Another Bogey of IBA That It Did Not Have MANDATE from Banks for Discussing Retirees Issues Exposed-By S. Ramachandran
Date :18th June’2015
8. Another aspect to this issue is that the Pension Fund is created in PSBs mainly out of the employers’ contributions which were credited to PF fund account of individual employees who were in service as well as from the retirees.
Kochi, June 22:
The strike was called to press upon the State Bank of India management the demands to increase the quantum of home loans for employees of the associate banks, implement compassionate appointments in all cases and also to allow retired bank employees who are elected office-bearers of bank trade unions to represent the unions. Venakatachalam said Class IV employees in the associate banks get home loan of only ₹8 lakh and Class III ₹12 lakh, while employees of SBI and other public sector banks receive sums many times over.
PSU bank recapitalisation in 3 to 6 months: FM Jaitley-Money Control-RBI had asked the Finance Ministry to raise the quantum of assistance in view of mounting bad loans and to support growth
"The Reserve Bank of India has imposed a monetary penalty of Rs 20 lakh on Hubli Urban Co-operative Bank Ltd... for violation of RBI's instructions for irregularities in cheque discounting, overdrawal in OD loan accounts," the central bank said in a notification.
The RBI had issued a showcause notice to Hubli Urban Co-operati ..