BEFI – CG Staff News

Rift between RBI and Central Government – BEFI

Sony — Thu, 01 Nov 2018 13:52:46 +0000

Rift between RBI and Central Government – BEFI

RIFT BETWEEN RBI AND THE CENTRAL GOVERNMENT

BANK EMPLOYEES FEDERATION OF INDIA

NARESH PAUL CENTRE
53 Radha Bazar Lane, (1st Floor), Kolkata – 700 001
e-mail: pradipbefi@yahoo.co.in Website: www.befi.in
(Ph):033- 2225-4414/2236-5108 (M) 9433144271 Fax: 033-2236-5109/2242-0690

Press Statement issued on 30th October 2018 by Shri Pradip Biswas,
General Secretary, Bank Employees Federation of India, at Kolkata,

ON THE RIFT BETWEEN RBI AND THE CENTRAL GOVERNMENT

We are disgusted, rather alarmed, at the public show of rift between the Reserve Bank of India (RBI) and the Central Govermment in recent months.

Based on the recommendation of the Royal Commission on Indian Currency and Finance (1926), as conceptualised by Dr. B.R.Ambedkar in his famous book, “The problem of the Rupee – its origin and its solution”, RBI was established in 1935 to take care of the financial troubles in the aftermath of the First World War. Since then it has been in charge of managing and regulating the currency and credit system, the monetary policy and foreign exchange reserves of the country; it also acts as the Banker to the Central and State Governments and exercises supervisory
and regulatory controls over the Banking System.

True to its policy of decimating all constitutional and other public institutions to suit its political agenda, the present dispensation at the centre has been out to undermining the autonomy and authority of RBI in all conceivable ways. It all started with the formation of the Monetary Policy Committee, in 2016, with three members nominated by the Centre, so as to gag the RBI’s absolute say in the matter of deciding interest rates. Then came the most ill-conceived demonetisation which, the RBI claimed to have been handed out to it by the Centre, a clear case of usurpation of authority of RBI in the matter of currency management.

To make RBI fall in line, Sri Nachiket Mor, a Director on the Board of RBI, was then removed more than two years before his term was to expire; at the same time, Sri S. Gurumurthy and Sri S. Marathe, having RSS-links, were inducted into the Board much to the displeasure of the Govornor. Then it has been flexing its muscles on the issues of management of Bad Loans (called NPA) of Banks and Prompt Corrective Action (PCA) thereagainst.

There are tussle, also, over Special Window for Dollar Sales to Oil Companies, over funding of Non-Banking Financial Companies, over formation of a separate Payment Regulator etc. To top it all, the Centre wants the RBI to transfer its reserves to the central exchequer; while RBI has made a pay-out of a whopping Rs.30,000/- crore this fiscal, the Centre demands at least Rs.66,000/- Crore which the RBI has declined. The list is almost unending but having one single objective of decimating the Reserve Bank of India, the Central Bank of the country.

While we do not subscribe to all the decisions of RBI at all times, there is no denying that the firm intervention by RBI has saved our economy from many a crisis, the latest being the global financial meltdown of 2008; we firmly believe that undermining RBI would, in its wake, bring about a costly disaster for our economy.

We, therefore, demand that the authority, autonomy and independence of RBI be further strengthened so as to enable it exercise more and stringent supervisory and regulatory control over the banking and monetary system in the best interest of our country.

For favour of circulation/broadcasting/telecasting through your esteemed media.

(Joydeb Dasgupta)
Secretary

Source: BEFI

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Bank Employees Wage Revision Talks with IBA

Sony — Tue, 31 Oct 2017 06:13:06 +0000

Bank Employees Wage Revision Talks with IBA

CIRCULAR No. UFBU/2017/22 27.10.2017
TO ALL CONSTITUENT UNIONS/MEMBERS

Dear Comrades,

WAGE REVISION TALKS WITH IBA

Further to the ongoing discussions in the Sub-Committee on non-financial demands, today, a round of discussions with the Full Negotiating Committee of IBA was held in Mumbai.

From the side of IBA, Mr.R.K. Takkar(MD-UCO Bank and Chairman of the Negotiating Committee), Mr.V.G. Kannan(Chief Executive of IBA), Mrs.Usha Ananthasubramaniam(MD-Allahabad Bank), Mr.P.S. Jayakumar(MD-Bank of Baroda), Mr.Shyam Srinivasan(MD-Federal Bank), Mr.Prashant Kumar(DMD-SBI), Mr.B. Rajkumar(Dy.Chief Executive-IBA), Mr.S.K. Kakkar(Sr. Advisor-IBA) and Mr.K.S. Chauhan(Advisor-IBA) were present.

From the side of UFBU, the following representatives were present: Com.C.H. Venkatachalam and Com.Rajen Nagar(AIBEA), Com.D.T. Franco and Com.Dilip Saha(AIBOC), Com.Sanjeev K. Bandlish and Com.Vinil Saxena(NCBE), Com.S. Nagarajan(AIBOA), Com.C.J. Nandakumar(BEFI), Com.Subhash Sawant(INBEF), Com.K.K. Nair(INBOC), Com.Ramnath Kini(NOBW) and Com.Sunil Deshpande(NOBO).

We submitted the following main issues/points and wanted the response of IBA.

Wage revision process should be completed expeditiously
More frequent meetings/discussions to be held for this purpose
Data regarding establishment expenses, number of employees, etc to be provided
Negotiations must cover all Officers upto Scale-VII
IBA to make their initial offer on increase in wages
Fixing the Price Index upto which DA is to be merged with Basic Pay
Discussion on the issues pertaining to retirees viz.100% DA, pension updation, improvement in Family Pension, etc.
Introduction of 5 Day Banking i.e. remaining Saturdays also to be holidays.

IBA responded as under:

IBA will hold frequent meetings to expedite the process.
Data on Establishment Expenses as on 31.03.2017 was provided. Further data would be provided shortly.
On the issue of fractured mandate by some Banks, Unions have to take up with the concerned Banks.
For officers, Performance related Variable Pay method to be introduced.
DA as on 31.10.2016 can be merged with Basic Pay.
Issues like 100% DA and updation are subjudice due to litigation.
On improvement in Family Pension, the cost aspect is being worked out.
For introduction of 5 Day Banking, the matter needs to be taken up with various stake holders including customers and Government, etc. before any decision is taken.

There was a lot of discussion on these issues. From our side, we informed them as under:

IBA should commence the meaningful negotiations by making their initial offer on wage increase.
Entire exercise should be attempted to be completed before December, 2017.
While we shall meet the top management of the concerned Banks on mandate issue, IBA also should also take initiative to resolve the matter as majority of the Banks have given their mandate for negotiations upto Scale-VII Officers.
While we are for better performance, efficiency, more productivity, etc., any differentiated wage compensation will result in subjectivity, unilateralism, discrimination and may become demotivating and counter-productive.
On DA merger point, Unions will discuss and come back in the next round of talks.
On pension related issues, none of the Unions under UFBU have resorted to litigation.
On introduction of 5 Day Banking, IBA should take necessary steps from now on.

IBA took note of our views and it was decided to discuss the issues further in the next round of talks which will be held shortly.

With greetings,

Yours comradely,
sd/-
(SANJEEV K.BANDLISH)
CONVENOR

P.S: It has been decided to hold a meeting of the UFBU at Mumbai on 13.11.2017 to take stock of the developments taking place in the banking sector and to further continue our struggle programmes as well as to work out our strategies to clinch an early and satisfactory wage revision.

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Demonestisation killed 1.5 million jobs – BEFI

Sony — Tue, 31 Oct 2017 05:56:35 +0000

Demonestisation killed 1.5 million jobs – BEFI

Organise Protest Against Ill Effects of Demonetisation – Bank Employees Federation of India

Circular No. 29/2017

To all Units, office Bearers, CC & GC Members

14.10.2017

Dear comrades,
Demonestisation killed 1.5 million jobs
Hold demonstration in all State Capitals

Demonestisation of currency notes of Rs. 1000 and Rs. 500 was announced on 8th November 2016 and one year is goint to be completed on 7th November next after the announcement made by the Hon’ble Prime Minister going beyond the provisions of Reserve Bank of India Act.

The annual report published by Reserve Bank of India recently reveals that Rs. 15.28 lakhs crores or 99% of Rs. 15.44 lakhs crores scrapped currency notes came back to the system after demonetization. The annual report also stated that only Rs. 16000 crores of demonetised currency was not deposited with the banks.

While announcing demonetization, Govt. boasted it as a fight against black money, funding for terrorists and counterfeit currency but all have fallen flat, With the 99% of currency notes exchanged legally, the question arises, was the demonetization a scheme designed to convert black money into white.

Demonetisation has claimed lives of more than 100 innocent citizen of our country including more than 10 bank employees and officers. The Government is solely responsible for this loss of lives. But the irony of the thing is that the Central Cabinet in a Press communique stated that there has not been any loss of live due to demonetisation.

The claims pronounced at the time of demonetization having been proved to be a hoax and to divert the attention of the common people from the ill effects of demonetization, the Government has taken the move for digitization of the payment system in the interest of fintech companies like Paytm, jio money etc. Such step will have disastrous effect on our banking system.
As per survey report made by Centre for Monitoring Indian Economy (CMIE) demonetization has killed more than 1.5 million jobs.

Centering round demonetization we organised several programs in the last year. In the backdrop of Government’s move to divert the attention of the people from the damage caused to our economy and the interest of the common people particularly the workface in the informal sector, we feel it duty bound to raise our voice of protest once again against the ill effects of demonetization.

As decided in our last Central Committee meeting held in Delhi, we call upon our units to organise protest demonstrations/rallies/meetings in all State capitals and major centres on a day falling between 8th November to 15th November 2017 as per local convenience.

With greetings,

Yours comradely,
sd/-
(PRADIP BISWAS)
GENERAL SECRETARY

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