""DEPENDENTS'INCOME CRITERIA: INCOME LIMIT TO DEFINE A DEPENDENT WOULD BE Rs. 10,000/- PER MONTH (as against the existing Rs.3,500/- p.m.)...AGREED AS PER INDIAN BANKS ASSOCIATION IN THE RECENT WAGE REVISION""...""THE INSURER SHALL BE RESPONSIBLE FOR ALL ACTS AND OMISSIONS OF ITS AGENTS INCLUDING VIOLATION OF CODE OF CONDUCT SPECIFIED UNDER THESE GUIDELINES," IRDA said.""......"" LIC TO INVEST Rs 1.5 LAKH CRORE IN RAILWAYS OVER 5 YEARS FROM NOW""......"" Insurance Regulatory and Development Authority of India (IRDA)said insurance companies can appoint individual agents on their own without license from the regulator from April 1, 2015""......"" FURTHER TALKS ON BANK MEN WAGE REVISION (NON-CORE) LIKELY WILL BE HELD ON 16TH & 17TH INST.AND TO FINALIZE TOTAL PACKAGE"".. "" FINALLY INSURANCE LAWS (AMENDMENTS) BILL, 2015 WAS PASSED IN RAJYA SABHA ON 12th MARCH, 2015""..."" N.F.G.I.E. AND ALL ITS' AFFILIATED UNITS STRONGLY CONDEMNED THE UNILATERAL AND AUTOCRATIC WAY THE N.D.A. GOVT. ADOPTED IN ENCOURAGING THE MULTINATIONALS INTEREST IN INSURANCE SECTOR IN INDIA"".....""NFGIE and All it's affiliated GICEU' Units of respective States are NOT PARTICIPATING IN the strike on 9th. March 2015 called by AIIEA and BVKS since the strike call is not from Joint Forum""....""ON THE EVE OF WOMEN'S DAY I.E. ON 08TH MARCH,2015 - NEW INDIA ASSURANCE MANAGEMENT HAS SANCTIONED Rs.250/- ONLY AS GIFT TO ALL LADY EMPLOYEES""..."" LOK SABHA TODAY (04.3.2015)PASSES INSURANCE BILL-2015 ""...""WAGE REVISION DISCUSSIONS OUT COME ON 03.03.2015:-"" GIPSA STRAIGHT AWAY OFFERED 15% TOWARDS WAGE REVISION with MANAGEMENT AGENDA"" ..""NEW INDIA MANAGEMENT AGREED TO INCLUDE DEPENDANT CHILDREN IN GROUP MEDICLAIM""...""3rd ROUND OF WAGE NEGOTIATIONS WITH 'GIPSA' AT HYDERABAD ON 03.03.2015 ""…...""L.I.C. MANAGEMENT OFFERED WAGE REVISION @12.5% TO IT'S EMPLOYEES WITH SOME PRE-CONDITIONS""<............. ""Insurance Australia Group (IAG) currently owns 26 per cent of SBI General Insurance. After the deal, SBI's stake in the venture will fall to 51 per cent"...."" UPON PASSING INSURANCE LAWS(AMENDMENTS) BILL,2015 IN RAJYA SABHA ON 12TH INST.; FOREIGN PLAYERS (BHARTI, RELIANCE, MAX INDIA AND SBI GROUPS) GEARING UP TO HIKE THEIR STAKE IN THEIR RESPECTIVE INSURANCE JOINT VENTURES WITH THEIR OVERSEAS PARTNERS""......"" N.F.G.I.E AND GICEU-AP WISHES ALL WOMEN OF THIS UNIVERSE - "HAPPY WOMEN'S DAY"(O8TH MARCH, 2015) IN ADVANCE""...""Payment of Ex-Gratia for 2014-15 f.y. to eligible employees in PSGI Comapnies - Cleared by GIPSA"...""NFGIE"" invited for Structured Meeting by New India Management on 14th Feb.,2015, to discuss various Important Policy matters""..."" Insurance companies offer cover for second medical opinion""..""RBI ALLOWS FPIs/FIIs and NRIs TO INVEST UP TO 26% UNDER THE AUTOMATIC ROUTE SHALL BE PERMITTED IN THE INSURANCE AND ALLIED ACTIVITIES...W.E.F. 4TH FEB.,2014 ""...."" The AICPI for Jan., 2014 :237 and for Feb.,2014 at :238 points, For March expected 239 points.."".."" The country's largest non-life company — New India Assurance — will soon seek the regulator's approval to sell a combined policy that covers personal accident, household and health insurance.""...."Retirement fund body Employees Provident Fund Organisation (EPFO) on Monday(14TH JAN.,2014) announced a rise in interest rate on provident fund (PF) deposits to 8.75 per cent for 2013-14, to benefit 50 million subscribers""..... "" SERVICE IS THE GATE WAY TO GROWTH "".."23rd JULY IS NEW INDIA'S FOUNDATION DAY(23rd JULY,1919)""..""WHETHER CLIENT IS BIG OR SMALL SERVE TO ALL""....


Friday, March 27, 2015


The following information received from COMRADES from" AIBEA" 

What AIBEA circular Says
The Impact on the Existing Rules
Units and members are aware that our charter of demands includes demands on improvement in various service conditions apart from increase in wages. Prior to the signing of the Minutes of Discussion on 23-2-2015, there were two rounds of discussions with the IBA on these issues. Yesterday i.e., on 17.03.2015, one more round of discussions took place, during which understandings have been reached on the following issues:-  [We have re-arranged the points so that it becomes easier for analysis / discussion ]
There is no need for explanation as it gives only the background
1)     The benefit of encashment of Privilege Leave will be available even in the cases of resignations from the Bank after 20 years of service as well on loss of job due to punishments (other than cases of punishment of Dismissal and cases where there is loss to the Bank).
2)     Privilege Leave can be accumulated upto 270 days (as against the existing ceiling of 240 days). However, encashment upto 240 days would continue as at present.

1)     This is a good development and benefit
      the bankers who wish to resign / who lose
      job due to punishment (except is given).  
      However, this will not allow benefit to 
       youngsters who change job before 20 years 
      of service.   It will have some financial 
      implications for banks but existing rules for unjustified.
       2) Although now PL is likely to be allowed
 to accumulated upto 270 days but it will not 
benefit bankers at the time of resignation / 
retirement as encashment will be allowed 
only upto 240 days.  No additional financial
 burden to banks, rather some retiring bankers
 may forgo some leaves as these will not be encashable.   Banks are likely to gain 
financially from this move. 

Leaves : 
1)    LEAVE: The present stipulation that Casual Leave (CL) upto 4 days can be availed continuously provided the total absence including Sundays and holidays does not exceed more than 6 days would be deleted.

2) Presently Unavailed Casual Leave (UCL) can be availed for a day without production of medical certificate. In addition UCL may be availed without production of medical certificate for 4 days at a time once in a year or 2 days at a time twice in a year.

3) Privilege Leave (PL) can be availed on 4 occasions in a year (as against 3 occasions at present).

4) 15 days' Notice would be sufficient to avail Privilege Leave (as against 30 days' notice at present).

5) Privilege Leave can be accumulated upto 270 days (as against the existing ceiling of 240 days). However, encashment upto 240 days would continue as at present. 
 It is good move by Banks as these 
were small irritants which did not allow
flexibility to the bankers to avail what is
due to them.   They will have now much
better flexibility

 However, there is a need for caution as
 small percentage of bankers who are
habitual of taking  leave without any
concern for bank work, will misuse these
and other staff  members are likely
 to feel the pinch of the changes  as such
 habitual offenders will flex their muscles
to avail these at times when bank needs
them the most.  Thus,  there will be need
for balancing the right to leave
vs work load to be suffered by other staff
 members on account of such misuse by
small number  but repeat offenders.

No additional financial burden on banks
on  account of these flexible norms, but
good for majority of the bankers.
 Special Sick Leave with Salary for a maximum period of 30 days would be sanctioned to an employee while on hospitalisation for donation of kidney or any organ.
Very Good move as it will encourage 
people for donation of organs to the needy. 
Maternity Leave / Paternity Leave :
 1)     Maternity Leave for legal adoption of a child would be 6 months (now 2 months)
 2)    The facility of Maternity Leave would also be available to a biological mother in cases where the child is born through surrogacy. 
3)     Paternity Leave would be extended on the lines of Government employees i.e. 15 days at a time on 2 occasions.
4)     Part time employees would also be entitled to Maternity Leave for adoption and biological mothers
5)     Maternity Leave, within the overall entitlement, would be granted for 60 days (now 45 days) in the case of hysterectomy. 

(1), (2), (3) and (4)  are in line with the
 changed circumstances of the society
and is a progressive move by banks as
 we need to amend our rules with the
changes in the society norms.   Paternity
 leave will be a boon for young staff.

(5) This will give more flexibility to ever 
increasing  young female staff.

Other Leaves :  
1) Study Leave upto 2 years would be sanctioned to workmen employees as available to officers.

2) Sabbatical Leave for women employees would continue to be extended on the lines of government guidelines.

3) Sabbatical Leave for male employees would be referred to the Government for consideration.

4) Extraordinary Leave (without Pay) would be sanctioned upto a max. of 720 days during the entire service (as against the existing ceiling of 12 months).

5) Special Casual Leave for absence due to curfew would include exigencies like riots, prohibitory orders, natural calamities.

6) Special Leave for Sports activities, trekking, mountaineering, etc, would be dealt with at each Bank level.

These are again flexible norms now 

being allowed to the bankers who may 
like to avail of these facilities as per 
their needs.

However, there is no financial burden 

on the banks.
System of Leave Bank would be introduced by which employees can voluntarily donate a part of their entitled leave to a common pool from out of which leave with salary would be sanctioned to employees who are compelled to be on prolonged leave due to treatment of major diseases/accidents and other contingencies beyond their control and where such employees have exhausted all their leave
Excellent move as it will help the needy 
employees who fall ill for prolonged
periods. However,  Banks are likely to frame
strict rules for availing leave from such a pool
so that its misuse is stopped.   I think UFBU
may ask IBA to transfer all the PL remaining unavailed / not encashed at the time of
retirement be automatically transferred to
 this pool.  This itself create a big pool of
leave as now employees will accumulate
270 PLs but encashment will be only for
 240 days.
Other Issues :   
a) Diem Allowance: Diem Allowance payable while on travel on duty would be revised upwardly and quantum would be finalised in the next meeting.

b) When employees travel on duty to another station and stay in a hotel, the room rent would be reimbursed; the eligible rates would be finalised in the next meeting.

c) Transportation of goods while on transfer: An employee while on transfer from one station to another can transport his personal effects by train or road (even if the places are connected by train) upto the stipulated weights by an IBA approved Transport Operator.

d) Dependents' Income Criteria: Income limit to define a dependent would be Rs. 10,000/- per month (as against the existing Rs.3,500/- p.m.)
All these are good moves and in line with
 the needs on account of inflation, more
 frequent transfers etc.
Pension for part time employees:  
The entire service period would be taken for arriving at eligible pension instead of pro-rata service.
Very good news for part time (senior ) 
employees as they will be able to get
 higher pension
Other Facilities : 
 Compensation for Breakages: Compensation for losses due to breakages or damage to goods while transporting would be reimbursed as under:

Existing amount on production of receipts for Clerks - Rs.1120 to be revised as Rs.1500

Existing amount on production of receipts for Substaff - Rs.745 to be revised as Rs.1000

Existing amount without production of receipts for Clerks - Rs.745 to be revised as Rs.1000

Existing amount without production of receipts for Substaff - Rs.560 to be revised as Rs.750

24) Travel on Duty/on transfer:
Existing for Non-Subordinate employees 1st Class to be revised as AC 2 Tier

Existing for Subordinate employees 2nd Class to be revised as AC 3 Tier
All these are good moves and in line 
with the needs on account of inflation,
 more frequent transfers etc.
Last Paras :
 Important issues like construction of revised Pay Scales, revised DA formula, HRA rates, Transport Pay, introduction of Grade Pay, revision of Special Pay, LFC, revision in other allowances, retirees' issues, etc. and other issues/ demands would be taken up for discussions in the subsequent rounds of meetings.

Further development on these issues will be informed to members in due course.
This gives the future agenda for
 the meetings.

We express our sincere thanks to the AIBEA for sharing news through it's blog.

Monday, March 16, 2015


 Dear Friends, 

All of you are aware that fresh lot of recruitment  of Scale I officers in New India is on the anvil.In all expectation, final posting will be done from Head Office. 

I request you all  to  remind all those of Scale I officers at your place who have completed 3 years in the same station and seeking transfer to other RO. to submit transfer application immediately. 

These officers must submit their Transfer Application in Format  to the respective Regional In-charges through proper channel  for onward transmission to H.O  CORP HRM  . Pl. collect the names of such officers and inform me within 7 days. 

Thanking you, 
Sujit Bagchi  

Saturday, March 14, 2015


The insurance bill was passed by the Rajya Sabha on Thursday(on 13.3.2015), paving way for foreign companies to raise their stake in domestic insurance companies to 49 per cent. The passage of the bill is being hailed as a big positive for the country as it increases India's visibility among foreign investors.
This article focuses on the impact of the new insurance bill for policyholders:
1) One new provision in the insurance bill is being considered to be "retrograde" for policyholders. The onus to prove that a wrong statement was not made at the time of taking the policy would lie with the policyholder and not the insurance company, says former LIC Chairman SB Mathur.
"The move will adversely impact policy holders especially because the track record of some insurers is not very good," he added.
Earlier, companies had to prove that a policyholder had "deliberately" concealed information while taking the policy. The word "deliberately" has also been taken off, Mr Mathur said.
"Imagine if a person dies and his widow and children will have to prove why the husband or father made a wrong statement," he added.
2) According to the new bill, an insurance policy cannot be challenged on any ground after three years. This means if a fraud is detected three years after the policy has been in force, insurance companies will have to pay the policy holder.
3) The new insurance bill allows foreign companies to invest up to 49 per cent in domestic insurance firms. According to estimates, Rs. 20,000 crore to Rs. 25,000 crore in foreign funds is likely to come immediately. The money will help insurance companies to expand aggressively and will be beneficial for the people. It will be a big positive for private insurers who have limited presence beyond metros and tier 1 cities.
4) Domestic firms will look to expand aggressively with more money coming. More companies are likely to enter in to the insurance sector as well. This will lead to higher competition and insurance premiums may get cheaper for customers, analysts say. Insurance companies will now be able to bring innovation in products as well.
5) The new insurance bill gives more powers to the insurance regulator, which will make it difficult for companies to take policyholders for a ride. This will ensure customer protection.