The government on Tuesday (September 25, 2018) announced 3 new major initiatives viz. Quick loan for MSME, Financial inclusion index, and Geographical mapping of banking services. The Finance Minister on Tuesday launched a new portal “Quick loan for MSME” which sets, for a new benchmark in loan processing and reduces the turnaround time from 20-25…
The insurance regulator IRDA directed all the general insurers to provide a minimum capital sum of Rs.15 lakh under compulsory personal accident cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of ₹750 per annum for annual policy. Under Section lll of Package Policies/ Bundled Covers on payment of…
(PPF & NSC to give 8%, Senior citizen to get 8.7%) The Ministry of Finance Government of India has announced the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018. The Small Savings Schemes includes include…
In the 11th BPS dated 11.11.2020 signed by workmen unions and 8th Jt.Notes signed by Officers’ associations on the same day, certain visible improvements brought in the Leave Rules. Please click the below post to know the updated leave rules as per the 11th BPS Improvements in Leave rules of Banks effective from 11.11.2020 Download…
(This post provides updated detail of leave eligibility and also conditions applicable for granting casual leave, special casual leave to bank officers and employees, in terms of 10th Bipartite settlement/Joint note between Indian Banks Association (IBA) and United Forum of Bank Unions (UFBU))
Bank Officers’ fitments/stagnation increments as per 10th BPS/Joint notes The stages of basic pay to officer cadres of banks as per 10th BPS/Joint note is as under. Scale I- 23700-980(7)- 30560 -1145(2) -32850 -1310 (7)- 42020 (Plus stagnation increments as per chart) Scale II-31705- 1145(1)- 32850 -1310(10) -45950 (Plus Stagnation increments as per chart) Scale…
In consultation with Government of India, the Reserve Bank of India liberaised some aspects of ECB policy including policy on Rupee Denominated Bonds (RDB). According to review of the policy, the eligible borrower companies in manufacturing sector can raise Extranal Commercial Borrowings up to USD 50 million or its equivalent with minimum average maturity period…
The department of financial services secretary Rajiv Kumar said government has decided to merge Dena Bank with Vijaya Bank and Bank of Baroda and the boards of three banks have been told to consider the amalgamation. The finance minister Arun Jaitley Talking on bank merger, said boards of Dena Bank, Vijaya Bank and Bank of…
The officers/ employees who have retired from the bank service might be aware that those who had retired after 1.10.2017 are covered under the Bank’s Working Employees’ Policy till 30.09.2018. After that, they are supposed to take up the Bank Retirees’ Policy wherein premium is payable by the retirees. Since the Retirees’ policy commence…
Quote: CIRCULAR No. UFBU/2018/15 Date : 15-09-2018 TO ALL CONSTITUENT UNIONS/MEMBERS Dear Comrades, Discussions with IBA on Medical Insurance Scheme Units are aware that there was a meeting with the IBA on 8-8-2018 on the issue of medical insurance scheme wherein we had submitted various suggestions, particularly with a view to achieve a reduced premium…