Tuesday, June 30, 2015

DA FOR BANKER FROM AUGUST 2015

Expected DA Slabs for the month of Aug - Oct 2015 will be based on the monthly announcements of Consumer Price Index for the month of April 2015 to June 2015.

Now, today i.e. on 30.06.2015, CPI for the month May'15 announced as 5889.08, earlier CPI for the month of April'15 was announced as 5843.43 and on assumptions that CPI data would remain same as of May'15 for the months of June'15 in that situation the expected (tentatively) increase in DA Slabs comes to 21 slabs for the month of Aug - Oct 2015, the expected DA payable in terms of percentage is as under :2.1% IN NEW SCALE-

In case of DA calculated on pre-revised Pay:- The tentative percentage of increase in DA is 3.15% for the month of Aug - Oct 2015 and total revised DA slabs would be 759 Slabs for above period and total percentage of DA payable on pre-revised pay is 113.85%

DA FOR CENTRAL GOVT EMP

Likely Central D.A. from 1st July 2015 (Updated)

With the release of CPI(IW) No. of May 2015 (Increase of 2 points), It is almost certain that central employees will get another 6% of Dearness Allowance from 1st July 2015.Only one moth's figure (June'15) is needed for the finalcalculation of average of last 13 month's figure. Based on the last 11 month's figure it can be safely predicted that total D.A. will be 119% for the next half year, possibly the last before new pay scale is introduced. Minor increase or decrease of 1/2 points for CPI(IW) No. for June'15 (Which will be released on 31st July) will have no impact on the D.A. from July 1.

Petrol, diesel prices cut

The price of petrol has been cut by 31 paise per litre and of diesel by 71 paise on declining international oil rates and rupee appreciation.

Petrol in Delhi will cost Rs. 66.62 per litre from Wednesday. A litre of diesel will cost Rs. 50.22, Indian Oil Corp (IOC) said.

“Since last price change, there has been a decrease in international prices of both petrol and diesel. Indian rupee-U.S. dollar exchange rate has appreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” IOC said.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

NO LEVY IN UNION BANK

Monday, June 29, 2015

How to read CIBIL’s credit report?

How to read CIBIL’s credit report?

CIBIL’s Credit Information Report (CIR) is one of the useful tools for making credit decision by the lenders. Besides CIR of the borrower, the lender may call for CIR of all the partners, promoters, directors and guarantor to the loan. The CIBIL would supply individual credit information report on each person (including the juristic person) in 5 sections which are as under.
1. Credit scores: 3 digit scores awarded by CIBIL on the basis of accounts and enquiry.
2. Personal information/Identification details: PAN card, Passport, Driving License, voter id, aadhar card etc.
3. Employment information: as reported by the lenders at the time of opening particular loan account/credit card account with them.
4. Enquiry: This section provides with the details regarding the type of loan, size of the loan, date of the loan application etc.
5. Account information: furnishes the details of existing loans and credit card facilities, the name of the lender/s and date of opening each loan account, loan amount, current balance, over dues if any. This section also displays the month on month record up to 36 months of repayments.

JOB NEWS

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Pay Scale: Rs. 9300/- – 34800/-
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Income Tax Recruitment 2015:Salary:Rs 34800/-:Govt Job

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FRESHERS.ASIA

iNNOVATIVE SCHEME TAKEN BY BANK of BARODA

CIRCULARS WEF 1.10.2014

ALL INDIA BANK OF BARODA OFFICERS' ASSOCIATION

CIRCULAR TO MEMBERS NO.20 OF 2015                                                 16th June,2015

Dear Members,

                                   RE: “Branch Head Role Perquisite”
                                  -----o0o-----

We are extremely happy to inform that our Bank has introduced yet another innovative Scheme “Branch Head Role Perquisite”,as an additional monetary benefit to Branch Heads. Details are as under:

Amount of Perquisite:

Branch Head     Branch Head Role Perquisite per month.
JMG/SI    Rs.5000
MMG/SII    Rs.6000
MMG/SIII    Rs.7000
SMG/SIV    Rs.8000
SMG/SV    Rs.9000
TEG/SVI    Rs.10000

Effective Date:    With effect from 1.6.2015
             Claim to be made every month-end online through Claim Benefit Module   under Payroll.

NOTE:            The performance of the Branch Head will be evaluated on the matrix of business development annually.

In this context you will recall, as reported to you vide our Circular No:15 dated 15th May,2015,Shri B.B.Joshi, Executive Director, while discussing business growth of our Bank at the 60th Central Committee Meeting of our Association held on 18th April,2015 at Chennai announced, amidst loud applause, that Branch Heads will be encouraged by providing additional incentives to them.This,dear friends, now stands realised.

We are thankful to Shri Ranjan Dhawan, MD & CEO, Shri B.B.Joshi and Shri K.V.Rama Moorthy,Executive Directors of our Bank, Smt.Vindhya Ramesh, General Manager(HRM) and other Top Management team for the above decision.

With greetings,

                                    Yours sincerely,

                                         (K.K.NAIR)
                                     GENERAL SECRETARY

Why Aren’t the Markets Freaking Out More About the Greek Crisis?

JUNE 29, 2015

Neil Irwin

These three things are true:

The likelihood that Greece would leave the eurozone, devalue its currency and repudiate its debts increased significantly after financial markets closed over the weekend.

The possibility of that event had sent tremors of fear through global financial markets from early 2010 through the middle of 2012, creating wild swings in stock and bond markets.

And on Monday, the market reaction to seeing Greece finally reach the edge of default was pretty quiet, as these things go. European stocks fell 3 percent. Spanish and Italian bonds fell, pushing rates in those countries up, but only to a mere 2.35 percent and 2.39 percent, respectively, for 10-year-bonds, very low by historical standards. The United States stock market is down a mere 0.6 percent.

In other words, financial markets are concerned, and think that the Greek crisis could damage the earnings of European companies and make investors a bit more wary of the debt of other Southern European countries. But they’re not remotely betting that the situation will spin out of control and lead to a full-fledged unraveling of the eurozone or a recession across Europe.

That is in contrast with previous flashpoints in the Greek crisis, including May 2010; November 2010; July through December 2011; and May 2012, when each day’s trading activity was a referendum on whether some catastrophic outcome had become more likely or less.

Consider that the Vix, a measure of expected future volatility in the United States stock market, rose 22 percent to 17.1 on Monday. That’s a big increase in percentage terms, but in the summer of 2011, it bounced around between 16 and 43.

The question now is whether markets are right, or are being too sanguine.

Perhaps a Greek exit really won’t be a big deal. There is little doubt that an economic catastrophe is underway for Greece itself and its 11 million citizens. The country’s banks and stock market were closed Monday; anexchange-traded fund for Greek stocks that trades in New York was downby 15 percent.

United Bank of India tops list with highest bad loans among PSUs

United Bank Tops The List Of PSU Bank

It is reported in newspaper Today that United Bank of India has been placed at Top in the list of banks having more stressed assets compared to their total advances and in comparison to private banks

If a person read news about banks regularly , he is aware that banks like State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Union Bank, Oriental bank are considered as stronger banks whereas banks like United Bank of India, Central Bank of India , Uco bank, Indian Bank, Dena Bank, Vijya Bank are considered as weaker bank. Even two to three decades ago, banks like United Bank of India, UCo Bank, Indian banks were considered as weak bank and were on the verge of merger with so called stronger banks.

Government of India has been making promising year after year and quarter after quarter that health of public sector banks is good and regulating agencies like RBI and Ministry of Finance is closely watching the performance of these banks. As a matter of fact , actual health of these banks never improved by virtue of any change in policy or change in controlling offices. It is the art of manipulation which helps some banks to show good performance in some quarters and bad performance in some other quarters. Some of Chiefs are purely looters and some are less looters. Some banks have been exploited by politicians to greater extent and some are to lesser extent due to some reason or the other. Some of Chief are blind flatterer of Ministers and some are less Yesman. In fact there is no improvement in work culture and no change in attitude of politicians in using bank for vote purpose.

Unfortunately , Government of India has never taken any step to improve the health of PSU banks. On the contrary , ruling party has always tried to exploit these banks for political advantage. Sometimes they prescribe Loan Mela for growth of bank and sometimes they build pressure for write off of bad loans. Sometimes they build pressure on banks for priority sector lending and sometimes for lending for growth in infrastructure in the country. Sometimes the prescribe brainless expansion of branch network or ATM network and sometimes they ask for opening of accounts or doing insurance business.

It is they who have damaged the banking culture from grass root level and injected corruption and malpractices in PSU banks. It is they who use banks to garner votes and then it is they only who accuse banks for lesser profit compared to banks. When Financials of PSU banks reflect signs of weakness compared to peer private banks, they prescribe certain change in policy or change in Chief of banks, but dirty culture of exploitation of bank never stops.

Due to continuous exploitation of PSU banks by politicians , health of these banks have consistently moved from good to bad and bad to worse. GOI has to provide capital support from time to time. Even then the health of banks do not appear to be improving, rather it is deteriorating quarter after quarter. Volume of stressed assets in weakest bank United Bank is reported to be 21.5% and that in strongest bank SBI is more than 15%. This is the statistics which is published by these banks and which is accepted by RBI too.

If correct assessment of quality of assets of all PSU banks is done by an unbiased agency without any fear of repercussion or punitive action, I am very much sure that volume of stressed assets will be around 50 percent of total advances or approaching it.

And the matter of concern is that no concrete step has been taken by any agency to stop this uptrend in stressed assets. Quality of lending has not improved. Quality of workforce promoted to higher level is not based on ability to perform or based on seniority and experience but purely based on flattery and bribery. Similarly quality of recruitment in PSU banks has faced erosion year after year during the regime of reformation launched since 1991. So called merit oriented promotion policy or recruitment set up has failed to ensure merit at any level, rather it has promoted demerit.

Obviously , on the one hand banks are appearing to recover bad loan , on the other they are adding many more times of it as new bad loan. They are unable to control loss caused by frauds and stressed assets. It is all because neither management of banks are honestly doing corrective and reformative work, nor are government officials or ministers taking any concrete step to stop further deterioration in quality of assets and quality of work force.

Unless and until there is change in culture and mindset of people who work in bank and who monitor and regulate them ,there is no hope for improvement in health of ailing PSU banks. GOI will have to decide whether banks are to be used as tool to fulfil social objective or to be left free to earn profit and profit only. Similarly , bank officials have to decide whether they are meant to serve their organisation or they are to served their bosses and bosses only.

Sunday, June 28, 2015

NO LEVY IN CANARA BANK ON 10 TH BP

No Levy In Canara Bank

The Massage of Comrade GV Manimaran Gen Secy Of Canara Bank Officers' Association to all the Comrades on LEVY.......

Mother of all Surprises

When we are basking in the glory of unprecedented rental increase, here comes the "Mother of all Surprises"

"NOT TO TAKE LEVY"...

Our GS Sri. Manimaran's decision not to charge levy from the members on the 10th Bipartite arrears is not only unprecedented but Historic in every sense of the term.

Never In the history of any trade union such a decision is taken. It shows not only complete transparency in the organisation but also faith in the membership.

Friends, a few days back some of our members thought of giving letter to the Bank not to take levy from their arrears, getting confused by a trade union who decided to charge 4% levy from its members! Then our GS has left the decision to the members who overwhelmingly come forward to contribute!

But our GS has something in his mind and he has been indicating of some surprise!

Here comes the Biggest surprise !

Imagine friends when some other trade unions have become greedy and collecting huge levy, here is a leader who tells his members that he is comfortable with his funds and forego the levy that too when the organisation is in the midst of conducting hundreds of activities regularly and especially through CANPAL.

The decision of not collecting Levy is something extraordinary and simply great and Sri. G V Manimaran deserves all the kudos for this bold and historic decision.

Jagadeesh JS
Central Liaison

Population of India

India is the second-most populated country in the world after China, with a population over 1.2 billion. Yet, all of these people live in a country roughly 1/3 the size of the U.S., ranking seventh overall in the world in square miles. Population is far more than just a number, though. If you wish to understand how India's population breaks down, study demographic information for a better idea of how so many people are able to live in such a relatively small area.

Is Rapid Population Growth a New Trend for India?

The population of India surpassed 400 million in the 1950s, making it one of the most populated countries in the world even then. Since that time, population growth has continued at a tremendous pace. In fact, India is expected to overtake China as the most populated country in the world by 2030, as China's growth curve is flattened out due to government policies limiting population growth. With a median age of 26.7, much of India's population is young, meaning rapid growth will continue.

Why is India's Population so High?

A number of factors contribute to India's fast rate of population growth. Improvements in healthcare and living conditions have caused India's life expectancy to increase from about 33 in the mid-1940s to about 70 today. While the birth rate has been declining, it has not been doing so at a fast enough pace to make up for the increase in life expectancy. There is also cultural perception that the more children a family has, the more hands to help support the family and to take care of the elders in their old age. There is also a cultural perception that children are a gift from God and the more, the better. Issues related to gender and poverty have stood in the way of literacy, which is necessary not only for improving standard of living, but for population control. Finally, there is a lack of knowledge on birth control methods. The government of India has not made education on birth control a top priority.

What Language Groups are Present in India?

Over 72 percent of the people of India are Indo-Aryan. Another 25 percent are Dravidian, which refers to a language group spoken mostly in southern and eastern India. The other roughly 3 percent of the population is Mongoloid. The people of India overwhelmingly speak Hindi, although English is still taught and is a subsidiary official language. Other major languages include Bengali and Tegulu.

Do Most People Live in Rural or Urban Areas?

India is 30 percent urban, with the capital, New Delhi, having a population of nearly 22 million people. Annually, another 2.4 percent of the population moves to urban environments, stressing already overcrowded areas. Cities are seen as places of progress for many Indians though, while rural areas suffer from poor infrastructure and limited employment opportunities. Other major cities include Mumbai, with a population over 19 million, and Kolkata, population 15 million.

How Does India's Population Compare to the Rest of the World?

The world population recently passed 7 billion, meaning India is home to roughly one-sixth of the world's people. China's population is roughly 1.3 billion, and the third-most populated country is the United States, with around 315 million. That puts India's population at roughly four times that of the U.S., making it extremely unlikely that India's population total will be overtaken. Indonesia and Brazil round out the most populous countries in the world, with 250 and 200 million people, respectively.

While the population of India is not growing quite as explosively as it once did, the sheer numbers of people, and especially young people, suggests that India will eventually become the most populous country in the world. There is little indication that any of the several drivers of population growth will change significantly in the short-term. Although India has experienced economic growth and has become a land of opportunity for some, much of the population experiences poor living conditions, including unimproved sanitation, high risk of disease, and malnourishment. Over 40 percent of Indian children under the age of 5 are underweight due to lack of food.

IAS & IPS

What is total number of IAS officer in India?

IAS - 6154

IRS(IT) - 4921

IPS - 4730

IFoS - 3078

Payment of Cheque

It is statutory obligation of bank to honour a cheque issued by the customer and it is defined in the section 31 of N.I. Act. The details of provisions are:

. Obligation to pay: U/s 31 bank under statutory obligation to honourcheque issued by the customer where (a) there are sufficient funds (b) funds are meant for payment of the cheque and (c) there is proper demand to make the payment

Payment not to be made:Payment cannot be made in case of(a) death, insolvency, insanity of customer OR insolvency of partner or firm OR liquidation of company(b) stop payment (c) receipt of garnishee/attachment order (d)post dated and (e) stale cheque.

. Payment Can be made in case of death of agent (authorized signatory of a company, agent appointed by a customer etc.) Where cheque is not dated prior to date of authority to the agent and subsequent to date of date.

Payment in Due Course

Banks are protected under section 10 of NI Act if payment made ofcheque in due course. A payment considered in due course if:

As per Sec 10, a payment would be considered in due course if:

a: Payment as per apparent tenor of instrument.

b: Payment in good faith and without negligence

c: Payment to person in possession of instrument

d: Payment under circumstances which do not afford a reasonablegroup for believing that he is not entitled to receive payment of the amount mentioned therein

e: Payment must be made in money only.

Saturday, June 27, 2015

Levy Illegal under Section 16 Sub-section 3 of Trade Union Act

There is no provision of Levy for wage revision under Trade Union Act 1926. The Act prohibits trade unions for collection of fund also under Section 16 Sub-Section 3 of Trade union Act 1926. The Bank Employees Trade Unions are functioning in banking industry under above act.

Now role of bank unions are in question due to imposing levy on bank employees Rs.473 cr from their salary which is to be paid out of theirarrear due from 01.11.2012. Now various trade unions issued circulars which indicates “By Force Levy Collection” in their circulars and attracts penal actions under various criminal procedure acts.

The content of the sub-section-3 is as:

(3) No member shall be compelled to contribute to the fund constituted under sub-section (1); and a member who does not contribute to the said fund shall not be excluded from any benefits of the Trade Union, or placed in any respect either directly or indirectly under any disability or at any disadvantage as compared with other members of the Trade Union (except in relation to the control or management of the said fund) by reason of his not contributing to the said fund; and contribution to the said fund shall not be made a condition for admission to the Trade Union.

Section 16: Constitution of a separate fund for political purposes

16. Constitution of a separate fund for political purposes.-(1) A registered Trade Union may constitute a separate fund, from contributions separately levied for or made to that fund, from which payments may be made, for the promotion of the civic and political interests of its members, in furtherance of any Of the objects specified in sub-section (2).

(2) The objects referred to in sub-section (1) are:

(a) the payment of any expenses incurred, either directly or indirectly, by a candidate or prospective candidate for election as a member of any legislative body constituted under 2*[the Constitution] or of any local authority, before, during, or after the election in connection with his candidature or election; or

(b) the holding of any meeting or the distribution of any literature or documents in support of any such candidate or prospective candidate; or

(c) the maintenance of any person who is a member of any legislative body constituted under 2*[the Constitution] or of any local authority; or

(d) the registration of electors or the election of a candidate for any legislative body constituted under 2*[the Constitution] or for any local authority; or

(e) the holding of political meetings of any kind, or the distribution of political literature or political documents of any kind.

3*[(2A) In its application to the State of Jammu and Kashmir, references in sub-section (2) to any legislative body constituted under the

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1. Subs. by the A. O. 1937, for "G. G. in C.".

2. The words "the Government of India Act" have been successively amended by the A. O. 1937, the A. O. 1950 and Act 42 of 1960 to read as above.

3. Ins. by Act 51 of 1970, s. 2 and Sch. (w.e.f. 1-9-1971).

Constitution shall be construed as including references to the Legislature of that State.]

Provision of General Fund Utilisation mentioned in the Act under Section-15 as :

Section 15: Objects on which general funds may be spent

15. Objects on which general funds may be spent.- The general funds of a registered Trade Union shall not be spent on any other objects than the following, namely:

(a) the payment of salaries, allowances and expenses to

l*[office-bearers] of the Trade Union;

(b) the payment of expenses for the administration of the Trade Union, including audit of the accounts of the general funds of the Trade Union;

(c) the prosecution or defence of any legal proceeding to which the Trade Union or any member thereof is a party,when such prosecution or defence is undertaken for the purpose of securing or protecting any rights of theTrade Union as such or any rights arising out of therelations of any member with his employer or with a person whom the member employs;

(d) the conduct of trade disputes on behalf of the Trade Union or any member thereof;

(e) the compensation of members for loss arising out of trade disputes;

(f) allowances to members or their dependants on account of death, old age, sickness, accidents or unemployment of such members;

(g) the issue of, or the undertaking of liability under, policies of assurance on the lives of members, or under policies insuring members against sickness, accident or unemployment;

(h) the provision of educational, social or religious benefits for members (including the payment of the expenses of funeral or religious ceremonies for deceased members) or for the dependants of members;

(i) the upkeep of a periodical published mainly for the purpose of discussing questions affecting employers or workmen as such;

(j) the payment, in furtherance of any of the objects on which the general funds of the Trade Union may be spent, of contributions to any cause intended to benefit workmen

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1. Subs. by Act 38 of 1964, s. 2, for "officers "(w.e.f. 1-4-1965).

in general, provided that the expenditure in respect of such contributions in any financial year shall not at any time during that year be in excess of one-fourth of the combined total of the gross income which has up to that time accrued to the general funds of the TradeUnion during that year and of the balance at the credit of those funds at the commencement of that year; and

(k) subject to any conditions contained in the notification, any other object notified by the 1*[appropriate Government] in the official Gazette.

The provisions of act does not mention for collection of levy for their contribution in wage settlement. The creation of fund for political purpose does not related with this levy called on the name of wage revision.

Wordings “Levy is mandatory and obligatory and is not to be treated as a donation. Hence all our Unions at all levels should ensure that levy is collected from each and every member.” Of All India bank Employees Association vide Cir NO: 27/132/2015/28(May, 26, 2015) is seems to be against the provision of Sec-16, Sub-sec-3 and attracts

By force collection, misleading information to members, cheating, diversion of fund, blackmailing, mental tourcher, illegal fund generation, breach of trust,conspiracy are some provisions under which case may be filed. Some more section under CPC may be included.

Fund Generation by Bank Unions in India Rs.7.5 cr per month

As a bank employee said that the RBI is authorized to printing currency in India but bank unions are minting money from salary of bank employees every month. The monthly collection of membership from bank employees is Rs.7.5 cr per month average Rs.75 per employee from approx 12 lac bank employees (per month Rs.100 from Officers and Rs.50 from Others).