Method of Pension calculation for Bank employees/Officers
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…
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Calculation of Commutation value of Bank Pension explained
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…
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Negotiation between Bank Officers and IBA derailed: Agitational programs started
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…
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Pure risk premium product “Saral Jeevan Bima” life policy offer mandatory for all the life insurance companies
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…
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SC gives November 2 deadline to Centre for an action plan to implement waiver of compound interest
Directing the government to implement the decision to waive “interest on interest” without delay, yesterday the Supreme Court directed the Centre to come back “with an appropriate action plan” on November 2. The above direction came from Apex court when solicitor general Tushar Mehta, representing the Centre, said the waiver would come into effect by…
RBI clarifies various queries on COVID 19 related resolution framework scheme
RBI today released FAQs on the resolution framework for Covid-19 related stress, clarifying to borrowers as well as lenders that a loan account that was due for more than 30 days as of March 1, 2020, but subsequently got regularised, will not be ineligible for resolution under the COVID-19 resolution framework. The above clarification was…
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