Corporation Bank - Share Split

Corporation Bank will split its shares from face value of Rs.10 to Rs.2. January 23 will be the record date for the same.

Negotiate - not agitate - IBA tells Bank Unions !!!!!!!!!!!!!

IBA (Indian Banks Association) which represents Bank Management and the Government tells Bank Unions to Negotiate and not agitate !!!!!!!!!!!!!!!.

Mr. Tanksale said "the ninth bipartite settlement was as exception" wherein settlement was arrived at 17.5%. 

This message comes from the IBA after 26 months of negotiation with the unions, If the matter cannot be resolved by IBA even after 26 months of negotiation with the Bank Unions. Then, should the bank employees to wait for another 34 months doing negotiation ???   What was IBA doing in all the rounds of negotiation till date.  

Was Mr. Tanksale right in calling 9th Bipartite settlement abberation wherein 17.5% increase (for a total  period of 5 years) was given. Earlier wage settlements seen the increase of 13%. Then where is abberation.  Does Mr. Tanksale thinks they have given  25% increase in salary ? 

 He also informed “In the current wage settlement, a hike of 11 per cent on salary and allowances has been offered, based on the paying capacity of all the banks, lower profitability, higher requirements for provisions and further capital requirement under Basel-III, translating into 12.5 per cent on the balance sheet cost. This too is unaffordable to some of the banks.”

IBA said the issues regarding wage negotiation deliberated in the Negotiating Committee of the IBA were further discussed in a larger forum — Managing Committee of IBA — and the Chairmen of all the banks felt the demand for 23 per cent increase made by the Unions/Associations is unaffordable, illogical, exorbitant and irrational.

Its surprising that the IBA-Governemnt is thinking miles ahead to increase salary of profit making PSBs. But when the government itself is loss making (due to fiscal deficit) how its paying salary for its Governement servants and how Pay commissions are formed in advance for them ????

Gyan Sangam of Mr. Narendra Modi

Prime Minister Mr. Narendra Modi will have discussions with chiefs of public sector banks and financial instituitions at Pune on 2nd and 3rd of January 2015 to draw action plan for banking reforms. The programme is being called " Gyan Sangam " Apart from Mr. Modi other dignitories who are expected to attend the discussions are Mr. Arun Jaitley, finance minister, Mr. Raghuman Rajan, RBI Governer, Mr.Jayant Sinha, Minister of State for Finance, Mr. Rajiv Mehrishi, Finance Secretary etc.

Major points on which discussions will be held include;

1) Consolidation of banking sector
2) Capitalisation needs of banking sector
3) Risk management
4) Recovery management
5) Human Resources Management

Wage Revision

Bank Unions action plan for early settlement of Wage Revision;

The wage revision of above 10 lakhs bank employees is due from 1st November 2014. The IBA which represents the Bank Management and Government is very adament to the proposal of wage hike of 25% put by the bankers. IBA is not moving a inch and glued to its 11% hike in wages which the bank unions have opposed. There were strikes by unions on various dates to preasurise the government which have yielded no results till date.

The bank unions have put forth the following plans during January 2015 to March 2015 for the wage revision of the employees;

1) One day strike on 7th January 2014.

If above do not yield any result, then

2) Four day strike from 21st January 2014 to 24th January 2014.

If above also do not yield any result, then

3) Indefinite strike from 16th March 2015

We wish best of luck and early wage settlement for bank employees.

Pre-2005 Currency notes

Now, RBI has informed that Pre-2005 currency notes can be deposited at bank branches till 30th June 2015. Earlier RBI has set 31st December 2014 as the deadline to do so. Now, with extended time you can deposit Pre-2005 with banks at ease and you will get hundred percent value. But don't keep on waiting for RBI to extend the deadline once again. Due it early.

Bank Wage Settlement

Wage Settlement next actions proposed by UFBU

One day strike on 7th January 2015.

Four day strike from 21st January 2015 to 24th January 2015.

Indefnite strike from 16th March 2015.