At Last 10th Bipartite Settlement Meeting Ended by increase at 15% on Payslip Components

The Final settlement of 10th BPS wage negotiations ended at 15%.

Today UFBU & IBA finalise on that matter.

Also, every 2nd & 4th Saturday of every Months will be Holidays while the other Saturday will be Full Working Days.

The Complete Circular will be coming soon.

At Last 10th Bipartite Settlement Meeting Ended by increase at 15% on Payslip Components

The Final settlement of 10th BPS wage negotiations ended at 15%.
Today UFBU & IBA finalise on that matter.
Also, every 2nd & 4th Saturday of every Months will be Holidays while the other Saturday will be Full Working Days.
The Complete Circular will be coming soon.

Reliance joins hands with SBI for Payments Bank Licence

Mumbai, February 2: Reliance Industries Limited (RIL) on Monday said it has applied for a Payments Bank licence, where the company will be the promoter and State Bank of India will be its joint venture partner with an equity investment of up to 30%.

Reliance in its statement said that the partnership is in accordance with the guidelines for Payments Bank issued by RBI and subject to grant of licence by the central bank.

“The partnership brings together the combined strengths of two of India’s Fortune-500 corporations committed to making a transformative impact on India’s financial inclusion landscape,” the Reliance statement said.

The Payments Bank will leverage SBI’s nationwide distribution network and risk management capabilities along with the substantial investments made by Reliance Industries in its retail and telecom businesses.

The joint venture will use state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society.

Both the partners see formation of the Payments Bank as an opportunity to lead and co-create an eco-system for accessible and affordable banking solutions. The statement also said that the proposed payments bank will digitise payments and act as a catalyst towards a cashless society.

Bank wage talks ends in stalemate Four-day strike between February 25 and 28

Coimbatore, February 3:  Not satisfied with the 0.5 per cent increase in the offer made by the Indian Banks' Association, the United Forum of Bank Unions (UFBU) has decided to revive the strike programme.

The All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said that the unions have issued a strike call to its members for a four-day strike between February 25 and 28.

This is expected to be followed by an indefinite strike from March 16

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SBI initiates three-pronged strategy to boost its home loan business

Mumbai, December 29: The State Bank of India has initiated a three-pronged strategy to push its home loan business. The country's largest lender will sell its home loan products through the entire group network instead of limiting it to the bank, develop a mechanism to identify right customers for home loans, and implement a uniform delivery system across its branches, a top official said.

"We are looking to grow home loans at 15%-17% in FY16 and how to leverage our group resources," said B Sriram, managing director and group executive (national banking) at SBI.

The state-run bank, which owns more than one fourth of the housing loan market in the country, grew its home loan business 14% year-on-year for the quarter ended September at around Rs 1.49 lakh crore.

With the Reserve Bank of India issuing guidelines for licensing small banks and entry of players such as Bandhan and IDFC, the home loan market is expected to get more competitive in the coming years.

Sriram said SBI plans to connect about 40,000-50,000 counsellors working for its non-bank group subsidiaries such as SBI Mutual Fund and SBI Life Insurance to source home loans, to boost its customer reach. For example, an outsourced counsellor working for SBI Mutual Fund would also approach his clientele for SBI home loans, for which she would earn commissions.

"Alternative channels could be the main channel next 10 years in the banking industry as they attract young customers," Sriram told ET in an interaction. SBI is also working on a mechanism to identify the right customer to offer home loans or any other cross-selling product like mutual fund or insurance. For example, if a customer enters a SBI branch and does a transaction, immediately a screen will prop up on the branch official's computer showing the customer's profile and product suitability.

IBA terms staff unions' demand for 23% wage hike irrational

Mumbai, December 25: Indian Banks’ Association has termed the demand by the United Forum of Bank Union for a 23 per cent increase in pay as “illogical and irrational”.  “Managing Committee of IBA and the Chairmen of all the banks were unequivocal in saying that the demand of 23 per cent increase of Unions/Associations is unaffordable, illogical, exorbitant and irrational,” it said.

The banks are willing to offer a 11 per cent hike on salary and allowances which the lenders say will translate into a 12.5 per cent hike on the balance sheet cost.  The IBA said this number has been arrived at after taking into account the paying capacity of the banks, lower profitability, higher requirements for provisions and further capital requirement under Basel-III.

Earlier, All India Bank Employees’ Association (AIBEA) said a meeting of the UFBU held at Mumbai on December 17 had expressed its dissatisfaction with the delay in settling demands for wage revision.

Fourteen rounds of discussion have been held so far between the union and IBA and consensus on effective date of implementation and merger of dearness allowance have been arrived at. However, they have not been able to arrive at an agreement on wage hike yet.

The UFBU had said that it would be holding a one-day all-India strike on January 7 followed by a four-day strike across the country from January 21-24. An indefinite strike would be initiated from March 16 to achieve the demand, it had added.

On the other IBA has made an appeal to UFBU to give up the agitational path and to return to the table for further negotiations. In the meantime, IBA has also requested all member banks to assess their paying capacity and advise them accordingly.