Sri N.K. Pareek, General Secretary, Central Bank Officers' Association, Rajasthan, President, All India Central Bank Officers' Federation and Dy. General Secretary, All India Bank Officers' Confederation retires today - 30th June. Mr. Pareek had also served as Officers Representative Director on the board of Central Bank of India.
Central Bank Officers' Association, Andhra Pradesh remembers his yeoman service to the officers' movement in Central Bank of India and wish him a happy and peaceful retired life.
SRI N.K. PAREEK, PRESIDENT, AICBOF RETIRES
CENTRAL BANK OF INDIA ANNOUNCES BASE RATE
Central Bank of India has announced its Base Rate at 8.0%, which is at par with other leading Public Sector Banks – Punjab National Bank, Bank of Baroda and Union Bank of India.
So far, only State Bank of India has announced the Base Rate lower than 8.0%. SBI has announced its base rate at 7.5%.
BANKERS' PANEL FINALISES VIEWS ON SERVICE CHARGES
A committee of the Indian Banks Association (IBA) has finalised its recommendations on the fees that should be charged for basic services such as issuing a draft, remittances or for stop-payment instructions. These recommendations will now be sent to the Reserve Bank of India.
Faced with a rising number of customer complaints on excessive charges, RBI asked IBA to suggest guidelines. The bankers’ lobby asked its Committee for Customer Service, headed by Standard Chartered Bank CEO Neeraj Swaroop, for a report. A sub-committee headed by Union Bank of India Executive Director S Raman was tasked with framing the guidelines.
The panel was mandated to look into 27 items categorised as basic transaction services. Apart from charges for issuing cheque books and drafts, the committee also looked at charges for cheque return, reviving inoperative accounts, issue of duplicate pass books and other items such as not maintaining the prescribed minimum balance. Charges for special services such as loans and credit cards were not part of the purview.
Presently, there is wide disparity between what different banks charge customers. For instance, public sector lenders such as State Bank of India (SBI) require regular savings account customers to maintain a minimum average balance of Rs 1,000 per quarter, while private sector lenders such as ICICI Bank and HDFC Bank require a minimum balance of Rs 10,000. Foreign lenders such as Citibank, Standard Chartered and HSBC have minimum balance requirements of Rs 25,000 per quarter.
The penalties for non-maintenance of minimum balance are also steep for private and foreign banks. ICICI Bank and Citibank charge Rs 750 per quarter; SBI, only Rs 75 per year for such non-maintenance.
Banks are currently required to prominently display their service charges and fees in an RBI-prescribed format on their website and at all branches. Before 1997, service charges and fees were governed by IBA guidelines. Later, RBI decided to allow banks to frame their own charges.
NEW BASE RATE TO IMPACT CORPORATE BORROWINGS
The move by most banks to fix the base rate between 7.5 and 8 per cent is set to increase the cost of borrowing for corporates, depending on the risk factor of the sectors they operate in.
The new lending system may change the way banks look at their loan portfolio and bring about a greater transparency in the pricing of their loans.
With the Reserve Bank of India expected to raise key repo and reverse repo rates in the first half of July to contain high inflation, a few corporate houses are yet to gauge the impact of the base rate impact.
MORE BANKS ANNOUNCE BASE RATES
Andhra Bank has fixed its base rate at 8.25 per cent.
Allahabad Bank has fixed the base rate at eight per cent, according to a press release issued by the bank.
CASA DEPOSITS TO HELP FIX A LOWER BASE RATE: SBI
India’s largest bank State Bank of India (SBI) has set the benchmark for the banking industry by pegging the base rate at 7.5%.
SBI is well positioned to fix the base rate relatively low, given its high share of low-cost current and savings bank account or CASA deposits.
The bank’s share of CASA deposits at 47% is second only to HDFC Bank. Thanks to this large base of CASA deposits, SBI’s cost of deposits aggregated 5.8% in FY10, which was one of the lowest in the industry.
Few banks in the country can count for 30% of their deposits being in the CASA category. This primarily includes smaller banks, which have lower CASA deposits. These banks have little choice but to settle for a higher base rate, which is bound to hobble them when up against competition.
Two other large state-owned banks, Bank of Baroda and Punjab National Bank, have pegged their base rate at 8%. While BoB had a share of 36% of CASA deposits in FY10, Punjab National Bank was in a better position at 41%. For SBI and these two banks, maintaining their NIMs should not be much of a challenge, but what would be interesting to see is how these lenders price loans for the bluest of blue chips.
CBOA, AP CIRCULAR NO.21 DATED 24.06.2010
CBOA, AP issued its circular No. 21 on “AICBOF Meritorious Children Scholarship”. We are reproducing the same here for our readers.
Circular No. GS: 2010: 021 Date: 24.06.2010
TO ALL OFFICERS PLEASE CIRCULATE
Dear Friends,
We reproduce hereunder the Circular No. CIRCULAR/GS/2010/09 dated 14-06-2010 received from our Federation for your information.
With best regards
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
................................................................
We reproduce hereunder circular received from AICBOF for your information:
“A.I.C.B.O.F. MERITORIOUS CHILDREN SCHOLARSHIP
Our Federation is awarding six All India Scholarships at the Federation level to meritorious children in 12th Standard examination of the Boards from all over the country. The important terms and conditions for this scholarship scheme are given below:-
Only the children of those officers who are members of the Benevolent Fund Scheme introduced by the units of the Federation will be eligible for this scholarship.
The Scholarship scheme is open for the children who pass the Board examination of Standard XII.
There shall be of total of six scholarships – Two for each faculty of Arts, Science and Commerce.
The selected student would be eligible for scholarship of Rs.200/- per month for a period of ten months provided they continue further studies.
The results for 12th Standard for 2009-2010 have already been announced in most of the States and in some others, are being announced. As such, the officers whose children have appeared in this examination and fulfill the following criteria, can make the application directly to the Federation on the prescribed format which is given overleaf.
- The student should have passed the 12th Standard examination in the first attempt;
- The application should reach the office of the Federation on or before 31.08.2010
- For eligibility to apply, a student must have secured minimum of 70% aggregate marks in Science and Commerce faculties and 60% in Arts faculty in the Board Examination of 12th Standard.
- The decision of the Federation for selection of the awardees shall be final.
We request the eligible officers to submit the applications in the prescribed format, duly certified by their respective units General Secretaries, directly to the Federation’s Office within the stipulated period.”
With warm greetings,
Yours sincerely, (format overleaf)
Sd/-
(D.S. BHADAURIA)
GENERAL SECRETARY
FORMAT
The General Secretary
All India Central Bank Officers’ Federation
3rd Floor, Central Bank Building
M.G. Road, Fort
Mumbai – 400 023
Dear Sir,
Re: Application for A.I.C.B.O.F. Meritorious Children Scholarship
My ward has cleared the H.S.C. (XII Standard) Examination of the Board for the year 2009-2010. I am submitting the details:-
1) Full name of the Officer :
(in capital)
2) Designation in the Bank :
3) Place of work (Branch/Office/ :
Department)
4) Residential Address :
5) Date of joining the Bank :
6) Full name of the ward (in :
Capitals) Mention Son/Daughter
7) Date of Birth of the Ward :
8) Name and Address of College/ :
School
9) Year and month of passing :
10) In which faculty, examination is :
Passed (Arts/Commerce/Science)
11) No. of attempts taken for :
Passing H.S.C.
12) Total marks obtained in H.S.C. :
13) % of marks to total marks :
14) Did the child get any other :
award for this examination (give
details)
Place: (Signature of the Parent)
Date:
(Note: Enclose certified copy of the mark sheet (Xeroxed both side)
Declaration of the Parent
I hereby declare that I am an Officer of Central Bank of India working at _________________ in Scale_____. I also declare that I am a member of CBOA_________________ and also a member of the Benevolent Fund Scheme since ___________.
(Signature of the Officer)
CERTIFICATE OF THE UNIT OF THE FEDERATION
It is certified that Mr. / Ms. ________________________________ is a member of the Association and the Benevolent Fund Scheme, and the details given above by the Officer are in order.
Place:
Date: (SIGNATURE OF GENERAL SECRETARY
CBOA/ UNIT ______________________)
PNB FIXES BASE RATE AT 8 PER CENT
Punjab National Bank today fixed the rate at 8 per cent, below which the bank cannot lend to its customers.
The base rate, which will replace the existing Benchmark Prime Lending Rate (BPLR) of PNB, is 0.5 per cent higher than what is being offered by the country's largest lender, SBI.
The base rate of PNB is 3 per cent lower than its existing BPLR of 11 per cent.
In a statement, PNB said the base rate was arrived at by taking the average cost of deposits of the last quarter as the benchmark.
Earlier in the day, SBI fixed its base rate at 7.5 per cent, while its associate, State Bank of Travancore, fixed the base rate at 7.75 per cent.
Under the new lending system, borrowers will be charged interest rates over the base rate depending on their credit profile. The system, however, will not apply to concessional loans for agriculture, exports and other specified sectors.
Last week, the RBI sent a letter to the Indian Banks Association clarifying that the base rate norms will not affect the operations of the government's interest rate subvention schemes for export and agriculture loans.
The RBI assured that if interest earned by the bank, including subvention, falls below the base rate, it will not be treated as a violation of norms. Also, the rules will be relaxed for restructured loans, where interest rates can be below the base rate, it had said.
SBI BORROWING FROM MARKET TO TIDE OVER LIQUIDITY CRUNCH:BHATT
State Bank has said it is borrowing funds from the market to tide over the liquidity shortage on account of the spectrum sale and advance tax payment.
SBI, along with other private and public sector banks have been borrowing funds from the Reserve Bank and the inter-bank call money market to overcome the liquidity crunch.
To overcome liquidity crunch on account of payment towards spectrum sale, the RBI had opened a separate window on May 28 allowing banks to borrow funds from the central bank.
As per the second liquidity adjustment facility (LAF) option opened by the RBI to meet short-term cash crunch, banks borrowed Rs 28,960 crore at repo rate of 5.25 per cent yesterday. At the same time, overnight call money average rate was 4.27 per cent and Rs 176 crore was transacted under this.
NO IMPACT ON MARGIN DUE TO BASE RATE: SBI CHAIRMAN
According to Mr. O.P. Bhatt, Chairman, State Bank of India, the bank sees no impact on its net interest margins due to the introduction of the new base rate system.
State Bank said earlier that it would set its so-called base rate at 7.5 per cent. The base rate would be effective from July 1.
HDFC BANK SEES BASE RATE IN 6.75-8% RANGE
According to Mr. Paresh Sukthankar, Executive Director, HDFC Bank, most players in the banking sector to fix the base rate between 6.75 and 8 percent. He also said the bank does not see any major impact of the new rate on profitabilty.
SBI SETS BASE RATE AT 7.5% PER ANNUM
State Bank of India has set base rate at 7.5% per annum. The base rate would be effective from July 1. SBI's rate is key as all banks would factor that in while setting their own rates.
As per the new norms, existing customers will have to migrate to the base rate when their loan contract comes up for renewal. The new rule does not apply to finance companies, including mortgage firms such as Housing Development Finance Corp. They may continue with the PLR mechanism while charging interest rates.
In a bid to end the practice of retailers and small enterprises subsiding large companies, the Reserve Bank of India has mandated that all banks arrive at a base rate for lending, below which no loans can be extended. Once this rule comes into force on July 1, large corporates, which benefited from so-called sub-prime lending rate (PLR) lending, will have to pay at least the base rate.
Most state-run banks may fix their base rate between 8% and 9% since their cost of funds does not vary significantly, unlike the private banks. For India’s top private lenders, the challenge will now be to fix the base rate close to SBI or even lower if they have to woo blue chip corporates that are used to shopping around for bargain rates.
Bank of Baroda chairman & managing director MD Mallya said his bank’s base rate would be in the range of 8-8 .5% while Bank of India CMD Alok Misra said the bank’s asset-liability committee will meet soon to fix the rate. Punjab National Bank chairman & managing director KR Kamath said its rate may be below 8.5%.
India’s largest private sector lender, ICICI Bank, said it plans to announce its base rate on Wednesday.
India’s largest private sector lender, ICICI Bank, said it plans to announce its base rate on Wednesday.
ICICI TO ANNOUNCE BASE RATE ON WEDNESDAY
According to Ms. Chanda Kochhar, Chief Executive and Managing Director, ICICI Bank, ICICI plans to announce its base rate on June 30.
GOVT WANTS BANKS TO SEND BASE RATE DATA
The government has asked all public sector banks to quantify their effective interest rates for small borrowers under the new base rate mechanism. The ministry also wants a comparison with the rates under the present benchmark prime lending rate system.
In a letter to the Indian Banks Association on Saturday, the Union finance ministry has also asked it to collect data on the effective lending rates for home, automobiles and education loans.
The ministry’s letter comes when not a single bank has announced its base rates. State Bank of India, the country’s largest lender, which earlier said it would do so by June 15, is yet to do so. All other banks, expected to react after taking into account the market leader’s stand, have also maintained silence.
Sources in the know said the government wants to ensure the new regime, while bringing in transparency, would not hurt the interests of small borrowers. Bankers have said the new mechanism will put an end to cross-subsidisation, with small borrowers no longer having pay more to compensate the low rate charged to bigger players with better bargaining powers. Yet, the government wants to be doubly sure.
The base rate regime, proposed by a committee set up by the Reserve Bank of India (RBI), to bring transparency on how risks are priced by the lenders, had mandated that no lending could be done below the base rate, except for three categories: loans to banks’ own employees, against deposits and small-ticket borrowers under the differential interest rate (DRI) scheme.
However, banks later said if the RBI directive was to be followed, they would not be able to extend loans to the farm sector at seven per cent for availing the maximum two per cent interest subvention from the government. As a result, agricultural loans were excluded, as also export credit and interest on restructured assets, from the application of base rates.
PRANAB ASK STATES, BANKS TO EXTEND BANKING ACCESS TO ALL
Finance Minister Pranab Mukherji asked the central and western states and public sector banks to extend mainstream banking facilities to the poor, small farmers and micro-entrepreneurs.
He also asked the Bank of Maharashtra, Dena Bank, State Bank of India, Central Bank of India and Bank of Baroda to ensure that financial inclusion is integrated with the technological development of banking infrastructure in rural and semi-urban areas.
Present at the meeting were Minister of State for Finance N.N. Meena, Maharasthra Chief Minister (CM) Ashok Chavan, Rajasthan CM Ashok Gehlot, Madhya Pradesh CM Shivraj Chauhan, Goa CM Digambar Kamat, Chattisgarh Agriculture Minister Chandrashekhar Sahu and Gujarat Finance Minister Saurabhbhai Patel.
SBI BASE RATE TO BE 8% OR BELOW: O P BHATT
According to Mr. O.P. Bhatt, Chairman, SBI, the bank's base rate (for lending) to come into effect from July 1 would be 8 per cent or below 8 per cent.
CAPITAL INFUSION INTO PSU BANKS LIKELY AFTER Q2 RESULT
The government would decide the second installment of financial assistance after going through Q2 (July-September) financial performance of banks wherein it would be clear which institutions lack how much capital fund.
A decision on financial assistance taken by the Finance Ministry, which has already approved more than 6,200 crore as Tier I capital to 5 public sector banks including Union Bank of India, is expected by the end of November.
The next tranche would come only after second quarter results of the banks are announced, official sources said.
By that time, it would be clear how many banks would require how much funds for shoring up their Tier I capital over 8 per cent, sources said.
Earlier this month, the government approved infusion of Rs 6,211 crore into five public sector banks, a move which will help in lending an additional Rs 77,637 crore to various sectors of the economy.
The banks, which got capital support from the government included Union Bank of India, Bank of Maharashtra, IDBI Bank, UCO Bank and Central Bank India.
Of the total IDBI Bank will get Rs 3,119 crore, followed by Central Bank of India Rs 2,016 crore, Bank of Maharashtra Rs 590 crore, UCO Bank Rs 375 crore and Union Bank of India Rs 111 crore.
The capital infusion in IDBI Bank will be through the preferential placement of equity, while in Central Bank of India it will be through participation in rights issue.
Three other banks namely, Union Bank of India, Bank of Maharashtra and UCO Bank would get capital by way of perpetual non-cumulative preference shares (PNCPS).
FM TO MEET PSU BANK CHIEFS, CMS
Efforts to step up financial inclusion, statewise credit flow to agri sector and progress of Centrally sponsored schemes are likely to top the agenda when Chief Ministers of Western states and PSU bank Chiefs meet Finance Minister Pranab Mukherjee at Mumbai on 28.06.2010.
The FM will also discuss economic issues concerning the country and states, credit-deposit ratio, loans to the weaker sections and the implementation of direct tax code in the meeting. Besides bank heads, officials from Nabard, Sidbi, IIFCL and Exim Bank will also participate in the meeting.
Mukherjee will also discuss the issue of using the network of state-run banks for implementing the "aam admi bima yojana", which is a scheme for rural landless households, in which one member of the family is entitled to a Rs 30,000 life insurance cover. The states and the Centre equally share the Rs 200 premium.
This meeting is a significant departure from normal practice where such meetings are usually held in Delhi or in the major metropolitan cities. The meeting will also debate on the steps taken to achieve the budgeted target of Rs 3,75,000 crore bank credit to farmers this year, Rs 50,000 crore more than last year.
A roadmap to ensure that every village with a population of more than 2,000 has a bank branch or a business correspondent ? an authorised agent who can carry out banking activities on behalf of a bank ? would also be discussed.
CBOA, AP CIRCULAR NO. 20 DATED 14.06.2010
CBOA, AP issued its circular No. 20 on fitment of salary for officers on promotion. We are reproducing the same here for our readers.
Circular No. GS: 2010: 020 Date: 14.06.2010
TO ALL OFFICERS PLEASE CIRCULATE
Dear Friends,
We reproduce hereunder the Circular No. CIRCULAR Nos. 95 dated 12-06-2010 received from A.I.B.O.C. for your information.
With best regards
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
..............................................................................………….………….……………
“IMPLEMENTATION OF 9TH BIPARTITE SETTLEMENT
FITMENT OF SALARY FOR OFFICERS ON PROMOTION
One of the issues that was engaging our attention in course of discussions with the IBA is the removal of some of the anomalies that had come to our notice in the matter of fitment of salary in respect of the Clerical Staff promoted to Officers’ Grade and also the fitment in respect of Promotion from one Grade/Scale to another within the Officers’ cadre. We have to-day taken up these issues with IBA for issuance appropriate clarifications. A copy of our communication is enclosed.
All our affiliates/members are requested to await further developments in the matter.
With greetings,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
(Communication sent by AIBOC to Chairman, IBA)
No./1452/190/10 12.06.2010
To,
The Chairman,
The Indian Banks’ Association,
World Trade Centre,
MUMBAI – 400 020.
Dear Sir,
SALARY REVISION - ISSUES RELATED TO FITMENT ON PROMOTION
We thank you for the comprehensive guidelines issued in regard to implementation of the 9th Bipartite Settlement in respect of the Officers in the Banking Industry. During the course of our discussions, we requested IBA officials, to offer certain clarifications in respect of fitment on promotion from clerical to officers’ cadre and promotions within the officers’ cadre.
The issue of the fitment in respect of promotions from Clerical to Officers’ cadre is a subject matter which has to be discussed between the Officers’ organisations and the Managements of each bank at the bank level on the basis of the guidelines issued by the IBA. These guidelines are issued in consultation with the Confederation from time to time. We therefore request you to kindly issue appropriate clarifications on the fitment in respect of Promotions as mentioned above covering the following areas:-
The Workmen Staff promoted from Clerical grade to the Officers’ Grade should be given fitment based on their basic pay exclusive of all other components of pay such as the FPP, PQP, Graduation increments etc and adding the same after fitment in officers’ scale. If a clerical employee, passes CAIIB part I or Part II after reaching maximum in clerical scale and thereafter gets promoted to the officers’ grade, the promotee officer shall be first fitted into the officers’ scale as per the Fitment formula and thereafter shall be granted one or two increments as the case may be in the officers’ scale for passing CAIIB Part I/Part II. The exercise will avoid the inter-se anomalies.
In so far as the FPP is concerned, the joint note states that it shall remain frozen for the entire service irrespective of whether the officer concerned is promoted to the next higher scale or otherwise. However after the 8th bipartite settlement, at our instance, a clarification was issued by IBA to the effect that if an officer is promoted from one scale to another after reaching the maximum in the previous scale and receiving the FPP the frozen FPP shall continue to be paid till the officer reaches the maximum in the revised scale and completes one year. Thereafter the FPP would be revised as applicable to the revised scale. We request you to reiterate the above clarification to enable the officers to get proper fitment of FPP in the payment of salary arrears.
There are other residual issues as well. We seek a separate meeting to discuss all those issues. As the above issues were discussed informally and there was a concurrence on the suggestions made by us, we seek your immediate clarification to enable our members to get the full benefit of the salary revision.
Please treat the matter as urgent.”
Thanking you,
Yours faithfully,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
CBOA, AP CIRCULAR NO. 19 DATED 14.06.2010
CBOA, AP issued its circular no. 19 on regulated working hours. We are reproducing the same here for our readers.
Circular No. GS: 2010: 019 Date: 14.06.2010
TO ALL OFFICERS PLEASE CIRCULATE
Dear Friends,
We reproduce hereunder the Circular No. CIRCULAR Nos. 94 dated 12-06-2010 received from A.I.B.O.C. for your information.
With best regards
Yours sincerely
Sd/-
(C.A. MALLIKARJUNA RAO)
GENERAL SECRETARY
..............................................………….………….……………
“REGULATED WORKING HOURS
One of the issues that figured during the course of our Bipartite discussions in the recent past and also incorporated as an issue under the residual subjects by the Confederation in the Charter of Demands submitted to the IBA was the issue of the regulated working hours to the Officers in the Banking Industry. In view of paucity of time, the issue could not be pursued further at the time of conclusion of the 9th Bipartite Settlement. Hence, we have to-day sent a separate communication raising the issue with IBA for early resolution of the issue. A copy of our communication is enclosed.
All our affiliates/members are requested to await further developments in the matter.
With greetings,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
(Communication sent by AIBOC to Chairman, IBA)
No.1452/189/10 12.06.2010
To,
The Chairman,
The Indian Banks’ Association,
World Trade Centre Complex,
Centre 1, 6th Floor, Cuffe Parade,
MUMBAI – 400 005.
Dear Sir,
REGULATED WORKING HOURS
One of the issues that is under discussions with the Indian Banks’ Association for a long time is the need for fixing regulated working hours to Officers’ Community in the Banking Industry. The issue has also figured in the Charter of Demands submitted by the Confederation. Since the time available for discussions of the residual issues was not sufficient to finalize several issues listed out by us at the time of the settlement of the 9th Bipartite in the recent past, the Confederation suggested that the issue can be flagged for subsequent meeting.
The Officers are placed in a most disadvantageous position in the absence of prescribed working hours for them. The Management always claims that officers are not coming under the Shops and Establishments Act and hence not eligible for the extra compensation that they are legitimately eligible for their extra working hours prescribed under the Shops and Establishments Act. The Management has always been claiming that officers are part of the Management and there is no prescribed working hours for them. However, these perceptions were based on the Central Civil Service Rules which were adopted from the imperial regime. The Banking Industry is a service industry and the employees irrespective of the cadre are eligible for appropriate relief in terms of both the working hours as well as the compensation for the extra hours of work put in by them.
In the absence of the definite working hours being prescribed for the Officers, due to pressure of work they are made to work for almost 14 to 16 hours a day and there is no relief making them to suffer from fatigue and related problems. The Officers are compelled to sit late in the name of supervisory responsibility and completion of work and it stretches upto mid night in most of the branches. The Officers who are working in the interior parts and rural centers where the branches have a limited staff and the infrastructure is far from satisfactory will be subjected to all sorts of difficulties. Attending to office work on Sundays and Holidays has almost became routine for officers. They are deprived of availing leave for want of relief arrangements at branches. The Officers all over the country have been urging for definite working hours so that they can be in a position to enjoy the social life and can look into the problems of their domestic life such as children’s education, health of the members of the family etc. The tension that they undergo due to the vicarious responsibility they carry with their role is yet another factor which will affect their health condition.
It is in this background, the Confederation has been demanding that the IBA should settle the issue with the Confederation and fix definite working hours to Officers which is not unreasonable so that they are also in a position to have normal physical relief and can lead a healthy and tension free life. It is needless to add that, there is a need in the banking industry to take up the issue of manpower planning to fill up the existing vacancies of staff both clerical and supervisory and also to plan for the future. In the next 2-3 years, majority of existing staff will retire in normal course. Almost all Banks have ambitious plan of branch expansion. The business of the Bank is multiplying in leaps and bounds, without corresponding increase in the staff strength. This apart, banks are entering into new business activities. We, therefore request you to kindly look into the matter and take early decision in this regard. If required we are willing to discuss the issue further to substantiate the reasonableness of our demand and provide further inputs for your positive consideration of the demand.
Please treat the matter as urgent.”
Thanking you,
Yours faithfully,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
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