Bank Holidays – Negotiable instruments Act ( Rumours regarding Continuous Bank Holidays )

Bank Holidays – Negotiable instruments Act ( Rumours regarding Continuous Bank Holidays )

After the implementation of the 2nd and 4th Saturday holiday, we have witnessed increase in messages that  banks will be closed down continuously  for 8 days etc., in view of  holidays declared under N I Act etc.,    This propaganda is mainly carried out by small local news papers. Once the news is published in papers about continuous bank holidays, whatsapp is stepping in and the news is spread like a wildfire.  These news papers are spoiling the image of bank employees.

It is our opinion  that,  bank employees should  counter the false propaganda.   Majority bankers are not aware about the procedure of declaring  holiday’s for Bank’s under N I ACT.  For countering the false propaganda we should know what the fact is.  We hope the following few para’s will give a small insight into the holidays declared under NI Act.

Section 25 of N I Act 1881, has conferred the right to declare a holiday (apart from Sundays, all Sundays are Bank holidays as per N I Act 1881) to central government.  For simplicity we are reproducing the section 25 here, but the purpose of the said section is that any negotiable  instrument which is due on a particular day will become payable on next day if the payee date is a holiday under N I Act.   If a holiday is not declared under N I Act, bankers are bound to open the branches.

Considering the divergent cultural and local customs and traditions of our country Central government has delegated the  powers for declaring the bank holidays under N I Act to state governments.  While delegating the powers central government has clarified that it can also exercise the right to declare the holiday for banks under N I Act along with states if need arises.

So, as far as banks are considered both state and central governments can declare holidays.  However under  normal circumstances state governments will be declaring the holidays with regard to Banks under N I  Act.

If  we compare  holidays for state government employees with that of bank holidays declared under NI Act, it will be crystal clear,  government employees are benefitted by extra 4 to 5 holidays.

Now coming to the point the news papers are clubbing holidays of different states and claiming that there are continuous holidays.  Eg Dasara holidays of Karnataka are clubbed with that of Diwali holidays of Uttarpradesh. Whenever we see such article please do send a mail us and also to the concerned publication and whenever a whatsapp message is received  strongly deny them.

We have uploaded the holidays of different states in a separate page.

Please click the following link

List of Holidays for Bank Employees under NI Act in India- 2016

How Corrupt are WE ( Public Sector Bankers )

How Corrupt are WE ( Public Sector Bankers )


Just read an article “ How corrupt are Our Bankers “in LIVE MINT  e paper  by Mr. Tamal Bandyopadhyay.   Many users have shared  the post in Facebook.   

We just wanted to highlight some of the points of the article, as we felt the article was written by someone who as witnessed the events.

The article highlights the various pressure points and also the corruption at higher levels,the writer has touched  some sensitive points with regard to Junior level staff also.


  1. Very junior officers during diwali times (in Mumbai ) were seen hiring taxis to home as they cannot carry the heavy gift articles in local trains.
  2. Nature of gifts changes according to their cadre. A junior may be satisfied with pressure cookers, dinner sets and watches. Mobile phones, silk sarees , silver and giold coins etc finds their way to the cabins of senior staff.
  3. Instances of sponsoring child’s abroad education of senior executives and paying the credit card bills are also common.


Please do read the full article.

Compensation to the family members after the death of Bank Employee – Eleventh Bipartite

Compensation to the family members after the death of Bank Employee – Eleventh Bipartite


Speak for those who cannot speak for themselves

Fight for those who cannot fight for them selves


Never thought that we will be writing this article.  We were fighting for our (Bankers in service ) benefits while in service  with government and IBA. There are organisations  as well as individuals fighting (struggling )for the welfare of the retirees.  But we are leaving one class (i.e deceased employees and their families) who can’t speak for then selves or  lobby for their demands and its time to speak up or them.

We did witness a few sorrow demises of our young colleagues.   We were silent spectators for the ordeals their families have to go through  the difficult times.

Adult mortality rate in india as per the census is  3.6% Per annum ( Aged 15 to 29 ) and it goes as high as 52.6% when it comes to age of 30 to 69 years. It’s a tad higher when it comes to Banking Industry.

The following are the   benefits available to the family members of a deceased employee

  1. SPF or NPS amount.
  2. Leave Encashment.
  3. Benefits from benevolent funds of unions and societies.
  4. Group Insurance policy of banks.


Benefit Officer with service of 5 years Officer with service of 25 years
SPF/NPS  5 lacs 8 lacs
Gratuaity 2 lacs 9 lacs
Leave Encashment 1 lacs 5 lacs
Benefits from unions and Banks 5 lacs 5 lacs
Group Insuance ( In case of accident only) 4 alcs 4lacs


The benefits of group insurance changes from bank to bank.


Normally bank employees are known for their indebtedness. We take each and every possible loan. Thanks to the management for their generosity in increasing the Housing Loan and Vehicle loan quantum. We were indebted for eternity.  The following are the normal loans that each and every employee avails, and the probable monthly instalment.

Benefit Loan amount Instalement
Housing Loan 50 lacs 25000/-
Car Loan 8 lacs 6500/-
Clean loan 5 lacs 6000/-
Loans from society 5 lacs 5000/-
TOTAL 68 LACS 42500/-


All the above loans are common for a middle aged bankers.  Now with reduced eligibility in total service even the officers with service of less than 3 years are eligible for all the loans.


Benefit Officer with service of 5 years Officer with service of 25 years
Family Pension 12483/- ( For first 7 years and after that pension will be reduced by 50% ) 23112/- ( For first 7 years and after that pension will be reduced by 50% )
Salary for the Family Member (Compassionate Appointment ) 21423/- 21423/-
TOTAL 33906/- 44535/-


It is very clear from the above tables that the family will be virtually on roads, if the employee is under insured.

Now lets see some of the welfare measures/policies  by different banks.

The best is  the Liability insurance for all the loans availed by staff.  In case of any unforeseen event the total liability will be cleared by the insurance companies.   In some banks the cost is totally borne by the banks.

In some banks it is compulsory but the premium is to be paid by the employees them selves.

But in majority of the banks there are no such compulsions and it is totally voluntary.


Now we suggest the following and should be our demands for the upcoming Eleventh Bipartite Settlement.

  1. All the loans should be covered under the liability insurance and the premium should be borne by the bank.
  2. For all the employees Term Insurance policy should be mandatory to the extent of 120 times of their monthly gross salary.  The premium should be paid by the bank.


Fitment and Pay Fixation on promotion – PSU Bank Employees

Fitment and Pay Fixation on promotion – PSU Bank Employees

Now in majority of PSU Banks promotion process is complete, and fitment and pay fixation for  the promotes is under process.

We have received many calls  with regard to Fitment charts, as per the 10th Bipartite settlement.

Keeping in view we have prepared the fitment chart for all scales according to 10th Bipartite Settlement.  We have prepared the charts with utmost care. We at BANKNEWS-VIEWS.COM are the first to prepare the fitment charts according to 10th Bipartite Settlement.

The following important points are to be noted

  1. For those employees who placed in the lower clubbed stage of new scale the date of increment will be shifted to the date of promotion.
  2. JAIIB/CAIIB increments if any will be deducted from the existing scale and accordingly new scale as per the fitment chart will be fixed. After fixing the new scale JAIIB/CAIIB increments will be added to the new scale.

The Fitment chart is as follows



S.No Scale 1 Scale II S.No Scale II Scale III
1 23700 1 31705
2 24680 2 32850
3 25660 3 34160
4 26640 4 35470
5 27620 5 36780
6 28600 6 38090
7 29580 7 39400
8 30560 31705 8 40710 42020
9 31705 32850 9 42020 43330
10 32850 34160 10 43330 44640
11 34160 35470 11 44640 45950
12 35470 36780 12 45950 47260
13 36780 38090 * 47260 48570
14 38090 39400 * 48570 50030
15 39400 40710 * 50030 51490
16 40710 42020 * 51490 51490
17 42020 43330 ** 52950 52950
* 43330 44640 ** 54410 54410
* 44640 45950 ** 55870 55870
* 45950 47260 ** 57330 57330
** 47260 48570
** 48570 50030 S.No Scale IV Scale V
** 50030 51490 1 50030 59170
** 51490 52950 2 51490 60820
3 52950 62470
4 54410 64270
5 55870 66070
6 57520 66070
S.No Scale III Scale IV 7 59170 66070
1 42020 * 60820 66070
2 43330
3 44640 S.No Scale V Scale VI
4 45950 50030 1 59170 68680
5 47260 51490 2 60820 68680
6 48570 52950 3 62470 68680
7 50030 54410 4 64270 70640
8 51490 55870 5 66070 72600
* 52950 57520
* 54410 59170 S.No Scale VI Scale VII
* 55870 59170 1 68680 76520
* 57330 59170 2 70640 76520
* 58790 59170 3 72600 76520
4 74560 78640
5 76520 80760

Government of India has increased the number of GM’s in Nationalised Banks. ( CGM posts discontinued )

The Government of India has increased the number of GM’s in Nationalised Banks.    ( CGM posts discontinued )

Ministry of Finance vide its circular dt.22.02.2016 has increased the posts of General Managers in various Public Sector Banks.  The details are as follows     Continue Reading →

Effect of Social Banking on PSU Banks Profitability – On DRI alone we are losing 3,833 crores

                                                 ELEVENTH BIPARTITE

Effect of Social Banking on PSU Banks Profitability – On DRI alone we are losing  3,833 crores

When we analyze the 7th CPC recommendations and also compare the Insurance employees’ wage revision with our Bipartite Settlement, it can be clearly observed that the government is ready to give decent wage hikes to various Public Sector and Government employees. The question that naturally arises is why  is it that only bank employees do not get on par with them and the probable reasons for the same are as under:

Continue Reading →

One Crore – You May Gain or Lose – New Pension Scheme for Bank Employees

NPS ( New Pension Scheme )  is applicable from 2004 for Government Employees and majority of the State Governments have implemented the same.   However our Leaders dragged it till 2010, and from then on it is applicable for all  Public Sector Bank Employees recruited after 2010.

Now let’s see what NPS is all about to start with there are 7 fund managers to manage our NPS funds.

Continue Reading →

New pay scales with grade pay – Tenth Bipartite settlement for Bank Employees

In my previous post, I tried to explain the  possibility of  introduction of a new allowance for officer employees.  Now after so many calculations as per my assumptions new special pay which will be 12.5% of basic pay will have to be introduced.  The new special / Grady pay will attract DA and possibly will not be accounted for superannuation benefits.  ( There are all purely my assumptions only.  Nothing is certain)

Continue Reading →