Bank Strike On 24th June

Nation-wide bank strike on June 24-The Hindu

The All India Bank Employees Association (AIBEA) on Saturday called for a nation-wide strike on June 24 in support of various demands of the State Sector Bank Employees Association (SSBEA).

SSBEA, under its umbrella, has various unions of associate banks of SBI such as State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Hyderabad and State Bank of Mysore and the like, which are also associated with AIBEA.

 

Beside the nation-wide strike call, unions of associate banks — under SSBEA — have also called for a strike on June 4 in their respective cities pressing for their demands.

 

The demands include delinking associate banks from SBI, not curbing right of trade unions’ right of representation, extension of compassionate appointment scheme as per government guidelines, increase in quantum of staff housing loan, recruitment of sub-staff and part-time employees and resolving pending demands, among others, AIBEA General Secretary C.H. Venkatachalam told PTI.

 

He accused the SBI management of hampering the performance of associate banks due to its “bossy approach.”

Woman held in bank fraud case-The Hindu

Three months after registering a criminal case against a Manager of Union Bank of India (UBI) and four women, heading non-governmental organisations on charge of defrauding the bank to the tune of Rs. 1.32 crore, the district crime branch (DCB) police have arrested a woman.

 

A special team led by Inspector of Police C. Ganapathy and comprising Sub Inspectors of Police Ravindran and Anitha arrested Manimegalai (Megala Trust), the fifth accused in the case at her house in Kamudhi on Friday.

 

Mr. Ganapathy said that they had already arrested M. Selvarani (Subapriya Social Service Trust), the fourth accused in the case, last month. The other accused — Manager C. Magendiran, the alleged mastermind of the fraud when he served in the Sayalkudi branch of UBI, M. Selvarani (Balaji Trust) and Mariya Haster (Udayam Trust) were absconding after failing to get anticipatory bails.

 

The police said that Magendiran connived with the four women, who had links with self- help groups (SHG), and defrauded the bank. The accused either distributed loans to the SHGs, violating bank norms or distributed fake loans to members of non-existing SHGs, police added.

 

The fraud came to light in February when bank officials conducted an inspection before Sesa Marikumaran took over as Manager of the Sayalkudi branch, police said.

 

Salesman held

In another case, the DCB have arrested V. Murugan, salesman of a TASMAC retail outlet in Sengudi in RS Mangalam on charges of defrauding the TASMAC to the tune of Rs. 11.53 lakh in connivance with Supervisor I. Bala Ganapathy and another salesman K Muruhanandam.

 

A Special team arrested the accused in front of a TASMAC shop at Singanallur in Coimbatore two days ago. The supervisor was absconding while Muruganandam obtained anticipatory bail, Mr. Ganapathy said.

 

Syndicate Bank compensates debit card fraud victims-HansIndia- 30.05.2015

 

The Syndicate Bank in Picket has credited Rs10.68 lakh to 25 customers who were victims of debit card fraud which came to light last month. On April 24, customers of the bank complained to the Marredpally Police that fraudulent withdrawals were made from their accounts of a minimum of Rs 10,000. This was soon after they withdrew cash from the branch’s ATM. 

An investigation revealed that the fraudsters attached a skimmer to the ATM card slot to steal data and clone the cards. The PIN number was collected through a video camera attached to the ceiling of the ATM center. The accused then cloned the debit cards and withdrew cash from an ATM in Mumbai.

The account holders later staged a dharna outside the bank premises and warned that if they were not compensated by May 30, they would not allow the branch to function. The investigation is being assisted by Central Crime Station (CCS), Hyderabad and National Payment Corporation of India. The bank has now appealed to all the customers to change their PIN numbers and to exercise caution while making withdrawals. 

CBI begins probe into bank fraud involving loans over Rs 3000 crores-DNA

The Central Bureau of Investigation (CBI) has begun a probe into the suspected corporate fraud involving bank loans of over Rs 3,000 crore after three banks – Andhra Bank, Canara Bank and UCO Bank cried foul. The banks have declared the loan accounts of three group companies promoted by Praveen Kumar Tayal as fraud following an alleged diversion of funds to the group's privately-held ventures, especially in real estate.
The three companies of the group that are under the CBI scanner are Krishna Knitwear Technology Ltd, Jayabharat Textile and Real Estate Ltd, and Eskay Knit (India).

I wonder how a new theory of payment of pension is a welfare measure is accepted by the ufbu. The pension rules are passed by the central govt and duly notified in the govt. gadget. It is formed in the lines of Central Govt. And RBI Pension rules. On this ground only the management contribution of the PF and NRW PF are recoverd with interest and creditted to the Pension Corpus. Hence it is a deffered wage as clarified by the S.C.

If it is a payment as a welfare measure , th...ey are at liberty to stop at any time.It is irony that the unions which fought for pension scheme (the present leaders might not be there} are party to such arguments. Further the new theory of no contractual obligation is also rediculous. The pension scheme in banks itself is an outcome of bipartite negotiations.

It is also irony that the signatories to the document are telling now that it is not a contract.
Further the UFBU objected for the presence of retiries organisations in the negotiotin process since beginning,arguing that retirees issues are part and parcel of the bipartite negotiation.

 Hence I agree with the suggestion of the one of the group member that we create a legal fund and even if 1 lach retirees out of 1.25 lakh retireescontribute Rs.500/ per head the amount will be 5 crores. we can hire a good lawyer and contest. at first we have to seek the S.C.for early hearing of the 100% D.A.case and 50% B.P,case

A.M.Kallappa,
SvRS Syndicate Bank


Banker's contribution towards PF or towards pension or in NPA scheme is a mandatory requirement and is part of the salary. As such when basis pay of working employees is raised, PF contribution towards PF fund or contribution towards pension fund is supposed to be increased and hence there should necessarily be a rise in pension aIn case of major part of government employees , government has to be made budgetary allocation for payment of pension , but in case of only Banks, that government has not to make any budgetary allocation , it is largely the profit generated out of pension fund which is given in form of pension to bank staff on retirement. It is earned by bank staff  by their three to four decade long service to banks. It is not the alms which bank management or GOI give to retired bank staffmounWhen a staff works for 3 to 4 decades, his loyalty is compensated by employer by contributing every month at least ten percent of basic pay towards pension fund and then it is the duty of trust or managing body which manages pension fund to earn more and more interest or profit by investing in various funds and share more and more with retirees. t and rise in benefits accruing to retirees. 

Summing up the judgment in the case of S.P.Gupta  Vs Union of India, the Supreme court stated that:

 

“ it can be said with confidence that pension is not only compensation for loyal

 

 service rendered in the past, but pension also has a broader significance, in that it

 

 is a measure of socio-economic justice which inheres economic security in the fall of life when physical and mental prowess is ebbing corresponding to aging process and therefore, one is required to fall back on savings. 

 

 

 

One such saving in kind is when you gave your best in the hey-day of life to your employer, in days of invalidity, economic security by way of periodical payment is assured. The term has been judicially defined as a stated allowance or stipend made in consideration of past service or a surrender of rights or emoluments to one retired from service.

 

 

 

Thus the pension payable to a Government employee is earned by rendering long and efficient service and therefore, can be said to be a deferred portion of the compensation  for service rendered. In one sentence, one can say that the most practical raison d'etre for pension is the inability to provide for oneself due to old age. One may live and avoid unemployment but not senility and penury if there is nothing to fall back upon.

 

 4.            Further, in the case of  M.R.Prabhakar & Ors. vs Canara Bank & Ors. on 3 October, 2012 ( (2012) 9 SCC 971),  it has been clearly enunciated that voluntary retirement maintains the relationship for the purposes of grant of retiral benefits, in view of the past service. On account of maintaining the relationship for the purposes of retiral benefits, the second option to retirees was given. Moreover, in the relationship is between the banks and retirees, the IBA and constituents’ of UFBU are privy to the relationship between the parties and they have no locus standi to say that there is no contractual relationship between banks and retirees. On account of such contractual relationship, the  monthly pension is being paid to retirees. Retirees demands are not welfare measures, they are made as per the existing regulations. Payment of pension is not welfare measure, it is for the past work done to the organization/country. In Nakara case, it has been held that Pension is their statutory, inalienable, equally enforceable right and it has been earned by the sweat of their brow. As such it should be fixed, revised and modified and changed in ways not entirely dissimilar to the salaries granted to serving employees. ( 1983 LLI 0101 SC )