Govt. clears 100 % Dearness Relief to pre- November 2002 Retirees effective October 2023
On Thursday (05.10.2023), DFS (Govt of India) cleared 100% D.R (Dearness Relief) to pre-1-11-2002 Retirees. It will be effective from 1st October 2023. No arrears shall be payable for the periods falling prior to the effective date. The 100% Dearness neutralization would benefit about 1,80,000 pensioners who retired from the Banks including from SBI prior…
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Repo rate and other key policy rates remain unchanged
The Monetary Policy Committee (MPC) met on the 4th, 5th, and 6th of October 2023 and decided to keep the policy repo rate at 6.50 per cent, and other key policy rates also remain unchanged. RBI also maintained the status quo on the ‘withdrawal of accommodation’ policy stance. Withdrawal of accommodation refers to a policy…
Read article RBI forms external working group for provisioning of banks on Expected Credit Loss (ECL)
The Reserve Bank of India (RBI) on Wednesday constituted a nine-member external working group to get independent views on Expected Credit Loss (ECL) based framework for provisioning by banks. The ECL approach to provisioning is a paradigm shift from the current incurred loss-based provisioning regime. The Discussion Paper released by RBI on January 16, 2023,…
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Outcome of Bipartite Talks UFBU had with IBA on 29-9-2023
The Negotiating Committee Meeting held on September 29, 2023, between the United Forum of Bank Unions and the Indian Banks Association discussed the following issues. Unions wanted to know the details of establishment expenses, number of employees and officers under OPS and NPS, stage-wise/area-wise number of employees, impact on cost of superannuation benefits, etc. They…
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The interest rate on small savings schemes for October-December 2023 Quarter
As per a notification by the finance ministry on September 29, the rate of interest on the five-year recurring deposit has been increased to 6.7 percent from 6.5 percent. All other small savings schemes will continue to offer the same rate of interest as they did in July-September. The latest chart of interest for small…
Government sets up a committee to address the demand for a guaranteed pension under the NPS
NPS returns are market-linked. This means that returns are not guaranteed but depend on market performance and the fund manager. Currently, the government contributes 14% of pay and employee contributes 10% to the NPS corpus. Compared to the old pension scheme (OPS), the pension received by some retirees under NPS was paltry under NPS. Hence,…
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