Editorial Board

EditorCom. Walter lasrado

MembersCom. Vincent d’Souza

Com. G. Govardhan PrabhuCom. B.N. rajajiCom. M. Nagaraj

Corporation Bank Employees’ UnionCBEU Golden Jubilee Hall, 1st Floor,

opp: Sharada Vidyalaya, P.V.S. Kalakunj road,

Kodialbail, Mangalore 575 003

Phone: 4279303

Volume No. 21

issue No. 9

November, 2014

For Private circulation only

Views expressed in this Magazine

are not necessarily those of

Corporation Bank Employees’ Union

Performance of the Bank for the year ended 30.09.2014

Dear comrades,

The performance of public sector banks during the half year ended Sept. 2014 is not encouraging. Spurt in NPAs and restructuring of standard advances by extending concessions to borrowers by reducing rate of interest has impacted the profitability. Even big public sector banks like Bank of Baroda, Bank of India announced deterioration in bad loans.

Though our Bank’s performance as on half year end (Sept.2014) could be considered reasonably good, given the external economics and environmental constraints, the area of concern still remains as it is.

To mention few

- Low level of CASA (18.89%)- Provision coverage ratio as low as 52.6%- Net interest margin below 2%- Higher level of standard restructured advances at 6.96% of

NBC.

Bank has recorded a net profit of `160.51 Crore in second quarter as against net profit of `15.48 Crore in the corresponding period of previous fiscal. However, gross profit for the half year end September 2014 stood at `391.98 Crore as against `393.46 Crore during half year end September 2013. Bank could be able to sustain this profit as they were able to write back the investment depreciation. The comparative table of provision (Net) for

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LaBour News88% eMPLoYers PLaN To HIre New eMPLoYees IN 6 MoNTHs

tHE next six months are likely to favour job aspirants as 88 percent of employers are willing to increase their staff strength on account of improved economic conditions, a report says. according to the team lease Employment outlook Survey for the next six months (october 2014 - March 2015), global

macro economic trends and domestic demand have put business and employment sentiment on a fast paced upward trajectory.

around 91 percent of the survey respondents said business outlook, for the coming half year, has improved, while 88 per cent said employment outlook has creased. accordingly, job growth is expected to follow suit at a stupendous 12.8 per cent, the report said. Further, the optimism in the employment outlook seems to be not just confined to the

H1 of 2013-14 and 2014-15 is as under:

H1 of (in crore) 2013-14 2014-15

Provision for- Bad & doubtful debts 579.24 866.92- Standard loans 49.00 56.82Investment depreciation 363.75 (-) 191.18Income tax (-) 119.00 (-) 35.73Others 154.87 246.73

ToTaL 1027.86 943.56

Asset quality remains a challenge. Gross NPA and net NPA stood at 4.45% and 2.92% of gross credit and net bank credit respectively. The same was 3.17% and 2.20% as at September 2013. However, Bank has managed to contain NPA below the industry level of 5.32%.

In this back drop, there is an urgent need to take steps to arrest delinquency, upgrade the existing NPAs to enhance the profitability. Apart from this enhancing the share of CASA, increasing the volume of E-transactions is also need of the hour. Let us strive hard to take our Bank to further greater heights.

With fighting greetings,

Comradely yours,

(WaltEr lasrado)

Editor

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metros but tier ii towns as well. Hindupur, Vishakhapatnam, Hubli, thiruvananthapuram, Belgaum, auranhabad, Kota, ajmer and Meerut are some of the new catchment areas, which recruiters have identified to hire from over the next half year, it said.

“there is an overall buoyant mood owing to the right noises the government is making as well as the festive season,” team-lease Services senior vice-president Kunal Sen said. “We are seeing increased hiring mandates. after yearlong fluctuations, the overall business and hiring sentiment seems to have established and is seen moving towards growth. We are confident the trend will translate into action on ground,” Sen said. From a sector perspective, with almost all the sectors indicating a positive swing in the business sentiment, the business atmosphere in the upcoming half-year is expected to be exuberant across industries.

While it, healthcare & pharma and retail seem to be the primary drivers, telecom, FMCd, FMCG and financial services also contribute to the upward movement in the hiring sentiment, the report said. the report further said the biggest gainer in the coming half-year (october 2014 to March 2015) would be the junior and senior level profiles. Moreover, employers are increasingly stressing on hiring superior technological expertise as well as better skilled employees.

HC: DIsaBLeD CaN Be reINsTaTeD aFTer Vrs

Supporting the special rights of disabled persons, the Kerala HC has held that an employee who took voluntary retirement from service due to a disability should be reinstated if he or she wishes so later on.

the ruling was made by a division bench comprising justices antony dominic and dama Seshadri Naidu on october 1 while considering an appeal filed by the Southern railway opposing such a reinstatement order issued by the Ernakulam bench of the Central administrative tribunal.

Fancy Babu of Kottayam, a senior clerk at Palghat division of Southern railway, had taken VrS in February 2002. She was affected by paraplegia due to spinal cord compression, which was ratified by a medical board of Kottayam Medical College. in 2009, she filed a petition before the tribunal seeking reinstatement in service, claiming such a right existed under Section 47 of Persons with disabilities act of 1995. the tribunal ordered her reinstatement with effect from February 15, 2002 along with all consequential benefits. “railways could not take advantage of such an application made by a disabled employee under compelling circumstances arising out of the disablement.” the HC said.

New INDusTrIaL PoLICY To Be uNVeILeD sooN IN karNaTaka

the State’s new industrial policy will be launched tentatively on october 17 in the city and the industries department plans to invite top entrepreneurs for the launch. the policy was cleared by the State cabinet last month. it envisages to attract investments worth ‘ Five lakh crore and generate employment to the tune of 15 lakh in the five year period between 2014-19.

“We have sought the policy to be launched on october 17 and are waiting for a confirmation from he chief minister’s office,” additional Chief Secretary K ratna Prabha said Chief Minister Siddaramaiah will be unveiling

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the policy. the new industrial Policy 2014-19 aims to lay thrust on micro, small and medium enterprises by providing incentives and subsides. For the purpose of incentives, the state has been divided into six zones, with the highest incentive to be provided for investments in the Hyderabad-Karnataka region.

the department is keen on making the launch memorable and the list of entrepreneurs to be invited is being prepared said ratna Prabha. “all the top industrialists in the state will be invited. our concern was that the launch date does not clash with the spate of holidays this month,” she added. an aspect that was keenly looked into for the new industrial policy was whether to implement the recommendation of Sarojini Mahishi report to earmark a percentage of private sector jobs for the local people.

the draft policy specifies that all new industrial investments should provide a minimum 80 per cent of employment to the local people. the State government will monitor the industries with regard to employment generation. according to the policy, failure of industries to recruit local people could lead to the recovery of incentives and concessions sanctioned to the unit.

However, sources said that the State Government will have to come out with an executive order to give effect to this particular provision of the policy. the labour department has been collecting detail from across the state on the number of jobs provided by industries to local people. the information gathered will be compiled district and sector-wise and will be placed before the State cabinet to take a final decision on passing the executive order, sources added.

uNIoNs DIVIDeD oN PF FuNDs BeING INVesTeD IN sToCk MarkeTs

Union members in the tripartite body of EPFo, entrusted with nearly `6 lakh crore workers, seem divided over the Finance Ministry’s proposal to invest the corpus in stock markets to get higher returns. the Ministry feels this would ensure higher interest rates than the existing 8.75 per cent on PF deposits. While Central Board of trustee members of the EPFo belonging to left-backed unions - CitU, aitUC, UtUC - said they would oppose any such move, Congress-backed iNtUC said it was open to it, provided the Government guaranteed that workers’ investment would be protected.

G Sanjeeva reddy, CBt member and President of iNtUC, told Business line that his union was open to investing PF money in “anything that gets higher returns” but on the condition that it should be backed by Government guarantee to the workers. However, aK Padmanabhan, another CBt member and President, Centre of indian trade Unions (CitU), said all left unions, along with the HMS, were united in their opposition to the Finance Ministery’s proposal being pushed since the time the UPa-ii was in power.

We will oppose any such move, as these life-time savings are the only fall-back for workers after retirement, said Padmanabhan President of CitU. dl Sachdev, Secretary, all india trade Union Congress, said, “We are not in favour of investing EPFo funds in any kind of equity. EPFo had invested in HMt, a public sector firm, but everybody knows about the status of HMt (Government recently announced closure of HMt).” according to reports, the proposal to invest PF money in equity markets

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was discussed at a recent informal meeting of non-official members of the Employees’ Provident Fund organisation’s trustees (CBt) with labour Minister Narendra Singh tomar.

ashok Singh of iNtUC’s break-away faction and PJ Banasure of the BJP-backed Bharatiya Mazdoor Singh reportedly were in favour of investing in public sector equity. BMS members in CBt, who have so far opposed the proposal, could not be reached for their comment.

BaNkING NewsoNe IN eVerY Four PuBLIC seCTor BaNks Is HeaD Less

Even as the buzz about the rising bad loans of public sector banks gets louder, about one-fourth of these banks remain head-less. of the 20 public sector banks (PSBs) excluding the SBi group, six are functioning without a chairman and Managing director. they are Bank of Baroda, Canara Bank, indian overseas Bank, oriental Bank of Commerce, Syndicate Bank and United Bank of india.

Further, many Executive director positions, second in the bank management hierarchy, are also vacant in several banks. one of the Key reasons for the delay in filling up the top slot is the delay caused by the long-drawn general elections before formation of the new government, according to sources in the Ministry of Finance. the Government has a say in the appointment.

a panel led by the rBi Governor raghuram rajan interviewed 19 Executive directors of public sector banks in october last year for six CMd positions that would fall vacant between august 2014 and March 2015. However, the appointment of the new chiefs is likely to be delayed further as the Centre is yet to receive

vigilance clearance on the names shortlisted for the posts. CVC clearance takes a couple of months and new appointees will take a month to settle down in their jobs.

Business hit

an Executive director at a leading public sector bank said the any delay in appointment of top guns in the context of increasing non-performing assets (NPas) especially from the corporate sector. “i understand that many recovery decisions, including attachment and auctioning of properties of corporates under Sarfaesi act, are pending due to political pressure. Nobody wants to take any risk and all are waiting for the Number one to take a call,” he said.

CBI fear

the reported talk of CBi keeping a watch on the movements of CMds of PSU banks is also having an impact on the decision making process at the top level, feel top bankers. it may be recalled that SK jain, the CMd of Syndicate Bank, was arrested by the CBi on graft charges a couple of months ago.

another quarter of slow decision making at the top will have an adverse effect on the performance of the banks. this, in turn, can impact the growth of the banking industry in particular and economic growth in general industry.

T M B s Ta F F D e M a N D r a I s I N G reTIreMeNT aGe To 60

the all-india Bank Employees association has sought support from its members and State federations to the demand of the tamilnad Mercantile Bank Employees’ Union for parity in retirement age to 60 instead of the present

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58 years. “this tuticorin-headquartered bank with a network of about 400 branches and 3,200 plus employees and officers, though a member of iBa, is not part of our industry-level bipartite settlement.

“While most of the common service conditions and pay-scales are being implemented by this old scheduled commercial bank, the retirement age of employees at tMB is 58 against 60,” in all other banks in india. the management has not relented to our demand to increase the retirement age to 60,” said aiBEa General-Secretary CH Venkatachalam. Citing the rBi’s relaxation in the retirement age of Managing directors/CEo’s of private banks up to 70 years, Venkatachalam said, “it is quite obnoxious that the retirement age of ordinary employees and officers is kept at 58 instead of 60 at tMB.”

to press their demand in retirement age relaxation, the aiBEa, besides urging all bank unions to write to the Md of tMB, has called upon the members of tamilnadu Bank Employees Federation to hold a dharna and mass rally before the head office of tMB at tuticorin.

DIreCTors CaN Be HeLD LIaBLe IN Co’s CHeque BouNCING Case : sC

the Supreme Court has said that all directors involved in the day-to-day running of a company can be made liable for a bounced cheque, but not one who resigned before the cheque was issued. the top court said this while dealing with a case filed by a private company that had lent money to another. Gunmala Sales had filed cheque-bouncing cases under the Negotiable instruments act against Navkar infra Projects Pvt. and four of its directors.

the Calcutta High Court quashed proceeding initiated by a magistrate on grounds that the complaint was based on a mere assertion that the directors were responsible for the day-to-day business of the accused company when the offence was committed. the High Court reasoned that the complainant had in this case not clearly stated what part was played by each director and how they were responsible for the finances of the company and the issuing of cheques.

the complainant then approached the Supreme Court which remitted the issue back to the HC to decide afresh within six months. the court, however, clarified the law and directed that the directors should normally face prosecution if there is no incontrovertible evidence to show their non-involvement such as long illness, resignation, etc. the complainant only has to make a specific averment in the complaint that a person is in charge of and is responsible for the conduct of the business of the company to maintain it, said a top court bench comprising justices ranjana Prakash desai and NV ramana. the complainant does not have to elaborate on the role played by each of the directors in the transactions.

“the individual role of a director is exclusively in the realm of internal management of a company and at the initial stage of a complaint, it would be unreasonable to expect a complainant to elaborate the specific role played by a director in transactions,” the bench said. Vicarious liability is contemplated in the Ni act to ensure greater transparency in commercial transaction, the court said. this object has to be kept in mind while considering individual cases and hardship arising out of a

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particular case cannot be the basis for directors to try to wriggle out of prosecution, the court said.

a case can only be quashed under Section 482 of the Criminal Procedure Code by a HC if a director is wrongly arraigned, the top court said. in cheque-bouncing cases, the court said managing directors in charge of company affairs, directors or officers who sign cheques can be arraigned as accused. any other director can also be made liable if the person was in charge of and was responsible for the conduct of business. other officers of a comany can be made liable in such a case it a specific role by way of consent, connivance or negligence is alleged against them.

rBI To INVITe aPPLCaTIoNs For BaNk LICeNCes

the reserve Bank will soon invite applications for issuing licences in three categories - small banks, payment banks and universal banks - to achieve financial inclusion target, Financial Services Secretary GS Sandhu said.

the priority of the Government would be smaller banks, Sandhu said at a PHdCCi meet here. the Finance Ministry is finalising a Cabinet Note for financial restructuring of the banking sector, he said.

CoMPLY wITH oNe-aDDress ProoF NorM, BaNks ToLD

the rBi has asked banks to comply with the one-address proof norms as it was found that many of them were not following new rules.

despite its clear instructions on requirement of one proof of address, whether permanent or current, some banks were still insisting on submission of a proof of current address even when a customer produced a proof

of permanent address, the rBi said. Banks are advised to ensure that customers are not unnecessarily asked to submit additional proof of addresses for current addresses in cases where proof of addresses for permanent addresses is already available, rBi said.

BaNk FrauDs: New NorMs LIkeLY To Make ToP MGMT More aCCouNTaBLe

the Government is set to put in place tighter guidelines to reduce chances of discrepancies, while making the top management more accountable, especially in the wake of rising number of fraud cases in the banking system. Under the new norms, boards may have to regularly provide reports. Besides, Prime Minister Narendra Modi, in a review meeting with public sector bank chiefs later this month, is also likely to take up the issue of rising frauds, sources said. though the date is yet to be finalised, a communique detailing the agenda and areas of focus, has already been sent to banks, they added.

the government has asked banks to be more vigilant with their loan portfolios and top non-performing assets- loans that do not yield returns. “the matter is a serious one and is being looked into...appropriate steps would be taken to address this so that such instances are not repeated...it would be done at the earliest,” a senior finance ministry official told.

the finance ministry is also in talks with the reserve Bank of india to see how loans can be tracked by an online system. the Centre was also looking to provide more teeth to the Central Vigilance Commission to monitor the functioning of government banks. Central Vigilance officers would be given more powers to constantly monitor and bring frauds to the notice of bank boards and if required report the matter immediately to the parent ministry.

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rBI CLarIFIes oN Free TraNsaCTIoNs aT oTHer BaNk aTMs

the reserve Bank of india on Friday clarified that the total number of free-of-charge transactions (inclusive of both financial and non-financial) at other bank atMs would continue to remain at five a month if the transactions are carried out at both the metro centres and other locations. While the overall cap of five remains unchanged, only three transactions (inclusion both financial and non-financial) would be free of charge if carried out at other bank atMs located in six metro centres - Mumbai, New delhi, Chennai, Kolkatta, Bangalore and Hyderabad.

at other locations (other than the six metro centres mentioned above), the present facility of five free transactions for saving bank account customers shall remain unchanged. Banks are, however, free to offer more number of free transactions a month at other bank atMs as well as own atMs in any geographical location.

CreDIT CarD ouTsTaNDING uP 18% IN auG

Banks have seen their credit card outstanding increase over the last six months. rBi data show credit card outstanding rose 18.1% to `27,900 crore y-o-y at the end of august 2014, picking up pace since May. total cards in June stood at over 19 million with 5.2 million issued by HdFC Bank, 3.2 million by iCiCi Bank and 2.9 million by the State Bank of india.

Jairam Sridharan, head of retail, axis Bank, confirmed to FE that card spends have been trending up. Both credit and debit card spends have been growing around 23% y-o-y, though debit card spends have been slower.” axis Bank currently has around 1.5 million

Co-oPeraTIVe News

Co-oPeraTIVe BaNks aDoPT TeCHNoLoGY, BraCe For CoMPeTITIoN

till about a decade ago, most banks were content with their limited clientele within their local community, whether urban or rural. things started changing as their customers started travelling because of work, and to meet their banking needs in other locations, these banks started expanding. Banking still remained a cumber-some process, carried out manually, given the prohibitively high cost of technology adoption.

Spurred on by the growth in the economy, most co-operative banks are growing and modernising-rapidly, with some even setting up pan-india operations. technology has undergone a drastic shift over the last 15 years and this has benefited the smaller banks. Coupled with the reduced cost of telecommunications, it’s a lot more feasible for small banks to set up core banking applications.

the biggest deterrent for the co-operatives was the high cost per transaction. the applications were expensive, as was the cost of bandwidth and the telecommunications infrastructure needed to run these applications. Given that most of these banks are not highly capitalised, investment in core banking technology was just not an option. the other problem was finding somebody who was skilled enough to manage this for them at each individual branch.

that’s changed with the evolution of the

cards. Sumit Bali, executive vice-president, Kotak Mahindra Bank, said on an average, customers were spending ` 7,000 to ` 8,000 a month. “With credit bureaus now tracking history of customers, it now easier for banks to gauge the risk,” Bali said.

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infrastructure as a service model. it is now possible for a bank to remotely store its data on the cloud and pay per terabyte of what they use. Similarly, iBM sets up remote servers, which they manage for the banks. the small business unit at iBM started offering automation solutions, followed by servers and then cloud-based applications. For the customer, the advantage is that it is a very functional, no-frills approach, which is predictable and reliable.

For the banks, changing regulatory requirements coupled with the growth in data meant that their homegrown systems would no longer suffice. data management and security have been at the core of this transition. at the same time, the needs of the clients have started changing, with people, especially in the urban areas, often preferring to switch to banks which offered conveniences like internet and mobile banking. investing in it systems was no longer optional, given the rapidly changing landscape and the need to become more agile.

the co-operative banking sector has been a great tool for the average indian since a very long time. Highly customizable operations, great familiarity with the clients, low technological usage and an old school working environment have characterized the sector ever since it came into existence, and this is precisely the image that an individual would carry about it.

the banks are no longer dealing with people who are operating locally, and their needs now span large distances, making it imperative for the organizations to scale up their operations to serve their clients on the go. this has led to a comprehensive makeover of the basic structure of the sector, so as to shape up its future in a much more efficient way. the scaling up of the use of sophisticated technological equipment in the field of co-

operative banking would also bring about a major change in the level of customization that is offered to more effective than before.

HC FINes PeTITIoNer `5 LakH For FILING FrIVoLous PIL aGaINsT Co-oP BaNk

the Bombay high court on Monday slapped an “exemplary cost” of ̀ 5 lakh on a petitioner for filing a “frivolous” public interest litigation against a cooperative bank in Kolhapur, accusing it of money-laundering. However, he did not disclose that his brother owed the bank over `1 crore.

a division bench of Justice V M Kanade and Justice P d Kode heard a petition filled by agriculturist Parisa desai (76) and another seeking criminal action against Parshwanath Cooperative Bank limited, including its 14 directors, it also impleaded four auditors, the reserve Bank of india and former minister for cooperation Harshvardhan Patil. the petition alleged that the bank’s management was conducting its affairs in a manner highly detrimental and prejudicial to the interest of its depositors and borrowers.

the banks’s advocate amit Borkar said the bank has initiated recovery proceedings against the brother of the petitioner and the Pil has been filed “as a counter blast”. Prosecutor Sandeep Shinde said the statutory auditor’s report had suggested that criminal action can be initiated. the bank challenged it before the minister who quashed it. Shinde said unless Patil’s order is set aside, the police cannot register an offence.

the judges said in several cases that frivolous Pils should not be allowed to be filed when there is no public interest disclosed and that exemplary cost should be imposed on such petitioners. the judges directed that the petitioner pay `5 lakh within four weeks to the state. if he fails to pay, the cost will be recovered as arrears of land revenue.

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Co-oP BaNks IMPLeMeNTING Core BaNkING wILL Be CLassIFIeD as FINaNCIaLLY souND: rBI

the reserve Bank of india on Monday said full implementation of core banking solution will be included as an additional criterion for classifying an urban co-operative bank (UCB) as financially sound and well managed (FSWM).

Hitherto, UCBs fulfilling criteria, among others, such as capital to risk weighted assets ratio of not less than 10 per cent; gross non-performing assets (NPas) of less than 7 per cent and net NPas of not more than 3 per cent; were classified as FSWM banks.

Net Profit

the other criteria prescribed as financially sound and well managed are: net profit for at least three out of the preceding four years,

subject to it not having incurred a net loss in the immediate preceding year; no default in the maintenance of cash reserve ratio/ Statutory liquidity ratio during the preceding financial year; sound internal control system with at least two professional directors on the Board; and regulatory comfort.

When it comes to regulatory comfort, the rBi said UCBs should have an impeccable record of regulatory compliance and no warning letter/ cautionary advice should have been issued to or monetary penalty imposed on the bank on actives / guidelines during the preceding three financial years. the rBi said the new criteria would henceforth be considered for processing applications received from UCBs for opening of on-site/off-site / mobile atMs, applications under annual Business Plans, extension of area of operations, shifting of premises and all other permissions from rBi.

ZCC MeeTING

Minutes of Zonal Consultative Committee Meeting held with the representative of CBeu on 16.09.2014 (Tuesday) at Zonal office, Vadodara

CBeu represented by:

shri Navneet H. JadiaJoint Secretaryrajkot - SME

shri ashwinkumar shahEC MemberNavsari Main Branch

shri Vinod r. ChristianEC MemberVadodara Service Branch

Vadodara

Zo represented by:

shri M.N.k. VishwanathanZonal HeadVadodara Zonal office

shri G.J. Prabhudesaideputy Zonal HeadVadodara Zonal office

Mr. s.k. sinhaChief ManagerVadodara Zonal Branch

Ms. aijoni Doleyassistant Manager (Personnel)Vadodara Zonal Branch

the Zonal Consultative Meeting for the second quarter of the Financial Year 2014-15 was held on 16.09.2014 (tuesday) at 11.30 am at Zonal office, Vadodara. the management was represented by the Zonal Head Shri M.N. K. Vishwanathan, deputy Zonal Head Shri.G. J. Prabhudesai, Chief Manager Shri

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S.K. Sinha and assistant Manager (Personnel) Ms. aijoni doley. the CBEU organization was represented by Joint Secretary Shri Navneet H. Jadia, EC Members Shri ashwinkumar Shah and Shri Vinod r. Christian.

the deputy Zonal Head, Shri. G.J. Prabhudesai welcomed the representatives during the meeting. He briefed the member on the business performance of the zone and emphasized upon the need for improvement of advance in SME, retail and agricultural loans. the Zonal Head, Shri M.N. K. Vishwanathan expressed need for improvement of CaSa deposits and also to focus on recovery of NPa accounts. He also briefed the members about the ongoing Prime Minister’s Jan dhan Yojana and requested the organisation to take up with their members for their sincere effort and initiative for making the nation’s mission a grand success.

Shri. Navneet H. Jadia, Joint Secretary and others members of CBEU offererd their co-operation and support and made the following suggestions:

1. Suggested the use of Gujrathi language in the account opening forms for Payroll accounts

2. availability / issuance of instant atM

Cards to customers on opening of

accounts by the branches.

3. tax deducted on customers deposits

to be informed by the branches to the

customers, also issuance of Form No.

16a to the customers still pending at

many branches.

4. renewal alerts regarding customer’s

Fixed deposits / KCC deposits through

mobile SMS.

5. to avoid clerical deputation in the zone

as far as possible.

6. Quarterly statements may be emailed to

the customers by the branches.

7. New Campcard.exe programme should

be used for opening accounts by the

branches.

thew Zonal Head, Shri M.N.K. Vishwanathan

thanked the committee members for useful

suggestions and has assured to look into

these matters. the meeting concluded with a

vote of thanks by Ms. aijoni doley, assistant

Manager (Personnesl).

DoNaTIoNs

Name Branch amount

Com. Shreelatha H. Yelahanka New town, Bangalore 1,501/-

Com. rekha dharmasagar Service Branch, Bangalore 2,500/-

Com. irene lobo Head office, Mangalore 5,000/-

armed Guards Mangalore 13,000/-

Com. Chandrashekara Kotian Pernal Branch 1,000/-

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1. scheme for Compassionate appointment on Compassionate Grounds (H.o. Circular No. 804/2014 dt.11/11/2014):

the revised Compassionate appointment Scheme is applicable with effect from 05.08.2014 i.e., the cases where the death has occurred on or after 05.08.2014 will be covered under the revised scheme. With the introduction of revised scheme on compassionate appointment, the provision for payment of Ex-gratia lump sum amount in lieu of compassionate appointment is discontinued w.e.f. 05.08.2014. However the applications for ex-gratia and compassionate appointment as the case may be which are pending as on 04.08.2014 will be dealt with as per the provisions of the old scheme.

2. rise in quarterly average of all India Consumer Price Index for Industrial workers (Ho Memorandum No. 224/2014 dt. 05/11/2014):

dearness allowance to employees is payable for 732 slabs for the months Nov.,dec.,2014 and Jan 2015 i.e., an increase of 49 slabs over the current level. Hence da for the above months shall be 109.80% of pay (previously 102.45%).

3. Tax saver schemes – Increase in Maximum Cap (Ho Memorandum 226/2014 dt. 7/11/2014):

in the recent budget proposals for FY 2014-15, maximum limit that is eligible for investment in savings schemes falling under section 80C of income tax act to

avail relief is increased from rs.1 lakh to rs.1.50 lakhs. investment in Bank’s tax Saver Schemes is eligible for relief under the said act. our members are requested to market these schemes.

4. The right to Information act 2005- revised setup at Head office to receive and dispose of rTI applications (Ho Circular No. 805/2014 dt. 11/11/2015):

Set up at Head office to receive and dispose of rti applications has been changed which please take note of.

5. operational expenses – Need to exercise control (Ho Circular No. 819/2014 dt. 18/11/2014):

Management has given a call to reduce the operational expenditure in various heads by reducing avoidable expenses in certain areas.

6. Cheques related fraud cases – Preventive measures (Ho Circular No. 824/2014 dt. 19/1/2014):

reserve Bank of india, Central Fraud Monitoring Cell, Bangalore has suggested certain preventive measures that may be taken by our branches are enumerated in this circular to avoid cheque related frauds.

7. Passing Powers of special assistants and single window operators (Ho Circular No. 827/2014 dt. 20/11/2014):

after continuous pursuation by the union finally management has issued a circular restricting the passing powers of special assistants and SWos in the system as specified in the Bipartite settlement.

CIrCuLar kN0owLeDGe