Important News On Bank

DEARNESS ALLOWANCE:
Dearness Allowance (D.A.) increases by 29 slabs = 2.90% for the quarter Nov.'16 to Jan.'17.

Now total slabs will be 484 =48.40% (0.10% per slab as per Xth Bipartite Settlement)

Total D.A. will be 45.50+ 2.90 =48.40% from Nov.'16.

TAHIR ALI
SECRETARY
P.N.B. EMPLOYEES" UNION (U.P.)

The Supreme Court’s ruling that temporary employees are entitled to regular pay scale, along with dearness allowance, as their peers in government doing the same work is a welcome decision.

The ruling, passed in cross appeals by the Punjab government and temporary workers, reaffirms the concept of the right to equality enshrined in our Constitution. 

Supreme Court says the principle of equal pay for equal work constitutes a clear and unambiguous right and is vested in every employee, whether engaged on a regular or a temporary basis. The specific ruling is for those employed by the government. But this sets the norm for the private sector as well.

Central Vigilance Commission (CVC) has asked the Banks to report to it any suspected fraud cases of one crore rupees and above.

CVC has now made it mandatory for the public sector banks to share their reports relating to all loan frauds involving funds over Rs one crore. Till now this report was shared with the RBI only.

Banks will also now have to report the modus operandi of all the alleged frauds to the CVC which will share these details with other banks to prevent such cases being repeated. 

The Commission will also call regular monthly meetings of senior officials of Reserve Bank of India (RBI), CBI and banks to monitor probe in suspected bank frauds of 50 crore rupees and above.

According to CBI data, in 2015, the agency had probed 171 cases of bank frauds involving funds of 20,646 crore rupees. In addition, CBI is also investigating the Ponzi schemes involving funds of over 1.20 lakh crore rupees.

Central Vigilance Commission (CVC) has recommended penalty against  26 officials of public sector banks (PSBs), and found some officials of Defence and various Ministries guilty of irregularities.

“A major penalty proceeding have been recommended against six officials each working in Bank of Baroda and Central Bank of India, four in Canara Bank, three in Union Bank of India, two officials in State Bank of India, one each in Bank of India, Bank of Maharashtra, Indian Bank, Industrial Development Bank of India and State Bank of Patiala,” .

“On the advice of Commission, competent authorities imposed penalties on 244 officials of their concerned  departments and prosecution order were issued against 10 officials,” 

CVC is conducting a study of 25 CPSEs/Ministries/Departments/PSBs etc from different sectors to be covered for their ranking on the Integrity Index based on their performance to ensure corruption free environment. The list includes the Oil Sector giants IOC and ONGC, NTPC, Power Grid Corporation, SAIL, Eastern Coalfields and Western Coalfields, PNB, Syndicate Bank, Railways, NHAI, Mumbai Port Trust, RVNL, NMDC, NALCO, BEL, BHEL, FCI, CCI, EPFO, CBDT, MTNL, DDA, South MCD and MCI. 

Commission has envisaged a concept of Integrity Pledge, for enlisting support and commitment of the citizens and corporates/entities/firms etc to prevent and combat corruption. The pledges, one for citizens and the other for organizations, intend to affirm commitment to eradicate corruption and to uphold highest standards of ethical conduct, transparency and good governance. The pledges are available as e-pledges on the Commissions website (http://cvc.nic.in) in regional languages also. Citizens and organizations taking the Integrity pledge would be provided a certificate acknowledging and appreciating their commitment to the cause of anti-corruption.