Tag Archives: Banks

8,100 wilful defaulters of loan taken – Rs. 76,685 crore

21 Thursday Jul 2016

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According to the statement of Finance Minister Srun Jaitely in the Parliament on 19th July, there are 8,100 wilful defaulters who owe the banks about Rs. 76,685 crore. He also stated that 1,724 FIRs have been filed in his connection.

The number of wilful defaulters is much more than this according to the bank employees unions. The government seems to be covering up the high valued borrowers since they have got connection with political bosses. Even the FIR filed is much less compared to the number of defaulters.

We demand early action to recover the money of the banks, which actually is the hard earned deposits of the ordinary customers.

Cabinet approves merger of associated banks with SBI

15 Wednesday Jun 2016

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Though the NDA government is taking undue delay in taking decisions on the recommendations of the VII CPC, on the justified demands of the working class and also stopping the high price hike, it is moving fast with destroying the Public Sector Units. The latest is the cabinet decision to merge the 5 associated banks with the SBI, which is strongly opposed by the bank employees and the trade unions. In the name of strengthening the SBI, it is destroying the associated banks which have served the people in a big way. The merger will neither serve the interests of the SBI. Many branches will be closed and employees will be reduced.

The organisations of the Bank employees are on struggle against the fully unjustified decision of the government. Our full support and solidarity to them. We demand the government to retract from the wrong step.

Defaulters owe Rs. 1.8 lakh crore to Banks.

18 Monday Apr 2016

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Vijay Mallya’s leaving the country and the default amount he  and his defunct Airline King Fisher have to pay the Banks is well known. This incident has shown how the corporates are cheating the funds of the Banks. More  and more news are now coming from the cup board.

It is estimated that the default amount, the NPA or the bad loan of the banks have crossed Rs. 1.8 lakh crore this year compared to about half of that last year.

The hard saved money of the common people are being loaned to the corporates and they do not return. Neither the government nor the banks are taking any strong action to get it back. The conspiracy angle between the banks, the corporates and the government can not be ruled out.

The Government and bank managements have to take prompt action to get the money back.

Free ATM Transactions reduced

17 Friday Oct 2014

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The Banks are trying to reduce their expenditure at the cost of the customers. In order to reduce the staff in the Banks, they introduced ATMs and gave free transactions. Now the customers are adjusted to the ATMs to a great extent, then the Banks are trying to make the ATM transactions with conditions and cost. First there was no limit to the transactions, but then it was stated that there is a limit of five free transactions in Metro Cities and three in other places. Now the latest is that even in metros the limit may be reduced to three combining with the nearby non-metro cities.

If this goes on and is allowed, tomorrow each and every ATM transactions will be charged. The situation will come when the customer has to pay for withdrawing his own money from the bank even once.

It is to be noted that these are the same banks which has got lakhs of crores of rupees as NPA (Non Performing Assests), means bad loans given to the corporates and big business and which has not been repaid and will be written off later. The transactions of these crorepatis are mainly through cheque and online and not through ATMs;; hence they are not affected. It is being once again proved that all the benefits are for the rich and burdens are on the the poor and the middle class.
The present move of the Banks Management should be opposed and defeated.

Bank Unions on increasing of ATMs

18 Saturday Jan 2014

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While the Bank Managements are trying to increase the ATMs in a large way, the unions have their reservations. I am giving below a report in this connection:

Bank trade unions want banks to go slow on ATM network expansion and encourage customers to return to bank branches for transactions and use the ATM sparingly. This, according to them, is good for the customers, employees and banks’ bottomlines.

“The current furious expansion of the ATM network is not good for the banking industry’s health,” says M.V. Murali, convenor of the United Forum of Bank Unions, which is a collective of nine major all-India bank trade unions. “ATMs enormously increase the cost of operation of banks, particularly in view of the demand for mandatory 24-hour security at ATMs following the attack on a woman at a Bangalore ATM a few months ago.”

Murali’s comments come in the wake of Indian Banks’ Association suggesting banks charge customer for using ATMs beyond a certain number of free transactions. Murali said the banks were indiscriminately opening ATMs even where people were mostly illiterate. Outsourcing of ATM services, through the ‘white-label ATMs’, was a wrong step as it would lead to exploiting illiterate customers and breed corruption and malpractices. He said managements were dumping quotas on bank branches to increase mobile and Internet banking accounts.

FAIR MIX NEEDED

“Banking has lost the human touch,” Murali added. Customers no longer felt a sense of belonging to their banks and the employees were also losing touch with their customers as interactions were shrinking. (Courtesy: Business Line)

Syndicate Bank to Recruit 5,000 new Staff

11 Saturday Jan 2014

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Banking industry seems to have understood that new recruitment is necessary for the growth of business and beer service to the customers.
The Syndicate Bank, one of the Public Sector Banks has decided to recruit about 5,000 new staff in the coming year, 2014-15. it has opened 145 new branches in this year and is projected to open another 250 branches.
This is a good news for the customers and the staff in Syndicate Bank. Young blood, new recruits are always necessary for the growth and health of any institution.
Will BSNL Management realise this truth!

More Fraud by the rich – Dy. Governor RBI

27 Saturday Jul 2013

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It is a well known fact that the culprits behind the Non-Performing Assets (NPA) ie. the loans to be returned, are the rich. Thousands of crores of loans are not paid by the corporate houses to the banks which are treated as NPA and never recovered. But in the case of small loans taken by the ordinary people, the banks are very harsh and take all aggressive measures to recover the money.

It is the same with the frauds on banks. During the last 10 years, 1,76,547 frauds have been reported in the banks according to K.C.Chakraborty, Dy. Governor of the Reserve Bank of India. Only 61 fraud cases involved a whopping amount of Rs. 13,000 crore. And who are the culprits? They are all the rich and affluent, according to the Dy. Governor. These are mainly wrong sanctions at the highest level of banks , meaning that the top officers in the banks are also involved.

We are happy that a top authority himself has opened the lid open on the frauds being committed by those in power with the rich.

SBI to recruit 10,000 employees, all Banks 60,000

24 Monday Jun 2013

Posted by in BSNL - Better Service to the Nation

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It is reported by PTI quoting the SBI Chairman Pratip Chaudhari that the State Bank of India will be recruiting 10,000 employees in 2012-13. He also stated that about 7,500 will be retiring. It means that SBI will get an additional staff of 2,500. SBI Chairman also mentioned that another 20,000 Asst. Grade employees were recruited last year.

The banking sector was in acute shortage of staff due to the VRS implemented earlier. Now all the banks have started recruitment. It is estimated that more than 60,000 employees will be recruited in the PSU Banks this year.

This is a good decision. It is time that BSNL should think about recruitment to induct new blood. This can be done by regularising the casual/contract labour working for many years, appointment on compassionate grounds and also direct recruitment.  It is to be noted that almost 15,000 workers are retiring every year and more than 1,30,000 had already retired since 2000. About 30,000 only has been so far recruited that too mainly in TTA and JTO cadre. Recruitment in other cadres are also necessary.