Special VRS for Bank employees
Government has started offering carrots for making the merger successful. Freshers of banking industry are not opposing the merger process, so government is trying to shunt out the seniors who are murmuring against the mergers. Now the government has offered a carrot to the seniors, Special Voluntary retirement Scheme or SVRS.
According to the inside sources employees who have completed 20 years of service or 55 years of age are eligible for the VRS.
Management is yet to provide the full details but the offer is not so attractive. Maximum of 30 months of salary is offered subject to 50% of remaining service in months.
Full details are expected by next week.
Merger of two PSU banks ( Mumbai based )
After the merger of SBI associates with the parent, Government has decided to take further steps towards merger of other Public Sector banks. According to Reuters and the articles published in Financial Express and Business Standard Sri Vinod Rai, Head of Banks Board Bureau has informed that the next step is merger of two large Mumbai Based PSU banks. He has declined to name them.
The following banks have their Headquarters at Mumbai
- Bank of India.
- Central Bank of India.
- Dena Bank.
- IDBI bank
- Union Bank of India.
Officials have informed that the two banks will be large banks. Further once that consolidation is completed they are planning to merge a weaker and comparatively smaller bank.
These statements clearly indicates the determination and commitment of government with regard to the mergers.
Vijayadasami gift to all bankers.
For full story click the following link.
SBI chief gets one year extension
Government has pulled the curtains down ending uncertainty with regard to extension of tenure of SBI chief. Today Finance minister has announced extension of tenure of Smt Arundhati Bhattacharya by one year. She was set to retire on 6th of october.
It seems that GOI wants continuity at SBI as the merger process of 5 of its aasociates and Bharatiya Mahila Bank is at crucial stage.
Strike of 29/02/2016 Defered. For authentic news visit AIBOC website.
STRIKE CALL of AIBOC on 29/02/2016 Latest Update
There was a meeting between all the stake holders along with Home Minister ( Kerala ). At last Dhanalaxmi Bank Ltd representatives have attended.
Bank representatives declared that they are ready to discuss all other matters except that of reinstating back Mr. P V Mohanan.
The offer was rejected by AIBOC leaders.
But the Home minister has instructed all the all the parties to discuss and come back with a solution that could avert a strike.
Chain of meeting’s with Regional Labour Commissioner, and between DLB and DBOO and also second round of meeting with the Home Minister are scheduled for today and tomorrow.
We will be updating the latest news here.
7th Pay commission Highlights ( Full report attached )
Seventh pay commission has submitted its recommendations to Mr. Arun Jaitley key points are
- Increase of 16% in pay.
- 63% increase in allowances.
- 24% increase for pensioners.
- 138% increase in HRA.
- Increment will be 3% of basic.
- Minimum basic Rs.18,000/- and Maximum basic Rs.2,25,000/- (For Cabinet Secretary it will be Rs.2,50,000/- )
- Gratuity increased from Rs.
- One rank and one pension recommended for all.
- Performance related Pay ( PRP ).
- Grade pay abolished. ( Pay bands were removed )
- Health Insurance scheme introduced for all pensioners and employees.
- Non interest bearing advances were abolished. Interest bearing advance for purchase of house increased to Rs.25.00 lacs
- Fitment factor is 2.57.
full report click here
Seventh Pay Commission Final Report to be submitted on Thursday i e 19/11/2015
The 7th pay commissionis all set to submit its final recommendations on 19/11/2015. According to reliable sources commission has recommended for a hike of only 15%.
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Lets hope for the best
Private sector professionals takes over two largest Public Sector banks
First time in indian banking history two private sector banking professionals will be heading two largest public sector banks.
Today government has announced new MD & CEO’s and non executive chairmans the list is as follows
- Bank of Baroda – P S Jaya Kumar ( MD of VBHC Value Homes Pvt Ltd)
Canara bank – Rakesh Sharma ( MD & CEO of Laxmi Vila Bank )
Bank Of India – M O Rego ( From IDBI )
IDBI Bank – Kishore Kharat Piraji ( From Union Bank of India )
Punjab National Bank – Usha Ananthasubramanian ( Bhartiya Mahila Bank )
Rate cut again. Repo Rate reduced by 25 basis points. Repo Rate stands at 7.25%
NEW Non-executive Chairmen List:
1)PNB: Shri Sumit Bose
2) OBC: Shri G.C. Chaturvedi
3) BoBaroda: Shri Ravi Venkatesan
4) Canara : Shri T.N. Manoharan
5) BoI: Shri G. Padmanabhan
6) IOB: Shri M. Balachandran
7) Andhra: Shri B. Sambamurthy
8) Vijaya: Shri G.Narayanan
9) Indian: Shri T.C.V. Sbramanian
Surprise RBI reduces repo rate by 25 basis points. Repo Rate at 7.75%