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Ministry of Finance approves Implementation of the recommendations of 7th Central Pay Commission

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Ministry of Finance approves Implementation of the recommendations of 7th Central Pay Commission

Cabinet approves Implementation of the recommendations of 7th Central Pay Commission



The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 01.01.2016.


In the past, the employees had to wait for 19 months for the implementation of the Commission’s recommendations at the time of 5th CPC, and for 32 months at the time of implementation of 6th CPC. However, this time, 7th CPC recommendations are being implemented within 6 months from the due date.
The Cabinet has also decided that arrears of pay and pensionary benefits will be paid during the current financial year (2016-17) itself, unlike in the past when parts of arrears were paid in the next financial year.



The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.



Highlights:


1. The present system of Pay Bands and Grade Pay has been dispensed with and a new Pay Matrix as recommended by the Commission has been approved. The status of the employee, hitherto determined by grade pay, will now be determined by the level in the Pay Matrix. Separate Pay Matrices have been drawn up for Civilians, Defence Personnel and for Military Nursing Service. The principle and rationale behind these matrices are the same.


2. All existing levels have been subsumed in the new structure; no new levels have been introduced nor has any level been dispensed with. Index of Rationalisation has been approved for arriving at minimum pay in each Level of the Pay Matrix depending upon the increasing role, responsibility and accountability at each step in the hierarchy.


3. The minimum pay has been increased from Rs. 7000 to 18000 p.m. Starting salary of a newly recruited employee at lowest level will now be Rs. 18000 whereas for a freshly recruited Class I officer, it will be Rs. 56100. This reflects a compression ratio of 1:3.12 signifying that pay of a Class I officer on direct recruitment will be three times the pay of an entrant at lowest level.


4. For the purpose of revision of pay and pension, a fitment factor of 2.57 will be applied across all Levels in the Pay Matrices. After taking into account the DA at prevailing rate, the salary/pension of all government employees/pensioners will be raised by at least 14.29 % as on 01.01.2016.


5. Rate of increment has been retained at 3 %. This will benefit the employees in future on account of higher basic pay as the annual increments that they earn in future will be 2.57 times than at present.


6. The Cabinet approved further improvements in the Defence Pay Matrix by enhancing Index of Rationalisation for Level 13A (Brigadier) and providing for additional stages in Level 12A (Lieutenant Colonel), 13 (Colonel) and 13A (Brigadier) in order to bring parity with Combined Armed Police Forces (CAPF) counterparts at the maximum of the respective Levels.


7. Some other decisions impacting the employees including Defence & Combined Armed Police Forces (CAPF) personnel include :
· Gratuity ceiling enhanced from Rs. 10 to 20 lakh. The ceiling on gratuity will increase by 25 % whenever DA rises by 50 %.
· A common regime for payment of Ex-gratia lump sum compensation for civil and defence forces personnel payable to Next of Kin with the existing rates enhanced from Rs. 10-20 lakh to 25-45 lakh for different categories.
· Rates of Military Service Pay revised from Rs. 1000, 2000, 4200 & 6000 to 3600, 5200, 10800 & 15500 respectively for various categories of Defence Forces personnel.
· Terminal gratuity equivalent of 10.5 months of reckonable emoluments for Short Service Commissioned Officers who will be allowed to exit Armed Forces any time between 7 and 10 years of service.
· Hospital Leave, Special Disability Leave and Sick Leave subsumed into a composite new Leave named ‘Work Related Illness and Injury Leave’ (WRIIL). Full pay and allowances will be granted to all employees during the entire period of hospitalization on account of WRIIL.


8. The Cabinet also approved the recommendation of the Commission to enhance the ceiling of House Building Advance from Rs. 7.50 lakh to 25 lakh. In order to ensure that no hardship is caused to employees, four interest free advances namely Advances for Medical Treatment, TA on tour/transfer, TA for family of deceased employees and LTC have been retained. All other interest free advances have been abolished.


9. The Cabinet also decided not to accept the steep hike in monthly contribution towards Central Government Employees Group Insurance Scheme (CGEGIS) recommended by the Commission. The existing rates of monthly contribution will continue. This will increase the take home salary of employees at lower levels by Rs. 1470. However, considering the need for social security of employees, the Cabinet has asked Ministry of Finance to work out a customized group insurance scheme for Central Government Employees with low premium and high risk cover.


10. The general recommendations of the Commission on pension and related benefits have been approved by the Cabinet. Both the options recommended by the Commission as regards pension revision have been accepted subject to feasibility of their implementation. Revision of pension using the second option based on fitment factor of 2.57 shall be implemented immediately. A Committee is being constituted to address the implementation issues anticipated in the first formulation. The first formulation may be made applicable if its implementation is found feasible after examination by proposed Committee which is to submit its Report within 4 months.


11. The Commission examined a total of 196 existing Allowances and, by way of rationalization, recommended abolition of 51 Allowances and subsuming of 37 Allowances. Given the significant changes in the existing provisions for Allowances which may have wide ranging implications, the Cabinet decided to constitute a Committee headed by Finance Secretary for further examination of the recommendations of 7th CPC on Allowances. The Committee will complete its work in a time bound manner and submit its reports within a period of 4 months. Till a final decision, all existing Allowances will continue to be paid at the existing rates.


12. The Cabinet also decided to constitute two separate Committees (i) to suggest measures for streamlining the implementation of National Pension System (NPS) and (ii) to look into anomalies likely to arise out of implementation of the Commission’s Report.


13. Apart from the pay, pension and other recommendations approved by the Cabinet, it was decided that the concerned Ministries may examine the issues that are administrative in nature, individual post/ cadre specific and issues in which the Commission has not been able to arrive at a consensus.


14. As estimated by the 7th CPC, the additional financial impact on account of implementation of all its recommendations in 2016-17 will be Rs. 1,02,100 crore. There will be an additional implication of Rs. 12,133 crore on account of payments of arrears of pay and pension for two months of 2015-16.


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AIBEA and AIBOA Strikes in JUNE and JULY 2016

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Plunge into action against Mergers 30th June-Dharna in State Capitals 12th July-Strike by 5 Associate Banks 13th July-All India Bank Strike -AIBEA & AIBOA-TMBEU
Plunge into action against Mergers 30th June-Dharna in State Capitals 12th July-Strike by 5 Associate Banks 13th July-All India Bank Strike -AIBEA & AIBOA-TMBEU

Plunge into action against Mergers


30th June-Dharna in State Capitals


12th July-Strike by 5 Associate Banks


13th July-All India Bank Strike


-AIBEA & AIBOA-TMBEU

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Congratulations to Who have cleared JAIIB / CAIIB in MAY / JUNE 2016

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Congratulations Who have cleared JAIIB / CAIIB in MAY / JUNE 2016

Dear Friends,

First of All Congratulations to the candidates who have cleared JAIIB / CAIIB in the months of MAY / JUNE 2016.

Now So Many of you are very confused of how to apply for your Increments.

You can check details of increments and procedure to get your increments.

Please check the procedure below.


*    Detailed JAIIB / CAIIB / Graduation Increment format


Thank you


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AIBEA and AIBOA met Finance Ministry about their Protest on merger and other Issues

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Dear Friends,

AIBEA and AIBOA met Finance Minister Shri. Arun Jaitley about their Protest on merger of Associate Banks with Parent SBI and other Issues.

Following are the Official Cirlculars:


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Bank Strikes in July 2016

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Dear Friends,

In July Bank employees are going on strike

Bank Strikes in July 2016

The Dates are,

Date of Strike in Banks
Banks Goes on Strike
27th,28th,29th of July 2016 :
Strike in All RRBs (Regional Rural Banks)
28th,29th of July 2016 :
Strike in Associate banks of SBI

29th of July 2016 :
All India Bank Strike.




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Kerala Government is against the merger of State Bank of Travancore with State Bank of India

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Kerala Government is against the merger of State Bank of Travancore with State Bank of India Kerala Government is against the merger of State Bank of Travancore with State Bank of India Kerala Government is against the merger of State Bank of Travancore with State Bank of India

Dear Friends,

Kerala Government is against the merger of State Bank of Travancore with State Bank of India, Kerala Chief Minister Pinarayi Vijayan said. This is the first political opposition to the proposed merger of SBI associate banks with the parent.

"People of state consider SBT as a bank of Kerala and the Government also has the same view. We want SBT to remain as it is," Vijayan said at a meet-the-press programme in Thiruvananthapuram.


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All The Best for Bank Financial Manangement (BFM) paper 2 of CAIIB aspirants on 12th June 2016

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Dear Friends,

All the Best for who are appearing for BFM paper on 12th June 2016.

All The Best for Bank Financial Manangement (BFM) paper 2 of CAIIB aspirants on 12th June 2016

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UFBU writes a letter to Finance ministry to go for appointments in PSBs with concern for others

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Dear Friends,

UFBU writes a letter to Finance Minster Shri. Arun Jaitley About Appointments in Public Sector Banks by taking concern of others.

The Letter is here:


UFBU writes a letter to Finance ministry to go for appointments in PSBs with concern for others


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Retirees Observes Demands Day on 25th May 2016

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Dear Friends,

All Retired Bank employees Observes Demands day on 25th May 2016.

Retirees Observes Demands Day on 25th May 2016


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How to Pass Bank Financial Management (BFM) paper of CAIIB Easily

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How to Pass Bank Financial Management (BFM) paper of CAIIB Easily

Dear Friends,

So many of our Friends Facing the Problem of Passing Bank Financial Management (BFM) paper of CAIIB, which is paper 2 of CAIIB.  We can Say it as most Difficult of all papers in CAIIB.

With some tips and dedication you can easily pass this paper.
Mostly I can Say that You can easily clear this paper by taking all three papers at once. That means you should prefer for Average (Writing all exams in one attempt, because if you get  the marks like 60 in ABM, 45 in BFM, 45 in Elective paper). But if you are only left with BFM paper you have do some smart work than Hard work.

CAIIB - BFM

(Our Thumb Rule is Read Easy Modules first & practice bits at the end of each topic)

As our friends said, it is the toughest of all papers in CAIIB (don't  feel that much tough :) ). Take one week of good preparation for this subject (It would be good if you have started preparing from 1 month before). Try to get 1 week of leave for this paper to complete with 100% possibility to pass. Some of your friends will tell you that this is a toughest paper of all don’t trust it. It will be easy paper if you have good understanding of BASEL II and Basel III (now IIBF asking questions more on this BASEL III) topic (as we are very familiar with this topic from JAIIB onwards).  You will surely pass This Paper if you read in a good planned manner.

Priority wise study plan: 

Priority 1:  Module B (Read this module first because it is the heart of this module and related & continues to Module D also)

Priority 2:  Module D  (This is like continuation to Module B.So after Module B read This Module)

Priority 3:  Module C  (Though it is theory and different Module from other Modules  it is easy module)

Priority 4   :  Module  A (Contains Forex calculative part and complete this module at last. It is somewhat difficult as it is new topic to most of the Bankers)

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How to Pass Bank Financial Management (BFM) paper of CAIIB Easily


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India is a lower economy country not a Developing Country says World Bank

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India is a lower economy country not a Developing Country says World Bank

Dear Friends,

Sorry for the post.

World Bank says India is a lower middle income country and not a Developing country  in south Asia.

World bank official, Khokhar said "we are not modifying the term 'developing countries' , 'developing world' but when it comes to presenting specialized data, we will use more valuable grouping of countries,"  said in an e-mail interview, and says that the term developing country was no more useful for analytical purposes. Accordingly, while India will be referred to as a lower-middle-income economy in all of World Bank's analytical reports, it may be referred to as a developing country only in some of the generic communications.

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New Hikes From June 2016

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New Hikes From June 2016

Dear Friends,

All Prices are going up from this month.

1) Petrol Price Hiked By Rs. 2.58/L, Diesel By Rs. 2.26/L
2) Non-subsidised LPG cylinder price hiked by Rs 21-AIR
3) Service Tax increased by 0.5%-


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India's GDP is 7.6% for the Financial Year 2015-16

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India's GDP is 7.6% for the Financial Year 2015-16

Dear Friends,

The Finance ministry has released the GDP growth result for the Financial year 2015-16.

It is for the full year 2015-16, India’s real GDP grew 7.6%, the fastest in 5 years, aided by low commodity and oil prices.
 Analysts says the overall economy’s expansion pace could be masking a massive fall in exports & the still fragile recovery in Private investment.

“While headline GDP growth recorded a small increase, the key disappointment was the step-down in investment growth,” 
- Aditi Nayar, Sr.Economist, ICRA Ltd

GFCF (Gross Fixed Capital Formation) , a marker for new capacity additions by firms, grew at 3.9%(2015-16) from 4.9%(2014-15), mirroring subdued private and government investment activity. 

“The contraction of GFCF by 1.9% in January-March is disappointing, highlighting the muted trend in private sector investments as well as some slowdown in the pace of growth of the government’s capital expenditure in the final quarter of the last fiscal,” Nayar said.

 The farm sector, hit by two years of successive drought, appears to have rebounded, growing 2.3% in January-March from a 1% contraction in the previous quarter. The weather office sees “above normal” monsoon rains coming this year. This year’s monsoon rains are critical for prospects of the broader economy, which is still smarting under the effects of two years of back-to-back drought. Mining and electricity, also showed a strong pick rekindling hopes of a broader industrial revival.

Thank you friends,
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CAIIB Important Topics and Lessons Discussed From today | Download Your CAIIB June 2016 Hall tickets

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CAIIB Important Topics and Lessons Discussed From today | Download Your CAIIB June 2016 Hall tickets

Dear Friends,

As we have Finished JAIIB and who want to full fill CAIIB this time, Please keep visiting to our site to get more confidence.

As JAIIB arrived faster and we don't have enough time to discuss each topic in detail in less time. But surely we will discuss more cleared and understanding manner in Upcoming posts.

So now let us discuss CAIIB June 2016 important Topics and modules from today onwards.

To Download your CAIIB June 2016 Hall Ticket  Please Click Here
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