Bankers plan strike on budget day, four other days
Protesting against the Indian Banks Association's (IBA) rigid approach in the wage revision negotiations, the United Forum of Bank Unions (UFBU) has decided to go on strike on January 31, February 1 and March 11, 12 and 13, according to a top All India Bank Employees' Association (AIBEA) leader.
 
Interestingly, the bankers have called strike on the day when Finance Minister Nirmala Sitharaman would be presenting her second budget.
 
In a statement AIBEA General Secretary C.H. Venkatachalam said the IBA had adopted a rigid approach in resolving the wage revision demands during the bipartite talks on January 13.
 
He said the UFBU, an umbrella body of nine unions in the banking sector, met after that and decided to go on a two-day strike, starting January 31, followed by three-day strike, starting March 11, and an indefinite strike from April 1 to highlight the demands and express our protest.
 
"We are sure all our unions would understand the seriousness of the situation given the government policies towards labour and take all-out steps to implement the programmes," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    Dr.Dhananjaya Bhupathi

    2 weeks ago

    Mohan Badi on FB:
    UFBU n IBA teams always try to be in a Good Book of DFS n MOF n we watch now presently it's only WE BANKERS Team is fighting all over everywhere openly without any fear of joblessness. As in we bankers, all are youngsters. And these UFBU retiree leaders cant manage mind matching in any form in any matter of dispute solving with this We Bankers Team. So day by day we all most all getting fetched towards this new team. This new team knows how we all suffered for 25 years. No Zanzat of BPS n demanding CPC. CHV at least now must stop fooling us all retirees. He has pressurized to lose our 100% DA case too which was in our favor in Kolkatta High Court. 40% less DA all these Pre 2002 retirees get. S C Jain is just a Dummy Secretary from AIBRF dancing at the tune of CHV. Wah. being Ex AGM in the hands of Ex.award staff. n CHV is from AIBEA. SHAME ON YOU MR. S C JAIN. First, resign n leave us n be happy on your pension n do not kill we pensioners contribution made to our respective Assns n Unions. Nights are insufficient to narrate all Such endless n shameless these two persons so-called Heros from the Banking Industry.

    8Chittaranjan Samal, Ramesh Chandra Aggarwal, and 6 others
    2 comments
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    Joginder Singh Saini
    Joginder Singh Saini Ufbu is a group of Namards.
    Hide or report this
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    · Reply · 2d
    Dhananjaya Bhupathi
    Dhananjaya Bhupathi SC Jain, a victim of unbridled ego, is a spent force totally obliged to CHV, his mentor. CHV never likes to leave AIBEA and he knows how to move levers of power centers in UFM & IBA. Working employees are too busy to seek change at the apex level. WE BANKERS are too young with zero experience. Erstwhile UFBU leaders are in AIBRF/CBPRO as a spent force; how honest they may be. They are good for nothing. PMO/UFM officers are duds of adhocism. PM & UFM are too busy to listen to us.
    Edit or delete this

    BR

    2 weeks ago

    Unduly high Bank wages ENSURED tht its employees get huge wealth in short time. So they could retire early by taking High VOLUNTARY Retirement benefits without NEEDING to work till retirement age. They may even have got other jobs. They are able to like wages for Strike days. I too got bank job. It does not need intelligence above average. Responsibility &Risk are low. Care & promptness are needed.
    Systems are bad. Money Rs4300/-sent to our SB acct,SBI was wrongly sent to other accts in 22 sums. Despite showing passbook of senders as evidence of our branch getting it, branch refused to pay us. An employee said that AFTER branch got it, it was sent to another person's acct. Now it says tht it has no evidence.
    Entries in our passbooks of Sums paid to our acct do not all show the Source. Much space is wasted to write unwanted things like "By (space) : (space)" etc., followed by NEFT, etc. So we do not know if expected dues & if unexpected sums are paid & who paid some sums. So we ask the staff to search each entry in the computer & tell us what the end letters are in them. Some do not bear senders' names. If space is not wasted in the start of entries, it may be possible to write names.
    Thrice I saw a name of a payer in our passbook & told the bank tht it was wrongly sent to us & so must debit them. It debited but, whether it paid the right acct or not I do not know.
    Many rules are not known to officials. They bluff. Often we follow wrong things they tell &we pay penalty or fees &high GST. They deny telling us wrong things.
    If the system rejects a cheque they do not know why. Reasons are not always stated. We must wait for weeks &months. They do not phone & ask their offices to reply.
    A SBI branch sent SMS to me tht my Acct was "Kept on Hold". I could not use it even for emergency. I borrowed money at Interest from others, to meet some needs. The manager said tht may be Aaadar was not added. I said tht it was NOT compulsory. Staff showed that our Customer id was WRONGLY entered in box for KYC & so it did not match &the system automatically sent SMS. It said that the branch did not err but tht, the Local HO or CoreBanking System did it. Till now LHO or Branch say tht they do not have access to the system but did not explain who erred.
    Officials do not care to set systems right. They want to meet targets &get promoted.

    Unduly high Bank wages ENSURED tht its employees get huge wealth in short time. So they could retire early by taking High VOLUNTARY Retirement benefits without NEEDING to work till retirement age. They may even have got other jobs. They are able to like wages for Strike days. I too got bank job. It does not need intelligence above average. Responsibility &Risk are low. Care & promptness are needed.
    Systems are bad. Money Rs4300/-sent to our SB acct,SBI was wrongly sent to other accts in 22 sums. Despite showing passbook of senders as evidence of our branch getting it, branch refused to pay us. An employee said that AFTER branch got it, it was sent to another person's acct. Now it says tht it has no evidence.
    Entries in our passbooks of Sums paid to our acct do not all show the Source. Much space is wasted to write unwanted things like "By (space) : (space)" etc., followed by NEFT, etc. So we do not know if expected dues & if unexpected sums are paid & who paid some sums. So we ask the staff to search each entry in the computer & tell us what the end letters are in them. Some do not bear senders' names. If space is not wasted in the start of entries, it may be possible to write names.
    Thrice I saw a name of a payer in our passbook & told the bank tht it was wrongly sent to us & so must debit them. It debited but, whether it paid the right acct or not I do not know.
    Many rules are not known to officials. They bluff. Often we follow wrong things they tell &we pay penalty or fees &high GST. They deny telling us wrong things.
    If the system rejects a cheque they do not know why. Reasons are not always stated. We must wait for weeks &months. They do not phone & ask their offices to reply.
    A SBI branch sent SMS to me tht my Acct was "Kept on Hold". I could not use it even for emergency. I borrowed money at Interest from others, to meet some needs. The manager said tht may be Aaadar was not added. I said tht it was NOT compulsory. Staff showed that our Customer id was WRONGLY entered in box for KYC & so it did not match &the system automatically sent SMS. It said that the branch did not err but tht, the Local HO or CoreBanking System did it. Till now LHO or Branch say tht they do not have access to the system but did not explain who erred.
    Officials do not care to set systems right. They want to meet targets &get promoted.





    Mohan Krishnan

    2 weeks ago

    Privileged Bank Staff (Criminals in disguise) going on strike. Just stop low interest housing loan, Education loan for their kids, Pension benefits. These parasites should not be treated with any mercy. They have enabled Crony Capitalist to loot the country and enabled official Hawala.

    REPLY

    BR

    In Reply to Mohan Krishnan 2 weeks ago

    Unduly high Bank wages ENSURED tht its employees get huge wealth in short time. So they could retire early by taking High VOLUNTARY Retirement benefits without NEEDING to work till retirement age. They may even have got other jobs. They are able to like wages for Strike days. I too got bank job. It does not need intelligence above average. Responsibility &Risk are low. Care & promptness are needed.
    Systems are bad. Money Rs4300/-sent to our SB acct,SBI was wrongly sent to other accts in 22 sums. Despite showing passbook of senders as evidence of our branch getting it, branch refused to pay us. An employee said that AFTER branch got it, it was sent to another person's acct. Now it says tht it has no evidence.
    Entries in our passbooks of Sums paid to our acct do not all show the Source. Much space is wasted to write unwanted things like "By (space) : (space)" etc., followed by NEFT, etc. So we do not know if expected dues & if unexpected sums are paid & who paid some sums. So we ask the staff to search each entry in the computer & tell us what the end letters are in them. Some do not bear senders' names. If space is not wasted in the start of entries, it may be possible to write names.
    Thrice I saw a name of a payer in our passbook & told the bank tht it was wrongly sent to us & so must debit them. It debited but, whether it paid the right acct or not I do not know.
    Many rules are not known to officials. They bluff. Often we follow wrong things they tell &we pay penalty or fees &high GST. They deny telling us wrong things.
    If the system rejects a cheque they do not know why. Reasons are not always stated. We must wait for weeks &months. They do not phone & ask their offices to reply.
    A SBI branch sent SMS to me tht my Acct was "Kept on Hold". I could not use it even for emergency. I borrowed money at Interest from others, to meet some needs. The manager said tht may be Aaadar was not added. I said tht it was NOT compulsory. Staff showed that our Customer id was WRONGLY entered in box for KYC & so it did not match &the system automatically sent SMS. It said that the branch did not err but tht, the Local HO or CoreBanking System did it. Till now LHO or Branch say tht they do not have access to the system but did not explain who erred.
    Officials do not care to set systems right. They want to meet targets &get promoted.




    Gladwyn

    In Reply to Mohan Krishnan 2 weeks ago

    Correctly said

    Yes Bank Says Its CAR is Comfortably Above Regulatory Requirements
    Yes Bank Ltd has said certain reports questioning its liquidity and stability are not true and unfounded.
     
    In a regulatory filing, Yes Bank says, "Recently there have been some unsubstantiated and irresponsible press/social media speculation about Yes Bank. This release is being issued to firmly assure all our customers on Yes Bank's liquidity and stability. In this regard, it may be noted that the bank's overall capital adequacy ratio (CAR) is comfortably above regulatory requirements and all efforts are being made to financially strengthen the Bank even further."
     
    Yes Bank ended Wednesday 3.2% up at Rs39.80 on the BSE, while the 30-share Sensex closed marginally down at 41,872.
  • User

    ED arrests GSC Raju, promoter of Leo Meridian Infrastructure, in Rs1,768 crore bank frau
    The Enforcement Directorate (ED) on Wednesday said that it has arrested G.S.C. Raju, promoter of Leo Meridian Infrastructure Projects and Hotels Limited (LMIPHL) and his close associate A.V. Prasad in connection with its probe into money laundering case worth Rs 1,768 crore.
     
    The ED said that the accused was arrested after the central financial probe agency filed three cases on the basis of the Central Bureau of Investigation (CBI) report for fraudulently availing loans by the accused in connivance with others from a consortium of banks and then defaulting on the same totalling to Rs 1,768 crore.
     
    The ED said that Raju was arrested under the charges of Prevention of Money Laundering Act (PMLA), 2002.
     
    The official said that the arrested accused were produced before a court which sent them to seven-day ED custody.
     
    On December 30 last year, the ED had attached assets to the tune of Rs 250.39 crore belonging to accused LMIPHL, Raju, his family, his 'benamis' and directors of LMIPHL, under the provisions of PMLA.
     
    During investigation it was revealed that a well planned conspiracy was executed by Raju along with his associates at LMIPHL to defraud the banks by creating an illegal layout and selling plots to 315 persons.
     
    "He further mortgaged parts of the already sold lands to the banks to obtain loan for a resort project. Even approach roads were also fraudulently mortgaged to the banks and revenue records were manipulated to cheat the banks and plot owners," an ED official said.
     
    He claimed that the loans sanctioned by the banks were siphoned off using shell vendors or contractor firms opened in the names of petty employees of LMIPHL.
     
    The ED official further said that part of the diverted funds were diverted back into LMIPHL as investments using Kolkata based 'jama-kharch' companies.
     
    The official said that during probe it was found that more than 33 shell companies and bogus share capital and share premium book entries in the balance sheets of LMIPHL were created by Raju with complicity of certain chartered accountants and they used bogus equity to fraudulently show margin money and to improve the debt-equity ratio of LMIPHL to cheat the banks for giving huge loans for which the company was otherwise not eligible.
     
    The ED office further said that Raju had also created large number of fake vendor or contractor firms to siphon off the sanctioned loans, under the guise of bogus invoices and bogus provision of material and services.
     
    "As part of the conspiracy, a large portion of diverted loan funds were cyclically rotated back into LMIPHL to create bogus exaggerated capital works in progress and in turn bogus fixed assets."
     
    The official said that it was done to cheat the banks into giving more loans and to match the asset side of balance sheets with the liability side.
     
    "By using bogus capital equity, bonus shares taken on fake balance sheets, Raju and his family became owner of 95 per cent of the company without any investment," the ED official said.
     
    The Enforcement Directorate (ED) on Wednesday said that it has arrested G.S.C. Raju, promoter of Leo Meridian Infrastructure Projects and Hotels Limited (LMIPHL) and his close associate A.V. Prasad in connection with its probe into money laundering case worth Rs 1,768 crore.
     
    The ED said that the accused was arrested after the central financial probe agency filed three cases on the basis of the Central Bureau of Investigation (CBI) report for fraudulently availing loans by the accused in connivance with others from a consortium of banks and then defaulting on the same totalling to Rs 1,768 crore.
     
    The ED said that Raju was arrested under the charges of Prevention of Money Laundering Act (PMLA), 2002.
     
    The official said that the arrested accused were produced before a court which sent them to seven-day ED custody.
     
    On December 30 last year, the ED had attached assets to the tune of Rs 250.39 crore belonging to accused LMIPHL, Raju, his family, his 'benamis' and directors of LMIPHL, under the provisions of PMLA.
     
    During investigation it was revealed that a well planned conspiracy was executed by Raju along with his associates at LMIPHL to defraud the banks by creating an illegal layout and selling plots to 315 persons.
     
    "He further mortgaged parts of the already sold lands to the banks to obtain loan for a resort project. Even approach roads were also fraudulently mortgaged to the banks and revenue records were manipulated to cheat the banks and plot owners," an ED official said.
     
    He claimed that the loans sanctioned by the banks were siphoned off using shell vendors or contractor firms opened in the names of petty employees of LMIPHL.
     
    The ED official further said that part of the diverted funds were diverted back into LMIPHL as investments using Kolkata based 'jama-kharch' companies.
     
    The official said that during probe it was found that more than 33 shell companies and bogus share capital and share premium book entries in the balance sheets of LMIPHL were created by Raju with complicity of certain chartered accountants and they used bogus equity to fraudulently show margin money and to improve the debt-equity ratio of LMIPHL to cheat the banks for giving huge loans for which the company was otherwise not eligible.
     
    The ED office further said that Raju had also created large number of fake vendor or contractor firms to siphon off the sanctioned loans, under the guise of bogus invoices and bogus provision of material and services.
     
    "As part of the conspiracy, a large portion of diverted loan funds were cyclically rotated back into LMIPHL to create bogus exaggerated capital works in progress and in turn bogus fixed assets."
     
    The official said that it was done to cheat the banks into giving more loans and to match the asset side of balance sheets with the liability side.
     
    "By using bogus capital equity, bonus shares taken on fake balance sheets, Raju and his family became owner of 95 per cent of the company without any investment," the ED official said.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

     

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    COMMENTS

    Newme

    2 weeks ago

    If the Bank cannot do due diligence at the time of loan sanctioning, why is it even collecting processing fees?

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