useful information shared by 3 bankers who have rightly pointed out that there will be competition and the existing banks will be able to cope up with the competition.
But unfortunately, Ms. Latha Venkatesh ends the article by saying “the midcap PSU banks looks set to die. And this death won’t be a loss but a gain. Even the most ardent proponents of PSU Banks have began to admit that Bank Nationalisation is an unmitigated failure. The advent of payment and small banks may be an opportunity for the country to cleanse out atleast some of these PSU Banks that have become irreparable failures. PSU Banks have been hot beds of political patronage for a very long time which is why I worry if the Govt will have the political will to kill them or let them die. One hopes these entities are not kept alive at the cost of the tax payers money as has been done with Air India.”

Let me remind you that out of the 188.6 million accounts opened under Jandhan only 7.2 million were opened by the Private Sector Banks. Please also recollect what happened to Global Trust Bank which was once lauded as successful New generation private bank. 

Public Sector Banks are capable to face any competition as they have faced earlier also. They are not eating tax payers money. Let me quote an article by Dr. Soumya Kanti Ghosh published in Economic Times on 21st January 2015.

Let me start with the most discussed myth that PSBs are monoliths, which, over the past decade have been repeatedly bailed out through capital injections at the taxpayer’s expense. This is a bizarre data interpretation, to say the least. Consider this simple arithmetic. For the decade ended FY14, cumulative capital infusion into PSBs was at Rs 60,000 crore, but the dividend payout (at 20 per cent) was roughly Rs 64,000 crore and the cumulative income tax paid was around Rs 1.30 lakh crore. Thus, on a combined basis, dividend and tax paid to the government was more than 300 per cent during the past decade.

Saturday, October 17, 2015

LIC Wage Revision update

What to say?
Friday, October 16, 2015
LIC wage-revision: update-1
LIC management offered 13.5% rise on Basic Pay after DA merger as on 01.08.2012. Net rise will come to much higher in percentage.
Management also offered 5 days' week. Further details awaited.
noino_central at 11:36 AM

Friday, October 16, 2015

Supreme Court Verdict in favour of Pension for Resignees!

Following is the Land Mark Judgement by Supreme Court for LIC employee!
It is 100% applicable to IBA.
Will UFBU take up this as most urgent subject and proceed to get Pension for the Resignees?

CIVIL APPEAL NO. 10251 OF 2014
1.  The question which falls for consideration is whether the Appellant is
entitled to claim pension even though he resigned from service of his own
volition and, if so, whether his claim on this count had become barred by
limitation or laches.

2 . The Appellant joined the services of the Respondent Corporation on
30.6.1967 on the post of Assistant Administrative Officer (Chartered
Accountant) at the age of twenty seven. He worked for 23 years and 7 months
in the Corporation before tendering his resignation on 28.1.1991, owing to
“family circumstances and indifferent health”, presumably having crossed fifty
years in age. The request of the Appellant for waiver of the stipulated three
months notice was favourably considered by the Corporation vide letter dated
28.2.1991, and the Appellant was allowed to resign from the post of Deputy
General Manager (Accounts), which he was holding at that time. We shall
again presume that the reasons that he had ascribed for his retirement, viz.
family problems and failing health, were found to be legitimate by the
Respondent, otherwise the waiver ought not to have been given. Thereafter, the
Central Government in exercise of power conferred under Section 48 of the
Life Insurance Corporation Act, 1956 had notified the LIC of India (Staff)
Regulations, 1960 and thereafter the Life Insurance Corporation of India
(Employees) Pension Rules, 1995 (hereinafter referred to as “Pension Rules”)
which, though notified on 28.6.1995, were given retrospective effect from
1.11.1993. The Pension Rules provide, inter alia, that resignation from
service would lead to forfeiture of the benefits of the entire service including
eligibility for pension.

3.  On 8.8.1995, that is post the promulgation by the Respondent of the
Pension Rules, the Appellant enquired from the Respondent whether he was
entitled to pension under the Pension Rules, which has been understood by the
Respondent as a representation for pension; the Respondent replied that the
request of the Appellant cannot be acceded to. The Appellant took the matter no
further but has averred that in 2000, prompted by news in a Daily and
Judgments of a High Court and a Tribunal, he requested the Respondent to
reconsider his case for pension. This request has remained unanswered. It was
in 2011 that he sent a legal notice to the Respondent, in response to which the
Respondent reiterated its stand that the Appellant, having resigned from service,
was not eligible to claim pension under the Pension Rules. Eventually, the
Appellant filed a Special Civil Application on 29.3.2012 before the High Court,
which was dismissed by the Single Judge vide Judgment dated 5.10.2012. The
LPA of the Appellant also got dismissed on the grounds of the delay of almost
14 years, as also on merits vide Judgment dated 1.3.2013, against which the
Appellant has approached this Court.

4.  As regards the issue of delay in matters pertaining to claims of pension, it
has already been opined by this Court in Union of India v. Tarsem Singh, (2008)
8 SCC 648 that in cases of continuing or successive wrongs, delay and laches or
limitation will not thwart the claim so long as the claim, if allowed, does not
have any adverse repercussions on the settled third-party rights. This Court

Wednesday, October 14, 2015

Loss by not taking Spl.Allowance of 7.75% for Retirement Benefit!!

In the past 6 months I posted many tables, facts, figures etc., on 2% loading on Basic Pay, and taking out Special Allowance of 7.75% from Retirement Benefits.
You may recall that on 23rd Feb 2015 M.O.U was signed stating that loading on Basic Pay
will be limited to 2%.
Further you may remember that a week before signing M.O.U, General Secretaries of AIBEA and AIBOA (without accompanied by other UFBU constituents) met Finance Minister accompanied by D. Raja M.P.(mediator?).
After that meeting only everything decided and M.O.U is signed and announced publicly.
Till such time the loading matter is not leaked and kept secretly.

Sunday, October 11, 2015

Bank of Baroda Forex scam?

Bank of Baroda Forex scam: CBI conducts raids, questions suspects

Bank of Baroda Forex scam: CBI conducts raids, questions suspects

New Delhi: CBI teams Sunday swooped down at 50 locations in Delhi in connection with its probe into alleged spurious transactions of Rs 6,000 crore to Hong Kong from a Bank of Baroda branch in the garb of purported payments of "non-existent" imports.
CBI sources said agency has found that Ashok Vihar branch of the bank was a relatively new one which has got the permission to entertain forex transactions only in 2013.

They said that Rs 6,000 crore were transferred through nearly 8,000 transactions done between July, 2014 and July, 2015.
Giving details of the case, CBI spokesperson Devpreet Singh said here today it was alleged that the amount remitted in each transaction would be kept at less than USD one lakh.
"All the remittances were made to Hong Kong. The amount was remitted as advance for import and in most of the cases, the beneficiary was the same," the spokesperson said.
Most of the foreign exchange-related transactions were carried out in newly opened current accounts wherein heavy cash receipts were observed but the branch did not generate Exceptional Transaction Report (ETR) and did not monitor the high value transactions, she said.
The sources said these remittances were sent by splitting them into amounts below one lakh USD to avoid automatic detection by software used by banks to alert them about such transactions.
They said in taxation language the technique is known as smurfing and holders were able to skip the scrutiny of such transactions.
The sources said most of the 59 accused have been identified by the agency which today carried out searches at 50 locations in a massive operation involving about 200 officers.
"It was revealed that most of the addresses given by the companies / firms were either false or the companies / firms did not exist at the said addresses. Most of the accused persons allegedly involved in perpetration of the said crime have been identified and their interrogation is underway," she said.
CBI is tight-lipped about accused and beneficiary in the case claiming that probe which is in a delicate state is not jeopardised.
CBI has registered a case under section 120-B (criminal conspiracy) read with 420 (cheating) of IPC and Section 13(2) read with13(1)(d) of Prevention of Corruption Act, 1988 against 59 current account holders and unknown bank officials and private persons on a complaint from Bank of Baroda.
The FIR alleged that "59 current account holders and
unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of Foreign Exchange worth approximately Rs 6,000 crores in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports."
The Enforcement Directorate has also registered a case and carried out searches in this connection. Yesterday, Congress had demanded an inquiry in to the matter.
"It was strange that the money was sent to buy cashew, pulses and rice from Hong Kong," Congress spokesperson RPN Singh had said.
The bank which had carried out an internal probe, after audit red flagged nearly 8000 transactions done from Ashok Vihar branch of the Bank, found that there was failure on their part to report these suspicious transactions, they said.
They said the account holders who were allegedly sending these payments to Hong Kong had claimed that these were advances for imports of cashew, rice etc whereas no such imports ever took place. 
First Published: Sunday, October 11, 2015 - 14:18

Thursday, October 8, 2015

Bharatiya Mahila Bank is wholly owned by Government of India.
Bharatiya Mahila Bank (BMB) is an Indian financial services banking company based in New Delhi, India. Former Indian Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi.
India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania
The Bank's initial capital consists of Rs 1,000 crores.

Monday, October 5, 2015

IBA informed that the new scheme on hospitalisation/ medical expenses reimbursement scheme has commenced from 1-10-2015 (for serving employees)

The following 18  Banks have paid the pro-rata premium and hence for employees of these Banks, coverage will be available from 1-10-2015.


For the remaining Banks, the coverage will be effective from the date of joining the scheme by paying the premium.

Sunday, October 4, 2015

All about Medical Insurance Policy for retirees!

AIBRF Circular dtd 01.10.2015 - IBA Group Medical Scheme for Retirees

AIBRF CIR on Med Insurance Scheme to RETIREES >

Ref: 2015/255                                                                                                                        Date: 01.10.2015

Dear Sir


As all of you are aware, Indian Bank Association has introduced Group Medical Scheme for Bank Employees and Retirees as per the settlement dated 25.05.2015.

2. Details of the Scheme are given in the enclosed Annexure. Primary Members are requested to preserve it carefully for future reference as it will be basis for settlement of claims.

3. Group Medical Scheme introduced by IBA is though more or less identical for employees and retirees, the following features/ facilities will not be available to retirees.

(a)In case of retirees, only self and spouse will be covered under this policy. Dependent Parents/ Children will not be covered as available to the employees during the service period.

(b)Banks will be only selling point for retirees and insurance claims will have to be handled and settled by the retiree directly with the insurance company through TPA while claims of employees under the policy will be settled by banks and banks will handle the claim with the insurance company.

(c)Entire insurance premium for buying the policy will have to be borne by the retiree while premium charges for employee by borne by the bank.

(d)As per clause 3.2 of the scheme, employees will be eligible to receive lump sum cash payment of Rs. 1lakh for certain critical diseases which will not be available to the retirees.

4. We wish to draw your kind attention on the following features of the policy.

(a)Eligibility: Retired Employees and their dependent spouses.

(b)Amount of Insurance: Retired Officers: Rs. 4lakhs and Retired Clerk and Sub Staff Rs. 3 Lakhs. These amounts of sum assured are fixed one with no flexibility.

(c)It will be floater Policy. Total sum assured will be available to one or both for settlement of claim in the year.

(d)As mentioned above insurance premium will have to be borne by the retiree in advance. First year premium including service tax is Rs. 7493 for policy of Rs. 4 lakhs and Rs. 5620 for policy for Rs. 5620/- approx. It should be importantly noted that next year and subsequent yeas premiums apyable will be subject to change. It is important point for retirees as the premium has to borne by the retirees.

(e)If husband and wife both are bank retirees, each can take separate policy as per their entitlement subject to payment of premium.

(f)The scheme will be implemented by the individual banks. It will be optional for the retirees to join the scheme. The retiree will have to submit the application in the prescribed format to the bank within the stipulated time.

(g)The retiree will have to give authority to the bank to debit designated account for premium amount for first year and subsequent years. Therefore it is necessary for the retiree to maintain sufficient balance in the designated account during the relevant period to enable the bank to debit the account and remit the premium to the insurance company. Any default in this regard will make the retiree ineligible from benefit of the policy.

(h)There is no age limit for joining the scheme and for subsequent renewals.

(i)Pre-existing diseases will be covered from day one without any waiting period.

(j)No Medical examination will be necessary for joining the scheme.

(k)Cashless facility for the treatment will be available at the networked hospitals. In other cases retiree will have to pay the charges and subsequently claim reimbursement from the TPA.

(l)With certain stipulations Day care and domiciliary expenses will be eligible for reimbursement.

(m)Allopathic/Ayurveda/Homeopathy/Naturopathy treatments are also covered under this policy.

(n)The retiree will have option to withdraw from the scheme any time in future but will not have option to join it after the date notified by the bank/ IBA

4. We find that banks have started taking action for implementation of the scheme and communications are being issued inviting option by fixing different dates by banks for retirees. We find that some clarifications are coming from representatives of Insurance Company/ Broking firms/ TPA in the joint meetings held with retirees/ employees at some centres. Still we need clarifications in the following areas for better clarity.

(a)Effective date for implementation of the scheme should be notified by IBA immediately. We have come to know that probably the scheme for retirees will be effective from 1-11-2015.
(b)The retiree should be given time of 90 days to exercise the option to join the scheme from the effective date of implementation.

(c)The retiree should include Superannuated employees, VRS employees Compulsory Retired employees, Resignees for the purpose of the scheme. This clarification should be given immediately.

(d)This scheme should be made available to Family Pensioners also. We understand insurance company has no objection to cover Family Pensioners under the scheme. IBA should immediately issue suitable communication in this regard.

(e)Dependent children/ Parents of the retirees should be covered under the scheme.

5.We find that the above points were well covered in the scheme submitted by the insurance company/ broking firms to IBA and on these basis they were finalised by IBA. But for the reasons best known to them, at banks level while implementing the scheme norms are getting diluted for retirees. We hope IBA will take necessary steps for suitable clarification to avoid any litigation on this issue.

6. Despite above, AIBRF welcome move of Unions/ IBA in extending the scheme to retirees and convey its thanks for taking step forward in health management of retirees.

7. AIBRF appeal all its affiliates to take steps to popularise the scheme among the retirees to ensure that maximum number of retirees join it.

8. AIBRF has formed HELP DESK at its Central Office to assist its affiliates , members in its smooth implementation Your quarries may be sent through email address sharbat_123@rediffmail .com

9. In case our affiliates have any suggestions in this regard they may write to us for taking up them at the appropriate level. It is seen that some affiliates are writing directly to IBA/ Government directly on this issue. This is not proper and they are requested to avoid this position in future.

With Warm Regards

Yours Sincerely

( S.C.JAIN )