Strike paralyses functioning of banks, post offices

Strike paralyses functioning of banks, post offices

Patna, Sep 7 (PTI) Functioning of commercial banks and several public services across Bihar were affected in the wake of the country-wide strike called by trade unions to protest price rise, alleged violation of labour laws and disinvestment in PSUs.

B Prasad, Bank Employees' Federation (Bihar) General Secretary, claimed the strike was total in Bihar.

Most banks, except State Bank of India (SBI) branches, wore a deserted look as the employees held demonstrations and staged procession across the state, he claimed.

"Clearing operations was halted due to the strike, which also received support from some private banks in Bihar," he said adding the NABARD office too was closed.

Officials said functioning of offices of BSNL and Department of Posts was partially affected due to the strike.

The strike, however, failed to have an impact on operation of flights at Jayaprakash Narayan International Airport here, airport sources said.

Source: PTI

Bank staff to enjoy a 17.5 pc pay hike

Bank staff to enjoy a 17.5 pc pay hike

Bank employees unions managed to secure a hefty pay hike of 17.5 per cent by getting the employer’s forum, Indian Banks’ Association (IBA), to sign an accord.

Buzz up!The ninth bipartite wage revision agreement was signed between six workmen unions, four officers’ associations and IBA on Tuesday, Apr 28.

With this, about 7.5 lakh bank employees and officers of 26 nationalised banks, 12 private sector banks and eight foreign banks will be enjoying 17.5 per cent increase in their wages, effective from Nov 1, 2007.

However, for the lower level employees the hike will be marginal.

The basic pay of officers at the entry level will be between Rs 14,500 and Rs 52,000 per month as against the floor of Rs 10,000, IBA said in a statement.

The basic pay for clerical staff will range between Rs 6,200 and Rs 23,900 while subordinate staff will get between Rs 5,500 and Rs 13,800 per month.

The accord also gives the choice to employees and officers covered by the provident fund scheme to join the pension scheme. This also means that over 50,000 retirees could choice to join the pension scheme.

Besides this, a contributory retirement benefit scheme introduced for employees of the central government with effect from Jan 2004 will be introduced for the employees, including officers and workmen, joining the services of banks on or after Apr 1, 2010, the IBA informed in its statement.

Bank employees to go on two-day nationwide strike from June 6

Banking services are likely to be affected as employees of public sector banks across the country will go on a two-day nationwide strike from August 6 to press for wage hikes and other issues.

There was a meeting between employee unions and the Indian Banks Association (IBA) in the presence of the Chief Labour Commissioner. However, it failed to yield any result, United Forum of Bank Unions (UFBU) Convener C H Venkatachalam told PTI.

"We are going ahead with the strike," he said, adding that the IBA has further reduced the rate of wage hike from the proposed 17.5 per cent to 13 per cent.

At the same time, the IBA further did not concede demands on pension and appointing dependants of deceased employees on compassionate grounds, he said.

Thus, employees are forced to strike work as the IBA continues its stiff stance, he said, adding that the legitimate demands are being neglected by the managements of banks, leading to hardship for customers.

The UFBU is an umbrella body of nine bank employee unions of the country and claims to have members from public, private and foreign banks.

As many as 10 lakh employees, including officers, will participate in the strike, affecting services in about 60,000 bank branches in the country, the UFBU claimed.
Source: Samay Live

Fake currency notes in ATMs

Reserve Bank of India (RBI) has reported that few instances of counterfeit currency being dispensed through ATMs has come to their notice.

To protect customers and depositors interest, various steps have been taken by Government/ RBI, which include, issue of directions/guidelines to banks as follows.

(i) To disburse only sorted and genuine notes over their counters and through ATMs.

(ii) Note Sorting Machines to be installed at all the currency chest maintaining branches and 210 non chest branches to enable banks to detect counterfeit notes at the entry level.

(iii) To establish Forged Note Verification Cells at the Head Offices of the Banks to take effective steps to deal with counterfeiting.

(iv) To impound the counterfeit notes and lodge FIR with Police Authorities.

Further, the Reserve Bank of India has also been conducting training programs for employees/ officers of banks and other organizations handling large amount of cash. RBI has also been popularizing the security features of the bank notes through its website, posters displayed at branches of the bank etc. A film depicting the security features of a genuine note has also been released in theatres besides being exhibited by Regional Offices of RBI at various exhibitions, bus stations/railway stations etc.

This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.
Source: PIB

ALL INDIA STRIKE BY UFBU ON 12TH JUNE 2009

UNITED FORUM OF BANK UNIONS
(AIBEA-AIBOC-NCBE-AIBOA-BEFI-INBEF-INBOC-NOBW-NOBO)
ALL INDIA STRIKE BY UFBU ON 12th JUNE 2009 by 10 lacs bank employees and officers demands
1. Expedite wage settlement with adequate increase in wages of employees and officers
2. Extend another option for pension scheme without any pre-conditions
3. Do not impose anto-employee conditions in the negotiations
4. Implement compassionate appointment/ex-gratia scheme as per agreed understandings

NEW PENSION SCHEME - QUESTIONS & ANSWERS
What is the New Pension Scheme?
A scheme approved by the Government on 23.08.2003 has been made effective [mandatory] for all new recruits joined the Central Govt. Services from 01.01.2004 [except armed forces in the first stage.
A. A restructured “Defined Contributory Pension Scheme”

B. 10% of the salary and DA from the employees and matching contribution by the Central Govt. as monthly contribution.

o Govt. contribution for Govt. employees ONLY.
o Contribution and Returns from investments will be deposited in Pension Tier I A/c, which is not withdrawable.
o The present Pension Scheme [defined] provisions and General Provident Fund are not available to new recruits. as above mentioned

C. Voluntary contribution by individuals to a separate tier II a/c permitted and it can be withdrawn at the option of the individuals. No Govt. contribution to this tier II accounts which will be kept in a separate account. This amount in tier II will not attract any special tax treatment.

D. Normal exit age is 60 years for tier I pension scheme;
o At the time of exit, each individual will be required to invest 40% of his pension wealth [in tier I a/c] to purchase a Annuity. THIS IS MANDATORY. Annuity is purchased from IRDA / Regulated Insurance company.
o For Government employees, this annuity should provide the Pension for the life time of the employee and his dependent parents and his spouse at the time of retirement.
o Remaining 60% pf the pension wealth can be utilized by the individuals in any manner.
o Employees can leave the pension system prior to the age of 60 but the mandatory, annualisation would by 80% of the pension wealth.
o For new entrants with effect form 1.1.2004, no lGPF contribution will be deducted.
o No withdrawal permitted from the tier I account
o On the death of the pensioner, his contribution along with Govt. contribution with8% interest on both will be paid to the legal heir immediately.

2. What way it is different from the present pension scheme in the Banks?
In many counts our present pension scheme in the banks are more beneficial to the Bank employees /officers.
The defined contribution consisting of Basic + DA means more contribution from the employees every month with no responding guarantee on defined payments back.

3. What are the adverse features of the new Pension Scheme of the Government?
o Your contribution is defined, but your pension is not defined.
o Pension receivable is dependent on the return on annuity, which again depends on market variations.
o As against the commutation, 60% of the pension wealth is repaid at the time of exit.
o Commutation in our present scheme is restorable after 15 years
o Even after commutation, our pension draws a DA on the basic pension. No question of DA in the new scheme instead contribution of 10% on DA also taken along with Govt. contribution.
o Our pension is linked to CPI level and DA changeable every 6 months, duly compensating for the price rise. New scheme is dependant on return on annuity, has no relevance to cost of living.
o Family pension concept ensures continued sustenance for the family even after the death of the pensioner whereas in the new scheme your annuity [40%] along with Govt. contribution with 8% interest is paid immediately to legal heir, thereby cutting down the monthly income.
o These are some of the major advantages of our existing pension scheme.
o Gratuity is silently withdrawn in the new scheme.

4. Whether the new pension scheme has been accepted by the trade unions in the country?
o No – all major trade unions have opposed to the new scheme.

Source: All India Bank Officers Website

Bank customers will be able to withdraw money from any bank ATM for free of charge from April 1 - RBI

Any Bank… Any ATM…!
In a significant development Reserve Bank of India announced on Friday that Bank customers will be able to withdraw money from any bank Automated Teller Machines (ATM) for free of charge from April-1.

Last year on March 10, the RBI had come out with guidelines limiting the fee charged by banks for using their ATMs by clients of other lenders to Rs 20.

It had also allowed the use of ATM for purposes like balance enquiry free of any charge. However, banks will have the freedom to fix the service charge on cash withdrawal using credit cards and from ATMs located overseas.

Some banks are already offering this service free of cost. But because they are having a smaller customer base and the volumes of such transactions are quite low, they might not be shelling out huge interchange charges to other banks. At present, at the higher end, the customer is charged anywhere up to Rs 57 for each withdrawal from a third-party ATM, and up to Rs 20 for the balance inquiries. According to the central bank sources as there is no transparency in these charges, and that they vary from bank to bank is a major restriction for customers to use other banks’ ATMs.
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