No. RB / ELS / 9623

February 15, 2021

The Chairman / Managing Director & Chief Executives of All Member Banks

Dear Sir / Madam,

IBA Model Educational Loan Scheme for Pursuing Higher Education in India and Abroad, 2021

In 2000, pursuant to the Finance Minister’s meeting with the Chief Executives of public sector banks, IBA had constituted a Study Group to examine the role of commercial banks in facilitating the pursuit of higher education. Based on recommendations made by the Study Group, IBA had prepared a Model Educational Loan Scheme in the year 2001, which has been modified from time to time. The scheme was last modified in the year 2015 based on experience gained in the implementation /operation of the scheme over the years.

In October 2018, a review exercise was taken up w.r.t. the following aspects

1. Incorporate the changes in the scheme keeping in view the operational difficulties and updation made in Central Sector Interest Subsidy Scheme (CSIS) as revised – applicable w.e.f. April 01, 2018;
2. To make the scheme more transparent for students;
3. To minimize scope for multiple interpretations leading to disputes.

Accordingly, IBA constituted a Working Group to undertake the task of modifying the Educational Loan Scheme and prepare a structure / format of the revised Educational Loan Scheme. The working group had a series of meetings and after detailed deliberations, finalized the revised scheme. The revised model scheme was approved by the DFS.

Bank Employees DA for the months of November, December 2020 & January 2021 under X BPS/ Joint Note dated 25.5.2015

The revised Model Educational Loan Scheme with proposed changes by the DFS was approved by the IBA Managing Committee in its meeting held on January 15, 2021, for adoption and implementation by the member banks.

Further, since the scheme is a model scheme, Banks may adopt their board approved policy for risk mitigation with regard to individual colleges and courses, etc.

The revised IBA Model Educational Loan Scheme for Pursuing Higher Education in India and Abroad, 2021 is enclosed for your necessary action.

Yours faithfully,
sd / –
D K Malhotra
Senior Advisor
(M): +91 – 7042718881

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Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/ G2/2020-21/9590

February 1, 2021

Designated Officers of all Nationalised Banks and State Bank of India

Dear Sir/Madam.

Dearness Relief payable for the period February 2021 to July 2021 to surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.86 Retirees who are in receipt of Ex-gratia

As per the directive contained in the Government of India, Ministry of Finance Department of Economic Affairs (Banking Division) letter F.No.11/2/2012-IR dated 17.12.2013, the Dearness Relief payable to surviving pre 1.1.1986 retirees of banks for the period February 2021 to July 2021 on Ex-gratia will be as under :

Yours faithfully

S K Kakkar
Senior Advisor (HR & IR)

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Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No.HR&IR/GMB/2020-21/9578

January 29, 2021

MD & CEOs of PSBs .

Dear Sir/Madam,

Release of Stagnation Increment notionally for the purpose of Pension under the 10th Bipartite Settlement/ Joint Note

In the 10th Bi-partite settlement / Joint note signed on 25.05.2015, an additional stagnation increment was considered for award staff and certain scales of officers to be notionally released from 1/11/2012 with monetary benefit to be paid from 1/5/2015. Those staff members who continued to be in the service post 30/4/2015 got monetary benefits in wages as well as benefits in their pension eligibility at the time of retirement. It was not explicitly mentioned in the bipartite/joint note that the benefit of notional stagnation increment would also be extended to those staff members who retired during the period from 1/11/2012 and 30/4/2015. While some banks have also extended the benefit to retirees, others have not extended the benefit of notional stagnation increment to those staff members who retired during the period from 1/11/2012 to 30/4/2015.

2. We have been receiving references from few banks, Officers, and Workmen Unions wherein they have stated that there is a need to clarify to banks that the benefit of notional increment should also be extended to all those staff members/officers who retired from the services during the period from 1/11/2012 to 30/4/2015.

3. The matter was placed in the meeting of the IBA Standing Committee on HR held on 11.01.2021. The Committee after detailed deliberations noted that some banks after obtaining a legal opinion, have already extended the benefit of notional stagnation increment for a pension to workmen and officers who retired during the period from 01.11.2012 to 30.04.2015. Accordingly, to have an industry level uniformity, it was decided that the banks with the approval of their respective boards can extend the benefit of notional stagnation increment for the purpose of pension only to the workmen and officers who were otherwise eligible and retired during the period from 01.11.2012 to 30.04.2015, with monetary benefit from 1/5/2015.

4. Banks may please be guided accordingly.

Warm regards,

Sd/-
Gopal Murli Bhagat
Deputy Chief Executive

,

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Indian Banks’ Association
HR & Industrial Relations

No.CIR/HR&IR/76/D/2020/9381
December 2, 2020

All Members of the Association
(Designated Officers)

Dear Sir/ Madam,

Dearness Allowance for Workmen and Officer Employees in banks for the months of November, December 2020 & January 2021 under X BPS/ Joint Note dated 25.5.2015 (Revised)

Please refer to our Cir HR&IR/76/ D/2020/9282 dated November 3, 2020, wherein we had advised DA rates to be paid for the month of November, December 2020 & January 2021

2. The Circular was issued by considering the Consumer. Price Index (CPI) of September 2020 which is 118 as published by Ministry of Labour & Employment, Chandigarh vide its notification no. 23/15/2020- FLS dated 22.10.2020.

3. However, they have now revised the CPI of September 2020 at 118.1 as published in its notification no. F.NO.5/1/2020- CPI dated 27.11.2020. Accordingly, please note the necessary changes as under:-

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base1960=100) for the quarter ended September 2020 are as follows:-

July 2020 – 7669.50
August 2020 – 7715.15
September 2020 – 7763.73 (Base 2016 = 100)

The average CPI of the above is 7716.13 and accordingly the number of DA slabs are 819 (7716 – 4440= 3276/4= 819 Slabs) The last quarterly Payment of DA was at 775 Slabs. Hence there is an increase in DA slabs of 44 i.e. 819 Slabs for payment of DA for the quarter November, December 2020 & January 2021.

Bank Employees DA for the months of November, December 2020 & January 2021 under X BPS/ Joint Note dated 25.5.2015

Dearness Allowance for Bank Employees for the months of November, December 2020 & January 2021 under X BPS/ Joint Note dated 25.5.2015

5. In terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the months of November, December 2020 & January 2021 shall be 81.90 % of ‘pay’. While arriving at dearness allowance payable, decimals from third place may please be ignored.

Yours faithfully,

S K Kakkar
Senior Advisor (HR&IR)

Download Order

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Dearness Allowance for Workmen and Officer Employees in banks for the months of November, December 2020 & January 2021

Indian Banks’ Association
HR & Industrial Relations

No.CIR/HR&IR/ 76/D/2020/9282
November 3, 2020

All Members of the Association
(Designated Officers)

Dear Sir/ Madam,

Dearness Allowance for Workmen and Officer Employees in banks for the months of November, December 2020 & January 2021 under X BPS/ Joint Note dated 25.5.2015

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base1960=100) for the quarter ended September 2020 are as follows:-

The average CPI of the above is 7713.93 and accordingly the number of DA slabs are 818 (7713 – 4440= 3273/4= 818 Slabs) The last quarterly Payment of DA was at 775 Slabs. Hence, there is an increase in DA slabs of 43 i.e. 818 Slabs for payment of DA for the quarter November, December 2020 & January 2021.

Dearness Allowance for Workmen and Officer Employees in banks for the months of August, September & October 2020 under X BPS/ Joint Note dated 25.5.2015

In terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the months of November, December 2020 & January 2021 shall be 81.80 % of ‘pay’. While arriving at dearness allowance payable, decimals from third place may please be ignored.

Also check: Expected DA 2020 for Central Government Employees

Yours faithfully,

S K KakKar
Senior Advisor (HR&IR)

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Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No. HR&IR/UFBU/XIBPS/9289
November 5, 2020

Shri Sanjeev K Bandlish
Convenor
United Forum of Bank Unions (UFBU) &
General Secretary
National Confederation of Bank Employees
C/o State Bank of India, LHO; Plot No.1, Sector-17A
Chandigarh-160 017

Dear Sir,

Meeting at IBA Committee Room on 9^th November, 2020 at 11.30 a.m.

As you are aware that the cost sheets for Officers Associations & Workmen Unions have already been signed, it should be our joint endeavor to move forward towards signing the 11th Bipartite Settlement/Joint Note.

AIBEA Circular – BIPARTITE TALKS WITH IBA ON 31-10-2020 – MOVING TOWARDS FINAL SETTLEMENT

2. Hence, with the approval of the Chairman of the Negotiating Committee of IBA Shri RajKiran Rai G, it is decided to hold a meeting of the constituents of UFBU (except BEFI) on Monday, 11.30 a.m., 9th November, 2020 at IBA Committee Room, Cuffe Parade, Mumbai.
3. Any residual or common issues may be discussed in the meeting, with the permission of the Chair. We request you to please make it convenient to attend the same along with the other representatives of UFBU (Annexure I)

Bipartite Settlement and Workmen Unions and Officers Associations on pending wage revision settlement issue

Please acknowledge

Yours faithfully,
Sd/-
SK Kakkar
Senior Advisor (HR&IR)

Source: IBA

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Anomaly in computation of Pension Civil Appeal No. 5525 of 2012, Filed in the Hon`ble Supreme Court of India by Bank of Baroda & Ors with other Civil Appeals

HR & INDUSTRIAL RELATIONS

No.HR&IR/2018-19/G2/4786

April 3, 2018

Chief Executives of Member Banks which
are parties to the 7th Bipartite Settlement

Dear Sir,

Anomaly in computation of Pension Civil Appeal No. 5525 of 2012, Filed in the Hon’ble Supreme Court of India by Bank of Baroda & Ors with other Civil Appeals.

On 9-10-1993, a Bi-partite Settlement was signed at Industry level between Indian Banks’ Association (representing member Banks) and Workmen Unions (representing Workmen) under the provisions of Industrial Dispute Act, 1947 for introduction of Pension as a second retiral benefit in lieu of “Banks contribution to Provident fund.” On similar lines a Joint Note dated 29-10-1993 between Indian Banks’ Association (representing member Banks) and Officers Associations (representing Officers) was signed.

2. The respective member Banks in exercise of their power under Section 19 of Banking Companies (Acquisition & transfer of undertakings) Act, 1970/1980 pursuant to above referred Bi-partite Settlement/Joint Note, framed and notified in the Gazette of India “Bank Employees Pension Regulations, 1995.”

3. Another Joint Note/Bi-partite Settlement was signed between respective parties as mentioned herein above on 14-12-1999 and 27-3-2000 respectively relating to Wage revision. As per the provisions of said Joint Note / Bi-partite Settlement, 1684 points of Consumer Price Index (CPI) were merged with existing basic pay of Officers/employees and revised basic pay was worked out accordingly. However, as per agreed terms & conditions, pay for the purpose of pension was worked out after merging 1616 points of CPI as against 1684 points. These provisions were made effective w.e.f. 1-4-1998. As such, pay for the purpose of pension was less than the actual Pay the Employee/Officer concerned was getting on or after 1-4-1998. This anomaly was removed vide Joint Note/Bi-partite Settlement signed on 2-6-2005. However, monetary benefits were given w.e.f. 1-5-2005.

4. Due to this anomaly, the employees/Officers who retired after 1-4-1998, including those who retired under Special Voluntary Retirement Scheme, 2000 filed various Writ Petitions before different Hon’ble High Courts, praying that they be held entitled to Payment of Pension on the basis of actual average pay drawn by them during last 10 months as per the provisions of Bank Employees Pensions Regulations, 1995.

5. When the matter came up before Hon’ble High Court of Karnataka and Madras, the Hon’ble Courts decided the matter against Banks and ultimately concerned Banks approached Hon’ble Supreme Court by filing Civil Appeals viz., CA No 5525/2012, 6254/2012, 5611/2012, 3026-3253/2013, 3257-3262/2013, 11205-11340/2014, 11342-11435/2014, 9533-9646/2014, 8557/2014, 4711-4800/2014 and 1880/2018, 1881-1888/2018, 1890/2018, 1892-1912/2018, 1918/2018, 1919-2087 and 2088-2092/2018.

6. The Hon’ble Supreme Court vide its order dated 13/2/2018 (copy enclosed) have dismissed these appeals filed by the Banks and inter-alia has held that:-

“17…the provisions contained in Regulation 35 also make an incumbent entitled for opting the pension on the basis of average emoluments. The average emoluments have to be calculated on the basis of the preceding ten months. Adding Explanation (c) to Regulation 2(s), as done, could have created no fictional basis in view of clear and unambiguous provisions in other provisions of the Regulations. Besides, the definition of the average emoluments in Regulation 2(d) itself makes it clear that it is average pay drawn “during the last ten months” of his service by an employee. It cannot mean pay drawn by the employee even before several years. Mentionably there is no amendment made in the aforesaid provision of Regulation 2(d) and the expression during the preceding last ten months before date of retirement is clearly culled out in Regulation 38(1) and 38(2). Thus, in our considered opinion, the view taken by the then Chief Justice Vikramajit Sen as he then was, at Karnataka High Court and by the High Court of Madras are appropriate and the view taken by the Delhi High Court cannot be said to be sustainable for the various other reasons too mentioned hereinafter.

29. Thus, in our opinion, the Regulations which were in force till 2003, would apply with full force and as a matter of fact, the amendments made in it by addition of Explanation (c) in Regulation 2(s) did not have the effect of amending the Regulations relating to pension, as contained in Regulation 38 read with Regulations 2(d) and 35 of the Regulations of 1995. Even otherwise, if it had the effect of amending the pay and perks ‘average emoluments’, as specified in Regulation 2(d), it could not have operated retrospectively and taken away accrued rights. Otherwise also, it would have been arbitrary exercise of power. Besides, there was no binding statutory force of the so called Joint Note of the Officers’ Association, as admittedly, to Officers’ Association even the provisions of Industrial Disputes Act were not applicable and Joint note had no statutory support, and it was not open to forgo the benefits available under the Regulations to those officers who have retired from 1.4.1998 till December 1999 and thereafter, and to deprive them of the benefits of the Regulations. Thus, by the Joint Note that has been relied upon, no estoppel said to have been created. There is no estoppel as against the enforcement of statutory provisions. The Joint Note had no force of law and could not have been against the spirit of the statutory Regulations and the basic service conditions, as envisaged under the Regulations framed under the Act of 1970. They could not have been tinkered with in an arbitrary manner, as has been laid down by this Court in Central Inland Water Transport Corporation Limited & Anr. vs. Brojo Nath Ganguly & Anr., (1986) 3 SCC 156 & Delhi Transport Corporation vs D.T.C. Mazdoor Congress, (1991) Supp.1 SCC 600.

33. The only purpose of the addition of Explanation (c) to Regulation 2(s), was to take away the actual computation of the pension on the basis of the salary, which was drawn in the preceding ten months. Thus, we have to hesitation to strike it down being arbitrary and repugnant to other provisions/Regulations namely 2(d), 38(1)(2) and 35. The Explanation (c) to Regulation 2(s) is hereby struck down, as it could not have been enacted retrospectively to take away accrued rights. Even otherwise also it is held to be arbitrary and irrational. More so, in view of the fact that only by way of a temporary measure, that discrimination was created and the Explanation was deleted with effect from 1.5.2005.”

34. Thus, we set aside the judgment rendered by the High Court of Delhi and affirm that of High Courts of Karnataka at Bangalore and the High Court of Madras. The appeals filed by the Banks are dismissed and the appeal filed by the Association is allowed. Resultantly, let the amount which was due and payable be paid with 9% interest, be calculated and paid within four months from today.

35. All pending applications stand disposed of.”

7. The matter was put up to the Managing Committee of IBA in its meeting held on 28.3.2018. The committee resolved that the judgement of the Hon’ble Supreme Court may be forwarded to all member banks which are party to above mentioned Joint Note / Bipartite Settlement for their necessary action. As such, a copy of the judgement of Hon’ble Supreme Court is enclosed.

8. As directed by Managing Committee we have taken a Legal Opinion to know the impact of the judgement on various Banks which is given below:

(a) All Nationalized Banks who have Pension Regulations, 1995 will have to give effect to the judgement and pay the differential arrears in the amount of Pension which was due and payable with 9% interest within 4 months from the date of judgement i.e. 13.02.2018.

(b) Banks incorporated under special statutes will also have to give effect to the judgement if they have implemented provisions of the above mentioned Joint Note / 7th Bipartite Settlement.

(c) Private Banks which are not amenable to the Writ jurisdiction of the Hon’ble High Courts/Supreme Court, though can take the plea that captioned judgement is not applicable to them, should also give effect and comply with the captioned judgement if they have implemented provisions of the above mentioned Joint Note/7th Bipartite Settlement. The view expressed in this point Is based on the possibility that if the employees of the Private Banks approach the Civil Court on the basis of said Hon’ble Supreme Court judgement, they would procure a favourable verdict.

Yours faithfully,
B Raj Kumar
Deputy Chief Executive

Source: http://www.iba.org.in/

SC JUDGEMNT

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Indian Banks’ Association

HR & INDUSTRIAL RELATIONS
No CIR/HR&IR/2015-16/XBPS/J/1413
October 1, 2015

To,
All Member Banks which are parties to the Bipartite Discussions

Dear Sir/ Madam,

Implementation of Medical Insurance scheme to Retirees as agreed vide Bipartite Settlement/ Joint Note Dated 25th May, 2015

We refer to our letter No CIR/HR&IR/2015-16/XBPS/961 dated the 29th June, 2015 in terms of which the member Banks parties to the Bipartite Discussions were advised that the medical Insurance Scheme will be extended to the existing retirees also, subject to payment of the agreed Insurance Premium by them. It was also advised to bring to the notice of the existing retirees, the contents of the said scheme and obtain their consent as to whether they are willing to join the Scheme and on receipt of their consent, the details were to be provided to the Lead Insurer i.e. United India Insurance Co. Ltd. appointed by IBA for the purpose.

2. We have been advised by M/s K.M. Dastur Reinsurance Brokers duly authorized by the Lead Insurance Company to collect the employees as well as retirees data from the Banks, that while the employees data has been received by them from the Banks, the retirees data is yet to be provided by the Banks to them. As such, the United India Insurance Co. Ltd. has calculated the premium in respect of the employees of the concerned Banks and has demanded to remit the premium accordingly to them so that Mediclaim Policy in respect of employees may be implemented preferably from 1st October, 2015.

3. In this connection, we advise that a separate Mediclaim Policy in respect of retirees will be issued on similar terms and conditions as is applicable to serving employees, once the data is provided by the Banks to United India Insurance Co. Ltd. through their authorized broker M/s K.M Dastur Reinsurance Brokers and Insurance Premium is remitted to the Insurance Co. The Insurance Premium for retirees is also same as is for serving Employees which is as under :

4. Participating Banks are therefore requested to obtain the consent of the retirees expeditiously and provide the details on prescribed format to M/s K.M Dastur Reinsurance Brokers to enable the Insurance Co. to calculate the Insurance Premium in respect of retirees of the concerned banks accordingly. To make the Mediclaim Insurance Policy operational w.e.f. 1st November, 2015 for retirees, it is suggested to inform the retirees to give their consent for joining the Scheme latest by 25th October, 2015. We have requested to Lead Insurer to allow a grace period of three months to such retirees who could not give their consent by stipulated date as suggested above to join the Scheme after Mediclaim Policy is made operational. In exceptional circumstances, to the satisfaction of the concerned Bank, the request of the retirees may be considered to join the scheme during the currency of the Policy. The Insurance company has agreed for the same.

5. It is pertinent to mention that United India Insurance Co. Ltd conducted workshops in the month of July in Mumbai, Delhi, Chennai and Bengaluru covering representatives from all participating Banks to disseminate the salient features of the Policy, benefits available to the employees/ retirees and to clear the doubts/queries raised by the participants.

6. Please, therefore, make all out efforts to operationalize. the MediclaimPolicy for retirees preferably from 1st November, 2015

Yours faithfully,

sd/-

K.Unnikrishnan

Deputy Chief Executive

Authority: www.iba.org.in

Click to view the circular

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ALL INDIA BANK EMPLOYEES’ ASSOCIATION
Singapore Plaza, 164, Linghi Chetty Street, Chennai – 600001

CIRCULAR No.27/120/2015/31

To
ALL UNITS AND MEMBERS:

27th July, 2015

Dear Comrades,
We reproduce hereunder the IBA’s Circular No.1120 dated 25-7-2015 providing clarification on the following issues referred to them.

1. Paternity Leave of 15 days can be availed by the employees within 6 months even if the date of delivery of the child was before 1-6-2015.

2. No leave is required to be taken for the purpose of encashment on LFC.

3. For Re-fixation of Pay for Ex-servicemen employees joined/joining the Banks on and from 1-11-2012, Special Allowance of 7.75% + DA will not be reckoned/included.

4. Special Allowance of 7.75 % + DA thereon will be included for encashment of PL on LFC/retirement.

5. Benefit of advancement of stagnation increment by one or two years for those who passed JAIIB/CAIIB/Graduation after reaching 19th/20th Stage shall be effective from 1st November, 2012.

With greetings,

Yours comradely,
sd/-
C.H.VENKATCHALAM
GENERAL SECRETARY

IBA CIRCULAR

HR & Industrial Relations
No.CIR/HR&IR/2015-16/XBPS/1120

July 25, 2015

Designated Officers of Member Banks which are parties to the BPS

Dear Sir/Madam,

X BP SETTLEMENT – CLARIFICATIONS

1. Paternity Leave:
Clause 32 of the X Bipartite Settlement provides the benefit of Paternity Leave w.e.f. 1.6.2015 to male employees with less than two surviving children for 15 days during his wife’s confinement and may be combined with any other kind of leave except Casual Leave. The leave may be availed upto 15 days before or upto 6 months from the date of delivery of the child.

Clarifications: The leave may be granted to an employee even where the date of delivery of the child was prior to 1.6.2015, provided, however, that the leave is availed within six months from the date of delivery. Further, the leave shall be sanctioned 15 days before the delivery or up to 6 months after the delivery.

2. Leave Fare Concession:
Clause 19 (iv) of IX Bipartite Settlement dated 27.4.2010 provided that an employee encashing the facility of Leave Fare Concession shall proceed on leave for a minimum period of one day.

Clarifications: Clause 19 (iv) of X Bipartite Settlement dated 25.5.2015 does not have this provision and hence with effect from 1.6.2015, employees may be allowed the facility of encashing of Leave Fare Concession without the requirement of availing Leave for this purpose.

3. Treatment of Special Allowance for fixation of Pay for Ex-Servicemen re-employed in Banks: Under Clause 9 of the X BPS, Special Allowance at the rate of 7.75% of the Basic Pay with applicable DA thereon will be paid w.e.f. 1.11.2012.

Clarification: Queries have been received as to whether the same is to be reckoned for the purpose of encashment of PL on LFC/retirement, Overtime, and while pay fixation of Exservicemen joined the service of the Banks on or after 1.11.2012. It is clarified that the Special Allowance is to be reckoned at the time of PL encashment on LFC/retirement, the same shall not be reckoned for the purpose of fixation of pay of Ex-servicemen who are remployed in Banks on or after 1.11.2012.

4. Adjustment/advancement of stagnation increment to employees who acquire JAIIB/CAIIB/ Graduation: Clause 11 of X BPS dated 25.5.2015 provides that in case where the non-subordinate employees as on the date of this Settlement, has already acquired JAIIB (Part-I) or CAIIB (Part-II)/ Graduation after reaching maximum of the scale of Pay (in case of JAIIB/ CAIIB/ Graduation) or after reaching 19TH stage of scale of Pay (in case of CAIIB/Graduation), and has not earned increment(s), otherwise entitled on account of acquiring such qualification, when there were no increments to provide in the scale of pay of those employees, the stagnation increment in such cases may be advanced by one year or two years as the case may be.

Clarification: Non-subordinate employees who acquires such qualification after reaching the 19th or 20th stagnation, their next immediate stagnation increment may be advanced accordingly by one/two years as the case maybe, w.e.f. 1.11.2012 or the actual date of such advancement whichever is later.

Member banks may please be guided as above.

Yours faithfully,
sd/-
K Unnikrishnan
Deputy Chief Executive

Source: www.aibea.in

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Salary Revision for Officer Employees of Public Sector Banks governed by Officer’s Service Regulation – 10th Bipartite Settlement for period 1.11.2012 to 31.10.2017

Government of India
Ministry of Finance
Department of Financial Services

Jeevan Deep. IIIrd Floor,
Parliament Street, New Delhi,
Dated the June 19, 2015

To
Sh. M.V.Tanksale,
Chief Executive,
Indian Banks’ Association,
Mumbai.

Subject: Salary Revision for Officer Employees of Public Sector Banks governed by Officer’s Service Regulation – 10th Bipartite Settlement for period 1.11.2012 to 31.10.2017

Sir.
I am directed to refer to your letter No. HR&IR/KSC/GOVT/665 dated 25th May, 2015 on the above subject and to say that Government has ‘No objection‘ to IBA authorizing the Banks to pay revised salary and arrears of pay and allowances to serving officers and revised pension and arrears to existing pension optees retired w.e.f. on or after 1.11.2012 as per the provisions at the Joint Note pending amendments to the Officer’s Service Regulations/Pension Regulations subject to the provisions made by the respective banks in the particular year.

2. As regards declaring 2nd and 4th Saturday as holidays and other Saturdays as full working days is concerned. IBA may rater to this Department’s letter No. 4/1/7/2015-IR dated 2.6.2015.

3. This issues with the approval of Hon’ble Finance Minister

Yours faithfully,

(S R. Mehar)
Deputy Secretary to the Government at India

Source: http://banknewskumar.blogspot.in/

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