News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Banks to stay closed on 2nd and 4th Saturday from July 2015 onwards
PrintBanks to stay closed on 2nd and 4th Saturday from July 2015 onwards
Following a pact between public sector bank (PSB) employees and officers with the management, all branches in the country will remained closed on all second and fourth Saturdays from July.
T M Bhasin, chairman of the Indian Banks’ Association (IBA), said the Reserve Bank of India had approved the proposal and a notification would be issued on the change, under the Negotiable Instruments Act.
It will take three to four weeks for the process to get complete. PSB branches will work fulltime on the first and third Saturday of each month, said Bhasin, also chairman and managing director of Indian Bank.
Bankers said with a robust system of alternate banking channels like ATMs, points of sale and internet banking, customer services would not suffer.
IBA has also signed a wage settlement pact with the United Forum of Bank Unions and a few others, for a 15 per cent increase in salary and allowances to about a million employees. The wage revision is with effect from November 1, 2012, and is valid for five years. PSBs are expected to begin to pay the arrears from this month, Bhasin said.
The banks and their employee and officer unions had signed a framework agreement on February 23 for a 15 per cent wage rise, with an understanding to finalise the details in 90 days. The scale pay of officers has been revised from Rs 14,500–52,000 to Rs 23,700–85,000. Officers will get a special allowance ranging from 7.75-11 per cent of basic pay, along with applicable dearness allowance.
The scale pay of workmen (non-subordinate) has been revised from Rs 7,200–19,300 to Rs 11,765–31,540. That of subordinate staff has been revised from Rs 5,850–11,350 to Rs 9,560–18,545. The special allowance for workmen will be 7.75 per cent of basic pay, plus dearness allowance.
An important feature of the settlement is a medical insurance scheme being introduced for families of employees.
The 15 per cent wage revision would cost PSBs Rs 4,725 crore as incremental salary and allowances in a year. Banks have been making provision for the wage revision from November 2012. When expenses for the superannuation benefits like pension are combined, total extra expenditure will be Rs 8,300 crore a year, estimates IBA.
Following a pact between public sector bank (PSB) employees and officers with the management, all branches in the country will remained closed on all second and fourth Saturdays from July.
T M Bhasin, chairman of the Indian Banks’ Association (IBA), said the Reserve Bank of India had approved the proposal and a notification would be issued on the change, under the Negotiable Instruments Act.
It will take three to four weeks for the process to get complete. PSB branches will work fulltime on the first and third Saturday of each month, said Bhasin, also chairman and managing director of Indian Bank.
Bankers said with a robust system of alternate banking channels like ATMs, points of sale and internet banking, customer services would not suffer.
IBA has also signed a wage settlement pact with the United Forum of Bank Unions and a few others, for a 15 per cent increase in salary and allowances to about a million employees. The wage revision is with effect from November 1, 2012, and is valid for five years. PSBs are expected to begin to pay the arrears from this month, Bhasin said.
The banks and their employee and officer unions had signed a framework agreement on February 23 for a 15 per cent wage rise, with an understanding to finalise the details in 90 days. The scale pay of officers has been revised from Rs 14,500–52,000 to Rs 23,700–85,000. Officers will get a special allowance ranging from 7.75-11 per cent of basic pay, along with applicable dearness allowance.
The scale pay of workmen (non-subordinate) has been revised from Rs 7,200–19,300 to Rs 11,765–31,540. That of subordinate staff has been revised from Rs 5,850–11,350 to Rs 9,560–18,545. The special allowance for workmen will be 7.75 per cent of basic pay, plus dearness allowance.
An important feature of the settlement is a medical insurance scheme being introduced for families of employees.
The 15 per cent wage revision would cost PSBs Rs 4,725 crore as incremental salary and allowances in a year. Banks have been making provision for the wage revision from November 2012. When expenses for the superannuation benefits like pension are combined, total extra expenditure will be Rs 8,300 crore a year, estimates IBA.
Category : Bank | Comments : 1 | Hits : 2301
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments
CA.Subhash Chandra Podder
26-May-2015 , 03:59:52 pmGood . They deserve the holidays ( 2nd and 4th saturday in each month )