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Banking News dated 5th October 2018

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Banking News: October 5, 2018


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Chanda Kochhar quits ICICI Bank,  Sandeep Bakshi is the new chief


Chanda Kochhar quits ICICI Bank,
Sandeep Bakshi is the new chief

The Moneylife Online
Published on October 4, 2018


Mumbai, October 4: Chanda Kochhar has quit ICICI Bank with immediate effect, says a regulatory filing from the bank. The board of ICICI Bank has decided to appoint Sandeep Bakshi as managing director and chief executive for next five years.

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11th Bipartite Settlement Latest News as on 1st October 2018

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Text of UFBU Circular No. UFBU/2018/16 dated 01.10.2018Issued by Sanjeev Bandlish, Convenor, UFBU

11th Bipartite Settlement Latest News as on 1st October 2018

Dear Comrades,
  • Discussions with IBA on our Charter of Demands
  • IBA proposes Fixed Pay & Variable Pay Scheme/Performance Linked Emoluments based on Operating Profits and Return on Assets

One more round of Bipartite Discussions were held on 29-9-2018 between UFBU and IBA at Mumbai.  In continuation of the last round of discussions, IBA wanted to know our reaction to their offer of 6% hike made in the last round of talks.  Responding to their question from our side, we pointed out that their offer is too inadequate and we asked IBA to improve their earlier offer.

However, IBA proposed that in addition to 6% hike offered by them which would be common to all Banks, additional wage increase can be worked out through a scheme by which in each Bank annual increase in emoluments can be offered based on Operating Profits and Return on Assets of the individual Bank with a view to add an element of performance linked compensation over and above the uniform pay structure.

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Banking News dated 4th October 2018

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Banking News: October 4, 2018


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Wage Revision: Discussions with IBA

Wage Revision: Discussions with IBA

Text of UFBU Circular No. UFBU/2018/16 dated 01.10.2018
Issued by Sanjeev Bandlish, Convenor, UFBU


Dear Comrades,
  • Discussions with IBA on our Charter of Demands
  • IBA proposes Fixed Pay & Variable Pay Scheme/Performance Linked Emoluments based on Operating Profits and Return on Assets

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AIBOC Launches Agitation Programs against Forced Merger Of Vijaya Bank, Dena Bank & Bank of Baroda

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Dear Friends,

AIBOC (All India Bank Officers' Confederation) Launches Agitation Programs against Forced Merger  Of Vijaya Bank, Dena Bank & Bank of Baroda and released a Press note on 3rd October 2018.

Please follow below circular for more details.......!!!

AIBOC Launches Agitation Programs against Forced Merger  Of Vijaya Bank, Dena Bank & Bank of Baroda

AIBOC Launches Agitation Programs against Forced Merger  Of Vijaya Bank, Dena Bank & Bank of Baroda

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Banking News dated 3rd October 2018

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Banking News: October 3, 2018


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Rupee hits new low of 73.34,  plunges 43 paise against USD


Rupee hits new low of 73.34,
plunges 43 paise against USD

The Financial Express
Published on October 3, 2018


The domestic currency dropped 43 paise to
 73.34 against the US dollar in the early trade

Mumbai, October 3: The Indian rupee Wednesday crashed below the 73 mark against the dollar for the first time ever on strong demand for the American currency from importers amid rising global oil prices and unabated capital outflows.

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Banking News dated 1st October 2018

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Banking News: October 1, 2018


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SBI halves daily Cash Withdrawal  Limit in ATMs to Rs 20,000


SBI halves daily Cash Withdrawal
Limit in ATMs to Rs 20,000

Sugata Ghosh
The Economic Times
Published on October 1, 2018


Mumbai, September 30: The country’s largest lender, State Bank of India, has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. The lower limit will be effective from October 31.

“In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said a bank communiqué to offices.

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Banking News dated 29th September 2018

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Banking News: September 29, 2018


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Cross Selling: Insurance & Mutual Fund  Text of Joint Note dated September 25, 2018


Cross Selling: Insurance & Mutual Fund
Text of Joint Note dated September 25, 2018

All India Bank Officers’ Confederation (AIBOC)
All India Bank Officers’ Association (AIBOA)
Indian National Bank Officers’ Congress (INBOC)
National Organisation of Bank Officers (NOBO)


We reproduce hereunder the joint note dated 25th September, 2018 submitted by the Four Officers’ organisations to the Secretary, DFS, Govt. of India, on the captioned subject for your information.

Date: 25.09.2018
The Secretary                                                                   
Department of Financial Services
Ministry of Finance, Government of India
New Delhi

Dear Sir,

Public Sector Bank’s Engagement in Cross Selling
of Insurance / Mutual Fund Business

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