The banks are financial institutions licensed to receive deposits and make loans. Apart from collecting deposits and lending banks are handling cash transactions, Ancillary Services to their customers. To gain the confidence of customers’ banks need to maintain the highest standards of honest and ethical conduct in the course of all their operations. Although profitability…
A code of ethics is a set of principles guiding members of an organization and other interested persons in making ethical choices in the conduct of their work. The Code of Ethics manual contains approved provisions relating to the enforcement of the Code of Ethics. The essential purpose of a code of ethics is to…
(This post elucidates the meaning of Whistle-Blower and Whistleblowing Laws in India) The whistle-blower is a complainant who wishes to complain or disclose any allegation of corruption or misuse of office by any employee of the Central Government or of any corporation established under any Central Act, government companies, societies, or local authorities owned or…
Unethical behaviour is an act that falls contrary to what is considered morally right for a person, a business a profession, or in politics. It can also be behaviour of a person that falls outside the principles admired in the community where he lives. Unethical behavior of a person: Lying to family members, friends, colleagues…
Reserve Bank of India (RBI) on Thursday (19.09.2019) revised the guidelines on concurrent audit system on the basis of the certain recommendations made by the expert committee headed by Y.H. Malegam. As per the new norms, the appointment of concurrent auditors will be appointed for a period of not more than three years instead of…
The public sector bank, Punjab and Sind Bank, issued a circular (dated18.09.2019) informing retired officers and employees of the bank about expiry date of IBA group medical insurance policy for retirees and their spouse which is on 31.10.2019. PSB furnished the particulars of the premium payable for renewal insurance policies for the period 01.11.2019 to…
We reproduce here the full text of Bipartite Talks held on 17.09.2019 between IBA and UFBU. The IBA team was led by Shri Rajkiran G. (MD & CEO, Union Bank of India), Chairman of the Negotiating Committee. From UFBU representatives of four Officers and five employees organisations were present. Discussion and decision taken are as…
RBI with Circular dated September 12, 2019 notified that a bank’s exposure limit to a single NBFC (excluding gold loan companies) raised to 20% of Tier-I capital of the bank. The communication said that this is a step towards harmonisation of the counterparty exposure limit to single NBFC with that of the general limit. It…
Today (Tuesday September 17, 2019) the representatives IBA had wage negotiation talks with constituents of United Form of Bank Unions (UFBU). IBA improved its earlier offer to 12 percent. However, Unions did not agree for the same. There werealso discussions on mandate PLI, retirees issue etc. The convenor of UFBU Mr.S.K.Bandish said that detailed UFBU…