by admin | May 25, 2021 | Banking, Corporate, Corporate Buzz, Economy, Markets, News
Chennai : Over 10 lakh bankers in government and private banks will go on a 48-hour strike starting on May 30, said an All India Bank Employees Association (AIBEA) leader.
The United Forum of Bank Unions (UFBU) proposed the strike beginning 6 a.m. on May 30, till 6 a.m. on June 1, demanding early revision of wages. The wage revision has been due since November 1, 2017.
“The strike notice has been served to Indian Banks Association (IBA) representing the bank management and the Chief Labour Commissioner (Central), New Delhi,” C.H. Venkatachalam, General Secretary, AIBEA, told IANS.
The UFBU is an umbrella body of nine unions in the banking sector representing staff and officers. Wage revision talks between UFBU and IBA held in Mumbai on May 5 had ended in a failure.
Venkatachalam said the IBA offered an increase of 2 per cent over the total wage bill of the banks as on March 31, 2017.
In the last 10th Bipartite Wage Settlement that was made effective from November 1, 2012, the IBA had agreed to a hike of 15 per cent over the total wage bill.
The unions had rejected the IBA offer, Venkatachalam said.
While the government had asked the IBA to conclude the wage revision settlement before November 1, 2017, the latter has been delaying, he said.
—IANS
by admin | May 25, 2021 | Banking, Corporate, Corporate Buzz, Economy, News
Chennai : The two major unions in the banking sector – All India Bank Employees’ Association (AIBEA) and All India Bank Officers’ Association (AIBOA) – on Friday announced sector wide strike on December 27 in support of wage revision in IDBI Bank.
In a joint statement issued here, the two unions said they have been taking up the matter repeatedly with IDBI Bank management and with the central government but the matter is dragging on endlessly.
Hence it has been decided to give a call for all-India strike in all the banks on December 27.
According to AIBEA and AIBOA, the United Forum of Bank Unions (UFBU) has decided to extend support for the December 27 strike.
The UFBU is an umbrella body of nine unions in the Indian banking sector.
According to the statement, the wage revision for IDBI Bank employees was due on 1.11.2012.
The IDBI Bank employees went on two-day strike in October demanding revision of wages.
—IANS
by admin | May 25, 2021 | Banking, Corporate, Corporate finance, Economy, Markets, News
Chennai : The Centre’s Rs 2.11 trillion recapitalisation for public sector banks though a welcome move, the focus should not be lost on recovering the loans by allowing the banks to take a “haircut” (a euphemism for loan write offs), said a top leader of All India Bank Employees’ Association (Aibea).
“The recapitalisations announced by the central government on Tuesday is welcome. The government should take care that such loan profligacy to corporates is not repeated at the cost of tax payers.
“It is time the government starts fixing responsibility for bad decisions taken in the guise of commercial decisions,” C.H. Venkatachalam, General Secretary, Aibea told IANS on Thursday.
He also said it was high time the top government bank executives –Chairmen, Managing Directors, Executive Directors — were also brought under service/conduct/disciplinary rules.
According to Venkatachalam, lack of capital and the non-recovery of the corporate loans were afflicting the banks.
He said the non-performing loans (NPL) of the government banks is over Rs 800,000 crore and focus should be on recovering the same than going in for write-offs on the back of fresh funds infusion announced by the government.
Referring to Finance Minister Arun Jaitley’s comments that steps would be taken so that further NPL was not created Venkatachalam said: “It is time to fix accountability on those sanctioning loans.
“The credit committee and the Board of Directors should be made accountable for their decisions. They should not be allowed to escape under the guise of commercial decision for sanctioning loans without prudence.”
According to him, bad loans in the banks, particularly, the big ticket accounts were a potential zone for corruption and there was no defined regulation to take action on top executives like Chairmen, Managing Directors and Executive Directors of government-owned banks.
“The top officials are not government by common Officers Conduct Rules,” Venkatachalam said.
“There should be separate conduct rules for the top executives as they are dealing with tax payers monies,” Venkatachalam said.
Terming the current procedure to fix responsibility on top executives of government banks as cumbersome, Venkatachalam said: “A transparent and effective rule is to be evolved to deal with the complaints against these officials.”
—IANS
