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*****CURRENT NEWS******
* 23.02.2015: Wage revision settled at 15%(4725%)
2nd and 4th Saturdays will be Holidays.
Other Saturdays are full working day.
Four days strike deferred.
Detailed circular follows.

*Consumer Price Index number for Oct,Nov,and Dec. is 253.
0.34 point over average of last quarter.

Hence D.A from Feb 2015 to Apr.2015 is 734 slabs(+2slabs)
i.e 110.10% (+0.30%)

* Revised LFC encashment amount from 25.06.2014!

*Compassionate appointment for Bank Employees
restored from 05.08.2014!
Legal heirs can opt for either employment or ex-gratia !

Tuesday, March 31, 2015

Draft Insurance Policy

One comrade has asked :
Pls upload Draft Insurance Policy given by IBA to UFBU for comments.
I have posted details of Medical Insurance Policy to be introduced sometime back in April 2014.
However for those who missed to read I give below some of the features of the draft policy.
Pl. note that it is not a final one. There may be minor changes here and there.
* Highlights of Medical Insurance policy!!*
* Cash-less treatment in listed Hospitals and reimburesement of medical bills if admitted in other Hospitals .
* 100% reimbursement for both Employees and dependents. 

Monday, March 23, 2015

RRBs heading for?

As banker we have to read this article (though lengthy) to widen our view and improve knowledge.
RRBs: Started for whom? Running for whom?

Deccan Herald news dt.23.03.15m

Commercialisation of social banking at the cost of poor
P S M RAO, MARCH 20, 2015 AA
The Regional Rural Banks (RRBs), the Indian Grameen Banks, would have been the most suitable institutions to serve the poor; better than the so-called 'best model' in the world, 'Grameen Bank' of Bangladesh, but for the continued distortions, in the name of reforms, brought about by the government in phases since 1993. The RRBs amendment Bill 2014, passed by the Lok Sabha in December and waiting for the passage by the Rajya Sabha is going to be a coup de grace.

Born in 1975, through an ordinance, later made RRBs Act, 1976, these banks came up with the sole purpose of catering to the credit and other needs of small and marginal farmers, agricultural labourers, rural artisans, street venders, petty traders and all those below the poverty line in rural areas.

Friday, March 20, 2015

We expect “Acchi Din” but we see “Bura Din” on the way!!!

Narendra Modi government directs rural banks told to cut jobs, outsource operations

Economic Times News
By Atmadip Ray, ET Bureau | 20 Mar, 2015, 04.00AM IST

KOLKATA: The Narendra Modi government has directed regional rural banks to become slim
by cutting jobs and outsource non-core functions
such as IT maintenance, cash remittance and house-keeping.

The decision may not force RRBs to lay off people but these banks which collectively employ around 80,000 at present would need to downsize their future hiring plans by at least 10-12%.
The government told them to handle higher volume of business with a lesser number of employees in a core-banking environment backed by modern IT infrastructure.

The move is aimed at improving productivity and profitability of RRBs.
The move is based on the recommendations of SK Mitra committee on HR policy for RRBs,
which was set up three-years back but its suggestions were buried under the carpet by the
 UPA-II government.
SK Mitra was then the executive director of National Bank for Agriculture & Rural Development.

The Modi government wants RRBs to follow the recommendations.

Grade Pay

I am receiving too many queries about 
introduction of Grade Pay.
It is mentioned in the joint circular by award staff unions.
My view on Grade Pay is:
I do not support grade pay.
The load should be on basic pay only.
Grade pay concept will spoil all future benefits.
Grade pay in central govt., was introduced to neutralise
the clubbing of two or more scale of pay.
In banks there is only one pay scale for clerks and Substaff as well.
If scale 1,2 and 3 of officers are merged , 
then grade pay may be necessary.
However let us wait for final outcome.
Till such time let us express our concerns to give pressure to unions to take right decisions.

Thursday, March 19, 2015

What is store in for Pensioners?

Ongoing Negotiations on Wage Revision - Abuse of Technology.

AIBEA Letter No.27/121/2015/17, dtd 19.03.2015 -

Dear Comrades,
1. Ongoing negotiations on wage revision and other improvement in service conditions :
Units are aware that the Minutes of Discussions signed by us with the IBA on 23-2-2015
covering 15% increase towards cost of payslip components and amounting to Rs. 4725 crores
coupled with full holidays on 2nd and 4th Saturday of every month are significant breakthrough
 in the given circumstances and as compared to previous wage revision.  
Our other demands are also being discussed and sorted out and already understandings have been reached on some of the issues.  
The details of agreed issues have already been circularised by us for the information of our members.  The construction of revised payscales and other issues will be taken up in further rounds of discussions.  In the meantime, all sorts of misinformation, wrong information, rumours are being spread by vested interests about distribution of load to various items, etc in order to create confusion amongst the members. 
Our units are to keep off from such attempts and not fall a prey to the same.  As and when any development is there, we shall keep our units informed.
2.   Full holiday on 2nd and 4th Saturday of every month : 

Rumors on Saturday holiday!

Introduction of two Saturdays in a month as holiday.
"IBA advised that they have already taken up the matter with
Reserve Bank of India and Government of India and are waiting
for completion of the formalities at their level and
this part of the agreement will be implemented immediately
after the notification to that effect is issued."
=> AIBOC circular dt.18.03.2015
Do not believe rumors.
Do not spread rumors.
Ignore rumors.