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Saturday, September 20, 2014

Talk Resumes On Wage Revision

Bank employees expect early settlement on wage revision-The Hindu 21st Septembe 2014
The All India Bank Officers’ Confederation on Friday said it hoped the negotiation with the Indian Banks’ Association (IBA) on September 24 would result in the wage revision acceptable to the employees, failing which United Forum of Bank Unions would be forced to take some strong steps.
Addressing the members here, Confederation President Y. Sudarshan regretted the managements treat employees as ‘liability’ when it comes to wage revision while for the rest of operations, including spread of various government schemes, they are treated as assets. The vast human resource of banks, which has helped the industry to come to the present level and is prepared to the take modernisation forward, should be treated as capital asset and salaries as long-term investment, he demanded.
Officers and employees do not take pleasure in resorting to strikes and inconvenience the public, Mr. Sudarshan clarified. It is the attitude of the managements that has been forcing them to resort to strikes. Not a single wage revision in the past two decades has come without strike whereas government employees and legislators get salaries revised at regular intervals, he regretted. The 9th bipartite agreement expired in October 2012 and since then employees have eagerly been awaiting the next revision amidst several negotiations and a couple of strikes, he said.
Initially, the IBA had offered 5 per cent hike, Mr. Sudarshan said and termed it a piece of biscuit thrown at dogs. During the recently concluded negotiations, the IBA came up to offering 11 per cent hike whereas the Confederation has stuck to its demand of 25 per cent hike. The Unions and employees are no more prepared to wait, Mr. Sudarshan added.
He said public sector banks have been continuing their contribution towards strengthening the economy even as they were the ones responsible for the nation withstanding the economic slowdown in 2011. They have been the ones ensuring government’s programmes reach the targeted class, including the latest Jan Dhan Yojana. The Confederation is also opposed to merger of PSU banks, attempts for which are reportedly being made by the central government, he said.
Confederation Advisor M. Harshavardhan and others were present. (Eom)

Court issues production warrant against Syndicate Bank CMD -Hindustan Times

A special court on Saturday issued production warrants against Syndicate Bank CMD S K Jain and one other co-accused in a bribery case after CBI said they were required to be confronted with alleged middleman Purushottam Totlani who surrendered after evading arrest.

Special CBI Judge Swarana Kanta Sharma sought the presence of Jain and co-accused Vineet Godha, who are lodged in jail under judicial custody, before her on September 22. During the hearing, Totlani was produced before the court after expiry of his remand and the court extended his CBI custody by three days till September 23.

The court extended Totlani's custody after CBI said his custodial interrogation was required as the alleged bribe amount in the?case was?sent?to?Godha through Totlani. CBI told the court that during his police custody and after recording statement of one witness, it has transpired that Totlani was in contact with Godha and also knew accused Jain. It also claimed Totlani was not co-operating in the probe. CBI said?it?needs?to?be found out whether any other person was also involved in the case.

It alleged Totlani was involved in the conspiracy and his interrogation was required to ascertain the truth. Totlani had surrendered in the court on September 17 and was sent to police custody. Totlani had earlier filed an anticipatory bail plea in the court which was dismissed on the ground that his custodial interrogation was required to unearth the entire conspiracy and to know about the trail of the alleged bribe.

CBI had earlier argued there was enough evidence to connect Totlani with the case and the intercepted conversation shows his role in the conspiracy. S K Jain, CMD of Prakash Industries Limited Ved Prakash Agarwal, Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal, Vineet Godha and various other accused were arrested by CBI in connection with the case. Singal was arrested by CBI on August 7, hours after the court had issued a non-bailable warrant against him and Totlani.

Except Totlani, the arrested accused are currently in judicial custody. They were apprehended in connection with two separate graft cases in which CBI had booked them under the Prevention of Corruption Act and for the charge of criminal conspiracy under the IPC. On August 2, CBI had arrested some of the accused in connection with the case and claimed to have recovered Rs. 21 lakh in cash from Jain's residence besides gold worth Rs. 1.68 crore and documents of fixed deposits of up to Rs. 63 lakh.

The agency has filed two cases against Jain, accusing him of receiving a bribe of Rs. 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid-down procedures.


Students save Rs 24 lakh cash of State Bank of Hyderabad-Times of India-21.09.2014

HYDERABAD: Three unemployed B Tech graduates played Good Samaritans and saved State Bank of Hyderabad's blushes by promptly reporting to police about wads of currency notes amounting to Rs 24 lakh which spilled out of an ATM late on Friday. Police have decided to issue notice to the bank for being irresponsible.

At 10.30 pm on Friday, B Tech graduates Latif, Hari Prasad and Shiva went to withdraw money from the SBH ATM at SR Nagar. As there were three money-dispensing machines, the trio approached the one in the middle.

They swiped their ATM card and withdrew a couple of thousand rupees. "While collecting the currency notes from the machine, they pulled it out with a little force. Instantly, the door of the cash chest opened, which had Rs 24 lakhs,'' SR Nagar inspector (Detective) N Shankar said.

According to police, the trio, not tempted by the sight of the mountain of cash, called 'Dial 100' and alerted police about the malfunctioning machine. The police rushed to the spot and found the door open. Immediately, they called bank officials to the ATM centre and records were verified to check if any money was missing.

"The cash was found intact. It was found that bank employees after loading the cash in the chest failed to lock the chest,'' Shankar added.

The SR Nagar police said Hyderabad police commissioner Mahendar Reddy had decided to reward and issue appreciation letters to the three unemployed youths for responding to the community policing call given by the police department.

Meanwhile, police have decided to issue a notice to the SBH for failing to comply with basic security norms at the ATM as there was no security guard or CCTV cameras.

Friday, September 19, 2014

Drawbacks Of Jan Dhan Yojna

RBI asks banks to stay vigilant against smurfing, money muling-Business Standard

Smurfing is a practice by which cash is broken into smaller deposits of money to defeat suspicion of money laundering
The Reserve Bank of India (RBI)'s Executive Director P Vijaya Bhaskar on Friday asked banks to stay vigilant against smurfing and money muling.

Smurfing is a practice by which cash is broken into smaller deposits of money to defeat suspicion of money laundering and avoid anti-money laundering reporting requirements. Money muling, on the other hand, occurs when money launderers use someone else's bank account to deposit and transfer money.

Bhaskar was speaking at a conference organised by the Confederation of Indian Industry(CII) in Kolkata.

He added that lenders should have a single information-sharing system that will allow them to scrutinise customers' information and prevent money launderers from opening multiple accounts with different banks using different identity documents.

He declined to offer any comments on monetary policy actions. “There was one point in the introduction, which said I should also speak about monetary policy. That is the last thing I will do because September 30 is the day (when RBI will announce its next bi-monthly monetary policy)...So on that I will keep a meaningful silence,” he said.
Banks to be careful about Jan Dhan Yojana: RBI
The Reserve Bank on Friday warned the banks to be more careful while opening accounts under the Jan-Dhan Yojana, saying that a single individual could open multiple accounts in the lure of Rs 1 lakh insurance cover.
“There are some caveats when the banks are implementing the financial inclusion scheme under the recently launched Jan-Dhan programme,” RBI Executive Director P Vijay Bhaskar said at a CII seminar in Kolkata on Friday.
He said people could open accounts in different banks using different identity documents like PAN card, Aadhar among others in the lure of getting insurance cover of Rs 1 lakh from all the banks.
The banks should have a single information sharing system by which this possible misuse could be stopped. Another possible threat was ‘smurfing’, the RBI official said.
In this case, hawala operators would spilt the whole amount into several small units beyond the threshold using several bank accounts and send money overseas.
The last was ‘money mules’ by which an individual would operate through another person’s bank account.
Talking about the north-eastern region, he said the SLBCs and the SLCCs should take steps to improve the credit-deposit ratio of the region as the CD ratio was much lower than the national average.
Earlier this week, RBI Governor Raghuram Rajan had cautioned banks on the risks involved in just hunting for numbers with regards to Jan Dhan scheme, asking them not to compromise on core objectives of the programme.
“When we roll out the scheme, we have to make sure it does not go off the track. The target is universality, not just speed and numbers,” Dr Rajan had said.
The scheme can be a “waste” if it leads to duplication of accounts, if no transaction happens on the new accounts and if the new users get bad experiences, he had added.

Suggestion On Failed Wage Revision

AFTER TALKS FAILS, ONLY ONE SOLUTION IS PAY COMMISSION-Posted by Sushil Agarwal in group Sangharsh Karo

The ten lakh bank employees want justice on pay-parity, as ordered by Sastry Award more than sixty years ago. This is an immediate need of the hour. Such a Pay Commission alone will prevent mass exodus of the intelligent younger generation to greener pastures elsewhere. Stopping attrition will also ensure that the banks continue to play their...
vital role in the economic development of the nation and contribute to a healthy financial sector, which is the backbone of every economy.

 Wage revision for bank employees has always been a vexatious issue, especially over the last three decades. With the bipartite level talks that have been going on for the last one and a half years, without any meaningful conclusion, there is now a strong wave of discontentment and restlessness among the young bankers who firmly believe that the negotiating unions have sold out their interests. This is can be gauged from the following paragraphs.

In the year 1953, while deciding on the pay structure for bank employees, Justice S. Panchapagesa Sastry has given in his Award: ”The rates of pay in certain departments of Government such as Posts & Telegraphs and in State Governments will also furnish material for the construction of pay scale for bank workmen. Above all we have the report of the Central Pay Commission which is now considered an authoritative and useful guide to problems relating wage determination at least among Government employees. There are several affinities between bank workmen and Government clerks, bank subordinates and Government menials. The Central Pay Commission had before them the very same clerical class and the class below it." ( Para 252 of the Sastry Award).

Justice Sastry went on to observe further : " In the matters of education, intelligence, social needs, family responsibilities, standards of living and outlook on life there is a fair degree of similarity between the clerks that work in a bank and those that work in a Government department............We may nevertheless take the Government pay scales as an indication, however rough, of how the clerical class in general should be remunerated......" (Para 259 of Sastry Award).

The Justice Kantilal T Desai Commission of 1962 had also observed that : " Having considered all aspects of the matter, I am of the view that to the extent that prevailing rates of wages in similar occupations in the same localities play a part in fixation of wages, the workmen have made out a case for an upward revision of their emoluments" (Para 5.181 of Desai Award.)

Like wise , the Pillai Committee Recommendations for the bank officers equated their salary with that of the government officers.

These Awards were pronounced at a time, when the banking industry was under private managements. With the nationalization of the banks in 1969 & also in 1982, the majority of the banks have now acquired the character of public sector undertakings with their heavy penetration into rural areas to serve the masses and create financial inclusion.

However on the wage front, the reality is different. Take for comparison, the salaries of Central government, State Government, Central PSUs (including loss making units), State PSUs, Quasi-government bodies, Service Sectors like Railways, Telecom, Power/Electricity, Posts & Telegraph, MNCs, Large Corporates etc., with our bank staff wages over a specific time horizon especially from 1985 to 2012. This will reveal shocking and painful facts about how the wages of bank personnel have got eroded substantially during the last 25 years. This fact has been admitted by AIBOC in their circular No. 2014/08, where in it is stated : “dilution in our salaries vis a vis Government Officials has taken place over a period starting from 1982 and gap has widened with successive settlements”.

Other than paying lip-sympathy, the negotiating unions have totally failed to ensure the concept of Pay-Parity for the bank employees vis a vis, the government employees. Presently the estimate of this gap is between 35 to 40% in different cadres, if we take into account the 6th Pay Commission salary of government employees. The most painful fact is that our leaders are now trying to convince us for a 13 % to 15 % increase in the ongoing talks. Thus the IBA & UFBU are bent upon thrusting a lower increase for us, which will not even equate us with the 6th CPC scales, while the Central Government has already announced constitution of a 7th Pay Commission which will take effect from 01.01.2016 for the government employees.

With the unions in the industry having miserably failed to arrest and reverse the trend of deteriorating wage levels over the last thirty years, we the younger generation of the bank employees are now fully convinced that there is not going to be any meaningful conclusion at the industry level bipartite talks between these unions and the managements. We are firmly of the opinion that the Pay-Parity concept originally provided for us through the Sastry Award of 1953 alone will bring us justice in our wage scales. Therefore, we urge upon all concerned to include us either as part of the Central Pay Commission process or alternatively constitute a separate Pay Commission for Bank Employees, on the lines of the Central Govt.

IMF Suggests RBI To Raise Policy Ratees

I have been pleading rise in interest rate and now even IMF has suggested increase in interest rate to contain inflation. No doubt, raising interest rate will not only help in containing and controlling inflation but also help in raising savings habit and enhancing the capacity of the government for making fresh investment in new projects.

I therefore feel immense pleasure in presenting below the dictate of IMF to India. Some clever bankers have been insisting for cut in policy rates since long and trying to put entire blame on interest rate for poor growth in credit and investment.

But bankers who have seen the days of seventies and eighties i.e. pre-1991 policy rates( before start of  reformation era) they know very well that credit growth was considerably better even when interest rate used to be higher than 20 per cent per annum. Therefore even if RBI raises policy rate by a few points , it will have no adverse affect on credit growth and neither there will be any impact on profitability of any corporate.

Role of interest in financial of any company is limited and there is nothing to worry much even if RBI raises policy rate to some extent in the larger interest of the country. At least pensioners, small depositors and middle class family will be happier on rise of interest rate on savings and it is they who will help in increasing CASA of banks.

RBI needs to raise policy rates to bring down inflation: IMF--Times of India-19th September 2014

NEW DELHI: The Reserve Bank of India needs to further increase policy rates to bring down inflation on a sustained basis, the International Monetary Fund (IMF) said on Thursday.

In a note released ahead of the G20 meeting of finance ministers and central bank governors at Cairns in Australia, IMF said India needs to take more steps to reduce stubbornly high inflation and the large fiscal deficit.

"Sustainably lowering inflation will also require further increases in the policy rate and a simpler monetary framework with clear objectives and operational autonomy for the RBI," said the IMF note.

Responding to the demand of industry to cut rate in view of declining inflation, RBI governor Raghuram Rajan had recently said: "There is no point in cutting interest rates to see inflation picking up again."

The RBI is scheduled to announce its bi-monthly monetary policy on September 30.

The wholesale price-based inflation dropped to 5-year low of 3.74 per cent in August, while the retail inflation was still at an elevated level of 7.8 per cent.

The IMF said removing supply bottlenecks would lead to more sustainable growth. It also called for increasing public spending on infrastructure to ease supply bottlenecks and support economic development.

While lauding the new government's emphasis on fiscal consolidation, it said "the quality and durability of the consolidation remain a cause of concern."

The government proposes to bring down the fiscal deficit to 4.1 per cent of GDP in current year from 4.5 per cent last fiscal.

The government had put in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to three per cent of the GDP by 2016-17.

Outlining the policy priorities before the G20, IMF said the group of 20 developing and developed nations should take steps to boost growth.

India will be represented by commerce minister Nirmala Sitharaman and RBI governor Raghuram Rajan at the G20 meet.

"Decisive structural reforms are needed across G20 economies to boost potential output and help ensure that growth is more sustainable," IMF said.

The 188-nation IMF said looking forward the global recovery should regain strength but downside risks have risen.


Thursday, September 18, 2014

News today On Banks 19th September 2014

Supreme Court questions lack of transparency in CVC appointment
The SC said transparency is the hallmark of selection procedure and not only bureaucrats but people across should be allowed to apply for the post
The Supreme Court on Thursday questioned the union government over lack of transparency in the appointment of Chief Vigilance Commissioner and Vigilance Commissioner.
The apex court said that transparency is the hallmark of selection procedure and people across should be allowed to apply for the post and not only bureaucrats.
The Attorney General has assured the Supreme Court that no final decision will be taken in the appointment of CVC during the pendency of the case.
SC questions lack of transparency in appointment of CVC, VCs-Business Standard
The Supreme Court today rapped the Centre for lack of transparency in the selection process of Chief Vigilance Commissioner and Vigilance Commissioners, following which government gave the assurance that no final decision will be taken without its nod.
The Supreme Court today rapped the Centre for lack of transparency in the selection process of Chief Vigilance Commissioner and Vigilance Commissioners, following which government gave the assurance that no final decision will be taken without its nod.

Raising questions on lack of transparency in the selection process of CVC and VCs, the court said this promotes "favouritism and nepotism" and asked why only bureaucrats are picked for the posts and not common people.

"Transparency should be the hall mark of such selection procedure and existing system is being criticised because of lack of transparency," a bench headed by Chief Justice R M Lodha said, adding, "Every system which confines to an in-house procedure for selection is criticised by people for lack of transparency".

The bench, also comprising justices Kurian Joseph and R F Nariman, said, "Pool of talent is there in the country and people want transparency. Why should you adopt a procedure that deprives sunlight to reach people who are talented but not considered."

"Lack of transparency promotes nepotism and favouritism and many deserving people don't get a chance of being considered," the bench said.

Attorney General Mukul Rohatgi submitted that application cannot be invited from people for the post as many people prefer to be considered by the Centre for the post rather then apply for it.

He said that selection process would take at least one month time to complete and assured the court that "no final decision would be taken on appointment during the pendency of the case in the apex court".

The apex court, after hearing his plea, asked the Centre to file its response by October 9 and posted the case for final hearing on October 14.
ICICI Bank signs $1-bn agreement with China Exim Bank-BusinessLine
Mumbai, Sept 18:  
ICICI Bank Ltd, India's largest private sector bank, today signed a framework agreement with the Export-Import Bank of China (China Exim Bank) for $1 billion.
“Under this agreement, China Exim Bank will consider providing short-term and long-term credit lines to ICICI Bank for financing purchase and import by the latter’s clients of Chinese products and services. The credit lines may also be utilised to support cooperation between Chinese and Indian enterprises in natural resources, energy exploration and construction contracting projects,” ICICI Bank said in a statement.
The framework agreement would strengthen existing ties between the two banks. ICICI Bank and China Exim Bank had signed a $500-million framework agreement for cooperation in July 2009.
Subsequent to the agreement, long-term lines of credit were established in support of Chinese imports into India. ICICI Bank and China Exim Bank have successfully partnered in financing projects at multiple locations in India.
ICICI Bank also signed a memorandum of understanding (MoU) with China Development Bank Corporation for strengthening commercial and economic ties and setting up a mechanism to facilitate mutual trade and investment opportunities. The MoU seeks to reinforce the economic and trade relationship between China and India, and to promote the economic development of their respective countries.
ICICI Bank had earlier signed a $500-million MoU with China Development Bank in December 2010. Simultaneously, lines of credit were established between the two banks in support of Chinese equipment imports to projects in India as well as other linkages of interest to both countries. The two banks are further collaborating to jointly support and promote projects having significant scope for furthering economic development of the two countries.
The parties agreed to continue the long-term and strategic cooperation by leveraging their respective strengths with a view to providing possible support in promoting trade and investment projects in each other's country. They also agreed to work towards expanding bilateral economic and trade relationships between China and India through joint provision of financial and advisory support for identified opportunities.

Banks open 40 mn accounts under Jan Dhan Yojana: FinMin

The benefit Jan Dhan Yojana can be extended to existing account holders without opening a new account
The finance ministry on Thursday said 40 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana and that banks have mobilised Rs 3,700 crore so far.

"Banks have opened 40 million accounts so far. Banks have mobilised about Rs 3,700 as deposits (in the accounts)... So, per account about Rs 900 deposits have been collected," Financial Services Secretary
G S Sandhu
told reporters here.

Prime Minister
Narendra Modi
had launched this ambitious scheme of financial inclusion on August 28.

The benefit of Pradhan Mantri Jan Dhan Yojana can be extended to existing account holders without opening a new account.

The government is giving adequate publicity to the benefit to be extended to account holders, sources added.

The main features of the scheme include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with in-built Rs 1 lakh accident insurance cover.

Besides, account holders under the scheme will get life insurance cover of Rs 30,000. This was additional benefit announced by the Prime Minister during the launch of the scheme.

Sandhu further said government was also considering transfer of kerosene oil and LPG subsidies directly in bank accounts.

Currently, the government subsidises the products so consumers can buy fuel below market price. Under direct benefit transfer, the consumer will be paid cash subsidy so he can buy kerosene and LPG at market price.

Facts About Wage Talk

(Regd No.3415 / CNI dated 29-07-2011)
Administrative Office: 763, Anna Salai, Chennai – 600 002.
CIRCULAR NO.06 / 2014 DATE : 17-09-2014

Dear Comrades,


Today (17/09/2014) yet another meeting of the negotiating committee for 10th Bipartite Wage Revision took place in Mumbai, the undersigned on behalf of NUBE took part in the negotiations along with ten other unions.

 Mr.T.M.Bhasin the newly elected Chairman of IBA in his initial remark gave a brief of the present banking scenario and also explained in detail about the importance of banks’ profitability and paying capacity.

Mr. Rajiv Rishi, the new Chairman of the Negotiating Committee followed it by telling that it would not be possible for IBA to agree to the demands of the Unions for a hike of 25% since the banks were not doing well and the results of the first quarter were not rosy. Further he insisted that other issues should be discussed first and then we decide on the wage factor.

NUBE strongly objected to the stand of IBA and said that postponing a cardinal issue like wage load and discussing on other issues which can be settled simultaneously is nothing but dilly dallying.

Already nearly 8.5 lac Bank men are anxiously waiting for approximately two years patiently and their patience cannot be further tested. The Chairman negotiating committee wanted the unions to reduce their demand of 25% to which some unions agreed provided IBA also raises their offer.

IBA has not offered anything beyond 11% and the meeting concluded with a understanding that we will meet shortly. The way the talks are proceeding, we do not think that there would be any progress in the days to come.

Comrades from the above it is very clear that IBA is in no mood to settle the issue amicably. Their stubbornness is only making the Bank employees restless and paving a path for agitational programmes which is not good for the Industry.

However, we are left with no other alternative than to struggle if not we will be meekly surrendering to the dictates of IBA and history will not pardon us. So let us march ahead and struggle unitedly.

Yours Comradely,


Circular No. 2014/59 Date: 17/09/2014

Dear Comrade,


You are aware that latest round of talks with IBA on Wage Revision has taken place on 17th September, 2014 at Mumbai. The representatives of UFBU had discussions prior to meeting the IBA to decide the common strategy to be adopted. We reproduce hereunder the contents of the circular No. 2014/28 of date issued by the Convener of United Forum of Bank Unions advising the development taken place in the meetings:-

The representatives of UFBU met at 11.00 a.m. to discuss and decide the strategies to be adopted in the negotiations with IBA. It was decided that along with the percentage increase in its offer, other important issues like regulated working hours, 5-day week, improvements in pension related matters should be raised simultaneously.

In the IBA meeting, Sri Bhasin, who was the Negotiating Committee Chairman till the last meeting and now elected as Chairman of IBA introduced the newly constituted Negotiating Team of IBA under the leadership of Sri Rajeev Rishi, the newly appointed Chairman of Negotiating Committee.

Subsequent to brief introduction and completion of formalities, before commencement of negotiations on wage revision, UFBU raised the following issues:

Compassionate Appointment Scheme:

While thanking the IBA for its efforts and being instrumental in getting clearance of the Government for introduction of Compassionate Appointment Scheme on the lines available to Central Government employees, UFBU sought clarifications on issues like eligibility, applicability with regard to death cases prior to 05.08.2014, etc., to which IBA conveyed that the matter would be referred to Government and necessary clarifications will be issued on receipt of their advices;

Accounts to be opened under Jan Dhan Yojana:

While appreciating and extending the support of UFBU to the initiatives taken by the Government towards extension of banking facility to all the people in the Country, UFBU expressed the following apprehensions:

United Forum of Bank Unions

The compromises on KYC norms may lead to opening of fraudulent accounts for which employees should not be held accountable;

The pressure due to the targets stipulated for opening of accounts are greatly affecting the regular banking activities and services to existing customers;

Due to the stipulation on timings for opening of accounts from 8.00 a.m. to 8.00 p.m., employees are forced to work beyond their working hours and are also under severe stress to achieve the stipulated target.

During the negotiations, IBA informed that the UFBU's demand of 25% increase in pay slip components is on high side and beyond the paying capacity of banks and insisted that UFBU should review its demand, to which UFBU responded as under:

IBA should substantially revise its offer of increase in pay slip components;

The other important issues like regulated working hours, 5-day banking, improvements in pension related matters, etc. should be discussed simultaneously and in a time-bound manner;

The meetings on negotiation have to be held regularly at frequent intervals ensuring expeditious settlement;

UFBU will have flexibility in its demand depending upon the response of IBA on all the above matters.

IBA assured us to schedule the next round of meeting within one week to discuss comprehensively on all the issues. Comrades - every effort is being made by UFBU not only for expeditious conclusion but also for a respectable Tenth Bipartite Wage Settlement. Let us continue to maintain our unity which would strengthen us in achieving our goals. Further developments will be advised in due course.



With comradely greetings,
Yours sincerely,


Wage Talks and Rumours


Every banker has been looking towards UFBU leadership for more than last 22 months  to hear some good news.   The situation is similar to the starting scene in movie Lagaan (Amir Khan), where the whole village kees p looking towards sky to see a ray of cloud which may bring some relief to the villagers.   Here for last 22 months, bankers are waiting as to when UFBU will bring some relief to their comrades by ensuring that talks move at least by inches if not by miles.   Bankers are well aware that UFBU is playing the dirty game of delaying tactics to increase their Lagaan (I mean levy) so that even if it trickles they are able to collect their illegal share. 

 Anyway, let us talk about the talks which were supposed to be held  on 17/09/2014.   We have already uploaded flash news today afternoon that UFBU has agreed to relent its demand of 25% if IBA allows substantial increase of its offer.     Now it is almost mid night and by the time I will finish this write up it will be early 18/09/2014, and most of our readers will see this post only in the morning of 18th.  I have been waiting for the whole day keeping my breath on hold, thinking that some official communication will come so that we can post some authentic information for our readers who keen wait for our updations.   However, no authentic information has been received till mid night and lot of rumors are going around.
Some people  (I will not name it here)  are posting that it is confirmed news that UFBU will not go below 23% and that too if even new recruited bankers are given benefit of old pension, and 5 day banking is allowed etc.   It is a worst kind of rumors as they generate false hopes and then when not found in final circular, leads to  frustration among bankers.   
Similarly, somebody has sent a link wherein it is written that “Wage Revision Talk 17.09.2014 Over With Positive Indications.  Final Round Talk after Week”.    I was wondering as to what is the positivity for bankers in the report that UFBU has relented to reduce its demand from 25%?   Yes, it is positive for IBA that they have been able to tire UFBU to this extent that they on their own have shown their willingness to even agree below 25%.    In the same post it is being tried to convince that now the ball is in the court of IBA.  Interestingly the post gives full credit for calling this meeting to  PM Narendra Modi but says no final announcement could be made as PM is busy with Chinese President.   Great logics, as if poor PM was not earlier aware of the visit of Chinese President and by mistake he kept a meeting of UFBU and IBA on that day.   Please do not believe such posts.
In view of all the rumors and silence of UFBU, it is leading to frustration among the bankers.  The circular by UFBU should have been issued within one to two hours of conclusion of the talks so that rumors are put to rest and there is transparency and bankers know the truth immediately.   Is UFBU so devoid of talent that they can not draft a one page circular in two hours time ?   As it has happened earlier, now UFBU is likely to issue a circular either on 18th or 19th but the same will be dated 17th to show in future that they were very prompt in issuing the circular.   It has been happening repeatedly in the past.
In view of all the above, we are not commenting on the outcome of the talks and will put up the details only when UFBU actually issues its circular, which we have not seen till the wee hours of 18th September 2014.