Definition, role and sectors of Priority Sector Lending (PSL)
Definition: The priority sector is defined as the sectors that the Government of India and Reserve Bank of India consider as important for the development of the basic needs of the country and are to be given priority over other sectors while lending. The role of lenders is assigned by the Reserve Bank of India…
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How will you search and claim unclaimed deposits/accounts across multiple banks?
The banks in India including cooperative banks are required to transfer the credit balance in any type of deposit which have not been operated upon for 10 years or more by the depositor or any amount that is remaining in the bank unclaimed for 10 years or more, to the Depositor Education and Awareness (DEA)…
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Salient features of 12th BPS and 9th Joint Notes signed by Bank Unions (UFBU)and IBA
Key Benefits and New Leave Rules applicable to officers and employees are highlighted below. Metro Cities Metro Cities Major A class cities Area I other places Scale VI and VII 4050 2925 2475 2150 Scale IV and V 3375 2925 2475 2150 ScaleI, II and III 2925 2475 2150 1800 Advance notice of 10 days…
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Maternity Leave and Paternity Leave rules for bank employees/Officers
Employees (including permanent part-time employees) or Officers of the bank on maternity leave shall be entitled to full emoluments. Every female employee is eligible for Maternity leave on full substantive pay, not exceeding 6 months on any one occasion subject to a maximum of 12 months during the entire period of service. Maternity leave is…
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Casual /Unavailed casual leave, special CL, and bereavement leave rules in banks explained
Updated as per 12th BPS/9th Joint Note dated 08.03.2024 [This article elucidates a complete guide on Casual leave, Unavailed Casual leave, Special Casual leave rule and half days CL, and bereavement leave] The officers and award staff of the bank including permanent part-time employees are eligible for 12 days of casual leave in a year…
Modified LFC/LTC rules for bankers under 12th BPS/ 9th Joint Note
In the latest settlement under 12th BPS and 9th Joint Note agreements signed on March 08, 2024, between the Unions and IBA; partial changes are made to existing LFC/LTC rules. Accordingly, Leave Travel Concession (LTC) or Leave Fare Concession (LFC) facility shall be allowed for bank employees and officers are as under. For Workmen: The…
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