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

New Pension Scheme (NPS) is set to receive a major boost with the SBI...

NPS gets a chunk of SBI staff’s pension corpus

The Central government sponsored New Pension Scheme (NPS) is set to receive a major boost with the State Bank of India, moving a significant part of its employees’ pension corpus to the scheme. The NPS will also get significant contributions in coming months by way of employer and employee contribution towards the pension of public sector bank employees who join after April 1, 2010.

A senior official at the pension regulator PFRDA said NPS fund managers will henceforth manage a chunk of a fund that helps pay for retirement benefits of all present and former employees of the country’s largest lender.

“We received various queries from SBI regarding the nitty-gritties of our scheme,” said Rani Singh Nair, executive director at PFRDA. “We are happy to report that they have now joined us and we hope many others will also be encouraged to follow the example,” she told ET.

Industry officials say SBI is moving close to Rs 2,000 crore out of its about Rs 25,000-crore employees retirement corpus to NPS. The bank feels that NPS will help the fund fetch better returns than the current system it has in place.

As per published data, in-house fund management of most stateowned banks earned 8-9 % annualised returns in the fiscal year ended March 2009. NPS earned nearly 16%. It is this higher yield that SBI is trying to capture by participating in NPS.

In terms of the agreement between IBA and bank unions, all bank employees joining after April 1 will migrate to a defined contribution scheme. Since several public sector banks are planning to recruit clerks and probationary officers in the coming months, the number of NPS accounts are expected to grow sharply.

SBI’s chunk is a part of an overall corpus that pays for certain retirement benefits of employees, including the defined benefit pension.

Besides SBI, several state-owned corporations such as Nalco and Damodar Valley Corporation (DVC) have transferred a portion of their employees retirement benefit corpus to the NPS to take advantage of the benefits of economies of scale in managing retirement funds.

Unlike employees at state-owned banks, SBI employees are supposed to enjoy a “third benefit” as a part of their superannuation package. While others receive only provident fund (or pension) and gratuity post-retirement, SBI executives additionally get a third pension component.

This is done on a “defined benefit” basis, where the bank promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee’s earnings history, tenure of service and age, rather than as a function of investment returns.
Source: Economic Times

SBI union rejects new wage pact

The All-India State Bank Officers Federation (AISBOF) on Saturday rejected the proposed 17.5 percent wage hike and pension benefits and demanded a separate wage revision for them.

"We do not agree with the proposed salary hike for bank employees. The SBI employees demand that the increase should be at par with the salary of the Central government employees," AISBOF vice-president SK Haldar said here.

The Indian Banks Association (IBA) and United Federation of Banking Unions (UFBU) representing nine bank employee associations had agreed to the wage hike and pension benefits after a prolonged discussion in Mumbai yesterday.

Haldar, who was here to attend the zonal conference of the SBI Officers Association, said AISBOF will decide its future course of action on Tuesday.

The three lakh SBI employees are ready for an indefinite strike to demand a separate wage revision at par with Central government employees, he added.
Source: Indian Express

SBI lifts bar on posting for pregnant women

The State Bank of India has withdrawn a 30-year-old norm placing certain restrictions on immediate posting to pregnant women after their recruitment.

SBI sources here said a recent circular from the bank's headquarters stated that pregnancy need not be considered as a bar for giving immediate postings to women candidates, who had passed the written tests and interviews.

It said the norms were formulated long back on the premise that pregnancy normally results in indifferent health and is a hindrance in discharge of one's duties.

In view of the advancement in medical sciences and changed lifestyles, the medical community felt that women are able to take up work even during pregnancy. So women candidates should be permitted to join the bank in their first two trimesters (upto first six months of pregnancy), the revised rules said.

SBI employees to go on indefinite strike from April 3

Banking services at the State Bank of India (SBI) are likely to be disrupted from April 3 onwards as the employees and officers of the largest commercial bank of the country are to proceed on an indefinite strike demanding revision in pension scheme.
“More than two lakh employees and officers of the bank will participate in the strike seeking revision in the pension scheme,” All India State Bank Officers’ Association (AISBOA) general secretary, Shantha Raju said on Tuesday.
He added that All India SBI Staff Federation would also join the strike. Elaborating the demand, Mr Raju said that the pension ceiling at the bank had been kept unchanged at Rs 4,250 based on the salary structure of 1992 salary revision.
“We demand pension amount should be hiked at par with other organisations where they pay pensions amounting to 50% of the last salary drawn,” Mr Raju added

MOBILE BANKING SERVICE - State Bank of India

MOBILE BANKING SERVICE: SMS (Short Message Service) through Mobile Phones – State Bank of India
Most of the Central Government Employees are receiving payments through banks. The State Bank of India, which has the largest network in India stands on top among other banks in the field also.
Recently, State Bank of India has introduced a new facility is Mobile Banking Service, which employees can receive the details of their transactions in their account through Mobile Phones. To avail this facility, employees should apply for the same mentioning their Mobile Number and Account Number.
Employees will be informed through SMS (Short Message Service) about the transactions of Salaries, GPF, LTC and other Advances as soon as it is credited in their respective accounts. In same the way Debit Account transactions also.
State Bank of India to offer end-to-end banking service such as account-to-account money transfer, utility bill payments and account-related queries, amongst others.

Q. How do I register for SMS alert?
(Please go to SMS alert and give the mobile number then go to manage alert option and define alerts.)

A. For removing alert, please go to SMS alert and manage alerts and remove alert option. (Net Banking)
B. There are no charges for sending SMS from bank side.

Application Form :

Application for SMS Alert in Mobile Phones

From
        ………………………………

        ……………………………...

        ……………………………..

To
       The Manager,

       ……….. branch,

       State Bank of India

Sir,
  
      Sub: SMS Alert Facility in Mobile Phones reg.

     I am having Savings Bank Account in your branch since last ……………………and

my Savings Account Number is ……………………………………...I am getting

my salary through this account. So I am requesting you to arrange Mobile Phone

Alert (SMS) Facility to my account please.

Thanking you.

                                                           Yours truly,

                                                             …………………………..

                                                             (Name:…………………………..)

Date:
Place: