Medical Reimbursement scheme for Bank Officers/Employees under 10th BPS
The new medical reimbursement scheme scheme covers all the existing employees/officers in the bank service and same would also be continued beyond their retirement/superannuation/ resignation etc., subject to payment of stipulated premium by them. New recruits will be covered from their date of joining to the bank. The scheme also includes the benefit of cashless…
Read articleRBI reduces Key Policy rates by 25 basis points
In the second bi-monthly monitory policy statement for 2015-16 (02.06.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to reduce Key policy rates by 25 basis points. reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from…
Read articleRupee Vostro Account: Enhancement of transaction limit
The non-resident exchange houses from Gulf Countries, Hong Kong and Singapore open Rupee Vostro accounts in AD Category – I banks in India. The Vostro accounts can be used for channeling inward remittances to India primarily on private account. The remitter and the beneficiary (in most cases) should be individuals. The account can be used…
Read articleHighlights of banks wage revision signed between IBA & UFBU on 25.05.2015
The representatives of the unions and IBA inked the BPS/Joint Note, thus ended the long drawn process of wage negotiation in the industry. The highlights of the 10th BPS/Joint Note signed are : Shifting the system of arriving at the wage load on Pay slip components instead of the earlier exercise of total overall load…
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FDI in India Clarification
The Indian companies receiving Foreign Direct Invests (FDI) are subject to Regulations framed under FEMA Act 1999. FDI in India can be made through two routes 1.Automatic route where no prioror approval required from authorities. 2.Approval route where the company receiving FDI requires prior approval of the Foreign Investment Promotion Board (FIPB). Pursuant to the…
Bank Officers’ latest salary revision updates
X BPS/ Jt. Notes between IBA and Officers associations: Cost Sheet/ Distribution sheet signed on 20th May 2015 with regard to allocation of Pay slip Component of officers are as follows: Sc-I- 23700-980×7-30560-1145×2-32850-1310×10-45950 Sc-II- 31750-1145×1-32850-1310×12-48570-1460×2-51490 Sc-III- 42020-1310×5-48570-1460×6-57330 Sc-IV- 50030-1460×4-55870-1650×2-59170 plus one stagnation Sc-V- 59170-1650×2-62470-1800×2-66070 Sc-VI- 68680-1960×4-76520 Sc-VII- 76520-2120×4-85000 2. Dearness Allowance (Effective from1.11.2012) Dearness Allowance…
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