Monday, February 23, 2015

At Last 10th Bipartite Settlement Meeting Ended by increase at 15% on Payslip Components

The Final settlement of 10th BPS wage negotiations ended at 15%.
Today UFBU & IBA finalise on that matter.
Also, every 2nd & 4th Saturday of every Months will be Holidays while the other Saturday will be Full Working Days.
The Complete Circular will be coming soon.

Tuesday, February 3, 2015

Reliance joins hands with SBI for Payments Bank Licence

Mumbai, February 2: Reliance Industries Limited (RIL) on Monday said it has applied for a Payments Bank licence, where the company will be the promoter and State Bank of India will be its joint venture partner with an equity investment of up to 30%.

Reliance in its statement said that the partnership is in accordance with the guidelines for Payments Bank issued by RBI and subject to grant of licence by the central bank.

“The partnership brings together the combined strengths of two of India’s Fortune-500 corporations committed to making a transformative impact on India’s financial inclusion landscape,” the Reliance statement said.

The Payments Bank will leverage SBI’s nationwide distribution network and risk management capabilities along with the substantial investments made by Reliance Industries in its retail and telecom businesses.

The joint venture will use state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society.

Both the partners see formation of the Payments Bank as an opportunity to lead and co-create an eco-system for accessible and affordable banking solutions. The statement also said that the proposed payments bank will digitise payments and act as a catalyst towards a cashless society.

Bank wage talks ends in stalemate Four-day strike between February 25 and 28

Coimbatore, February 3:  Not satisfied with the 0.5 per cent increase in the offer made by the Indian Banks' Association, the United Forum of Bank Unions (UFBU) has decided to revive the strike programme.

The All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said that the unions have issued a strike call to its members for a four-day strike between February 25 and 28.

This is expected to be followed by an indefinite strike from March 16