The Labour Bureau announced index number (IW) for the period of July 2020, August 2020 and September 2020 as under July 2020 August 2020 September 2020 336 (Base year 2001=100) 338 (Base year 2001=100) 118 (Base year 2016=100) Based on the CPI announced, the average index number works out to 7633 (base 1960=100). It means…
The Reserve Bank of India (RBI) on Thursday released guidelines to make QR codes interoperable to Streamlining QR Code infrastructure. The central bank said payments companies, which use more than one QR code, must shift to one or more interoperable QR codes by 31 March 2022. The above decision was taken by the Central Bank…
In our previous article ‘How to file a complaint in consumer court?’ We have explained the procedures for lodging a complaint in Consumer Courts either online or offline. We have also explained about the establishment of the Central Consumer Protection Authority and, ‘Product Liability’ clause where a manufacturer or product service provider or product seller…
On Friday (October 23, 2020), the finance ministry announced the details of the implementation of the waiver of ‘interest on interest’ on loans of up to Rs 2 crore for the six-month moratorium that was rolled out to mitigate the hardship of borrowers hit by the coronavirus pandemic. The Government also announced that those who…
The Union government on Thursday revised the base year for computing Consumer Price Index (Industrial Workers) (CPI-IW) from the present 2001 to 2016 after a gap of 15 years. Presenting the report on the base revision of Consumer Price Index for Industrial Workers (CPI-IW) to 2016=100 from existing 2001=100, Union Labour Minister Santosh Kumar Gangwar…
Traveling Allowance, baggage and other expenses On retirement, an officer will be eligible to claim Traveling Allowance, baggage and other expenses for himself and his family as on transfer from the last station at which he is posted to the place where he proposes to settle down on retirement. Shifting household belongings to where he…
Employees/Officers joining Banks on or after 01.04.2010 will be covered under the New Pension Scheme. Hence, they are not eligible for pension schemes under Bank [Employees’] Pension Regulations 1995. The Bank employees/Officers who have opted for pension schemes under Bank [Employees’] Pension Regulations 1995 are only eligible for the regulatory pension of a bank. A…
An employee or officer retires from the bank with the benefit of superannuation pension, or voluntary retirement pension, or premature retirement pension, or compulsory retirement pension, or invalid pension or compassionate allowance shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension. Also, the family of…
Extract of the circular dated 18.10.2020 from four officers’ organizations ALL INDIA BANK OFFICERS’ CONFEDERATION (AIBOC) ALL INDIA BANK OFFICERS’ ASSOCIATION (AIBOA) INDIAN NATIONAL BANK OFFICERS’ CONGRESS (INBOC) NATIONAL ORGANIZATION OF BANK OFFICERS (NOBO) As you are aware that after a prolonged lapse of time due to the external environment and conditions of life, an…
The insurance regulator IRDAI has come out with a standard individual term life insurance product, to be known as “Saral Jeevan Bima”. The policy shall be mandatorily offered by all the life insurance companies from January 1, 2021, onwards. In this respect, all life insurers have to file the product with the insurer latest by…
