"INDIAN" BANKKUMAR

Time to say Good bye!

noreply@blogger.com (Indian Bank Kumar) — Sat, 6 Sep 2025 20:49:00 +0530

Dear comrades,

Times have changed.

New channels for comunication, like

Face book, Whatsapp , Twitter (X) etc., have come and banking/Trade union related news reaches to comrades in no time.

Hence , bloggers become irrelevant these days.

I have also stopped posting in this blog for a long time. Not updated recent 12th B. P. S. also.

Therefore I decided to close this blog within a month.

I Will continue to post news in my Face Book page.

I thank you for Your encouragement throughout these 15 years .

Total Hits/views as per Google is about 2.19 Cr.(number of visits not number of persons)

I Will continue to post news in my Face Book page.

noreply@blogger.com (Indian Bank Kumar) — Tue, 27 Aug 2024 21:32:00 +0530

Courtesy : "Bank workers unity" online magazine

noreply@blogger.com (Indian Bank Kumar) — Tue, 27 Aug 2024 21:26:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Sun, 25 Aug 2024 21:59:00 +0530

PRESS RELEASE

25TH August 2024

CITU DENOUNCES UNIFIED PENSION SCHEME!

ANOTHER DUBIOUS DESPERATE EFFORT DECEIVING EMPLOYEES!

URGES FOR RESTORATION OF OLD PENSION SCHEME!

Centre of Indian Trade Unions (CITU) denounces the Unified Pension Scheme (UPS) approved by Union Cabinet on 24.8.2024 as another dubious desperate effort to deceive the Govt employees of their due full right to Old Pension Scheme known as OPS.

CITU urges for restoration of old Pension Scheme.

The Old Pension Scheme was non-contributory and with assured pension existing as per Central Civil Service Rules 1972 now 2021. A. B. Vajpayee led NDA Govt had introduced the National Pension Scheme (NPS) in 2004 surreptitiously through an Executive Order for those recruited from 1.1.20O4.

The central and state Govt employees and central trade unions opposed it from that day and were on path of struggles against it urging for restoration of OPS. The Pension Fund Regulatory & Development Authority Act 2013 notified in February 2014 enabled statutory basis for the NPS.

The unprecedented struggles by the Govt Employees for restoration of Old Pension Scheme(OPS) and the whole hearted support rendered to such struggles by the Joint Platform of Central Trade Unions and Federations could compel the arrogant BJP regime to shift from its arrogant stance of sticking to NPS, but the package offered by it in the name of so called UPS reflects the same deceptive ploy of depriving the Govt employees of their legitimate dues on account of pension.

Several State Govts also reverted back to the OPS and were urging for their share of state govt Employees contribution to PFRDA to be refunded to their State Govts. Modi Govt had rejected all of such requests of State Govts which reverted back to OPS. It was countered by the relentless struggles of employees and trade Unions. Hence this dubious attempt of deceptive UPS is made by Modi led ND Alliance Govt. The Finance Secretary T. V. Somanathan Committee recommendations to study modifications in NPS, which was also boycotted by several Employees federations, are used for this desperate attempt of UPS - a cocktail of NPS and truncated OPS is approved by the Union cabinet.

The Modi led ND Govt with its neo liberal pursuit of safeguarding the interests of speculative crony capital has come with this UPS with some modification of benefits with additional contribution of 4.5% from the Govt only to further its investment of pension funds of Rs. 10,53,850 crores called Asset under Management (AUM) of total 99,77,165 employees under NPS as on by 31.7.2024 in the share market.

The previous Andhra Pradesh State Govt had proposed similar or somewhat better than UPS in place of NPS in the name of Guaranteed Pension Scheme (GPS) with 50% of last drawn pay as pension for minimum 10 years of service with defined contribution and purchase of 40% annuity, which was correctly rejected by all the State Govt employees of AP urging for nothing short of OPS.

Now the Union Govt has come with similar rather less beneficial scheme with some modifications in NPS which should are also aptly rejected by vast majority of the employees urging for nothing less than OPS.

UPS is based on the continuity of 10% contributions by the employees with the Government contribution increased to 18.5% from present 14%.

While in NPS the subscriber can take 60% and has to invest 40% in an annuity and get pension, under UPS entire pension wealth will have to be foregone to the government.

In lieu of which government will give 10% of the employee emoluments i.e., basic pay plus DA for every completed six months of service. For 25 years of completed service the employee will get 5 months emoluments and for 10 years of service will get 2 months of pay on retirement as benefit in addition to gratuity.

In UPS, employee will get 50% of 12 months average basic pay as pension on normal retirement at the age of 60 with the completion of 25 years of service, effective from 1-4-2025 that is for those retiring on 31-3-2025 but not applicable to those retired before it. In OPS for 10 years of service 50% of last month's pay is pension and for voluntary retirement after 20 years of service employee gets 50% of pay as pension.

Employees with service less than 25 years will get proportionately lesser pension in UPS. Employee with 20 years of service will get only 40% of 12 months average basic pay as pension. For 10 years of service employees will get only 20% of average basic pay as pension. In case of proportionate pension for less than 25 years up to 10 years a minimum pension of Rs 10,000 is proposed by government.

While Minimum pension in OPS is Rs 9000 plus DA (which as on 1-4-2025 will be 57% that is Rs. 5130) so minimum pension as on 1-4-2025 will be Rs.14,130. Hence the proposed Rs.10000 pension is half of that of OPS. For less than 10 years of service at the time of superannuation employee is not eligible for any pension

Under UPS family pension is 60% of pension i.e., 60% of 50%. It means 30% of last pay for 25 years of service at the time of superannuation. For employee with minimum pension of rupees 10,000 it will be 60% of it, i.e., Rs 6000. Minimum pension of rupees Rs 10000 applies only to superannuation and not for family pension. But under OPS family pension is 50% of last pay if the pensioner dies before 7 years after retirement or before 67 years of age. There after family pension will be 30% of last pay. Minimum pension as on 1-4-2025 will be Rs.14130. But in UPS minimum family pension will be only Rs 6000.

DA/DR will be given to assured pension or minimum pension or family pension based on the Consumer price index as in the case of serving employees. Whether they will start a new base index from 1-4-2025 or they will grant the same percentage of DA/DR as for serving and OPS pensioners are not yet spelt out. In OPS if the pensioner or family pensioner completed 80 years of age additional pension of 20%, for 85 years 30%, for 90 years 40%, 95 years 50% and 100 years 100% is given with Same DA for additional pension also. In UPS this additional pension is not available.

In OPS pension/family pension/minimum pension is revised whenever pay commission is implemented while there is no such assurance under UPS. Commutation of pension i.e., withdrawal of 40% pension in advance available in OPS is not available in UPS. For those employees who die or become invalid becoming all class unfit in NPS, OPS is applicable to them already. Employees can opt to UPS or NPS, once opted will be final.

There may be many more shortcomings in UPS which may be known after the full text of UPS is notified.

Hence the CITU denounces the UPS and urges the Union Govt to restore the non-contributory defined assured Old Pension Scheme. CITU calls for extending full support to the Govt employees struggle for restoration of OPS.

Issued by,

Tapan Sen

General Secretary

noreply@blogger.com (Indian Bank Kumar) — Sun, 16 Jun 2024 15:30:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Sat, 4 May 2024 11:21:00 +0530

What’s happening in Kotak Mahindra Bank?

May 4, 2024

Bank Workers Unity

The fourth largest private sector bank viz. Kotak Mahindra Bank is in the news, recently, for all the wrong reasons.

It is an institution which is always in the good books of the Union Government. In March 2017, Kotak Mahindra Bank launched an online digital savings account called Kotak 811, the number denoting the date on which Prime Minister Narendra Modi announced demonetisation in 2016, which according to Uday Kotak was “the day that changed India”. Uday Kotak is the promoter and single largest shareholder of Kotak Mahindra Bank, with a 25.71 percent stake. The Mumbai based Infina Finance promoted by the Bank donated electoral bonds worth Rs.60 crore to the BJP in three years from 2019 to 2021. In 2018 the Bank dragged the RBI to Bombay High Court on the issue of shareholding of the promoter which ended in 2020 with the RBI yielding to the pressure and allowing the promoter to hold 26 percent of shares (to own a higher stake than what the regulator had stipulated earlier), but had voting rights capped at 15%.

Presently, the RBI, on April 24, 2024 has prohibited the Bank from on boarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing supervisory concerns. According to the regulator, serious deficiencies and non-compliance were observed in various areas, including IT inventory management, patch and change management, user access management, vendor risk management, data security, data leak prevention strategy, business continuity, disaster recovery rigor and drill. For two consecutive years the Bank was assessed to be deficient in its IT Risk and Information Security Governance and was found to be non-compliant with Corrective Action Plans issued by the RBI. The compliance submitted by the Bank were found to be either inadequate, incorrect or not sustained.

The stricture of the RBI on the Bank would result in the inability of the lender to on-board new customers through its online and mobile banking channels and could severely impact the new retail customer additions for the bank, given its smaller branch network compared to peers and higher reliance on digital channels.

The Bank’s overdependence on digital channels for on boarding new customers gets seriously affected due to the RBI’s stricture with its Kotak 811 zero balance digital savings accounts unable to add new customers.

All is not well within private banks which are known for their flamboyancy and adventurism. Four years earlier Yes Bank, the new generation private bank, was on the verge of collapse and it was the SBI under advice from the RBI steadied the Bank with adequate investments and quality man power. There are many such instances like the present one in Kotak Mahindra Bank which are overcome with the timely intervention and correction by the RBI and Public Sector Banks and, some people of India, advocate privatisation, oblivious to the ills of privatisation.

noreply@blogger.com (Indian Bank Kumar) — Wed, 1 May 2024 13:13:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Fri, 8 Mar 2024 22:47:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Wed, 6 Mar 2024 11:22:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Tue, 5 Mar 2024 22:28:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Tue, 5 Mar 2024 13:47:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Mon, 4 Mar 2024 18:22:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Thu, 25 Jan 2024 19:10:00 +0530

The General Insurance Council on Wednesday announced a drive aimed at making cashless hospitalisation available for policyholders even in non-empanelled hospitals.

Hospitals with 15 beds, and registered with the respective state health authorities under the Clinical Establishment Act can offer cashless hospitalisation now.

In the event of hospitalisation, policyholders need not pay for treatment out of their pockets as the expenses would be covered by the insurance companies concerned. This is subject to the claim being admissible, as per the council.

Under the drive 'Cashless Everywhere', efforts will be made to ensure that policyholders can get treated in any hospital they choose with a cashless facility, subject to certain conditions

The conditions include that the policy of the individual concerned is admissible and the insurance company should be informed 48 hours before hospitalisation in the non-empanelled hospital. There will also be the option of informing the insurance company within 48 hours of hospitalisation.

The council's Chairman Tapan Singhal said that if a policyholder chooses a hospital without such a pre-agreement, the cashless facility is not offered, and the customer has to go for a reimbursement claim, which further delays the claim process. This will be a thing of the past, he said, adding the objective is to ease the burden of policyholders who get treated in a hospital, not in the insurer's network.

Currently, cashless facilities are available only at about 40,000 empanelled hospitals, he said.

Singhal, also the chief executive of Bajaj Allianz General Insurance, said it has been the constant endeavour of the council to simplify the lives of policyholders and bring positive changes that benefit them.

noreply@blogger.com (Indian Bank Kumar) — Wed, 24 Jan 2024 09:04:00 +0530

Bank Workers' Unity

வங்கி ஊழியர்கள் ஒற்றுமை

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Enhancement and expansion of the duties of Clerks would impact!

January 23, 2024

Bank Workers Unity

Gautham

It is learnt through social media that the two Unions of workmen i.e. AIBEA & NCBE have entered into an understanding with the IBA (Indian Banks Association) in the meeting of working group to enhance the duties and responsibilities of the clerical cadre indiscriminately and disproportionately making them vulnerable and accountable. All the clerks including the probationers are to be assigned supervisory job right from day one and that too independently.

It has already been pointed out in the earlier article of Bank Workers’ Unity on 4th November 2023 that in the case of officers, all the three organizations participating in the negotiations namely AIBOC, INBOC, NOBO take part in all the meetings of the working groups which deal with the service conditions like leave, disciplinary action etc. Whereas in the case of workmen, only two Unions namely AIBEA and NCBE participate in the meetings of the working groups leavingout the other three other Unions namely BEFI, INBEF & NOBW.

Enhancement of Duties and Responsibilities of Clerks

According to that understanding

Single Window Operator A’s duties are proposed as under:

Passing power of cash cheque / other like instruments independently proposed to be increased from Rs. 10000/- to Rs.50000/- (5 times)

Clearing / transfer vouchers / other like instruments independently proposed to be increased from Rs. 15000/- to Rs.100000/- (more than 6 times)

Issuance of pre-signed DD etc. independently proposed to be increased from Rs.15000/- to Rs.50000/- (more than 3 times)

Cash receipt and authorization independently proposed to be increased from Rs. 15000/- to Rs.50000/- (more than 3 times)

Receipt of cash (Dedicated Cash Counters) – No limit

Clearing / transfer vouchers / other like instruments jointly with another Clerk / Officer more than Rs.1,00,000/- and less than and equal to Rs.2,00,000/- (New concept)

From this, it can be easily understood that the duties and responsibilities of Head Cashiers and Special Assistants would have also been steeply increased.

From the proposal, one can understand that out of the whole transactions more than 90% would fall within the powers of the Clerks either independently or jointly. Thus, the Clerks will have to perform supervisory job henceforth and manage the entire counter work either independently or along with another clerk.

Maker – Checker concept gone

The strength of the flawless Banking system is due to the Maker-Checker concept adopted since inception. That is, the Clerk used to initiate (make) the transactions and the Officer used to check and authorize them. The possibility of mistakes/frauds would be greatly eliminated due to this system. Presently the independent power is limited from Rs. 10000/- to Rs. 15000/-. Now as per the new proposal, if a Clerk is independently assigned with huge powers, he/she alone has to post (make) and authorize (check). Thus, the decades-old time-tested practice which led to flawless banking is given a go-bye for a large number of transactions. This will make the Clerks very much vulnerable. Due to the pressure of time and volume, mistakes are likely to happen exposing the Clerks to disciplinary action besides instant recovery of money that may be lost due to inadvertent credit to a wrong account/ excess credit etc.

More than an officer’s job

With the independently assigned huge powers to the clerical cadre, they have to perform more than an officer’s job. Presently officers are not at all required to perform both the jobs of posting and authorizing cash/clearing /transfer/other like vouchers. They are required to only authorize whatever job initiated by the Clerks. But in this proposal Clerks are assigned with such an enormous power forcing them to perform more than an officer’s job with the clerical salary.

Expanding duties of Clerks

The duties and responsibilities of Clerks do not end here. They further expand:

Capturing account holder signature

KYC, e-KYC (Know Your Customer)

Recovery

Marketing including digital marketing and sensitizing customer about digital products/lending, Alternative delivery channels

Feeding data of credit proposals and loan products

Clearing, filling up ATM, Cash Deposit Machines and other similar machines and other related Alternate delivery channels

It was agreed to clarify and reiterate that the workman entrusted with duties attracting Special Pay is required to perform routine duties of his cadre.

Many of the duties hitherto assigned with the Officer cadre are now likely to be shifted to Clerical cadre according to this understanding. If this comes into force, hereafter the Clerks would be forced to go outside the premises to perform their jobs like marketing, recovery of loans etc. In that case, the counters will be left with no other person severely affecting the customer service. Further Clerks would be forced to complete the left-over jobs while they were away on duty. When the Clerks are in no way responsible for the loan sanctioned, they would be forced to go for recovery making them vulnerable.

Increased work load

With the heavy shortage, already the Clerks are suffering from huge work load. With the expansion of their duties and increased powers and responsibilities, they would not be able to complete their job on time. With the implementation of five-day banking, the working hours on all days are likely to increase by 40 minutes each day. Even today when they are forced to sit beyond their working hours by half-an hour to one hour, the extra 40 minutes will force them to stay further. This would put the Clerks into greater strain and stress.

AIBEA CC seeks enhancement of the duties and responsibilities of workmen cadre

The Central Committee meeting of AIBEA held at Guwahati on 10th and 11th September 2023 has on the one hand observed that in many branches employees are unable to complete their daily routine work within the office hours and are compelled to sit late resulting in work-related stress and on the other hand decided that efforts should be made to make the workmen cadre more and more utility oriented with suitable enhancement of the duties and responsibilities. Normally only IBA used to place the demand for enhancement of the duties and responsibilities. But this time strangely the leadership of a particular Union is placing this demand.

Work-life balance of Clerks would be disturbed

The 12th Bipartite Settlement has many positive features like 17% increase in the pay-slip component, 5 days banking, improvement in leave rules, allowances etc. as understood. The basic issues like merger of Special Allowance (this time with the accepted load of 3% in Basic Pay, Special Allowance is likely to increase from 16.4% to more than 25%), updation of pension, bringing all employees and officers covered by NPS (National Pension System) under defined Old Pension Scheme, merger at a higher point of Consumer Price Index etc. remain to be addressed.

Additionally, the increased powers & responsibilities and expansion of duties of Clerks, as proposed, will have serious negative impact. The work-life balance of Clerks would be disturbed and is likely to increase their work-related stress multi-fold. If this would be the state of affairs of Clerks, the position of the Officers would be more pathetic. Hence, we appeal to the UFBU leaders to resist increased duties & responsibilities and expanded duties of the Clerks in the interest of all.

===============

Contact:

bankworkersunity2021@gmail.com

noreply@blogger.com (Indian Bank Kumar) — Sun, 14 Jan 2024 11:13:00 +0530

Without 5 days banking announcement from Govt,

Bipartite settlement will not be signed.

S.K.Bandlish

Convenor UFBU

noreply@blogger.com (Indian Bank Kumar) — Sat, 13 Jan 2024 12:49:00 +0530

*The Cost Sheet for 9th Joint Note/12th bipartite settlement was signed between Officers Associations, Workmen Unions and Indian Banks Association today i.e 12/01/24 at IBA office.*

Rupam Roy

GS AIBOC

**********************

Yes, 12th B. P. S negotiation is over.

Only Documentation part is remaining .

Full fledged settlement may be signed shortly.

Arrears for 15 months only🤪🤪

I know you will ask the popular question on "5 day banking".

Answer is the same. It is pending with G. O. I/DFS.

Hope they will give their approval at the earliest.

Let the details come out.

Will review later on.

noreply@blogger.com (Indian Bank Kumar) — Fri, 12 Jan 2024 18:28:00 +0530

Dear Comrades,

Core committee meeting with workmen unions was held on 9th jan and with officers associations on 11th Jan.

Today a meeting with the Negotiating committee was held.

Most of the issues including pay scale have been finalised.

Cost allocation to various components are being worked out and the final cost sheet will be signed in the next few days.

We will furnish the details after signing the cost sheet. Units and members are requested to await till then.

We are moving towards signing the final settlement. Maintain your unity.

Covenor UFBU

noreply@blogger.com (Indian Bank Kumar) — Thu, 4 Jan 2024 22:49:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Mon, 18 Dec 2023 18:39:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Mon, 11 Dec 2023 23:46:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Sat, 9 Dec 2023 10:44:00 +0530

Bank Workers' Unity

வங்கி ஊழியர்கள் ஒற்றுமை

What next after MoU of 12th Bipartite Settlement?

December 9, 2023

Bank Workers Unity

Gautham

On 7th December midnight, the MoU (Memorandum of Understanding) of 12th Bipartite Settlement was signed between IBA (Indian Banks Association) and UFBU (United Forum of Bank Unions) with 8 Unions together and AIBOA separately. The details of the MoU have been given separately.

Some of the significant aspects of this MoU:

For the first time, the MoU has been signed within 14 months of expiry of the previous (11th) Bipartite Settlement and without any agitation. Normally the gap used to be around 24 months and above.

Further the MoU could be reached in the fifth round of the discussions which commenced in July 2023. In between there have been many sub-committee and small committee meetings on other financial demands, service conditions including disciplinary matters. Whereas the MoU for the 11th Bipartite Settlement could be reached only after 44 rounds of discussions.

While the initial offer in the previous two Bipartite Settlements ranged between 0% and 2%, this time the initial offer itself was 15% hike in the Pay slip component.

While the 11th Bipartite Settlement was clinched with 15% increase in the Pay slip component, this MoU provides 17% increase in the Pay slip component amounting to Rs.12449 crores.

This MoU provides for monthly ex-gratia for the pensioners and the family pensioners.

Offer of IBA was conditional

While there has been some positive aspects as mentioned above, IBA was very adamant and negative in not settling many of the core demands of the Unions and Associations. Many of the important demands that have been raised even during the 11th Bipartite Settlement still remain unsettled in this MoU. The offer of the IBA was conditional.

While the Unions and Associations chose to arrive at this MoU, the concluding remark of com. Rupam Roy, General Secretary of AIBOC is significant.

“Though I am not totally happy, with my expectations to take care of the issues of the officers, particularly on load (we wanted more) but when we come as UFBU and when we have our retired officers (IBA is thinking to improve their benefits), despite disappointed personally, taking everything into account, we as a team of UFBU, we have no option but to accept it (MoU) with a positive frame of mind that in the further negotiations the issues will be taken in the right spirit so that the aspirations are met”.

It is clear that this MoU is mixed with certain positive features and at the same time not addressing many of the core issues raised by the Unions and Associations. Hence the leaders of UFBU have to ponder over the expectations of the bank employees and officers and try to clinch them before signing the final settlement which is slated to be done within 180 days from the date of MoU.

The primary demand of all the Unions and Associations of merging Special Allowance along with Dearness Allowance with the Basic Pay has to be clinched. Otherwise, the Special Allowance which is now at 16.4% of the Basic Pay is likely to swell to around 25% and will not be eligible for calculation of any of the superannuation benefits and interest of the retirees during the 10th, 11th and 12th Bipartite Settlements would be severely injured.

Notwithstanding the above primary demand, loading of 3% is too low.

The loading during the 10th Bipartite was 2%, 11th Bipartite was 2.5%.

Hardly 0.5% improvement could be made visa-vis 11th Bipartite Settlement. This is really disappointing. A serious endeavour has to be made to increase the loading substantially (while signing the final settlement) so that there is no room for increasing the Special Allowance from the present 16.4%.

The merger point has to be increased to 8576 instead of 8088. There will not be any additional cost (Not even a rupee) due to this. But the future loss of DA can be averted as happened during the 11th Bipartite Settlement (For Bank Employees it was 0.07%, for Insurance employees it was 0.08%).

“5 days banking” has been one of the important demands of the Unions and Associations for nearly a decade. A firm commitment from the IBA/Government with regard to implementation of this main demand is absent in the MoU. The reply in the Parliament is evasive. While employees and officers of the General Insurance and Reserve Bank have been enjoying 5 days working for so many years, the Life Insurance Corporation has also switched over to 5 days working since April 2021. This core issue has to be implemented before signing the final settlement.

Another core demand is updation of pension. It is highly disappointing that there is no commitment from IBA on this demand. This was one of the contentious demands raised by Unions and Associations for quite a few years. As this was not clinched during the 11th Bipartite Settlement, minutes were exchanged between IBA and the Unions and Associations in which this was one of the major demands. In the meantime, Reserve Bank employees and officers got updation of pension twice. Even actuarial calculations were not made with regard to the cost of updation of pension and it is not mentioned in the MoU when the issue is likely to be clinched. In the MoU, only the demand of the Unions/Associations for updation of pension for all retirees is recognized. Beyond that, there is no improvement. While this MoU provides ex-gratia as an interim relief, the core demand of updation of pension has to be clinched before the final settlement.

The other demands like full pension on completion of 20 years of service, last month’s pay or average of last 10 months’ pay whichever is higher for calculation of pension, commutation upto 40%, restoration of commuted amount after 10 years instead of the present 15 years also do not find place in the MoU. These issues also need to be clinched while signing the final settlement.

Another important demand of the Unions and Associations has been “the scrapping of National Pension Scheme (NPS) and bringing all those covered under NPS to the Defined Benefit Old Pension Scheme”. The young bank employees and officers who joined the industry after 1st April 2010 and on whom the NPS has been thrust are very eager to come out of this scheme as there is no defined benefit in this. Five State Governments have already gone for this Old Pension Scheme scrapping NPS for their employees. Many more State Governments are likely to follow. Even BMS, the Trade Union owing allegiance to the ruling BJP has demanded scrapping of NPS. Several thousands of employees have conducted massive dharna in New Delhi in the recent past on more than one occasion demanding scrapping of NPS. This demand has to be clinched at the time of the final settlement.

In the service conditions, disciplinary matters etc. many more improvements are needed which have been rightly raised by the Unions and Associations. And those issues have also to be clinched at the time of final settlement.

Genuine demands to be settled.

It is to be noted that in the last 5 years (2018-19 to 2022-23) the amount written off by the Scheduled Commercial Banks amount to Rs.10,57,236 crores. If there is a change in the corporate lending policy and if stringent laws are enacted, it is possible to recover overwhelming majority of the written off amount from the corporates. And if 2% of this written off amount amounting to Rs.21146 crores is allotted for the wage increase of the employees and officers, all the aspirations of the employees and officers can be met.

If IBA/Govt. does not come forward to settle the genuine demands of the employees and officers, they are very much ready to go on struggle to clinch the same. The retirees are ready to extend their solidarity and support. Taking the whole situation into consideration, right decision has to be taken by UFBU.

noreply@blogger.com (Indian Bank Kumar) — Fri, 8 Dec 2023 00:56:00 +0530

noreply@blogger.com (Indian Bank Kumar) — Fri, 8 Dec 2023 00:39:00 +0530

To all units and members:

Today there was one more round of negotiations with IBA.

We are happy to inform that MoU has been signed just now with the following understandings:

17% increase in payslip cost, additional loading of 3% after merger of DA,

improvement in pension for all pensioners from 1986 including retirees under proposed 12th BPS.

5 days banking has been recommended to govt for favorable consideration and will be expedited.

Congratulations to all of you.

It is all due to the unity of bank employees and officers under the banner of UFBU.

Sanjeev K Bandlish, Convener UFBU.

noreply@blogger.com (Indian Bank Kumar) — Tue, 5 Dec 2023 18:41:00 +0530

IBA has submitted the proposal,

and pending with Finance Department.

noreply@blogger.com (Indian Bank Kumar) — Tue, 5 Dec 2023 18:39:00 +0530