tag:blogger.com,1999:blog-19576624724339735652024-03-28T20:30:06.327-07:00Latest Bank UpdateLatest Bank news about Bipartite Settlement, Wage Revision, Exams, Financial results, Loans and Deposit rates, Banker's NewsAdminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.comBlogger2005125tag:blogger.com,1999:blog-1957662472433973565.post-57207135410382332552024-03-17T08:47:00.000-07:002024-03-17T08:49:31.424-07:0012th Bipartite Settlement Date, Latest News, Update, Salary<p style="text-align: justify;"><span style="font-family: arial;"> <a href="https://www.latestbankupdate.com/search/label/12th%20Bipartite%20Settlement?&max-results=8" rel="nofollow" target="_blank"><span style="color: #2b00fe;"><b>12th Bipartite Settlement</b></span></a>: On March 8, 2024, in Mumbai, the 12th Bilateral Agreement and the 9th Joint Memorandum were signed, marking a momentous day for the Indian banking industry. After months of discussions, the <a href="https://www.latestbankupdate.com/search/label/IBA?&max-results=8" rel="nofollow" target="_blank"><span style="color: #2b00fe;"><b>Indian Bankers Association (IBA)</b></span></a> and bank staff have reached an accord. This twin agreement is a good outcome of the negotiations, having overcome a number of challenges.</span></p>
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIF4eu99uO58GHa8UipkO23f8n3F_I68eRunN2FC7siOSPvWKkZ_BmPwKpJiB4kOxQ1jwOcdnb8Hrpk3746UDeSu8nkODhplVbpVau-aRU7ygWPBmJbYHu4HcM_roahv1IJE0-6coHcfLn3if8hVR1okugHtKZi-wqwHd2MXPPpBwRhWTVdBGuDZlZOyo/s485/images.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="310" data-original-width="485" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIF4eu99uO58GHa8UipkO23f8n3F_I68eRunN2FC7siOSPvWKkZ_BmPwKpJiB4kOxQ1jwOcdnb8Hrpk3746UDeSu8nkODhplVbpVau-aRU7ygWPBmJbYHu4HcM_roahv1IJE0-6coHcfLn3if8hVR1okugHtKZi-wqwHd2MXPPpBwRhWTVdBGuDZlZOyo/s320/images.png" width="320" /></a></div><br /><div style="text-align: justify;"><br /></div>
<div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Indian Banks' Association, which represents the bank management, convened with authorized representatives of the Association of Officers' Union and the Union of Workmen's Unions to deliberate on wage modifications for bank employees and officers. The executives and staff of the Union/Association of the Workmen, along with the management team, concur that for the banking system to meet the demands of stakeholders and consumers. To tackle the issues the banking industry faces, the system must also be made more responsive, productive, and efficient. As a result, a solution was achieved to end the disagreement over wage settlement and complete an MOU.</div></span><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial; font-size: medium;"><b>12th Bipartite Settlement Features</b></span></p><p style="text-align: justify;"><span style="font-family: arial;">The wage revision is effective from 1/11/2022 for a period of five years.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">1. Simplify the five-day work week – the joint memo recognizes all Saturdays as public holidays pending government notification. The revised working hours will come into effect after the government’s announcement, probably within six months.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">2. Substantial Increase in Pay – The total increase in pay revision (price ticket component) is more than Rs. 8,284 crowns is 17% of the cost of the salary fund for the establishment of public sector banks.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">3. The new salary scales are prepared after adding the dearness corresponding to point 8088 and the related additional burden.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">4. With an applied load of 3.22%, the effective load on the post-reunion family allowance @ 30.38% of the basic salary is 4.20%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: georgia; font-size: medium;"><b>Also Read : <span style="text-align: left;"><a href="https://www.latestbankupdate.com/2024/03/salary-chart-of-officers-after-12th.html" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Salary chart of officers after 12th Bipartite Settlement</span></a></span></b></span></p><p style="text-align: justify;"><span style="text-align: left;"><span style="font-family: arial;"><br /></span></span></p><p style="text-align: justify;"><span style="font-family: arial;">5. The long-standing wish of the officer community for two more increments of CAIIB (CAIIB Part II) has been fulfilled.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">6. Officers who have passed <a href="https://www.latestbankupdate.com/search/label/CAIIB?&max-results=8" rel="nofollow" target="_blank"><span style="color: #2b00fe;"><b>CAIIB</b></span></a> (CAIIB Part II) will get double increment from 01.11.2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">7. Officers are entitled to three PQPs instead of the previous two PQPs. PQP-I -Rs 1370/-, PQP-II Rs 3425/- and PQP III-Rs 5480/-</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">8. The actual burden on officers conducting CAIIB will increase significantly.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">9. Differences due to additional CAIIB increase are considered.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">10. Deviation due to sanction of PQP has also been factored in.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">11. The new pay scales range from Rs. 48480/- Rs.173860/- covering all scales I to VII from 01.11.2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">12. Revision of daily allowance formula in the question: Conversion factor due to consolidation of dearness allowances deleted 0.0549. Instead of rounding up to 0.05, it is increased to 0.06, which extends the benefit to serving and retired officers.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">13. Merit compensation index moves from row 1960=100 to row 2016=100, as the conversion factor moves from 0.06 to 0.99 per 2016=100 series benefiting officers with increased value</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">14. Adjuster 0.99 2016 =100 is converted with the series. 1.00, which increases the added value.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">15. there should be additional compensation as percentage compensation according to the above agreed changes.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">16. Value support is paid at 1.00% of “salary” per percentage point of the index. As above, DA is paid for any increase or decrease above 123.03 points in the 2016 CPI Quarterly Average for Industrial Workers 123.03 points = 100. 0.01% change in DA “wage” for every other decimal change in the 2016 CPI greater than 123.03 points.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">17. Evaluation The above pension reduction is paid semi-annually for each increase or decrease of 123.03 points. All India Industrial Workers CPI-Quarterly Average 2016=100.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">18. JM-1 grade officers who have moved to MMG Scale II after reaching the maximum of the higher scale are currently entitled to five stagnant grades. From November 1, 2022, these officers are entitled to seven stop increments every two years, the first two of which are Rs. 2680/- each and the next five are Rs. 2,980/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">19. MMG Scale II officers who have been promoted to MMG Scale III after attaining the maximum of the higher scale are currently entitled to five stagnant grades. From November 1, 2022, these officers will be entitled to Rs 2,980 every two years.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">20. Senior MMG Scale III officers, viz. those recruited or promoted to MMG Scale III, are currently entitled to six stagnant ranks after reaching the scale maximum. From November 1, 2022, these officers are eligible for eight biennial increments, the first four of which are Rs. 2980/- each and the next four are Rs. 3360/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">21. SMG Scale IV officers are currently entitled to two stagnant grades. With effect from November 1, 2022, these officers, after reaching the maximum value of the scale, will be entitled to five stagnant increments, each at an interval of two years, out of which the first stagnant increment will be Rs. 3360/- and the next four are Rs. 3680/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">22. SMG scale V officers are currently entitled to one stagnant grade. From November 1, 2022, these officers will get an increment of four stops after reaching the maximum of the scale. The frequency is Rs.4000 for two years.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">23. TEG Scale VI officers are entitled to three stagnant increments at two-year frequency after reaching scale maximum, the first two being Rs.4000/- and the third stagnant being Rs.4340/-.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">24. TEG Scale VII officers are entitled to three stagnant levels of Rs.4340/- every two years after reaching the maximum level of each scale.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">25. Promotion – Every promoted officer will be installed in a higher rung in the new pay scale with protection equal to at least one step of the pay gap he advanced in the previously promoted group or scale, minus the appropriate deviation.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial; font-size: medium;"><b>12th Bipartite Settlement Salary Calculator<br /></b></span></p><p style="text-align: justify;"><span style="font-family: arial;">The 12th Bipartite settlement for bank employees has been finalized, and now everyone is eager to calculate their new pay based on this increase. The salary hike in banks is set at 17%, which includes a 3% load factor. This means that your overall pay on the payslip will show a 17% increase. The Dearness Allowance (DA) is merged with the current basic pay.</span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtYuftuIRmYiAqC_cYpnqW8DSVBlX0yU2IXLOGxPBERVr9BWDhxeVZnORvGo-HoQvL0rkpqQvkuq-D45ZFAlEqDMIZRpb3GYPTpb1TwlmJK0UZidiXCcdh-vScuEiBYn6JZ7_I_mnD2g3HfFJNATZJ_robDa0DWHoLt1e8YR9KLCSCS-jyWCovpWOD0Wg/s225/Loan%20Calculators-Latest%20Bank%20Updates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="224" data-original-width="225" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtYuftuIRmYiAqC_cYpnqW8DSVBlX0yU2IXLOGxPBERVr9BWDhxeVZnORvGo-HoQvL0rkpqQvkuq-D45ZFAlEqDMIZRpb3GYPTpb1TwlmJK0UZidiXCcdh-vScuEiBYn6JZ7_I_mnD2g3HfFJNATZJ_robDa0DWHoLt1e8YR9KLCSCS-jyWCovpWOD0Wg/s1600/Loan%20Calculators-Latest%20Bank%20Updates.jpg" width="225" /></a></span></div><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><span style="font-family: arial;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: arial;">Here’s a breakdown of the as per the 12th Bipartite Settlement Salary Calculator with a 17% hike:</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Load Factor Explained: The load factor, considered in the 12th BPS, benefits bank staff by taking into account both BASIC and DA. This load factor of 3% is applied to both BASIC AND DA.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Total Salary Increase: The total salary increase is exactly 17% as per the 12th BPS settlement. For example, the gross salary before the 12th BPS was Rs. 74,125, and after the 12th BPS, it becomes Rs. 89,601, resulting in a 17% increase on the payslip, as stated in the 12BPS final negotiating committee.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The calculation for Officers’ Salaries: A salary chart is provided for an employee who joined the bank in 2021 with a basic pay of Rs. 36,000 in the 11th BPS. The employee, having completed JAIIB and CAIIB certification courses, receives 1 increment for each. With two yearly increments in 2022 and 2023, the total increments are 4 (1+1+1+1). Each increment is Rs. 1490 in BASIC PAY for officers. The chart shows the salary calculation for an Officer employee with CAIIB qualification and 2 yearly increments.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">1 Lakh Plus Salary in Banks: An officer in banks with CAIIB qualification and 2 years of experience will receive a gross salary of 89k. With additional allowances like rent and petrol, the gross salary of an officer employee in banks can exceed 1 lakh, which is good news for bank staff.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Salary Slip Components Load Factor: The components of the payslip for an officer employee in banks are BASIC, DA, SPECIAL ALLOWANCE, and LOAD FACTOR. The chart shows the load factor of 3%, calculated for the new basic pay of the 12th BPS and new DA, i.e., 3% of (56212+10286) = 1994.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial; font-size: medium;"><b>12th Bipartite Settlement Salary After Wage Revision</b></span></p><p style="text-align: justify;"><span style="font-family: arial;">Good news for employees of public banks! The 17% salary is due to the 12th Bilateral Agreement between the Indian Bankers Association (IBA) and banking confederations.</span></p><p style="text-align: justify;"><span style="font-family: arial;">The annual salary for all banks, including State Bank of India, is Rs 12,449 crore.</span></p><p style="text-align: justify;"><span style="font-family: arial;">The change will take effect from on November 1, 2022 for five years. The new pay scales allow for a 17 percent increase in pay and benefits, excluding dearness and a 3 percent utilization rate.</span></p><p style="text-align: justify;"><span style="font-family: arial;">The IBA is recommending a five-day work week and unions want it implemented before a final deal is reached next year, 180 days. This follows a 15% increase of around 850,000 bank employees in July 2020.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com1tag:blogger.com,1999:blog-1957662472433973565.post-77697475789452428722024-03-14T12:05:00.000-07:002024-03-14T12:05:13.358-07:00Salary chart of officers after 12th Bipartite Settlement <p style="text-align: justify;"><span style="font-family: arial;"><span face="Lato, sans-serif" style="background-color: white;"></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><span face="Lato, sans-serif" style="background-color: white;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho_zZU-DSHC-kWYBAv5qJI71lGxihzieTR0AmyKBi1kJFgpJlXcIYzGQZ764WQNRL7srqP-_iuj-49URndzZahptc-4wnNHwCiZ5_GCy_vu9pnoCvP-fbUJSHJkcaQuDbbFt_3pWyDkSD3kg83heacCpODNfhAWCm8Jgr7m4nM4HJbCiUI07bet291jm4/s615/images.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="615" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho_zZU-DSHC-kWYBAv5qJI71lGxihzieTR0AmyKBi1kJFgpJlXcIYzGQZ764WQNRL7srqP-_iuj-49URndzZahptc-4wnNHwCiZ5_GCy_vu9pnoCvP-fbUJSHJkcaQuDbbFt_3pWyDkSD3kg83heacCpODNfhAWCm8Jgr7m4nM4HJbCiUI07bet291jm4/s320/images.png" width="320" /></a></span></span></div><span style="font-family: arial;"><span face="Lato, sans-serif" style="background-color: white;"><br /><b><a href="https://www.latestbankupdate.com/search/label/UFBU?&max-results=15" rel="nofollow" target="_blank">Bank employee unions</a></b> and the <b><a href="https://www.latestbankupdate.com/search/label/IBA?&max-results=15" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Indian Banks' Association </span></a></b>have agreed to a 17% annual wage hike, which will result in public sector banks spending around Rs 8,284 crore more per year. Starting from November 2022, approximately 8 lakh bank employees will benefit from this wage increase. This agreement will lead to significant pay raises for bank employees across India.</span></span><p></p><p style="text-align: justify;"><span face="Lato, sans-serif" style="background-color: white; font-family: arial;"><br /></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">A joint note has been agreed upon by the parties to recognize all Saturdays as holidays. However, this is subject to government approval, and the revised working hours will come into effect only after the approval.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: georgia; font-size: medium;"><b><br /></b></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: georgia; font-size: medium;"><b>Also Read : <span style="background-color: transparent; text-align: left;"><a href="https://www.latestbankupdate.com/2024/03/salary-chart-of-award-staff-after-12th.html" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Salary chart of Award staff after 12th Bipartite Settlement</span></a></span></b></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">The new pay scales have been formulated by merging <b><a href="https://www.latestbankupdate.com/search/label/DA?&max-results=15" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Dearness Allowance</span></a></b> corresponding to 8088 points and additional load. The new wage settlement also entitles women employees to one day of sick leave per month without needing a medical certificate.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">Additionally, accumulated privilege leave can be encashed up to 255 days upon retirement or in the event of an employee's death while in service.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">IBA Chief Executive Officer <b><a href="https://theorg.com/org/yes-bank-ltd/org-chart/sunil-mehta" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Sunil Mehta</span></a></b> highlighted the significance of the agreement, stating that it marks a milestone for the banking industry. Retired employees are also set to benefit, with the agreement stipulating that a monthly ex-gratia amount will be paid in addition to the pension or family pension provided by Public Sector Banks, including SBI, for those eligible to draw pension on or before October 31, 2022.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJwdFtQXWopxRvKXkpStzBUO_MyAS_jq8Y7VZgE8rO3298QYbOWGfBSGSk-zfUU353vBKsl3zOuS3_h4LSL83yKYbc7Iv8Wy3nfavT9MqsN1Q4u5O8uMKa0Az3k1j9tHaYexTU9ANtz0ijzdb3dKbEsy5N15O5uCFjF9ZqAT5CpBd76uPleN7hOMpKRQQ/s960/FB_IMG_1710183243033.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="539" data-original-width="960" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJwdFtQXWopxRvKXkpStzBUO_MyAS_jq8Y7VZgE8rO3298QYbOWGfBSGSk-zfUU353vBKsl3zOuS3_h4LSL83yKYbc7Iv8Wy3nfavT9MqsN1Q4u5O8uMKa0Az3k1j9tHaYexTU9ANtz0ijzdb3dKbEsy5N15O5uCFjF9ZqAT5CpBd76uPleN7hOMpKRQQ/s16000/FB_IMG_1710183243033.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKPWX0ZAUuMjSPdZKfJ66m-uJ0yh0WeOwpThfJovbQna4NKk2x4pU-NrhCJpaxOPblpix8Gnxzp_sCwBU4d7KFswz75j2N3B7RXW8doCu3f0bjQvgNGUQCq9iq_QzP3EhS6yUmYL91-45otYLBq__Hve_77uTwzFvaJYGhJ8xg7oX7vpcOzcO5h0S0DxQ/s1080/FB_IMG_1710183246442.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKPWX0ZAUuMjSPdZKfJ66m-uJ0yh0WeOwpThfJovbQna4NKk2x4pU-NrhCJpaxOPblpix8Gnxzp_sCwBU4d7KFswz75j2N3B7RXW8doCu3f0bjQvgNGUQCq9iq_QzP3EhS6yUmYL91-45otYLBq__Hve_77uTwzFvaJYGhJ8xg7oX7vpcOzcO5h0S0DxQ/s16000/FB_IMG_1710183246442.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGTz8jbeIlJhVomX27Z8Abks6eHF-9qsvxWhWeSdHS5lYWf2wxtpdZKM-tIABq9HFoxJBDSQYWg6IAiNq8jNgxsQtJ5MuO2OwSZ3dC2-aFPRd1oxmwN-8KoUAHv_YXJO_T_BavqdW4vF4_6Es4_esayE4YbOxdBcIOs9mH-D6w0fDZJvkqRxpNljtqDHU/s1080/FB_IMG_1710183249650.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="456" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGTz8jbeIlJhVomX27Z8Abks6eHF-9qsvxWhWeSdHS5lYWf2wxtpdZKM-tIABq9HFoxJBDSQYWg6IAiNq8jNgxsQtJ5MuO2OwSZ3dC2-aFPRd1oxmwN-8KoUAHv_YXJO_T_BavqdW4vF4_6Es4_esayE4YbOxdBcIOs9mH-D6w0fDZJvkqRxpNljtqDHU/s16000/FB_IMG_1710183249650.jpg" /></a></div><br /><span style="font-family: arial;"><br /></span><p></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;"><br /></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-86202791201901465862024-03-14T11:11:00.000-07:002024-03-17T03:33:38.293-07:00Salary chart of Award staff after 12th Bipartite Settlement <p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi29a19X_PG8f79quIJIb9PXABvHzOMJS_vL0M2BAoqnxilY3NtH9XLik4cjPo01tpPh8U2CnE39xVvn20ic6zk4_B_9cdtwZLU8g3o0V7IL4zGvR2bYH90RpIYCMpQC6KrRGTUDq6sYuUfGu_mT1V1UdZCP1ESmJpj2AFRy4mMDsoS0_cKGCINhmG6iBw/s485/images.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="310" data-original-width="485" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi29a19X_PG8f79quIJIb9PXABvHzOMJS_vL0M2BAoqnxilY3NtH9XLik4cjPo01tpPh8U2CnE39xVvn20ic6zk4_B_9cdtwZLU8g3o0V7IL4zGvR2bYH90RpIYCMpQC6KrRGTUDq6sYuUfGu_mT1V1UdZCP1ESmJpj2AFRy4mMDsoS0_cKGCINhmG6iBw/s320/images.png" width="320" /></a></div><br /> <span style="font-family: arial;">Its great news for Bankers and pleased to announce the successful conclusion of negotiations between the Indian Banks Association’ and the UFBU culminating into signing of the 9th Joint Note on 8th March, 2024.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The new wage settlement entails several benefits aimed at enhancing the overall compensation package for our officers. We believe these provisions not only acknowledge the hard work and dedication of our officers but also serve as a means to attract and retain top talent within the banking industry.</span></p><p><br /></p><p><span style="font-family: georgia; font-size: large;"><b>Also Read : <a href="https://www.latestbankupdate.com/2024/03/salary-chart-of-officers-after-12th.html" rel="nofollow" target="_blank"><span style="color: #2b00fe;">Salary chart of officers after 12th Bipartite Settlement</span></a></b></span></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju4_DwtcYWISTaWjQxuanf2fHOVYxx5aba0E__KGoAyTJrk1jnF4F6QV-2QlAwlmQyxKZJx4yRbyLMI90nkkflrxNcy4qqepcamBRPpba-UMwZdJLeDZEZ-NcgJHGuvkO7vaxcVteiGXPPvnl5YzpUnXFyuQ6y12v-dFjRwaQWQ9cEPJXLrVXtIDonw40/s1637/FB_IMG_1710439305972.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1637" data-original-width="943" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju4_DwtcYWISTaWjQxuanf2fHOVYxx5aba0E__KGoAyTJrk1jnF4F6QV-2QlAwlmQyxKZJx4yRbyLMI90nkkflrxNcy4qqepcamBRPpba-UMwZdJLeDZEZ-NcgJHGuvkO7vaxcVteiGXPPvnl5YzpUnXFyuQ6y12v-dFjRwaQWQ9cEPJXLrVXtIDonw40/s16000/FB_IMG_1710439305972.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-23618385172480748132024-03-11T10:39:00.000-07:002024-03-11T10:39:21.975-07:00Latest 12th Bipartite Settlement Updates - 9th Joint Note on Wage Revision signed<p style="text-align: justify;"><span style="font-family: arial;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI0d56B0TDu4JHjSucMIstKN9IGFGfzNWwB6GajIGir-Le_dIocGwhZrTZPOA7Q6KzHU8FP5geiofvCEbim5l_HmiqVsR_6Rdzv8Dvuhu4pzUgEAdZ8myGgwQEJhDElSpkShePuvX6AfxWZWvzZiJKEpmrTDcnXvoL8pl-8_HKCpS8Ni9W3pnqmzB4KiI/s240/images%20(3).png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="180" data-original-width="240" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI0d56B0TDu4JHjSucMIstKN9IGFGfzNWwB6GajIGir-Le_dIocGwhZrTZPOA7Q6KzHU8FP5geiofvCEbim5l_HmiqVsR_6Rdzv8Dvuhu4pzUgEAdZ8myGgwQEJhDElSpkShePuvX6AfxWZWvzZiJKEpmrTDcnXvoL8pl-8_HKCpS8Ni9W3pnqmzB4KiI/s1600/images%20(3).png" width="240" /></a></span></div><p style="text-align: justify;"><span style="font-family: arial;"><span style="font-family: arial;"><br /></span></span></p><span style="font-family: arial;">Its great news for Bankers and pleased to announce the successful conclusion of negotiations between the <b><u><span style="color: #2b00fe;"><a href="https://psubanker.blogspot.com/search/label/IBA" target="_blank">Indian </a></span></u></b></span><span style="font-family: arial;"><b><u><span style="color: #2b00fe;"><a href="https://psubanker.blogspot.com/search/label/IBA" target="_blank">Banks Association</a></span></u></b>’ and the <b><u><a href="https://aiboc.org/" target="_blank">All India Bank Officers’ Confederation</a></u></b> culminating into signing of </span><span style="font-family: arial;">the 9th Joint Note on 8th March, 2024.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The new wage settlement entails several benefits aimed at enhancing the overall </span><span style="font-family: arial;">compensation package for our officers. We believe these provisions not only acknowledge the </span><span style="font-family: arial;">hard work and dedication of our officers but also serve as a means to attract and retain top </span><span style="font-family: arial;">talent within the banking industry.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The salient features of the wage negotiations i.e. the 9th Joint Note are as under:
</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">1. Paving the way for 5-day work week – The Joint Note recognizes all Saturdays </span><span style="font-family: arial;">as holidays, pending government notification. The revised working hours will </span><span style="font-family: arial;">be effective after notification by the government.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">2. Substantial Increase in Salary - The total quantum of wage revision increase (Payslip </span><span style="font-family: arial;">component) is more than Rs. 8284 crores being the 17% of the cost of Payslip component </span><span style="font-family: arial;">of establishment expenses of Public Sector Banks.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">3. The new pay scales have been constructed, after merging Dearness Allowance </span><span style="font-family: arial;">corresponding to 8088 points and additional load thereon.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">4. With the applicable load of 3.22% the effective load on the basic pay post-merger of </span><span style="font-family: arial;">dearness allowance @ 30.38% is 4.20%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">5. The long-drawn aspiration of the officers’ community for two additional </span><span style="font-family: arial;">increments for CAIIB (CAIIB Part-II) is achieved.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">6. Officers who have completed CAIIB (CAIIB Part-II) shall be eligible for two increments </span><span style="font-family: arial;">w.e.f 01.11.2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">7. Officers shall be eligible for three PQPs instead of two PQPs hitherto. PQP-I -Rs 1370/- , </span><span style="font-family: arial;">PQP-II Rs 3425/- and PQP III- Rs 5480/-</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">8. The effective load for officers completing CAIIB shall be increased substantially.
</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">9. Inter se anomaly on account of additional increment for CAIIB is taken care of.
</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">10. Inter se anomaly on account of sanction of PQP has also been taken into account.
</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">11.The new scales of pay ranges from Rs. 48480/- to Rs.173860/- covering all the scales </span><span style="font-family: arial;">from Scale I to VII, with effect from 01.11.2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">12.Reworking of the Dearness allowance formula: The conversion factor on account of </span><span style="font-family: arial;">merger of Dearness Allowances worked out at 0.0549. Instead of being rounded off to </span><span style="font-family: arial;">0.05, it is raised to 0.06 extending benefit to serving and retired officers.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">13.The index for dearness allowance is shifted from 1960=100 series to 2016=100 series </span><span style="font-family: arial;">resulting into shifting the conversion factor from 0.06 to 0.99 as per 2016=100 series </span><span style="font-family: arial;">benefitting the officers with enhanced dearness allowance.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">14.The factor of 0.99 as per 2016=100 series is converted to 1.00 improving the </span><span style="font-family: arial;">dearness allowance further. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">15.Thus, there will be additional benefit in percentage terms in dearness allowance as per </span><span style="font-family: arial;">the agreed changes negotiated above. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">16.The Dearness Allowance shall be payable as 1.00 % of ‘pay’ per percentage point of </span><span style="font-family: arial;">Index. The DA in the above manner shall be paid for every variation of rise or fall over </span><span style="font-family: arial;">123.03 points in the quarterly average of the All India Consumer Price Index for Industrial </span><span style="font-family: arial;">Workers Base 2016=100. 0.01% change in DA on ‘pay’ for change in every second </span><span style="font-family: arial;">decimal place of CPI 2016 over 123.03 points. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">17.Dearness Relief on pension in the above manner shall be paid half yearly for every </span><span style="font-family: arial;">variation of rise or fall over 123.03 points in the quarterly average of the All-India </span><span style="font-family: arial;">Consumer Price Index for Industrial Workers Base 2016=100.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">18.Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II after </span><span style="font-family: arial;">reaching maximum of the higher scale are presently eligible for five stagnation </span><span style="font-family: arial;">increments. With effect from 1st November, 2022, these officers shall be eligible for </span><span style="font-family: arial;">seven stagnation increments with frequency of two years each, of which first two shall </span><span style="font-family: arial;">be Rs. 2680/- each and next five shall be Rs. 2980/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">19.Officers in MMG Scale II who have moved to Scale of Pay for MMG Scale III after </span><span style="font-family: arial;">reaching maximum of higher scale are presently eligible for five stagnation increments. </span><span style="font-family: arial;">With effect from 1st November, 2022 these officers shall be eligible for seven </span><span style="font-family: arial;">stagnation increments with frequency of two years each, of Rs.2980/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">20.Officers in substantive MMG Scale III i.e. those who are recruited in or promoted to </span><span style="font-family: arial;">MMG Scale III are presently eligible for six stagnation increments after reaching </span><span style="font-family: arial;">maximum of the scale. With effect from 1st November, 2022, these officers shall be </span><span style="font-family: arial;">eligible for eight stagnation increments, with frequency of two years each, of which </span><span style="font-family: arial;">first four shall be Rs. 2980/- each and next four shall be of Rs. 3360/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">21.Officers in SMG Scale IV are presently eligible for two stagnation increments. With </span><span style="font-family: arial;">effect from 1st November, 2022, these officers shall be eligible for five stagnation </span><span style="font-family: arial;">increments after reaching maximum of the scale, with frequency of two years each, of </span><span style="font-family: arial;">which the first stagnation increment shall be Rs. 3360/- and next four shall be of Rs. </span><span style="font-family: arial;">3680/- each. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">22.Officers in SMG Scale V are presently eligible for one stagnation increment. With effect </span><span style="font-family: arial;">from 1st November, 2022, these officers shall be eligible for four stagnation </span><span style="font-family: arial;">increments after reaching maximum of the scale, with frequency of two years each of </span><span style="font-family: arial;">Rs.4000/- each.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">23.Officers in TEG Scale VI shall be eligible for three Stagnation Increments after </span><span style="font-family: arial;">reaching maximum of scale, with frequency of two years each, out of which first two shall </span><span style="font-family: arial;">be of Rs.4000/- each and the third stagnation shall be of Rs.4340/-.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">24.Officers in TEG Scale VII shall be eligible for three Stagnation Increments of </span><span style="font-family: arial;">Rs.4340/- each, with frequency of two years each after reaching maximum of scale. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">25.Fitment on Promotion - Every Officer on promotion shall be fitted in a higher </span><span style="font-family: arial;">stage in the new scale of pay with a protection of a minimum differential of one </span><span style="font-family: arial;">increment in Pay drawn by him/her in the pre-promoted cadre or scale, </span><span style="font-family: arial;">removing the anomaly in fitment.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">26.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon, </span><span style="font-family: arial;">with effect from 01.11.2022 for JMGS I is 26.50%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">27.Disintegration of scales for payment led to higher payment of Special allowance to MMGS </span><span style="font-family: arial;">II and MMGS III. The Special Allowance, as percentage of basic pay, carrying the </span><span style="font-family: arial;">applicable DA thereon, with effect from 01.11.2022, for MMGS II and MMGS III is </span><span style="font-family: arial;">28.30%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">28.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon, </span><span style="font-family: arial;">with effect from 01.11.2022 for SMGS IV and SMGS V is 30.50%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">29.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon, </span><span style="font-family: arial;">with effect from 01.11.2022 for Scale VI and Scale VII is 31.50%</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">30.Fixed Personal Pay has been proportionately increased with applicable DA thereon. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">31.House Rent allowance has been increased to 8%, 9% and 10% of pay, in respect to the </span><span style="font-family: arial;">area of posting.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">32.Capital cost on account of HRA increased to 12%, 13.5% and 15%, respectively.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">33.The city compensatory allowance (CCA) has been increased to Rs 1900/- per month and </span><span style="font-family: arial;">Rs 2300/- per month based on place of posting. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">34.Location Allowance – W.e.f. 01.11.2022 a fixed allowance of Rs.1200 /- p.m. is payable </span><span style="font-family: arial;">to all Officers posted in areas other than the areas that are eligible for CCA.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">35.Deputation allowance - An Officer deputed to serve outside the bank to an organization </span><span style="font-family: arial;">in a different place other than the present place of posting will be paid deputation </span><span style="font-family: arial;">allowance @ 7.75% of Pay with a maximum of Rs. 7500/- per month</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">36.An Officer deputed to another organization at the same place or to the training </span><span style="font-family: arial;">establishment not owned by the Bank will be paid deputation allowance @ 4% of Pay </span><span style="font-family: arial;">with a maximum of Rs.3750/- per month.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">37.Upon deputation of an Officer to another office / branch within the same municipal limits/ </span><span style="font-family: arial;">urban agglomeration, in Metro / Major ‘A’ Class cities where the distance of such </span><span style="font-family: arial;">deputation is 20 km and more from the parent branch / office, halting allowance shall be </span><span style="font-family: arial;">payable.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">38.Hill and Fuel allowance for Places with an altitude of 1000 meters and above but less than </span><span style="font-family: arial;">1500 meters will be paid @ 2% of Pay subject to a maximum of Rs. 1450 per month. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">39.Hill and Fuel allowance for Places with an altitude of 1500 meters and above but less than </span><span style="font-family: arial;">3000 meters will be paid @ 2.5% of Pay subject to a maximum of Rs. 1900/- per month </span><span style="font-family: arial;">40.Hill and Fuel allowance for Places with an altitude of 3000 meters and above will be paid </span><span style="font-family: arial;">@ 5% of Pay subject to a maximum of Rs. 3750/- per month</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">41.Special area allowance is revised as extended to central government employees.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">42.Learning allowance has been increased to Rs 850/- per month plus applicable DA thereon.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">43.Officiating Pay - On and from 01.04.2024, an Officer who is required to officiate </span><span style="font-family: arial;">in a post in a higher scale for a continuous period of not less than 4 days at a </span><span style="font-family: arial;">time OR an aggregate of 4 days during a calendar month, shall receive an </span><span style="font-family: arial;">officiating pay equal to 15% of the Basic pay of the person officiating.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">44.Officiating pay will be eligible not only for Superannuation benefits, but also for </span><span style="font-family: arial;">Dearness allowance and House rent allowance.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">45.Mid Academic Transfer allowance has been increased from Rs 1650/- to Rs 2500 p.m. </span><span style="font-family: arial;">per child. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">46.Closing allowance has been increased to Rs 1500 per quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">47.Halting allowance has been increased by 50% across the board. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">48.For scale I to Scale III, the halting allowance will range from Rs 1800/- to Rs 2925/- per </span><span style="font-family: arial;">day.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">49.For scale IV and V, the halting allowance will range from Rs 2150/- to Rs 3375/- per day.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">50.For scale VI and Scale VII, the halting allowance will range from Rs 2150/- to Rs 4050/-</span><span style="font-family: arial;">per day.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">51.Lumpsum compensation on transfer has been increased to Rs 40000 for Scale I to Scale </span><span style="font-family: arial;">III.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">52.Lumpsum compensation on transfer has been increased to Rs 50000 for Scale IV and </span><span style="font-family: arial;">above. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">53.Upon transfer, either 15 days lodging & boarding charges or 15 days Halting Allowance </span><span style="font-family: arial;">shall be paid to all officers, from the date of joining at new place.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">54.On and from 1st November, 2022, reimbursement of medical expenses shall be Rs. </span><span style="font-family: arial;">13000/- p.a. for Officers in JMG & MMG (Other than SBI).</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">55.Reimbursement of medical expenses shall be Rs. 15400/- p.a. for Officers in SMG & TEG scales(other than SBI).</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">56.Definition of Family: The income criterion for the term wholly dependent family member </span><span style="font-family: arial;">has been increased to Rs.18,000/- (improved from 12000/-). </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">57.Physically and mentally challenged children, irrespective of age, shall be construed as </span><span style="font-family: arial;">dependents even after their marriage, subject to income criteria</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">58.Officers can now have any two of the parents or parents-in-law as dependents. The </span><span style="font-family: arial;">employee will have the choice to substitute either of the dependents or both once in a </span><span style="font-family: arial;">calendar year.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">59.Entitlement distance increased to 5500 kms (one way) for officers in JMG-Scale-I, MMG </span><span style="font-family: arial;">– Scale II & III. For scale IV and above the same will be for 6500 Km (one way).</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">60.An officer in Junior Management Grade will be entitled to travel by AC 1st class by any </span><span style="font-family: arial;">train including Premium Trains like Rajdhani/ Shatabdi/ Tejas/ Vande Bharat/ Amrit </span><span style="font-family: arial;">Bharat, etc. (except luxury trains). </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">61.Reimbursement of fare by premium trains as mentioned above (except luxury trains) </span><span style="font-family: arial;">shall be allowed to all officers.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">62.Where an officer has applied for LTC/Leave in advance and has also booked the tickets </span><span style="font-family: arial;">and the LFC is declined or deferred by the management, the cancellation charges will </span><span style="font-family: arial;">be reimbursed by the Bank</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">63.Where an officer has applied for LFC/leave as per stipulated time and the same is </span><span style="font-family: arial;">sanctioned and when advance booking of train tickets is not possible, tickets purchased </span><span style="font-family: arial;">under Tatkal/Premium tatkal will be reimbursed.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">64.GST Charges levied on Train Fare shall be over and above the entitlement. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">65. In view of prevailing dynamic fare system, the cost of train tickets charged on the date </span><span style="font-family: arial;">of booking will be reimbursed.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">66.LTC / HTC can be availed independently where both husband and wife are working in the </span><span style="font-family: arial;">same Bank.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">67.Air travel eligibility for travel beyond 500 Kms (reduced from 1000 kms).</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">68.Additional reimbursement under LFC for officers working in areas not connected by train.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">69.LTC facility shall be allowed for an escort who accompanies an Officer with benchmark </span><span style="font-family: arial;">disabilities on the journey, subject to certain conditions.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">70.A provision will be put in place to record the reason for refusal or postponement of leave </span><span style="font-family: arial;">by the management.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">71.A single male parent can avail sick leave for the sickness of his child of 8 years and below.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">72.Employees can avail sick leave for the sickness of their Special Child of 15 years and </span><span style="font-family: arial;">below for a maximum period of 10 days in a calendar year.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">73.All Women employees shall be allowed to take one day Sick Leave per month </span><span style="font-family: arial;">without production of medical certificate.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">74. In case of employees of the age of 58 years and above, sick leave may be granted </span><span style="font-family: arial;">towards hospitalization of the spouse at a centre other than the place of work and for a </span><span style="font-family: arial;">maximum period of 30 days in a calendar year.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">75.An employee shall be granted sick leave at the rate of one month for each year of </span><span style="font-family: arial;">service subject to a maximum of 720 days during the entire service.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">76. In partial modification of Leave Rules, Annexure VI clause 3 of Joint Note dated 11th </span><span style="font-family: arial;">November, 2020, the following shall be added as Note 3 - “In case of delivery of more </span><span style="font-family: arial;">than two children in one single delivery, Maternity Leave shall be granted upto 12 </span><span style="font-family: arial;">months.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">77.Employees shall be granted Bereavement Leave on the demise of the family members </span><span style="font-family: arial;">(spouse, children, parents and parent-in-law) and number of days of such leave shall </span><span style="font-family: arial;">be decided by each Bank at their level. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">78.Officers who are Defence Representatives in departmental enquiries will be granted one </span><span style="font-family: arial;">day special leave for preparing defence submissions, subject to maximum 10 such leaves.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">79.Maternity Leave shall be granted once to a female employee for a maximum period of 9 </span><span style="font-family: arial;">months, for legally adopting a child who is below one year of age, all other conditions remaining the same.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">80.Maternity Leave may be granted for In vitro fertility (IVF) treatment subject to production </span><span style="font-family: arial;">of medical certificate, within the overall limit of 12 months.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">81.Four Half Day Casual Leaves have been introduced for all employees.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">82.A total of two days of Casual leave may be availed for half a day on 4 occasions in a year </span><span style="font-family: arial;">out of which 2 occasions would be in the morning and 2 occasions in the afternoon.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">83.Casual Leave under the above category can be availed after applying 24 hours in </span><span style="font-family: arial;">advance.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">84.Special maternity leave upto 60 days shall be granted in case of still born or death of the </span><span style="font-family: arial;">infant within 28 days of birth.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">85.Accumulated privilege leave may be encashed upto 255 days at the time of </span><span style="font-family: arial;">retirement/upon death of an employee while in service.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">86.Leave Bank Scheme - A staff welfare scheme under which provision would be made for </span><span style="font-family: arial;">voluntary encashment of Privilege Leave by the employees and the monetized value of </span><span style="font-family: arial;">such leave would be pooled under a Leave Bank system, out of which, special leave would </span><span style="font-family: arial;">be sanctioned to the employees affected by contingencies who have exhausted all their </span><span style="font-family: arial;">leaves.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">87.All the Banks to evolve and implement a scheme for periodical health checkup of all </span><span style="font-family: arial;">employees wherever it is not available. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">88.All employees shall be allowed reimbursement of Rs. 500 per year towards annual eye </span><span style="font-family: arial;">check-up</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">89.A Committee will be formed to review other provisions of NPS in line with Central </span><span style="font-family: arial;">Government employees viz. regarding the Choice of Fund Schemes and Fund Managers.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">90. An additional amount will be paid as Ex-Gratia per month to all Pensioners. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">91.Monthly ex-gratia amount shall be paid in addition to the pension/family pension paid by </span><span style="font-family: arial;">the public sector Banks including SBI, to pensioners and family pensioners, who became </span><span style="font-family: arial;">eligible to draw pension on or before 31st October, 2022 including those who retired on </span><span style="font-family: arial;">31.10.2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">92.Such fixed monthly ex-gratia shall be payable for the month of November, 2022 and </span><span style="font-family: arial;">onwards during the period 01-11-2022 to 31-10-2027.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">93. It has been agreed and already extended the benefit of 100% DA neutralisation for Pre November 2002 pensioners. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">94.DA rates will be on uniform basis of 100% neutralisation as in the case of employees/ </span><span style="font-family: arial;">officers/ pensioners/ family pensioners.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">95.Disciplinary & Appeal Regulations and procedure thereof - Comprehensive Guidelines on </span><span style="font-family: arial;">Discipline & Appeal Regulations will be brought out after mutual discussion within 3 </span><span style="font-family: arial;">months from the signing of this joint Note.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">96. Special compensatory provisions in respect of State Bank of India for certain benefits </span><span style="font-family: arial;">as mentioned in the joint note, will be reviewed and settled at bank level.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">97. LTC Monetisation Scheme covering air fare on the lines of some other Banks in the </span><span style="font-family: arial;">Industry, will be evolved for all Banks after further deliberations.</span><span style="font-family: arial;">Comrades, these are some benefits listed herein. The Joint Note addressed many anomalies with </span><span style="font-family: arial;">respect to salaries, fitments across the scales, aiming to restore the dignity of officers.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Any achievements or the benefits in the joint note are not only attributable to present </span><span style="font-family: arial;">negotiations but is also a testament of years of hard work and struggles of AIBOC and its </span><span style="font-family: arial;">members. We congratulate and thank all our affiliates, past and present leaders, all state units, </span><span style="font-family: arial;">the <b><u><span style="color: #2b00fe;"><a href="https://aiboc.org/" target="_blank">AIBOC</a></span></u></b> secretariat team and all the members for having unflinching trust in AIBOC, and for </span><span style="font-family: arial;">staying united, disciplined and resolute during this entire wage revision exercise. We, thus, </span><span style="font-family: arial;">dedicate all the achievements of this Joint Note to our dedicated members across the fraternity. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">There are certain issues which could not be taken to a logical conclusion in the current exercise </span><span style="font-family: arial;">till the signing of the joint note, and which have been minutised as residual issues with IBA. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">These will be further discussed and deliberated upon, for them to become a reality in the days </span><span style="font-family: arial;">to come.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;"><b><u><span style="color: #2b00fe;"><a href="https://aiboc.org/" target="_blank">AIBOC</a></span></u></b> is always determined to achieve the maximum benefits for its members, and we will </span><span style="font-family: arial;">continue to strive for more. This Joint Note surely heralds a new chapter in our journey, </span><span style="font-family: arial;">promising a future replete with opportunities for growth, wellbeing, and professional fulfilment. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Let us embrace these changes with open arms and continue to strive for excellence in all our </span><span style="font-family: arial;">endeavours. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">More challenges await us as we move forward, yet we are confident that our collective efforts </span><span style="font-family: arial;">would always lead us to right path.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="color: #cc0000; font-family: arial; font-size: large;"><b><u>Joint Note:</u></b></span></p><div style="text-align: right;"><div><br /></div><span><b>
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</div></div></b></span></div><p> </p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com1tag:blogger.com,1999:blog-1957662472433973565.post-21278731459877700392024-03-04T07:59:00.000-08:002024-03-04T09:43:48.116-08:0012th Bipartite Settlement latest update : Next meeting of Wage revision<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_ojq0SHeuuHzJxMWFZWOLElWuQhXCyZp0C56r8rjnzIvdphauHJysQOUiqejvdbJoAbVN2jkkvK_hGuahx9fR4ymoXfudvXGqgnvMcc8qpuonH_PyqMp4nK4xZvoaZ1TO1so8cAfhPY97AD8A6dyrZwPO6HzOnm2QCvkqm9WoEu51O-YnxYCACIUDjWU/s615/images.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="615" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_ojq0SHeuuHzJxMWFZWOLElWuQhXCyZp0C56r8rjnzIvdphauHJysQOUiqejvdbJoAbVN2jkkvK_hGuahx9fR4ymoXfudvXGqgnvMcc8qpuonH_PyqMp4nK4xZvoaZ1TO1so8cAfhPY97AD8A6dyrZwPO6HzOnm2QCvkqm9WoEu51O-YnxYCACIUDjWU/s320/images.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjsLGqXdbBf_KWGQvwLxBGzs7Uj6Y5viKPclMcwTCDaYbQDc_XB_Q7pv6YpG-o5us4iUcMLy87V9dmAHBrJAFj-6HWb-6qT5Qc468vz__kMPglWk0cm3_uGAVi5V5oH7_xBBWoLLjk8KBrHq1SXdph8JzSJulooCoUO6SqKE2veUS14X4_PQGA_ke1xBQ/s1560/Screenshot_20240304-210333_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1560" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjsLGqXdbBf_KWGQvwLxBGzs7Uj6Y5viKPclMcwTCDaYbQDc_XB_Q7pv6YpG-o5us4iUcMLy87V9dmAHBrJAFj-6HWb-6qT5Qc468vz__kMPglWk0cm3_uGAVi5V5oH7_xBBWoLLjk8KBrHq1SXdph8JzSJulooCoUO6SqKE2veUS14X4_PQGA_ke1xBQ/s16000/Screenshot_20240304-210333_Microsoft%20365%20(Office).jpg" /></a></div><div><br /></div><span style="font-family: arial;"><div style="text-align: justify;">MoU signed between constituent Unions/Associations of <a href="https://www.latestbankupdate.com/search/label/UFBU?&max-results=8" target="_blank"><b><span style="color: #cc0000;">UFBU</span></b></a> and IBA representing the management of banks on 7th December, 2023 in which it was agreed that endeavor will be made to finalize the Bipartite Settlement /Joint Note within a period of 180 days from the date of the signing of the minutes.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><span style="font-size: medium;"><b>Also Read :<span style="color: #cc0000;"> <u><span><a href="https://www.latestbankupdate.com/2023/07/5-days-banking-latest-upsate.html" target="_blank">5 Days Banking Latest Update</a></span></u></span></b></span></div><div style="text-align: justify;"><span style="font-size: medium;"><b><u><br /></u></b></span></div></span><p></p><div style="text-align: justify;"><span style="font-family: arial;">In this connection, it has been decided, in consultation with the Chairman, Negotiating Committee of IBA - <span style="font-size: medium;"><a href="https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.centralbankofindia.co.in/en/about-us/board-of-director&ved=2ahUKEwi5nqSdk9uEAxVbklYBHVxiCS4QFnoECCkQAQ&usg=AOvVaw3mm8CylIRjj2rJCenZHEy0" target="_blank"><span style="color: #cc0000;">Shri M V Rao, MD & CEO</span></a>, Central Bank of India</span> to convene a meeting of the constituent Unions/Associations of <b><u><span style="color: #cc0000;"><a href="https://www.latestbankupdate.com/search/label/UFBU?&max-results=8" target="_blank">UFBU</a></span></u></b> and IBA representing the management of banks to conclude the Bipartite Settlement /Joint Note followed by formalizing it by signing the same with the representatives of Constituent Workmen Unions/ Officers' Associations on <span style="font-size: medium;"><b>Monday, 11th March 2024 at 3.00 p.m.</b></span> onwards in Chennai. Details of the programme and venue shall be informed in due course.</span></div><div style="text-align: justify;"><span style="font-family: arial;"><br /></span></div><div style="text-align: justify;"><span style="font-family: arial;"><br /></span></div><div style="text-align: justify;"><br /></div>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-37723190893554459452024-02-25T04:41:00.000-08:002024-02-25T05:09:57.356-08:00Bank unions go ahead for 5-day week before Bipartite settlement <p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuRqt_XddXTQgKhHk08nInVbxHJVazHr0UWaTWwka2v_PCHYhjXSs8RXIVt8kXAvEuNPQkVB3IjyZJrmp0iEvwqu2xMI-GO2OYnbWcWIM5bR2g4BAUQRH05c_8mj6y7Fl_EhZb9WjUDsfFOqVltyuQHA3U9U6gN3eJtaveSHk4a7OKjZ36siQw7piRPfQ/s1123/5%20days%20banking-%20LatestBankUpdate.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="717" data-original-width="1123" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuRqt_XddXTQgKhHk08nInVbxHJVazHr0UWaTWwka2v_PCHYhjXSs8RXIVt8kXAvEuNPQkVB3IjyZJrmp0iEvwqu2xMI-GO2OYnbWcWIM5bR2g4BAUQRH05c_8mj6y7Fl_EhZb9WjUDsfFOqVltyuQHA3U9U6gN3eJtaveSHk4a7OKjZ36siQw7piRPfQ/s320/5%20days%20banking-%20LatestBankUpdate.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />A <a href="https://www.latestbankupdate.com/search/label/5%20Days%20Banking?&max-results=8" target="_blank"><b><span style="color: #cc0000;">five-day work week</span></b></a> in banks is something that the United Forum of Bank Unions, a coalition that represents bank employee unions, has urged in a letter to Finance Minister Nirmala Sitharaman. As per the terms of a 2015 settlement, banks are currently closed on the second and fourth Saturdays of every month.</span><p></p><span style="font-family: arial;"><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The <a href="https://www.latestbankupdate.com/search/label/UFBU?&max-results=8" target="_blank"><b><span style="color: #cc0000;">United Forum of Bank Unions(UFBU)</span></b></a> guarantees in its proposal that there would be no decrease in the total number of hours that customers can bank or that officers and workers can work if the switch to a five-day workweek is approved. This position is consistent with the agreement that was made with the Indian Banks' Association.</div>
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<div style="text-align: justify;"><br /></div></span><div><div style="text-align: justify;"><span style="font-family: arial;">The union has requested that the finance minister take a positive perspective of the situation and instruct the Indian Banks' Association to move forward with the necessary steps. The five-day workweek is already popular in RBI and LIC, according to the United Forum of Bank Unions. It was agreed upon during the 2015 settlement, according to the bank staff union, to "consider our demand for declaring remaining Saturdays as holidays at a later stage after implementing the provision for holidays on two Saturdays in a month."</span></div><span style="font-family: arial;"><div style="text-align: justify;"><br /></div>
<div style="text-align: justify;">On December 7, 2023, the Indian Banks' Association and bank unions signed a memorandum of understanding over pay revision and improvements to bank employees' service conditions.</div><div style="text-align: justify;"><br /></div></span></div><div><div style="text-align: justify;"><span style="font-family: arial;">The United Forum of Bank Unions notes the prompt completion of discussions made possible by the memorandum of understanding between bank unions and the IBA, and thanks the finance minister and government for taking their concerns into consideration.</span></div><span style="font-family: arial;"><div style="text-align: justify;"><br /></div>
<div style="text-align: justify;">"You are fully aware of the mounting pressure that the bank employees face while carrying out their duties. Therefore, it would be appropriate to declare the remaining Saturdays as holidays as well. The United Forum of Bank Unions stated, "We will appreciate it if you will take a favorable view of the situation and advise the IBA to move forward in this area.</div><div style="text-align: justify;"><br /></div></span></div><div><div style="text-align: justify;"><span style="font-family: arial;">The <b><a href="https://www.latestbankupdate.com/search/label/IBA?&max-results=8" target="_blank"><span style="color: #cc0000;">Indian Banks' Association</span></a></b> and bank employee unions came to an agreement last year on a memorandum of understanding (MoU) that increased pay in all public sector banks in India by 17%, or Rs 12,449 crore. About nine lakh workers, including 3.8 lakh officers, from PSU banks like SBI and a few older private banks will gain from this increase. Following discussions between the Indian Banks' Association and labor union officials on December 7, 2023, the Memorandum of Understanding was signed, pledging to complete the pay revision within 180 days.</span></div><div style="font-family: arial; text-align: justify;"><br /></div><div style="text-align: justify;"><span style="font-family: georgia; font-size: medium;"><b>Also Read :<span style="color: #2b00fe;"> </span><a href="https://www.latestbankupdate.com/2023/07/5-days-banking-latest-upsate.html" style="box-sizing: inherit; color: #2b00fe; text-align: left; touch-action: manipulation; transition: all 0.5s ease 0s;" target="_blank">5 Days Banking Latest Update</a></b></span></div><div style="font-family: arial; text-align: justify;"><br /></div><span style="font-family: arial;"><div style="text-align: justify;">According to the terms of the Memorandum of Understanding, both parties must gather together in order to prepare a thorough Bipartite Settlement/Joint Note based on problems that have been mutually agreed upon. The procedure must be completed within the allotted time limit. One of the agreement's main features is the implementation of a five-year salary revision starting on November 1, 2022. Based on the fiscal year 2021–22 pay slip expenses, the 17% rise in salary and benefits comes to Rs 12,449 crore for all public sector banks, including the State Bank of India. Furthermore, a total increase of Rs 1795 crore will be achieved by combining Dearness Allowance with basic pay with an extra 3% loading.</div></span><div style="text-align: justify;"><br /></div></div>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-21297009205708699142024-02-22T07:58:00.000-08:002024-02-22T07:58:29.664-08:00These three PSU Banks get new Chairman <p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXRUz7oolmqCnrs3kNj3bc4gpWfYHAF5Jg57HMqi4W-CYCuTsvQ4tLSRviz5QGjEDpONBduAkscMuY7iyBUfoOZvneRcJ6uOpvzWO7MEpxEhSMPpzCGnJCm_ef5aZxOEuausSWAFCIG-AEAzO2qr6fnrHXTUnf245J5rjrToyfFF8iMFZfFAPsXMrOLs/s400/PSU%20bank-latestbankupdates.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="156" data-original-width="400" height="125" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXRUz7oolmqCnrs3kNj3bc4gpWfYHAF5Jg57HMqi4W-CYCuTsvQ4tLSRviz5QGjEDpONBduAkscMuY7iyBUfoOZvneRcJ6uOpvzWO7MEpxEhSMPpzCGnJCm_ef5aZxOEuausSWAFCIG-AEAzO2qr6fnrHXTUnf245J5rjrToyfFF8iMFZfFAPsXMrOLs/s320/PSU%20bank-latestbankupdates.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />The Appointments Committee of the Cabinet (ACC) has appointed former LIC Chairman M R Kumar as part time non official Director as well as non-executive Chairman of Bank of India (BOI).</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"> </span></p><p style="text-align: justify;"><span style="font-family: arial;">He has been appointed as BOI Chairman for a term of three years.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">ACC has also appointed Srinivasan Sridhar, as part time non official Director as well as non Executive Chairman on the Board of Indian Overseas Bank (IOB). Sridhar has been appointed for a term of three years subject to the condition that he resigns from the Board of Bank of Baroda.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">In another decision, ACC has appointed Aravamudan Krishna Kumar as part time non official Director as well as non Executive Chairman on the Board of UCO Bank. Kumar has been appointed for a term of three years subject to his resignation from the Board of Suraksha Asset Reconstruction Limited, according to an order issued by the Department of Personnel & Training.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-66330501665215695852024-02-18T09:50:00.000-08:002024-02-18T10:00:18.390-08:00PSU banks profit increased by 40% in FY24; Which is the top performing lenders?<p style="text-align: justify;"><span style="font-family: arial;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz1Se6X77YlcS7Kf-2YvviWN_Xna4K_gKrls0Ggt6cvuYT8ukECH8EPImn0bczS934duAFkNGOYsenhhSZ_M0J48sV9BIcWfc3A7e64W2xnTSWxrzCDdCRsR9CS22kc85TyOSZvo54WDtUi4x8wc9AirDODaP0jCKL1lD-PcDw98ZUwX-HjeSghReSnck/s301/images%20(1).jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="167" data-original-width="301" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz1Se6X77YlcS7Kf-2YvviWN_Xna4K_gKrls0Ggt6cvuYT8ukECH8EPImn0bczS934duAFkNGOYsenhhSZ_M0J48sV9BIcWfc3A7e64W2xnTSWxrzCDdCRsR9CS22kc85TyOSZvo54WDtUi4x8wc9AirDODaP0jCKL1lD-PcDw98ZUwX-HjeSghReSnck/s1600/images%20(1).jpeg" width="301" /></a></span></div><span style="font-family: arial;"><br />Due to increased interest revenue, decreased credit costs, and better asset quality, public sector banks were able to record another respectable set of results for the December quarter. Twelve Indian public sector banks (PSBs) reported a total profit in <a href="https://www.latestbankupdate.com/search/label/Q3%20results?&max-results=8" target="_blank">Q3FY24</a> of Rs. 30,297 crore, up 3.84% from Rs. 29,175 crore during the same time the previous year.</span><p></p><span style="font-family: arial;"><div style="text-align: justify;"><br /></div><div style="text-align: justify;">PSBs have made a cumulative profit of Rs. 98,358 crore for the first nine months of the current financial year, up 40.17% from Rs. 70,166 crore during the same period last year. Public sector banks made a total profit of roughly Rs. 34,418 crore in Q1 and Rs. 33,643 crore in Q2 of the current fiscal year.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">In Q3, <a href="https://www.latestbankupdate.com/search/label/Punjab%20National%20Bank?&max-results=8" target="_blank"><span style="color: #2b00fe;">Punjab National Bank</span></a>'s net profit increased by 253% YoY to Rs. 2,223 crore, making it the top performer in terms of percentage profit growth. Improved asset quality and increased interest revenue contributed to the largest profit in the previous fifteen quarters.</div>
<div style="text-align: justify;"><b><br /></b></div><div style="text-align: justify;"><b><span style="font-size: medium;">Also Read: <u><a href="https://latestbankupdate.blogspot.com/search/label/Q3FY24?&max-results=20" target="_blank"><span style="color: #2b00fe;">Results of PSU & Private Banks for Q3FY24</span></a></u></span></b></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">With a YoY increase in net profit of nearly 62% and a total of Rs. 1,870 crore, <a href="https://www.latestbankupdate.com/search/label/Bank%20of%20India?&max-results=8" target="_blank">Bank of India</a> emerged in second place, largely due to declining bad loan levels.</div>
<div style="text-align: justify;"><br /></div><div style="text-align: justify;">Following closely behind, Union Bank of India reported a 60% increase in net profit to Rs. 3,590 crore in Q3 FY24 from Rs. 2,245 crore in the December quarter of FY23. Its other revenue increased dramatically to Rs. 3,774 crore, up 15.37% YoY.</div><div style="text-align: justify;"><br /></div></span><div><div style="text-align: justify;"><span style="font-family: arial;">Similarly, the Central Bank of India reported a 56% YoY increase in net profit in Q3 FY23 to Rs. 718 crore, up from Rs. 458 crore in Q3 FY23.</span></div><span style="font-family: arial;"><div style="text-align: justify;"><br /></div><div style="text-align: justify;">In Q3 FY24, Bank of Maharashtra also reported strong results, with its net profit rising 34% to Rs. 1,036 crore. The bank reported a net profit of Rs. 775 crore for the same period in the previous year.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">At a time when most public sector lenders are struggling to achieve double-digit growth, the bank recorded the highest growth rate in terms of deposit mobilization. In the third quarter ending in December 2023, just two of the twelve public sector banks—Bank of Maharashtra (BoM) and State Bank of India (SBI)—saw double-digit increase in deposits.</div><div style="text-align: justify;"><br /></div></span></div><div><div style="text-align: justify;"><span style="font-family: arial;">The standalone net earnings of Indian Overseas Bank, Canara Bank, and <a href="https://www.latestbankupdate.com/search/label/Bank%20of%20Baroda?&max-results=8" target="_blank"><span style="color: #2b00fe;">Bank of Baroda</span></a> increased at rates of 30.27%, 27%, and 19% year over year, respectively.</span></div><span style="font-family: arial;"><div style="text-align: justify;"><br /></div>
<div style="text-align: justify;"><a href="https://www.latestbankupdate.com/search/label/state%20bank%20of%20india?&max-results=8" target="_blank"><span style="color: #2b00fe;">State Bank of India (SBI)</span></a> announced a 35.50% YoY decline in its standalone net profit to Rs. 9,164 crore, attributed to weaker other income and increased pay provisions. In 3Q, SBIN set aside Rs. 6,300 crore for wage-related expenses, representing a 17% increase in pay.</div>
<div style="text-align: justify;"><br /></div><div style="text-align: justify;">During the same period, standalone net profit of UCO Bank and Punjab & Sind Bank decreased year over year by 23% and 69%, respectively.</div></span><div style="text-align: justify;"><br /></div></div>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-80126029402170071102024-02-14T04:48:00.000-08:002024-02-14T04:50:56.615-08:00Latest news of Bipartite Settlement- Meeting on 14.02.2024<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkvtlvWOtZ-ftmSqvgAAlGV-_BTVlEMDcdkZkbrY5B4Wdkc4oiRDbUbckfGUDj2ut8F8LWLZ2pmHPV-s4ks2wXqzGvrd_Pys63JAmuRP-18zB2P5N7n0Zhv4JDiI9zv5kPXfimm24bOW4F_Vea0pfGnVvsy4KwqFowL7VwKgwwoO7Gnu655NY3lk3KiEM/s615/images.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="615" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkvtlvWOtZ-ftmSqvgAAlGV-_BTVlEMDcdkZkbrY5B4Wdkc4oiRDbUbckfGUDj2ut8F8LWLZ2pmHPV-s4ks2wXqzGvrd_Pys63JAmuRP-18zB2P5N7n0Zhv4JDiI9zv5kPXfimm24bOW4F_Vea0pfGnVvsy4KwqFowL7VwKgwwoO7Gnu655NY3lk3KiEM/s320/images.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSpWIyBabMfXs4cD_fsh1faqGFacm_8mPdYFgxsq2KOYb5x-zCuIR-ouqglIMfvHeqKjCciaUm7MtoapTnNgBhGFIBiDIS-mFhY-USKZGV6b_Ffq9-B3y_YcRjwfqK69cV4XOMegoJQPcvNSVUqVZmciE_ptptI8oztUFtB4W5ygkHGhVz7T9FbQd9TyI/s1682/20240214_181443.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1682" data-original-width="1190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSpWIyBabMfXs4cD_fsh1faqGFacm_8mPdYFgxsq2KOYb5x-zCuIR-ouqglIMfvHeqKjCciaUm7MtoapTnNgBhGFIBiDIS-mFhY-USKZGV6b_Ffq9-B3y_YcRjwfqK69cV4XOMegoJQPcvNSVUqVZmciE_ptptI8oztUFtB4W5ygkHGhVz7T9FbQd9TyI/s16000/20240214_181443.jpg" /></a></div><br /><p></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-82720487386368701452024-02-05T09:06:00.000-08:002024-02-11T06:52:30.526-08:00PSU Banks Q3FY24 results comparisons <p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi51IW5pGQp6huBhA21RR0bCTResyjk3kWRfhIzhlfE-oGcuFU1F8DwtWhMHER7c9WbDARvP6_jA4-d-_pPqoHQyAJDKjCeo-XuzRlJhnU-gp0uzxVBlrnAgjTT6Pb9ll2gF2BU3CcQswAu50LZ6E5KC43XzSkT92-NgnC18DZxpHPwKLXOu0mC57Q6KGA/s259/Q3%20Quaterly%20result-latest%20bank%20updates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="218" data-original-width="259" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi51IW5pGQp6huBhA21RR0bCTResyjk3kWRfhIzhlfE-oGcuFU1F8DwtWhMHER7c9WbDARvP6_jA4-d-_pPqoHQyAJDKjCeo-XuzRlJhnU-gp0uzxVBlrnAgjTT6Pb9ll2gF2BU3CcQswAu50LZ6E5KC43XzSkT92-NgnC18DZxpHPwKLXOu0mC57Q6KGA/s1600/Q3%20Quaterly%20result-latest%20bank%20updates.jpg" width="259" /></a></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: arial;">All Public Sector Banks of India has declared result of Q3FY24. All PSU banks generates profit for this quarter. Let's compare the results of these banks. </span></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-_BTPAvtnpGuvGNvJ8iXJTU4BLgRXlIvsP4Ah63ogT_76y92wtYdBtxDAUDQluPSp2an3yhQbLqfwiDF1L_f5Y50Uc_Xx0NlRLeUFAKvd0rz0hn7aDwJuIiUrw2Ur4_vP1ROglg2lN3kJoocCG6hi3O4WqrJGaEX5c2san1HBmNJLKjvu6zeKzQ-zH9A/s1675/Screenshot_20240205-222016_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1675" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-_BTPAvtnpGuvGNvJ8iXJTU4BLgRXlIvsP4Ah63ogT_76y92wtYdBtxDAUDQluPSp2an3yhQbLqfwiDF1L_f5Y50Uc_Xx0NlRLeUFAKvd0rz0hn7aDwJuIiUrw2Ur4_vP1ROglg2lN3kJoocCG6hi3O4WqrJGaEX5c2san1HBmNJLKjvu6zeKzQ-zH9A/s16000/Screenshot_20240205-222016_Microsoft%20365%20(Office).jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSkdsv2znY9yFvyYOdm_8K15QNNFp6ejbdhECiS2r6xQNJ10po7GtW5RAAPDBcGfg5nySi12toVilXagpDwfdckWYzts1X3JVBHpW1-nSTFQ5vmN6XI9HuN9oR3sfUdt1wVcf8xmvqWW-GXDC3YXEsazfa20AuiCysVyeMBpAz4lKfS9IXosmICwwzwA4/s1055/Screenshot_20240205-222149_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="802" data-original-width="1055" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSkdsv2znY9yFvyYOdm_8K15QNNFp6ejbdhECiS2r6xQNJ10po7GtW5RAAPDBcGfg5nySi12toVilXagpDwfdckWYzts1X3JVBHpW1-nSTFQ5vmN6XI9HuN9oR3sfUdt1wVcf8xmvqWW-GXDC3YXEsazfa20AuiCysVyeMBpAz4lKfS9IXosmICwwzwA4/s16000/Screenshot_20240205-222149_Microsoft%20365%20(Office).jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE8G1gZdLAEaIze0Z6kvleec2dmilrGVLcHBJuUOJde6NAhs4y8tnMwM_pkMSBnfDVGdjlcLBNF-geWNhZ_kSxMNsiZtCXZb9sRjeIzVHTK1Q08KbUx6MGU6fhXF__4Q6_5rSYcRVGFtfFFJWNpO_FXFrvSPpDTH-MxDO3foqsnyYTPQoMvKG0YGvmyvw/s1628/Screenshot_20240205-222114_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1628" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE8G1gZdLAEaIze0Z6kvleec2dmilrGVLcHBJuUOJde6NAhs4y8tnMwM_pkMSBnfDVGdjlcLBNF-geWNhZ_kSxMNsiZtCXZb9sRjeIzVHTK1Q08KbUx6MGU6fhXF__4Q6_5rSYcRVGFtfFFJWNpO_FXFrvSPpDTH-MxDO3foqsnyYTPQoMvKG0YGvmyvw/s16000/Screenshot_20240205-222114_Microsoft%20365%20(Office).jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvtqNCOrwex9seS93O-2KOstDjgOmATKRuSr-Own1MIwwSD-022ySHjb-ZKNeATqAs6kxCINgRGYwI1rj0cehB8lgVHRnvnGM-9SEPxSSdOhJM9WjV3YDGpqBcdKBuMH01_zdDt_9VFiZp3vtVVMSXcLwOT4XX2t26xqkqhMGSzsWqIZN0RkxhhdmW5SA/s1617/Screenshot_20240205-222058_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1617" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvtqNCOrwex9seS93O-2KOstDjgOmATKRuSr-Own1MIwwSD-022ySHjb-ZKNeATqAs6kxCINgRGYwI1rj0cehB8lgVHRnvnGM-9SEPxSSdOhJM9WjV3YDGpqBcdKBuMH01_zdDt_9VFiZp3vtVVMSXcLwOT4XX2t26xqkqhMGSzsWqIZN0RkxhhdmW5SA/s16000/Screenshot_20240205-222058_Microsoft%20365%20(Office).jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLC4GbeM4yS-4toOKZPbIFLLcF9Xa7hMy9rh27gBZniZqdcyBcA6qG2OlPbNiVcxoBNLQCgOqqtGycEsL6LTv5bWN8Pp9MNV7EDqh2QYb7iEOdkGHgm0kT7StIqliCVMzXSRj5w6vOAUhmLlssqgeoeOk70MiDJd-uBcVa5kY2dQH2QepZqiGfmFkalvo/s1627/Screenshot_20240205-222033_Microsoft%20365%20(Office).jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1627" data-original-width="1075" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLC4GbeM4yS-4toOKZPbIFLLcF9Xa7hMy9rh27gBZniZqdcyBcA6qG2OlPbNiVcxoBNLQCgOqqtGycEsL6LTv5bWN8Pp9MNV7EDqh2QYb7iEOdkGHgm0kT7StIqliCVMzXSRj5w6vOAUhmLlssqgeoeOk70MiDJd-uBcVa5kY2dQH2QepZqiGfmFkalvo/s16000/Screenshot_20240205-222033_Microsoft%20365%20(Office).jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;">Compiled by - K K Khanna, Former AGM UBI</div><br /><p></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-66526129909835577722024-02-03T23:30:00.000-08:002024-02-04T07:20:10.110-08:00DA for bankers from February-2024<p><span style="background-color: white; color: #404040; font-family: arial; font-size: 16px; text-align: justify;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="background-color: white; color: #404040; font-family: arial; font-size: 16px; text-align: justify;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhXwXVjAx0mYh55VWO1YazhFv-xIMIYfsUWhfAgjZHVp2NY_LeiNWH3Enq01eeXGrt9IpldYsmVtwI1JeEJHjHLs9fVbJM4HTBOp4NPwWxh4SGKUkYMS3YxICNykhpSYEeFOZyKC6qZcDLkQXsCuBL3uk27FoQ5lRoKSSwq7dcpysznZnXcpm9En0Y28Y/s360/DA-for-Bankers-PSU%20BANKERS.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="240" data-original-width="360" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhXwXVjAx0mYh55VWO1YazhFv-xIMIYfsUWhfAgjZHVp2NY_LeiNWH3Enq01eeXGrt9IpldYsmVtwI1JeEJHjHLs9fVbJM4HTBOp4NPwWxh4SGKUkYMS3YxICNykhpSYEeFOZyKC6qZcDLkQXsCuBL3uk27FoQ5lRoKSSwq7dcpysznZnXcpm9En0Y28Y/s320/DA-for-Bankers-PSU%20BANKERS.jpg" width="320" /></a></span></div><span style="background-color: white; color: #404040; font-family: arial; font-size: 16px; text-align: justify;"><br />To calculate Bankers Dearness Allowance for the month of February 2024, we need know about CPI (Consumer Price Index) for the month October 2023, November 2023 and December 2023. We get this CPI index subsequent month.</span><p></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;"><br style="box-sizing: inherit;" /></span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;">October 2023 CPI index we get on 30th November 2023 and November 2023 CPI index we get on 31st December 2023 and December 2023 CPI index we receive on 31st January 2024.</span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;"><br style="box-sizing: inherit;" /></span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;">This CPI index always we get one month late.</span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;"><br style="box-sizing: inherit;" /></span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;">
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<span style="box-sizing: inherit; font-family: arial;">In last year February 2023 CPI Index increased on an 2.24 percent. On this basis we can expect for the month of October 2023 and November 2023 and December 2023 expected CPI Index will be.</span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;"><br style="box-sizing: inherit;" /></span></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: "PT Serif", serif; font-size: 16px; margin: 0px; text-align: justify;"><span style="box-sizing: inherit; font-family: arial;">October 2023 CPI Index will be 138.40 November 2023 CPI Index will be 139.10 December 2023 CPI Index will be 138.80.</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9NfjjZJwHfiSV0qJT7wE5gULggz-O2TiiZ1V96oFaW5dxLsg5emhmT9zNuX131seYtBM9i9pTUguli2GMPOWGgKWiuw8IiP6TtRuSLxGVS2Xy9UqINMUhd7dO867Ykl-nyeeHh2KwncM4xkfL0RQq1yH1m8fm6_E2YyyjBCK6NJFphBplI0o2BbDv284/s1600/DA%20from%20Feb-2024.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="638" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9NfjjZJwHfiSV0qJT7wE5gULggz-O2TiiZ1V96oFaW5dxLsg5emhmT9zNuX131seYtBM9i9pTUguli2GMPOWGgKWiuw8IiP6TtRuSLxGVS2Xy9UqINMUhd7dO867Ykl-nyeeHh2KwncM4xkfL0RQq1yH1m8fm6_E2YyyjBCK6NJFphBplI0o2BbDv284/s16000/DA%20from%20Feb-2024.png" /></a></div><br /><p></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-60195603080535344552024-02-03T07:36:00.000-08:002024-02-03T07:36:49.495-08:00State Bank of India(SBI) Q3 FY24 Net profit falls 35%<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ5Dy6kHX01r9fRZfwKZE4ipF7CCIE60Y-aseTKM-dDYOExMRFSZrxipo3EQVDHtdwhYEBZa4uDgUZudZOWjNbKb-GK-LKlIa8yEmPYbVBJ4HJ7EEKIsotwtA7tjwIDHSDvMoVh2Jnn-2KJJDwwCF5Ly-PVkfpepk3uDXbjUKqI6dEIs7fJAFOXgo_Mt4/s320/SBI%20new-latest%20bank%20updates.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="165" data-original-width="320" height="165" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ5Dy6kHX01r9fRZfwKZE4ipF7CCIE60Y-aseTKM-dDYOExMRFSZrxipo3EQVDHtdwhYEBZa4uDgUZudZOWjNbKb-GK-LKlIa8yEmPYbVBJ4HJ7EEKIsotwtA7tjwIDHSDvMoVh2Jnn-2KJJDwwCF5Ly-PVkfpepk3uDXbjUKqI6dEIs7fJAFOXgo_Mt4/s1600/SBI%20new-latest%20bank%20updates.PNG" width="320" /></a></span></div><span style="font-family: arial;"><br />State Bank of India (SBI) on Saturday reported a net profit of Rs 9,163 crore for Q3 quarter for FY24, which was 35 per cent less than Rs 14,205 crore clocked in the year-ago period.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The public lender though reported a standalone net profit of Rs 40,378 crores for the first nine months of FY24, which was 20.40 per cent up from Rs 33,538 crore in Q3 FY23</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank said it has earned Rs 105,733.78 crore in interest income in Q3 FY24, which was up 22% from Rs 86,616.04 crore reported in the year-ago period. Of which, the bank paid Rs 66,918 crore in interests in the October-December quarter. The net interest income (NII) of the country's largest bank stood at Rs 39,815 crore, missing estimates of Rs 40,304 crore.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Whole Bank NIM for 9MFY24 decreased by 1 bp YoY to 3.28% while Domestic NIM for 9M FY24 decreased by 8 bps YoY to 3.41%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank's gross non-performing asset (NPA) stood at 2.42%, down from 3.14% recorded in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.64 per cent compared to 0.77 per cent last year. Bank’s returns on assets (RoA) for Q3FY24 stood at 0.62% while for 9MFY24 the RoA and returns on equity (ROE) stood at 0.94% and 19.47% respectively.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Gross NPA ratio at 2.42% improved by 72 bps YoY. Net NPA ratio at 0.64% improved by 13 bps YoY. PCR (Incl. AUCA) stands at 91.49%. Provision Coverage Ratio (PCR) at 74.17% declined by 195 bps YoY. Slippage Ratio for 9MFY24 improved by 5 bps YoY and stands at 0.67%. Slippage Ratio for Q3FY24 increased by 17 bps YoY and stands at 0.58%. Credit Cost for Q3FY24 remained flat YoY at 0.21%.</span><span style="font-family: arial;">The bank's operating profit for Q3 stood at Rs 20,336 crore.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Credit growth at 14.38% YoY with Domestic Advances growing by 14.47% YoY. Corporate Advances and SME Advances cross Rs 10 lakh crore and Rs 4 lakh crores. respectively. Foreign Offices’ Advances grew by 13.90% YoY. Domestic Advances growth driven by SME Advances (19.24% YoY) followed by Agri Advances which grew by 18.12% YoY. Retail Personal Advances and Corporate loans registered YoY growth of 15.28% and 10.71%, respectively. Whole Bank Deposits grew at 13.02% YoY, out of which CASA Deposit grew by 4.48% YoY. CASA ratio stands at 41.18% as on December 31, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The decline was as expected by analysts. Kotak Institutional Equities expected operating profit growth to be decline sharply by 18.3 per cent Y-o-Y to Rs 20,613 crore from Rs 25,219.3 crore earned in Q3FY23. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">"We are building net interest margin (NIM) to decline around 7 basis points Q-o-Q/19 bps Y-o-Y, but do see a possibility of stable performance given the structure of loan book and neglibile need for deposits to fund this growth. Operating expenses would be higher due to wage revision related costs (final settlement impact)," Kotak Institutional Equities said in its results preview report.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-4028057448458655722024-02-02T10:10:00.000-08:002024-02-02T10:10:46.612-08:00Bank of Baroda(BoB) Q3 results: Net profit jumps 19%<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjr8ZAm4gRQrNr2LXhTvppcMjhL0Is-QpaLZdZJEQPkRmMhmfiLtT-EqihyphenhyphenleWlIqU7u511lmvmS8iJPijBrtjWX1X8u1v0aOHW1lT0Z78uX0G05DcGCHdQObJFQF0beP28FUe208wmb56HmYRCBBAQIeiMB_19HezmqUr-LgsfwShDkhjgfXhJEvwPR5o/s1600/BOB-Latest%20bank%20update.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="552" data-original-width="1600" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjr8ZAm4gRQrNr2LXhTvppcMjhL0Is-QpaLZdZJEQPkRmMhmfiLtT-EqihyphenhyphenleWlIqU7u511lmvmS8iJPijBrtjWX1X8u1v0aOHW1lT0Z78uX0G05DcGCHdQObJFQF0beP28FUe208wmb56HmYRCBBAQIeiMB_19HezmqUr-LgsfwShDkhjgfXhJEvwPR5o/s320/BOB-Latest%20bank%20update.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />Bank of Baroda on Wednesday, January 31, reported an 18.8% rise in net profit reaching ₹4,579 crore in the third quarter of the 2023-24 fiscal as compared to ₹3,852.7 crore last year. The lender's net interest income (NII) stood at ₹11,101 crore, slightly surpassing the CNBC-TV18 poll estimate of ₹11,085 crore.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">This represents a year-on-year (YoY) increase of 2.6%, rising from ₹10,818.3 crore.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank displayed some improvement in asset quality, with Gross NPA (Non-Performing Assets) at 3.08% as opposed to 3.32% in the previous quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span face="Montserrat, sans-serif" style="background-color: white; font-family: arial; font-size: 18px; letter-spacing: -0.36px;">Net NPA also witnessed a decline, standing at 0.70%, down from 0.76% in the previous quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;">Gross NPA amounted to ₹32,317 crore, a decrease from ₹33,978.5 crore in the previous quarter. Net NPA reduced to ₹7,208.3 crore from ₹7,596.7 crore in the last quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank made provisions of ₹666.3 crore, significantly lower than the ₹2,404 crore reported YoY and ₹2,160.6 crore in the previous quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The Cost to Income ratio demonstrated a reduction by 123 basis points (bps) YoY, reaching 47.13% for the nine months ending December 2023 (9MFY24).</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The Global Net Interest Margin (NIM) of the lender improved by 3 basis points sequentially, standing at 3.10% in Q3FY24, compared to 3.07% in Q2FY24.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The Net Interest Margin for 9MFY24 is reported at 3.14%.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The credit cost remained below 1%, reporting 0.69% for 9MFY24 and 0.39% for the quarter.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank maintained a healthy liquidity coverage ratio at 133% as of December 31, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><div class="jsx-1947393162 nart-para " style="background-color: white; border: 0px; box-sizing: border-box; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px !important; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variant-position: inherit; font-variation-settings: inherit; letter-spacing: -0.02em; line-height: 28px; margin: 10px 0px; overflow-x: auto; padding: 0px; text-align: justify; vertical-align: baseline;"><span style="font-family: arial;"><a href="https://www.cnbctv18.com/tags/bank-of-baroda.htm" style="border-bottom-color: rgb(252, 183, 0); border-bottom-style: solid; border-image: initial; border-left-color: initial; border-left-style: initial; border-right-color: initial; border-right-style: initial; border-top-color: initial; border-top-style: initial; border-width: 0px 0px 2px; box-sizing: border-box; color: black; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-variation-settings: inherit; line-height: 28px; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; vertical-align: baseline;">Bank of Baroda's</a> global advances registered growth of 13.6% YoY in Q3FY24, driven by robust retail loan book growth.</span></div><div class="jsx-1947393162 nart-para " style="background-color: white; border: 0px; box-sizing: border-box; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variant-position: inherit; font-variation-settings: inherit; letter-spacing: -0.02em; line-height: 28px; margin: 10px 0px; overflow-x: auto; padding: 0px; vertical-align: baseline;"></div><div class="jsx-1947393162 nart-para " style="background-color: white; border: 0px; box-sizing: border-box; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px !important; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variant-position: inherit; font-variation-settings: inherit; letter-spacing: -0.02em; line-height: 28px; margin: 10px 0px; overflow-x: auto; padding: 0px; text-align: justify; vertical-align: baseline;"><span style="font-family: arial;">The bank's organic retail advances grew by 22%, propelled by growth in high-focus areas such as Auto Loan (24.3%), Home Loan (15.6%), Personal Loan (60.8%), Mortgage Loan (10.5%), and Education Loan (18.3%).</span></div><p style="text-align: justify;"><br /></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-56351661670122322302024-02-02T07:25:00.000-08:002024-02-02T07:25:11.439-08:00Bank of India(BoI) Q3 net profit jumps 62%<p><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj17p-rUWb8exdJz14iNPQsiODGUyp5bzUo9U4qJy_rau9ct77mX6L01yG_AKm8zN-aATqtxb9JaLqYn4BEKuv847dODQ5xVaIPxDf1_3NC3ZYsQpB3qJOu4zYbty_u9n-A8KmixcavWAW1lgsHPpZPdAZuNMnzGrO0HIcyKUwC1tDDoAQaRykMSuUT0I8/s186/boi-latestbankupdates.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="133" data-original-width="186" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj17p-rUWb8exdJz14iNPQsiODGUyp5bzUo9U4qJy_rau9ct77mX6L01yG_AKm8zN-aATqtxb9JaLqYn4BEKuv847dODQ5xVaIPxDf1_3NC3ZYsQpB3qJOu4zYbty_u9n-A8KmixcavWAW1lgsHPpZPdAZuNMnzGrO0HIcyKUwC1tDDoAQaRykMSuUT0I8/s1600/boi-latestbankupdates.png" width="186" /></a></span></div><span style="font-family: arial;"><br />Public sector lender Bank of India (BOI) on February 2 reported a net profit of Rs Rs 1,869.5 crore for the December quarter of the financial year 2023-24, up 62.4 percent from the year-ago period from Rs 1,151 crore.</span><p></p><p><span style="font-family: arial;"><br /></span></p><p><span style="font-family: arial;">The bank's gross non-performing asset (NPA) stood at 5.35 percent, down from 7.66 percent in the year-ago period. On the other hand, net NPA stood at 1.41 percent, improving from 1.61 percent.</span></p><p><span style="font-family: arial;"><br /></span></p><p><span style="font-family: arial;">State-owned Bank of India (BoI) on Friday posted a 62 per cent jump in net profit to Rs 1,870 crore in the December quarter on account of decline in bad loans. The Mumbai-headquartered bank had earned a net profit of Rs 1,151 crore in the year-ago period.</span></p><p><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">The lenders' total income increased to Rs 16,411 crore during the third quarter of the ongoing fiscal against Rs 14,160 crore a year ago, BoI said in a regulatory filing.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">The interest income of the bank rose to Rs 15,218 crore as against Rs 12,728 crore in the third quarter of the previous year.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">Gross Non-Performing Assets (NPAs) of the bank declined to 5.35 per cent of the gross loans by the end of December 2023 from 7.66 per cent a year ago.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">Similarly, net NPAs, or bad loans, came down to 1.41 per cent from 1.61 per cent at the end of the third quarter.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">Capital Adequacy Ratio of the bank improved to 16.06 per cent as against 15.60 per cent at the end of December 2022.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">During the quarter ended December 31, 2023, the bank issued additional 44,91,01,796 equity shares of face value Rs 10 each at an issue price of Rs 100.20 under Qualified Institutional Placement (QIP) on December 11, 2023 and raised an amount of Rs 4,500 crore, it said.</span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 29.33px; margin: 0px; padding: 0px; text-align: justify;"><span style="font-family: arial;">Accordingly, the shareholding of the Government of India in the bank has reduced to 73.38 per cent as on December 31, 2023</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com1tag:blogger.com,1999:blog-1957662472433973565.post-26512546417457370302024-01-31T05:13:00.000-08:002024-02-01T10:27:46.607-08:00Expected DA for Bankers from Feb-24<p style="text-align: justify;"><span style="font-family: arial;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdrgzzHmD306FLGKPXe3fiGI4RxiYSjVoLPUhWvBdIllbQzWWihCmgPaWge0z-1AqlvVhobUCTRyxGN9SeYss1pv5LG7feY2paEq81945LObr4v6oszo3YI9i4m5s-EhpReVrm_fQep6631yNtFzEXIhzAC5mI9JKvhkKeJeJPRT2T09L9Ves9hyphenhyphenc5vG0/s300/Projected%20DA1-Latest%20Bank%20Updates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="168" data-original-width="300" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdrgzzHmD306FLGKPXe3fiGI4RxiYSjVoLPUhWvBdIllbQzWWihCmgPaWge0z-1AqlvVhobUCTRyxGN9SeYss1pv5LG7feY2paEq81945LObr4v6oszo3YI9i4m5s-EhpReVrm_fQep6631yNtFzEXIhzAC5mI9JKvhkKeJeJPRT2T09L9Ves9hyphenhyphenc5vG0/s1600/Projected%20DA1-Latest%20Bank%20Updates.jpg" width="300" /></a></span></div><span style="font-family: arial;"><br />Expected DA Calculation Updated on 29.12.23 on the basis of CPI for the month of Nov'23 with the assumptions of CPI for the next month as mentioned hereunder. The CPI for the month of Oct'23 announced today as 139.10 (as per revised base year 2016) (The base year was changed from Oct 2020)</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">To calculate Bankers Dearness Allowance for the month of February 2024, we need know about CPI (Consumer Price Index) for the month October 2023, November 2023 and December 2023. We get this CPI index subsequent month.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">October 2023 CPI index we get on 30th November 2023 and November 2023 CPI index we get on 31st December 2023 and December 2023 CPI index we receive on 31st January 2024.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">This CPI index always we get one month late.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">In last year February 2023 CPI Index increased on an 2.24 percent. On this basis we can expect for the month of October 2023 and November 2023 and December 2023 expected CPI Index will be.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">October 2023 CPI Index will be 138.40 November 2023 CPI Index will be 139.10 December 2023 CPI Index will be 138.80.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Now we need to add October 2023 to December 2023 CPI Index figures</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">=138.40+139.10+138.80/ 3 =416.30/3 =138.77 (Average)</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Now we need to multiply this figure to Base Year table.</span></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><span style="font-family: arial;">=138.77*2.88*4.93*4.63 =9122.33 =9122/-</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">We need to subtract from 6352.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Its is because in 11 BPS 6352 points merged in the</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">DA. =9122-6352 =2770/- (Remaining points left)</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Now we need to covert this points to slabs.</span></p><p style="text-align: justify;"><span style="font-family: arial;">To cover this points to slabs we need divide it from 4. =2770/4 =692.50 Slabs</span></p><p style="text-align: justify;"><span style="font-family: arial;">Now we need to convert these slabs to percentage. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Its because DA calculated in percentage.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">To convert this into percentage we need to multiply with 0.07.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">It is because according to 11 BPS 1 slab is equal to 0.07 =693*0.07 =48.51 %.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: arial; font-size: medium;"><b><a href="http://www.latestbankupdate.com/2023/10/da-increase-of-bankers-from-nov-2023.html" rel="nofollow">Check DA for bankers from November-2023</a></b></span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-87005899012421111132024-01-27T08:09:00.000-08:002024-02-11T05:34:30.675-08:00Enhancement and expansion of the duties of Clerks would impact in 12th Bipartite Settlement<p style="text-align: justify;"><span color="rgba(0, 0, 0, 0.9)" face="Ubuntu, arial, helvetica, sans-serif" style="background-color: white; font-size: 17px;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoKiu2zGJpyPilYniHAzuZ_Zogu_QoC-hsVSab7tV0MzBKtireFlBDEoNzrYFQovfQVPidkrQun9QD1nkvAAQ0q7MNDqRrf9Eo1ubxg-GudN2Co2msmsxhxEgt8DfZdtcmLiw9gYFSNzzsmwXoBU2qN12cIId5NiqEeh6o-imbhKepQj1PmnlVTup-o_I/s615/images.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="615" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoKiu2zGJpyPilYniHAzuZ_Zogu_QoC-hsVSab7tV0MzBKtireFlBDEoNzrYFQovfQVPidkrQun9QD1nkvAAQ0q7MNDqRrf9Eo1ubxg-GudN2Co2msmsxhxEgt8DfZdtcmLiw9gYFSNzzsmwXoBU2qN12cIId5NiqEeh6o-imbhKepQj1PmnlVTup-o_I/s320/images.png" width="320" /></a></div><br /><div style="text-align: justify;"><span style="font-family: arial;">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.</span></div><p></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">It has already been pointed out in the earlier article of Bank Workers’ Unity on 4<span style="box-sizing: inherit; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;">th</span> November 2023 that in the case of officers<ins style="box-sizing: inherit; text-decoration-line: none;">,</ins> 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<ins style="box-sizing: inherit; text-decoration-line: none;">,</ins> 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. </span></p>
<p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Enhancement of Duties and Responsibilities of Clerks</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">According to that understanding </span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Single Window Operator A’s duties are proposed as under:</span></strong></p><ul style="background-color: white; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); line-height: 1.4; list-style: circle; margin: 1.75rem 0px; padding: 0px 0px 0px 1.5rem;"><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Passing power of cash cheque / other like instruments independently proposed to be increased from Rs. 10000/- to Rs.50000/- (5 times)</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Clearing / transfer vouchers / other like instruments independently proposed to be increased from Rs. 15000/- to Rs.100000/- (more than 6 times)</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Issuance of pre-signed DD etc. independently proposed to be increased from Rs.15000/- to Rs.50000/- (more than 3 times)</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Cash receipt and authorization independently proposed to be increased from Rs. 15000/- to Rs.50000/- (more than 3 times)</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Receipt of cash (Dedicated Cash Counters) – No limit</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Clearing / transfer vouchers / other like instruments jointly with another <strong style="box-sizing: inherit;">Clerk</strong> / Officer more than Rs.1,00,000/- and less than and equal to Rs.2,00,000/- (New concept)</span></li></ul><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">From this, it can be easily understood that the duties and responsibilities of Head Cashiers and Special Assistants would have also been steeply increased.</span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">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.</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Maker – Checker concept gone</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">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. <strong style="box-sizing: inherit;">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.</strong></span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">More than an officer’s job</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">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 <strong style="box-sizing: inherit;">posting and authorizing</strong> cash/clearing /transfer/other like vouchers. They are required to only authorize whatever job initiated by the Clerks. <strong style="box-sizing: inherit;">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.</strong></span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Expanding duties of Clerks</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">The duties and responsibilities of Clerks do not end here. They further expand:</span></p><ul style="background-color: white; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); line-height: 1.4; list-style: circle; margin: 1.75rem 0px; padding: 0px 0px 0px 1.5rem;"><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Capturing account holder signature</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">KYC, e-KYC (Know Your Customer)</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Recovery</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Marketing including digital marketing and sensitizing customer about digital products/lending, Alternative delivery channels</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Feeding data of credit proposals and loan products</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">Clearing, filling up ATM, Cash Deposit Machines and other similar machines and other related Alternate delivery channels</span></li><li style="box-sizing: inherit; margin: 0px 0px 0.25em; padding: 0px; text-align: justify;"><span style="font-family: arial;">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.</span></li></ul><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;"><strong style="box-sizing: inherit;">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. </strong>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.</span></p>
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<p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Increased work load</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">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. <strong style="box-sizing: inherit;">This would put the Clerks into greater strain and stress.</strong></span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">AIBEA CC seeks enhancement of the duties and responsibilities of workmen cadre</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">The Central Committee meeting of AIBEA held at Guwahati on 10<span style="box-sizing: inherit; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;">th</span> and 11<span style="box-sizing: inherit; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;">th</span> 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.</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">Work-life balance of Clerks would be disturbed</span></strong></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><span style="font-family: arial;">The 12<span style="box-sizing: inherit; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;">th</span> 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.</span></p><p style="background-color: white; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); margin-bottom: 1.5rem; margin-top: 1rem; text-align: justify;"><strong style="box-sizing: inherit;"><span style="font-family: arial;">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.</span></strong></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-70390669124409551932024-01-26T09:44:00.000-08:002024-01-26T09:44:17.295-08:00Indian Bank posts 52% rise in Q3 net profit<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh417lMa4eACMqKl9Z8VrpBdcS-5lSn-KjA8uKJQ7PQMAXVfxEK6HKhP5KvT6f00C0EM1I4LqRCSHuPUevKA6qW4gDUh6LqoriSbL9z8MIssHlIH7cYJNaGVWpGlALTzMLbJz2bKFRWgb2u7BFItoEUATvVKZ8hK1u594vODX07AW4BftiJCsk6Ze9hJ8M/s156/Indian%20bank-latest%20bank%20update.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="81" data-original-width="156" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh417lMa4eACMqKl9Z8VrpBdcS-5lSn-KjA8uKJQ7PQMAXVfxEK6HKhP5KvT6f00C0EM1I4LqRCSHuPUevKA6qW4gDUh6LqoriSbL9z8MIssHlIH7cYJNaGVWpGlALTzMLbJz2bKFRWgb2u7BFItoEUATvVKZ8hK1u594vODX07AW4BftiJCsk6Ze9hJ8M/s1600/Indian%20bank-latest%20bank%20update.jpg" width="156" /></a></span></div><span style="font-family: arial;"><br />State-owned Indian Bank reported a 51.84 percent rise in its net profit to Rs 2,119.35 crore in the third quarter of financial year 2023-24. On a sequential basis, net profit of the lender rose 6.6 percent.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">This was on the back of better asset quality and increase in fee based income.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="background-color: white; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Gross non-performing assets (NPA) of the bank as of December 31, 2023, stood at 4.47 percent, as against 4.97 percent last quarter and 6.53 percent last year. The company's net NPA stood at 0.53 percent, as against 0.60 percent in the last quarter and 1 percent last year.</span></p><p style="background-color: white; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p><span style="font-family: arial;"><span hidden="" hidecricblog="" style="background-color: white; color: #333333; font-size: 16px;"></span></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">In absolute terms, gross NPA eased to Rs 22,787 crore in October-December quarter, from Rs 24,488 crore in a quarter ago period and Rs 29,484 crore in a year ago period.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Net NPA fell to Rs 2,579 crore in December quarter, from Rs 2,826 crore a quarter ago and Rs 4,271 crore a year ago.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">In the reporting quarter, the total deposit of the lender rose 10 percent on-year to Rs 6.54 lakh crore. On quarterly basis, deposits rose 2 percent.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Of the total deposit, bank have a domestic deposit of Rs 6.29 lakh crore and Rs 24,753 crore overseas deposits. On a yearly basis, domestic and overseas deposits grew 8 percent and 89 percent, respectively.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">CASA deposit grew by 8 percent, savings deposit grew by 7 percent and Current deposit by 12 percent on a yearly basis. Domestic CASA ratio stood at 41.14 percent.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">The advances of the state-owned lender grew 13 percent on-year to Rs 5.1 lakh crore in October-December quarter.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">RAM (Retail, Agriculture & MSME) advances grew by 13 percent on-year to Rs 2.97 lakh crore in reporting quarter, from Rs 2.63 lakh crore in a year ago period. RAM contribution to gross domestic advances is 62.58 percent.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Retail, Agri & MSME advances grew by 14 percent, 16 percent and 7 percent on-year, respectively.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Home Loan (Including mortgage) grew by 12 percent on-year, Auto Loan by 46 percent on-year and Personal Loan by 30 percent on-year. Priority Sector portfolio stood at Rs 1.72 lakh crore in third quarter of the current financial year.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">The net interest income (NII) of the bank rose just 6 percent on-year in the October-December quarter to Rs 5,815 crore. In the quarter ago period, it stood at Rs 5,741 crore and in a yearo ago period it stood at Rs 5,499 crore.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">The net interest margins of the lender stood at 3.41 percent in October-December quarter, from 3.46 percent in a quarter ago period and 3.67 percent in a year ago period.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">The total domestic investment of the lender increased in the reporting quarter by 13 percent to Rs 2.06 lakh crore. Domestic investment includes investment in SLR and non-SLR securities.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">In SLR securities, investment in state government securities and central government securities rose 22 percent and 6 percent, on-year respectively. However, investment in treasury bills reduced by 33 percent.</span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="color: black; font-size: 18px; font-weight: 400; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">As of December 31, 2023, the lender have securities worth Rs 1.47 lakh crore in held to maturity (HTM), Rs 59,024 crore in Available for Sale (AFS), and Rs 433 crore in Held for Trading (HFT).</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-24473960636583300932024-01-25T10:04:00.000-08:002024-01-25T10:04:56.319-08:00Indian Overseas Bank(IOB) Q3 results: Net profit rises 30%<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLiSr1Y6KSdau6BRlJAPhj4UqqGdjstzbdKXq2rVf9Bxrl3K8QkxlorSjXm0mfYiVIsjtHdFUUdIWTggl5PC3SuEnliCj_61xAYStOoWIxRjot8vW-Ha11Dd5TjlFyvhLIMgo-uHwxhjWJk-SQsNiILAKX_PHQmzJJLt3N-8hnecZhZrgH_zZIRrm_5eg/s318/IOB-latest%20bank%20update.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="159" data-original-width="318" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLiSr1Y6KSdau6BRlJAPhj4UqqGdjstzbdKXq2rVf9Bxrl3K8QkxlorSjXm0mfYiVIsjtHdFUUdIWTggl5PC3SuEnliCj_61xAYStOoWIxRjot8vW-Ha11Dd5TjlFyvhLIMgo-uHwxhjWJk-SQsNiILAKX_PHQmzJJLt3N-8hnecZhZrgH_zZIRrm_5eg/s1600/IOB-latest%20bank%20update.jpg" width="318" /></a></span></div><span style="font-family: arial;"><br />Public sector lender Indian Overseas Bank on January 24 reported a net profit of Rs 722 crore for the October-December quarter of 2023-24, which marks a 30 percent jump from Rs 555 crore clocked a year ago.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank's gross non-performing asset (NPA) stood at 3.90 percent, down from 8.19 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.62 percent, improving from 2.43 percent a year back.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The net interest income of the bank stood at Rs 6,176 crore for the quarter,</span></p><p style="text-align: justify;"><span style="font-family: arial;">compared to Rs 5,056 crore in the corresponding quarter last year. The net interest margin of the bank contracted to 3.12 percent compared to 3.27 percent last year.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Total deposits of the lender stood at Rs 2.78 lakh crore compared to Rs 2.73 lakh crores last year. The current account and savings account (CASA) ratio of the bank stood at 43.49 percent against 43.65 percent last year. The bank's advances stood at Rs. 2.16 lakh crore compared to Rs 2.08 lakh crores last year.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The lender's credit deposit (CD) ratio stood at 77.74 percent compared to 67.99 percent.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-43362493161262481122024-01-25T09:56:00.000-08:002024-01-25T09:56:58.837-08:00UCO Bank Q3 Net profit falls 23% <p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiel1UOQ2AyoJpqQ1pD7sBReEx6ylP1IsyQ9S3scEr5aUqwsMd-D0UQa2VXVYkkRtaaLhXhdbu5hqADxyHb8UZAhuc3woKis-7vuhyIdQmK6i5PN3jxg-RHcoKhEy0BMKKryZJjzrNXOUHQG9KZ-hd7qK9sMvcxAr3Ew6UHibQfkOQY5GeHhpRmrocMN5w/s618/uco%20bank-psu%20bankers.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="434" data-original-width="618" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiel1UOQ2AyoJpqQ1pD7sBReEx6ylP1IsyQ9S3scEr5aUqwsMd-D0UQa2VXVYkkRtaaLhXhdbu5hqADxyHb8UZAhuc3woKis-7vuhyIdQmK6i5PN3jxg-RHcoKhEy0BMKKryZJjzrNXOUHQG9KZ-hd7qK9sMvcxAr3Ew6UHibQfkOQY5GeHhpRmrocMN5w/s320/uco%20bank-psu%20bankers.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />Public sector lender UCO Bank on January 24 reported a net profit of Rs 503.83 crore for the October-December quarter of financial year (FY) 2023-24, which marks a 22.8 percent falls as compared to Rs 652.97 crore clocked in the year-ago period.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank's gross non-performing asset (NPA) stood at 3.85 percent, down from 5.63 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.98 percent, improving from 1.66 percent on a year-on-year basis.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">UCO Bank's total business grew by 10.46 percent to Rs.435456 crore on y-o-y, wherein gross advances increased by 18.63 percent to Rs. 179195 crore on y-o-y & total deposits grew by 5.38 percent on y-o-y to Rs.256261 crore.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Public sector lender net interest income (NII) for the nine months ended December 31, 2023, stood at Rs.5914 crore registering a growth of 10 percent on the y-o-y basis as against Rs.5371 crore for the nine months ended December 31, 2023. The Provision Coverage Ratio improved to 95.21 percent as on December 31, 2023. as against 93.58 percent as on December 31, 2022, registering an improvement of 163 bps on y-o-y basis and 14 bps on q-o-q basis.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">UCO bank has a network of 3217 domestic branches and 2 overseas branches each at Hong Kong and Singapore Centre & 1 representative office in Iran as of December 31, 2023.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-71187786698861208992024-01-25T07:04:00.000-08:002024-01-25T07:04:17.604-08:00Punjab National Bank(PNB) Q3 profit jumps over three-fold<p style="text-align: justify;"><span style="font-family: arial;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxDhZGwZ9Pc-X0x0H9LE-n5MwCWXU6AQyOgOlRmbOHST6R0fcdlKX7h4jou7iiBZVmuXiPDtdIgte9T7_s53N1IZbB1k2A5_GqMdTpofXex3JND6PkHWSeqQvcyYoWNKJ97wWZ8l4PPpVq5pkgS0y14vPquiycU8LGpmx9mnt9mQrjLCRBwAnEHFpeGyc/s596/Punjab-National-Bank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="186" data-original-width="596" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxDhZGwZ9Pc-X0x0H9LE-n5MwCWXU6AQyOgOlRmbOHST6R0fcdlKX7h4jou7iiBZVmuXiPDtdIgte9T7_s53N1IZbB1k2A5_GqMdTpofXex3JND6PkHWSeqQvcyYoWNKJ97wWZ8l4PPpVq5pkgS0y14vPquiycU8LGpmx9mnt9mQrjLCRBwAnEHFpeGyc/s320/Punjab-National-Bank.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />State-owned Punjab National Bank (PNB) on Thursday posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank had earned a net profit of Rs 629 crore in the same quarter a year ago.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Its total income increased to Rs 29,962 crore during the quarter under review against Rs 25,722 crore in the same period last year, PNB said in a regulatory filing.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The bank's interest income rose to Rs 27,289 crore compared to Rs 22,384 crore in the third quarter of the previous fiscal.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Its gross non-performing assets (NPAs) declined to 6.24 per cent of the gross loans at the end of December 2023 from 9.76 per cent a year ago.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Similarly, net NPAs or bad loans came down to 0.96 per cent from 3.30 per cent at the end of the third quarter of the previous fiscal.</span></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-76600107724390850282024-01-24T01:05:00.000-08:002024-01-24T01:05:07.100-08:00Canara Bank Q3 Net profit rises 27%<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJd_yi_wGCC96SUbvzcqQY_usKLRDOrlebjH29qOvXZr4r8G6UHFS2jo9ImQMNhXpsahKSlVynpt9XfWILqjXfBOLsfeSHu_5sRQ35KoXRHFwo1tfjaF4cVZXDxwN_uw0zT4IucYdHmoB2hwdmDxp2HYnSC4cNN-yaeIOR_P0tayt6xXAPtFPYweYL_sc/s240/Canara%20Bank-latest%20bank%20update.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="53" data-original-width="240" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJd_yi_wGCC96SUbvzcqQY_usKLRDOrlebjH29qOvXZr4r8G6UHFS2jo9ImQMNhXpsahKSlVynpt9XfWILqjXfBOLsfeSHu_5sRQ35KoXRHFwo1tfjaF4cVZXDxwN_uw0zT4IucYdHmoB2hwdmDxp2HYnSC4cNN-yaeIOR_P0tayt6xXAPtFPYweYL_sc/s1600/Canara%20Bank-latest%20bank%20update.png" width="240" /></a></span></div><span style="font-family: arial;"><br />Public sector lender Canara Bank on January 24 reported a net profit of Rs 3656 crore for the October-December quarter of financial year (FY) 2023-24 beating the estimates of Rs. 3,524.5 crore.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The lender marks a 26.87 percent jump in net profit as compared to Rs 2881.52 crore clocked in the year-ago period.</span></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><span style="font-family: arial;">The <span face="Lato, sans-serif" style="background-color: white; font-size: 18px;">bank's gross non-performing asset (NPA) stood at 4.39 percent, down from 5.89 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 1.32 percent, improving from 1.96 percent on a year-on-year basis.</span></span></p><p style="text-align: justify;"><span style="font-family: arial;"><span face="Lato, sans-serif" style="background-color: white; font-size: 18px;"><br /></span></span></p><p style="background-color: white; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;">Shares of the lender closed for trading nearly 2.22 percent down at Rs 448 apiece on BSE.</span></p><p style="background-color: white; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><span style="font-family: arial;"><br /></span></p><span face="Lato, sans-serif" hidden="" hidecricblog="" style="background-color: white; color: #333333; font-family: arial; font-size: 16px;"><p style="color: black; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;">The bank's Net Interest Income stood at Rs 9,417 crore, growing by 9.50 percent. Net Interest Margin stood at 3.02 percent improved by 9 bps ( Basis points). Public sector lender global business increased by 9.87 percent (y.o.y) to Rs 22,13,360 crore as of December 2023 with global deposits at Rs 12,62,930 crore and global advance (gross) at Rs 9,50,430 crore. Canara Bank's retail lending portfolio increased to Rs 1,53,640 crore that is grew by 12.14 percent (y.o.y). Housing Loan Portfolio increased by 12.07 percent (y.o.y) to Rs 91,800 crore. Advances to Agriculture & allied activities grew by 19.26 percent (y.o.y) to Rs 2,42,470 Cr as of December 2023.</p><p style="color: black; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;"><br /></p><p style="color: black; font-size: 18px; line-height: 28px; margin: 0px 0px 24px; text-align: justify;">As of December 31, 2023, the Bank has 9585 branches, out of which 3095 are rural,2742 semi-urban,1906 urban & 1842 metro along with 10463 ATMs. The bank also has 3 overseas branches in London, New York & Dubai.</p></span>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-16494143191148536262024-01-21T05:49:00.000-08:002024-01-21T05:49:30.237-08:00Bank Privatization Update: Government is preparing for privatization of many banks<p style="text-align: justify;"><span style="font-family: arial;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEd505ds36oMkkJhlLFU3lPZz-zex4Lnk_QSmuIuTI0Lzxhr0HhBe2TYzrdLPaskWKrBTHXT-cssCED9G76HSYjz-BUoBpk8Yyu4WVeqmE-V1O_kAfEzcVtJ3kJ_inhKSvsF3wTJM7uMHPRqGtpqg7QB7lOKX7z4Mr5cwlYTWBOODutaiSFbYQ619ul84/s650/privatization-latest%20bank%20update.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="365" data-original-width="650" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEd505ds36oMkkJhlLFU3lPZz-zex4Lnk_QSmuIuTI0Lzxhr0HhBe2TYzrdLPaskWKrBTHXT-cssCED9G76HSYjz-BUoBpk8Yyu4WVeqmE-V1O_kAfEzcVtJ3kJ_inhKSvsF3wTJM7uMHPRqGtpqg7QB7lOKX7z4Mr5cwlYTWBOODutaiSFbYQ619ul84/s320/privatization-latest%20bank%20update.jpg" width="320" /></a></span></div><span style="font-family: arial;"><br />Along with better performance, public sector banks have also reduced bad loans. Meanwhile, the government is busy making new preparations for privatization. A review of the list of public sector banks is being planned by representatives of the Reserve Bank of India along with the Finance Ministry.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">According to a Live Mint report, a new panel with representatives from the Finance Ministry, NITI Aayog and the Reserve Bank of India is being considered to prepare a new list of candidates for privatization. NITI Aayog recommended privatization of two public sector banks and its suggestions have also been placed before the Finance Ministry. These two banks are said to be Central Bank of India and Indian Overseas Bank.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">It has been said in the report that these two banks were discussed by Finance Minister Nirmala Sitharaman in the budget of 2021-22. Along with this, privatization of IDBI Bank and a general insurance company was also announced. However, due to some reasons this plan was halted and now its exercise is expected to start again in view of 2024.</span></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><span style="font-family: arial;">The central government is considering a panel to identify some of the medium and small-sized banks for privatization. According to the report, the panel can also decide how much stake the government will reduce in banks. Besides, a decision can also be taken on the weightage given to banks having better financial parameters and reducing bad loans.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Before the proposed privatization process, banks have merged weak banks into bigger banks to strengthen small banks. A total of 10 public sector banks were merged from 1 April 2020. There are currently 12 public sector banks in India, up from 27 in 2017.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The 12 PSB banks include State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Punjab and Sindh Bank, Indian Bank, Union Bank of India, Bank of India, Bank of Maharashtra, Central Bank of India, UCO Bank and Indian Overseas. Banks are included.</span></p><p style="text-align: justify;"><br /></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-19189258462854280572024-01-21T00:19:00.000-08:002024-01-21T00:19:27.526-08:00Letter to request for clarification on the finallisation of 12th BPS<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh17E5bOIkkNt_sDQaLSPtjlSS1NScvB6xdvR6WRWNBMmb7WBiVQt2AwPkB1v_da_wpvsZWLr1U2jSqVqse0ko0uWHuhqJXkJx60cn2LShnfg6s1jTw2OGkRTDXs9QpbweJQYA3ZN-jg03SSWYA48EsY_0XGwhKDPJ_bFSsjv6QjPsZCYet6sXcQ5-e_kQ/s1829/FB_IMG_1705819586828.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1829" data-original-width="1080" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh17E5bOIkkNt_sDQaLSPtjlSS1NScvB6xdvR6WRWNBMmb7WBiVQt2AwPkB1v_da_wpvsZWLr1U2jSqVqse0ko0uWHuhqJXkJx60cn2LShnfg6s1jTw2OGkRTDXs9QpbweJQYA3ZN-jg03SSWYA48EsY_0XGwhKDPJ_bFSsjv6QjPsZCYet6sXcQ5-e_kQ/s16000/FB_IMG_1705819586828.jpg" /></a></div><br /><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGo12k7HjMqwSONppcyp9NJp30_2Pe33203kAM4-TNYK790EM9Oyuip4t3OXZxhTnBtubAcs-bwFFutMay2Py2WfiSJm6ptG8MORsTl4-35MjUmQbiB0YbZdM4RQqRA-juMiSLiF86sChwjrHe6rWgNuP227BnCr_M8cGtM2S0exZJw7hOHj-9Sx20xYE/s1280/FB_IMG_1705819590285.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1280" data-original-width="905" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGo12k7HjMqwSONppcyp9NJp30_2Pe33203kAM4-TNYK790EM9Oyuip4t3OXZxhTnBtubAcs-bwFFutMay2Py2WfiSJm6ptG8MORsTl4-35MjUmQbiB0YbZdM4RQqRA-juMiSLiF86sChwjrHe6rWgNuP227BnCr_M8cGtM2S0exZJw7hOHj-9Sx20xYE/s16000/FB_IMG_1705819590285.jpg" /></a></div><br />Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-64576180952688231682024-01-20T09:55:00.000-08:002024-01-20T09:55:36.423-08:00ICICI Bank Q3 Results: PAT jumps 24% YoY, beats estimates<p style="text-align: justify;"><span style="font-family: arial;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: arial;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDomMH-6r4O1Qq0378icacXtb9_5RESOSteNj1iMzG_J_cP1gMmJpyQ9AKH0tLXXUPN3HeZa6f-J-6eCg0S_VacToN75fRe3hLzHA5iAOGGNzKus2Yjryn6Kr_13-bGIvF0W-VkzTAGcqYDbzfGsf6jBoUGWHzwMutpW4p6X4QQ0zuK0S11d9Lw9D-OGc/s225/ICICI-latest%20bank%20update.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="225" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDomMH-6r4O1Qq0378icacXtb9_5RESOSteNj1iMzG_J_cP1gMmJpyQ9AKH0tLXXUPN3HeZa6f-J-6eCg0S_VacToN75fRe3hLzHA5iAOGGNzKus2Yjryn6Kr_13-bGIvF0W-VkzTAGcqYDbzfGsf6jBoUGWHzwMutpW4p6X4QQ0zuK0S11d9Lw9D-OGc/s1600/ICICI-latest%20bank%20update.jpg" width="225" /></a></span></div><span style="font-family: arial;"><br />ICICI Bank announced its October-December quarter results for fiscal 2023-24 (Q3FY24) results, reporting a rise of 23.5 per cent in standalone net profit at ₹10, 272 crore, compared to ₹8,312 crore in the year-ago period.</span><p></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">India's second largest private sector lender's net interest income (NII) increased by 13.4 per cent to ₹18,678 crore in the December quarter from ₹16,465 crore in the corresponding period last year. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The gross non-performing assets (NPA) ratio declined to 2.30 per cent at December 31, 2023 from 2.48 per cent at September 30, 2023. The net NPA ratio was 0.44 per cent at December 31, 2023 compared to 0.43 per cent at September 30, 2023 and 0.55 per cent at December 31, 2022.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The net additions to gross NPAs, excluding write-offs and sale, were ₹363 crore in Q3-2024 compared to ₹116 crore in Q2-2024. The gross NPA additions were ₹5,714 crore in Q3-2024 compared to ₹4,687 crore in Q2-2024. </span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹5,351 crore in Q3-2024 compared to ₹4,571 crore in Q2-2024. The bank has written off gross NPAs amounting to ₹1,389 crore in Q3-2024. The provisioning coverage ratio on NPAs was 80.7 per cent at December 31, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The total period-end deposits increased by 18.7 per cent year-on-year and 2.9 per cent sequentially to ₹13,32,315 crore at December 31, 2023. Period-end term deposits increased by 31.2 per cent year-on-year and 4.9 per cent sequentially to ₹8,04,320 crore at December 31, 2023. Average current account deposits increased by 11.6 per cent year-on-year in Q3-2024. Average savings account deposits increased by 2.8 per cent year-on-year in Q3-2024.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The net domestic advances grew by 18.8 per cent year-on-year and 3.8 per cent sequentially at December 31, 2023. The retail loan portfolio grew by 21.4 per cent year-on-year and 4.5 per cent sequentially, and comprised 54.3 per cent of the total loan portfolio at December 31, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Including non-fund outstanding, the retail portfolio was 46.4 per cent of the total portfolio at December 31, 2023. The business banking portfolio grew by 31.9 per cent year-on-year and 6.5 per cent sequentially at December 31, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Provisions (excluding provision for tax) were ₹1,050 crore in Q3-2024 compared to ₹2,257 crore in the year-ago period.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">In Q3-2024, provisions included ₹627 crore on investments in Alternate Investment Funds as per RBI circular dated December 19, 2023.</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">The non-interest income, excluding treasury, increased by 19.8 per cent year-on-year to ₹5,975 crore in Q3-2024 from ₹4,987 crore in Q3-2023</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">Fee income grew by 19.4 per cent year-on-year to ₹5,313 crore in Q3-2024 from ₹4,448 crore in Q3-2023. Fees from retail, rural, business banking and SME customers constituted about 79 per cent of total fees in Q3-2024</span></p><p style="text-align: justify;"><span style="font-family: arial;"><br /></span></p><p style="text-align: justify;"><span style="font-family: arial;">There was a treasury gain of ₹123 crore in Q3-2024 compared to ₹36 crore (US$ 4 million) in Q3-2023.</span></p><p style="text-align: justify;"><br /></p>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0tag:blogger.com,1999:blog-1957662472433973565.post-33789446418073213312024-01-20T09:35:00.000-08:002024-01-20T09:35:39.766-08:00IDBI Bank Q3 net profit jumps 57%<div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi75uzAyIWhnSbRW1JWVXoOevG917oTAZ4P45yWcD5LpxYdIo_aWAcH7EpRmmwv97uury-8CBpIAgiAuAmF3yl-By_YlMmHJAEUXwhbBpatHSUv0GMmC8eMpsfWCEO__WmpM6Z0lSpm2I5FL_YwalOy2Z1kZXaY3gPThpePtoy8fzBS59CvsavDiI0soK0/s483/IDBI%20bank-latest%20bank%20updates.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="193" data-original-width="483" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi75uzAyIWhnSbRW1JWVXoOevG917oTAZ4P45yWcD5LpxYdIo_aWAcH7EpRmmwv97uury-8CBpIAgiAuAmF3yl-By_YlMmHJAEUXwhbBpatHSUv0GMmC8eMpsfWCEO__WmpM6Z0lSpm2I5FL_YwalOy2Z1kZXaY3gPThpePtoy8fzBS59CvsavDiI0soK0/s320/IDBI%20bank-latest%20bank%20updates.jpg" width="320" /></a></div><br />IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">During the quarter Capital Adequacy Ratio of the bank improved to 20.32 per cent, as compared to 20.14 per cent at the end of December 2022.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">The bank has not raised capital during the December quarter and the earlier funds have been fully utilised, it said.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><br /></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">The government, which owns over 45 per cent stake in IDBI Bank, plans to sell its stake in the bank and the process could gather pace next financial year.</span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;"><br /></span></div><div style="box-sizing: border-box; color: rgb(40, 43, 50) !important; float: none !important; font-size: 16px !important; line-height: 28px !important; margin: 10px 0px; max-width: 100%; padding: 0px; text-align: justify; width: auto !important;"><span style="font-family: arial;">Meanwhile, life insurance behemoth LIC, which has a 49.24 per cent shareholding, is keen to hold strategic stake in the bank so that it can enjoy the benefit of bancassurance channel.</span></div>Adminhttp://www.blogger.com/profile/04102937327628668962noreply@blogger.com0