Permitted to Withdraw Cash Five Times in a Month Free of Charge from other Banks’ ATMs

Customers of a Bank Allowed to Withdraw Cash Five Times in a Month Free of Charge from other Banks’ ATMs

Indian Banks’ Association (IBA) has reported that banks have been permitted by Reserve Bank of India (RBI) to allow free cash withdrawal at their ATMs by customers from other banks upto five times in a month free of charge. Banks are generally complying with the guidelines issued by RBI in this regards from time to time.

No incident regarding non-conforming of RBI’s directions had come to the notice of the Government.

This information was provided by the Minister of State for Finance, Shri Namo Narain Meena in reply to an Unstarred Question in Lok Sabha today.

Source: PIB

IBA agrees on second pension option, wage hike

Indian Banks' Association (IBA) today said it has reached a broad agreement with bank unions to provide one more pension option and a salary hike, ending the 2-year-long stand-off between the two.

"We have reached a broad agreement with representatives of bank unions. It has been decided that one more option for pension and a salary hike of 17.5 per cent will be given to the employees," IBA Chief Executive K Ramakrishnan told PTI.

The agreement was reached at a meeting between top IBA officials, including Chairman M V Nair and IBA Chief Executive K Ramakrishnan and representatives of all nine bank employees unions.

A second option for pension will benefit nearly 2.72 lakh serving employees and around 60,000 retired employees, IBA said.

As per the understanding, bank managements will pay 70 per cent towards the difference in actuarial cost while the balance 30 per cent will be borne by the employees.

IBA and bank unions are expected to sign the final agreement in the next few months.
Source:PTI

PSU banks defer strike, sign MoU

The two-day PSU bank strike, which was set to begin on Monday, has been called off. The Indian Banks Association and the United Forum of Bank Unions (UFBU) have signed a memorandum of understanding (MoU) agreeing to revive talks on March 3 on issues relating to pension, resumption of compassionate recruitment, ban on outsourcing of banking activities and consolidation of banks.

As per the consensus, these issues would be sorted out within a specified timeframe. “The IBA has agreed to look into these issues in a bid to find an amicable solution,” CH Venkatachalam, convenor, UFBU told FE. It is learnt that the IBA has also agreed to provide a second option to bank employees to move towards pension benefits in lieu of PF. Venkatachalam also pointed out that the issue of compassionate and general recruitment would be looked into. Earlier, finance minister P Chidambaram and chief labour commissioner SK Mukhopadhyay held talks with the representatives of the trade unions.
Source: Financial Express