Guideline regarding transfer and promotion in Bank

It is reported that the following guidelines have been sent by Ministry of Finance vide letter dated 3rd May, 2012, to all PS Banks for implementation :-
 Taking into consideration the academic session and other relevant factors, it  has been decided that the process of regular transfer of officers is also completed at the  beginning of the year so that the staff is not put to undue inconvenience.

DEPARTMENT CALLED EOI TO CREATE POST BANK OF INDIA

Postal department invited Expression of Interest from the Bidders to submit  Detailed Project report to Create Post Bank Of India. The last date for submitting the applications are 24/05/2012 and the bids will be opened on 25/05/2012. In the tender document it is clearly mentioned the objectives for setting up the Post Bank Of India are as follows:

(i) Provide banking which means the accepting, for  the purpose of lending or investment, of deposit of money from the public, repayable on demand or otherwise, and withdrawal by Cheque, draft, order or otherwise. PBI will be engaged in various types of banking as mentioned in Section 6 of the Banking Regulation Act, 1949.

(ii)  Provide banking services with special focus on  rural areas.

(iii) Provide means of additional revenue generation for the DoP .

(iv) Ride on the Core Banking Solution which is proposed to be provided in all the post offices.

(v)  Provide a platform for financial inclusion.

(vi) Provide higher order value added services to over 250 Million existing Post Office Savings Bank account holders.

Educational loan to Minorities

New Delhi, April 24, 2012(PIB): India Banks’ Association (IBA) has circulated revised Model Educational Loan Scheme to its member banks. Banks can adopt the scheme with discretion to make changes as deemed fit. The scheme is for all students including students from minority communities.


Indian Nationals who have secured admission to professional/technical courses in India or abroad through an entrance test/merit based selection process are eligible for educational loans under the scheme.

5-day week for PSU bank staff?

India's public sector banks are examining a proposal to a migrate to "five-day a week" work schedule, a move that will likely cheer thousands of employees as state-owned banks hammer out strategies to match private peers' human resource practices. The move, however, may come bundled with conditions attached with postings in remote areas amid mounting government pressure to widen "financial inclusion" in areas that still remain outside the banking net.

Banks to work full day on Saturday

 

 

NEW DELHI: In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7.

 

The Finance Ministry has asked all public sector banks to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10 am and 1 pm on Saturdays.

 

Confirming the development, a senior official of Indian Bank said the Finance Ministry has issued a circular in this regard. Banks were closed for public dealing on Monday. They will remain closed on April 5 on account of Mahavir Jay anti and again on Good Friday day on April 6. In effect, banks are closed for public dealings for three days this week.

According to the official, lenders are taking adequate measures to ensure that cash withdrawals from ATMs are not hit during the holidays.

However, transaction through bank branches cannot take place in these two days, the official added.

There would not be much of activity on corporate side either as they are also likely to observe holidays, the official added.

Source : http://timesofindia.indiatimes.com/

Confusion over Bank Holiday on 5th April (Mahavir Jayanti)

There is a confusion whether it is a Bank holiday or not on 5th April,12 on account of "Mahavir Jayanti". Some newspapers and websites declared that 5th and 6th April, Banks will be closed for  "Mahavir Jayanti" and "Good Friday" and this news created lot of confusion to Bank employees and customers.

5th April is NOT a nationwide Bank Holiday. Bank branches in Chhattisgarh, Delhi, Haryana, Jharkhand, Madhya Pradesh, Punjab, Rajasthan, Tamilnadu, Uttar Pradesh and Uttaranchal will remain closed as a holiday on account of "Mahavir Jayanti".

In the rest of the country, the bank will operate normally.

It may be mentioned that 6th April, Good Friday is a nationwide holiday.

Courtesy:http://paycommissionupdate.blogspot.in

Indian Overseas Bank Probationary Officers Recruitment 2012 (1500 Vacancies)

Bank Jobs, Officer Jobs Wednesday, March 28, 2012

 Indian Overseas Bank (A Govt of India Undertaking), a leading Public Sector Bank with headquarters in Chennai having geographical presence all over India and abroad invites On-line applications from Indian Citizens for the post of Probationary Officers in Junior Management Grade Scale –  I, who have taken the Common Written Examination (CWE) for Probationary Officers/Management Trainees conducted by IBPS in Sept / Nov 2011 and obtained a valid IBPS CWE-PO/MT-2011 Score Card.

Post Name

No of Vacancies

1500 (SC-223, ST-149 , OBC-392, General-736)

Age Limit

21 to 30 Years as on 01.07.2011

Scale of Pay

Rs.14500 - 600 /7 – 18700 - 700/2 - 20100 - 800/7 - 25700 plus DA, HRA, CCA as per rules in force from time to time.

Probationary Officers

Educational Qualifications:

i) Graduation  from  a recognised university/Institution  with minimum  60% Marks.  (For Candidates belonging to SC/ST/PC category  minimum  55%  Marks).  Graduation results should have been declared  by the 

university/Institution on or before 01.07.2011. 

ii)  Computer literacy shall be an essential qualification, which the candidate must either possess before or acquire within six months of joining the Bank.  

iii)  Diploma in Banking & Finance (DBF) from Indian Institute Of Banking and Finance (IIBF) is a desirable qualification besides the above entry level qualification.

IBPS Score Requirement: For General Category: TWS - Minimum 120, For Reserved Category (SC/ST/OBC/PC): TWS - Minimum 105.

Application Fee: Rs.50/- for SC/ST/PC Candidates. Rs.200/- for all others (Including OBC).

How To Apply: Eligible candidates are required to apply Online only through official website www.iob.in between 30.03.2012 and 19.04.2012.

Detailed Advertisement: http://www.iob.in/Careers.aspx

Validity of cheque came down to 3 months wef 1st April 2012

Validity Of Cheque/Draft/Pay Orders/Banker’s changed To 3 Months Instead Of 6 Months

 From April 1st 2012 onwards validity of Cheque /Draft/Pay orders/ Banker's Cheque will be three months instead of 6 months.A circular issued by the Reserve Bank of India has asked all banks to implement the new rule from April 1, 2012. It has asked banks to notify holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker's cheques issued on or after April 1, 2012,

The new rule come into force because that some unscrupulous people were circulating the cheques as cash for close to six months, thereby creating a tradeable instrument which was never intended under the RBI rules.

 Banking circles said the move could lead to some practical problems for individuals, particularly if they were not aware of the new rule that would come into effect next year. “People should not only present their cheque in time, but also ensure that if they are receiving a cheque from a company for a service rendered, the date should be checked,” a banker said.

Five day week in bank : Is there any possibility ?

          Bankers have been demanding 5 days week for a very long times, specially since the same has been introduced in central government offices and later on also adopted by RBI for its own offices.


          However, till date, government has denied this demand on one plea or the other.  One of the main reasons for denial of this demand is the argument that it will put unnecessary hardships to the general public who wants to withdraw money on Saturdays also.


          It has been in news recently that IBA has recommended 5 days week to Finance Ministry but there is no confirmation available from any authenticated source till date.


          As per our view, it is very unlikely that Govt. will allow banks to be open only five days in a week where the largest Public Sector Bank has earlier announced that it is exploring options to open 7 days a week.


courtesy:paycommisionupdate

Postal Department applies to RBI for banking licence

Minister for Communications and IT, Mr. Kapil Sibal with MoS, Mr. Sachin Pilot, at the FICCI round table on National Postal policy 2012 , in the capital on Wednesday.

NEW DELHI, FEB. 1: 

The Postal Department has applied to the Reserve Bank of India for a banking licence, the Communications Minister, Mr Kapil Sibal, said here on Wednesday.

Mr Sibal said he had written to the Finance Minister, Mr Pranab Mukherjee, to expedite the granting of licence.

Speaking on the sidelines of the postal policy round table organised by FICCI, Mr Sibal said, “A national postal policy targeting expansion and modernisation of the postal network would be announced during this year. The Government does not intend to issue licences to courier service companies, but would make it mandatory for them to register.”

Aimed at modernising postal services, the policy is expected to make the department adopt a more financially viable revenue model. It would also provide affordable services at all points in the country as part of its Universal Service Obligation, the Minister said.

The Department is also expecting large-scale private sector participation in providing value added services and extending its product range beyond the current core functions.

“There are tremendous opportunities for the private corporate sector to use its ingenuity to create innovative products and delivery mechanisms through the Indian postal network,” Mr Sibal said.

India currently has 1.55 lakh post offices, 95 per cent of which are located in rural areas.

Source : thehindu dtd 01/02/2012