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Tuesday, September 26, 2017

Clarification On Insurance Premium Issue

(Regn. No:G 6601 under the Trade Union Act 1926)
D-1/1, Sector-C, Scheme-71,

Near Kasara Bazar School, Indore – 452 009.

Ref:2017/101                                                           Date: 25.09.2017

   The office Bearers/ Central Committee Members/ State Body Chiefs

   Dear Comrades,

                         ON SUPER TOP POLICY FOR AIBRF GROUP

In respect of Super Top Policy of New India Assurance Ltd. For bank retirees, we would like to give following clarifications on the points being raised.

  1. We do not expect any bank to issue circular for Super Top Policy of New India for bank retirees as it has been designed at the instance of AIBRF. Therefore members who are interested  are advised to take necessary steps to buy this policy before the stipulated last date of 10.10.2017 without waiting circular from the concerned banks.

  2. Basic policy with UIICL is to  be renewed with the concerned bank by paying necessary premium for 2017-2018 before the last date fixed. We find that UIICL has already advised renewal premium rates  to IBA. However IBA is yet to advise the rates to member banks and in turn member banks have so far not issued communication for payment of renewal premium by retirees. We are following up with IBA for early communication. We request our affiliates to follow up the matter with the concerned banks.

  3. As advised earlier, we also find that UIICL has given offer to IBA for introduction of Super Top Up policy for retirees w.e.f. 01.11.2017. But IBA is yet to issue communication to member banks. Most of the banks have also to take final call on UIICL offer for super top policy. It will become operational only after IBA/ banks accept it and issue communications for its implementation. It may also be mentioned that provisions of settlement dated 25.05.2015 only deals with basic policy of Rs. 3lakhs/ 4 lakhs. Therefore introduction of super top policy by IBA/ banks will be outside the preview of the settlement.  

                  With Regards,

26-September-2017 19:27 IST

GST Revenue Figures – As on 25th September, 2017
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the total CGST revenue was Rs. 14,894 crore, SGST revenue was Rs.22,722 crore, IGST revenue was Rs.47,469 crore (of which IGST from imports was Rs.20,964 crore) and Compensation Cess was Rs.7,198 crore (of which Rs.599 crore is Compensation Cess from imports). Many assessees have been filing the returns for July 2017 belatedly and till 31st August, 2017 and the total GST paid for July is Rs. 94,063 crore.
  1. The last date for payment of GST as well as filing of GSTR 3B return for the month of August 2017 was 20th September, 2017. The total number of tax payers who were required to file monthly returns for August 2017 is 68.20 lakhs, of which, as on 25th September, 2017, 37.63 lakh GSTR 3B returns have been filed.
  2. The total revenue of GST paid under different heads (upto 25th September, 2017) is Rs. 90,669 crore. The total CGST revenue is Rs. 14,402 crore, SGST revenue is Rs. 21,067 crore, IGST revenue is Rs. 47,377 crore (of which IGST from imports in August 2017 is Rs. 23,180 crore) and Compensation Cess is Rs.7,823 crore (of which Rs. 547 crore is Compensation Cess from imports in August 2017).
  3. The above figures obviously do not include the GST to be paid by 10.24 lakh assessees who have opted for the composition scheme. Additionally, there are still a number of assessees who have not filed their return either for July or August, 2017. The increase in the above stated figures will be informed in due course.

Copy of letter posted by someone on Facebook is also eye opener . It reveals how executives of banks are focusing their prime attention on insurance products than focusing on safety of their attests, their core business of lending and that of social welfare.
This is being produced with the assumption that you will verify the veracity of facts and figures reflected in it before trusting it fully. But in my opinion this is the story of almost all PSU banks.

By an SBI officer :
Truth about some Executives and working culture in India's Largest Bank State Bank of India... First of all I apologize for the poor English as I am not that good in English. But I am writing it in English so that everyone can understand.
SBI has 14 circles in the country headed by a Chief General Manager, followed by 2 General Managers , Some Deputy General Managers and so on. I am giving the truth about North Circle which is more or less applicable to all circles. In past days, the core business of the Bank was Deposit and Advances. Later on all other business like Insurance, mutual fund, credit card, general insurance etc came to Banking and it was need of the time so that customers can avail all type of financial products under one roof. This brought the concept of cross selling.
Everything was looking good and customer friendly as customers are free to take any product for any need under one roof just like in a shopping mall. At the time of introduce it was upon customer willingness, but now it became compulsion for the customers. All because of the heavy incentives all top executives Earn from this cross sell Business. Let me show you an example how much Incentive a Top Executive earn through this:
Suppose a designated staff sells a life Insurance in any of the Branch for Rs.1,00,000/-, He'll get a Commission of near about 1,000/-, the Branch Manager will get approx Rs. 500/-, The Regional Manager will get Approx Rs. 250/-, The Deputy General Manager of the Module Will get approx Rs. 200/-, The General Manager of the network will get approx Rs. 150 and the Chief General Manager of the circle will get approx Rs.100. The structure of Incentive is more or less same in all cross sell products. It is looking very nominal, right ? Now you see
1. There are near about 50 Branches under a Regional Manager, so if he get Rs. 250 per day from each Branch then his monthly incentive will be Rs.250x50x30 = Rs. 3,75,000/- per month.
2. There are near about 140 Branches under a Deputy General Manager of the Module, so if he get Rs. 200 per day from each Branch then his monthly incentive will be Rs. 200X140x30= Rs. 8,40,000/- per month.
3. There are near about 320 Branches under a General Manager of the Network, so if he get Rs. 150 per day from each Branch then his monthly incentive will be Rs.150x320x30 = Rs. 14,40,000/- per month.
4. There are near about 580 Branches under a Chief General Manager of the circle, so if he get Rs. 100 per day from each Branch then his monthly incentive will be Rs.100x580x30 = Rs. 17,40,000/- per month.
This is a small example. The executives earns much more than this as all cross sell products yields high cash incentives to them along with foreign tour etc also. So all executives gone mad about the cross sell and they give tremendous pressure to the Branch Managers to do the cross sell by any means. You can not imagine the pressure and mental torture they give to the Branch Managers for their own benefit calling it as benefit of the Bank. Now a days all top executives are less interested in Basic Banking. To overcome the pressure and torture from the Bosses, maximum Branch Managers are bound to do cross sell forcefully. Here the victims are the customers. Let me show you how.
If you go to open a Bank Account in any of SBI Branches you have to do a Personal Accident Insurance costing Rs100, 200,500 or 1000/-. They make it compulsory, not directly but forcefully you have to do, if you argue or tell that you are not interested, they will make delay or show you some reasons that you can not open the account. Do you know the cause ? Because informal instruction is from the CGM and GM that each and every customer is to be covered compulsorily to Personal Accident Insurance. If any customer left out, they charges the BM with slang and all bad words. They will not give order in writing that it is compulsory, but the BM has to do compulsorily. Most of the customers do it as they want by any means to open the account quickly, but some customers refuses and they have to face the delay of all kind. The Branch Manager is bound to do that as the Bosses will not going to listen a single word, They are reluctant to understand that its depend upon the urgency need and willingness of the customer. If the Branch Manager fails than he has to listen so much bad things and words. So to avoid that, the poor fellow the B.M. Has to make it compulsory indirectly. Do not think that this is because of customer benefit, The CGM and GM and DGM all are forcing like hell to the staff just because of the incentive. They become so greedy and so inhuman that everyday they give tremendous pressure to all staff for this cross sell products only. They completely forgotten the basic Banking, all branches are facing staff shortage, but they never listen anything about it. They will only talk about cross sell, if you say anything about the genuine problems also, they will call you as looser or ….. or …... , so much bad words that I can not mention here. Due to staff shortage in each Branch, customers are suffering everyday, but they will not listen anything about it. Bank Directly can not force customers so they are indirectly Blackmailing the customers. Let me show you another truth :
One of SBI's very popular scheme is Express Credit, well known as Personal Loan. All salaried people can take this loan. Now as per eligibility You can avail it and Bank will offer Insurance cover also for the Loan Amount. You can avail a term insurance covering the loan amount with a nominal one time premium say Rs.500/- approx for a Rs. 5,00,000/- loan so that if anything wrong happen to you, your family need not worry to pay back the outstanding loan amount, the Insurance provider will payback the outstanding. Everything is looking good, customer friendly, right ? Now come to the truth, the Branch is not going to give you the term Insurance, instead of that they will force you to do Regular Insurance plans with high premium. For a 5,00,000/- Loan the regular premium will come approx to Rs. 30,000/- per year. It will give you an additional burden of 30,000/- per year. For availing a personal loan of Rs.5,00,000/ you need a net salary of Rs. 25,000/- to Rs. 30,000/-. First year the customer pays the premium from loan amount,but for next year it is very tough for him to pay the premium. The burden should be of one time Rs.500/-, but it become Rs.30,000/- yearly due to this so called executives. You know why? Simple, term insurance with nominal premium don't give huge incentive to the top executives, so they made it compulsory verbally to the Branch Managers that they have to cover the loan with regular plan with huge premium. If someone fails, they have to face the music. Again the poor fellow the Branch Manager has to make it compulsory indirectly by blackmailing the customers that loan will be sanctioned quickly if you do a Insurance of good amount. The person in need of the loan urgently do not have any choice and Bank is doing business on that only. Here also the victim is the customer.
This two are a small example how these old fellows so called CGM GM DGM AGM of State Bank is pressurizing their staff by torturing and behaving them badly resulting bad customer service and financial loss of customers who actually do not need the product. In my next post I will show you more truth, but it is my appeal to all people please awake and save the Bank. Help the poor fellows, the Branch Manager, the staffs and the customers from this greedy people who completely became blind. Raise your voice, use your power, don't allow anyone to blackmail you. Jai Hind.
(A WhatsApp message received by me reproduced here without any edits. Name of the sender not mentioned for obvious reasons.) This too is likely to go the Air India way.
Kindly forward toRBI
Link to The letter is this

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