Editorial Board

EditorCom. Walter lasrado

MembersCom. Vincent d’Souza

Com. G. Govardhan PrabhuCom. B.N. rajajiCom. M. Nagaraj

Corporation Bank Employees’ UnionCBEU Golden Jubilee Hall, 1st Floor,

opp: Sharada Vidyalaya, P.V.S. Kalakunj road,

Kodialbail, Mangalore 575 003

Phone: 4279303

Volume No. 21

issue No. 10

december, 2014

For Private circulation only

Views expressed in this Magazine

are not necessarily those of

Corporation Bank Employees’ Union

Be ready to fight Bitter struggles

Dear comrades,

The year 2014 has come to an end with the memories of strikes and agitational programmes either to protect the public sector character of our industry, recovery of huge NPAs, for realization of our Tenth Bipartite Settlement etc., etc., It was really a thrilling experience for the younger generation who actively participated in these programmes. The New Year 2015 has dawn giving more challenges for the bank employees in connection with the ensuing wage revision issue. One thing is very clear - This Government is testing the patience of the Bank Employees. The Indian Banks’ Association (IBA) has now totally colluded with the Government to negate and frustrate the bank employees. Managements always remain with stone age mentality and every time they want to test our striking capacity. They will never change nor will change their outlook ; they will realize only when our future strike actions takes place paralyzing the banking industry. However they expect the unions to change their thinking and toe managements’ path.

In all the earlir bipartite struggles, the above mentioned attitude of the management has been exhibited and our movement had checkmated it with repeated strike actions and struggles. Bank Employees in our country are paid low compared to our counter parts in other countries. This fact is known to IBA as well as the Government. But it is a last ditch effort by them to frustrate our wage negotiations thereby break our unity. Today around 99% of the Bank Employees are unionized in the banking industry. Strike means it is a total ‘bundh’ and the doors of the bank branches will not be opened.

It reminds us the situation existed during third bipartite wage negotiations which were similar to the present scenario. The then Janatha Government led by Shri Morarji Desai acted in the same manner like the present Government of Shri Modi. Shri Morarji Bhai went to the extent of giving wreckless statements like ‘Bank Employees are not only getting

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laBour NewsePfo mulls haviNg multiPle BaNkers for Pf dePosits

retirement fund body EPFo is working on the idea of having multiple bankers to handle its provident fund returns instead of depending upon its sole banker SBi. the Employees’ Provident Fund organisation’s advisory body the finance audit and investment committee in a meeting firmed up the view on recommending multiple bankers, a source said. Now, the

recommendation will be put for the perusal and approval of EPFo’s apex decision-making body, the Central Board of trustees, headed by the labour minister. once approved, an amendment in the Employees’ Provident Fund Scheme 1952 by the government would be sufficient to make the decision effective. Earlier, in august, EPFo had provided a facility to firms having accounts in any of the specified 56 banks for making payment of PF dues online through its official web portal or through the SBi portal. a senior official said that with

best wages in this World but will also get the same in other World also’. But our determination to fight, implement work to rule agitation totally paralysed the Banking Industry. AIBEA gave call for an indefinite strike from 2nd February,1979. Then only the then Government realized the consequences of an indefinite strike in the Banking Industry and agreed for settling our demands thereby the 3rd bipartite settlement was signed.

Today the younger generation who have entered the Banking Industry will have the ‘golden opportunity’ to participate in this valiant struggle and write the history of the Bank Employees’ struggles in golden letters. It is an opportunity for them to get baptized in the trade union movement and create a history that they are also second to none in fighting out the injustice meted out to the Bank Employees in the matter of wage revision which they richly deserve. Time has come to show your commitment by fully participating in all the agitational programmes launched by UFBU actively so that you will have an immense sense of satisfaction to be a part of this sustained struggle till we achieve a reasonable wage revision.

It is the soldiers who fight the battles and not the Generals. But the strategy of the battles will be decided by the Generals. Rightly, UFBU has now decided to have series of strike actions including indefinite strike from 16th March, 2015 onwards. Therefore as true soldiers of AIBEA, we shall fully implement the agitational programmes and actualize the realization of 10th Bipartite settlement.

CBEU HERALD WISHES ALL OUR MEMBERS A HAPPY, PROSPEROUS AND PEACEFUL NEW YEAR – 2015.

With fighting greetings,

Comradely yours,

(WaltEr lasrado)

Editor

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EPFo switching over to the facility of multiple bankers, it would have accounts in different banks across the country. the official said it will reduce dependence on just one bank.

it firm told to comPeNsate techie for illegal sackiNg

the State labour department has ordered a US based it firm to compensate a woman employee on grounds of ‘illegally’ terminating her services without providing valid reasons and for allegedly causing harassment. the techie had approached the labour department following Karnataka Women’s Commission’s direction. the department ordered the company to give a compensation of `12.5 lakh to the complainant for illegally terminating her from services. the company has agreed to pay `10.55 lakh after deducting taxes, but the techie, a native of delhi who worked at the company’s office, is yet to pick up her cheque in possession of the company, the official said. “Both the complainant and the company have agreed to withdraw the cases filed in various courts. once the techie submits court reports on withdrawal of cases, the company will hand over the cheque to her,” he said.

Under a notification issued by the Karnataka Government early this year, it companies should inform the labour department about suspension, discharge, and termination of employees, among others. the techie was employed with the company in 2012 and her job was confirmed after serving it as a probationer for three months, the official said. However, after sometime the techie complained about harassment by a senior and lodged complaints with various company officials without much success, he said. the

company terminated her from service in october, 2013. Not givinmg up, the techie slapped a legal notice seeking a clarification on the ’iilegal’ termination and asking for the decision to be revoked, the official said. However, the company stuck to its decision. the techie ultimately approached the women’s commission, and after going through the complaint, it recommended the case to the labour department, the official said.

ePfo PlaNs to seek clarity oN JaN-dhaN accouNt limit

retirement fund body EPFo will soon approach the finance ministry on the transaction limit of `1 lakh for accounts opened under Jan-dhan Yojana as it cannot credit PF claims of higher amounts in such accounts. Employees’ Provident Fund organisation has found that it would be unable to credit PF withdrawals of more than `1 lakh to bank accounts opened under Pradhan Mantri Jan-dhan Yojana which are being seeded with universal PF account numbers (UaN). during a recent review meeting chaired by EPFo’s Central Provident Fund Commissioner KK Jalan, a senior official said, the limits applicable to Jan-dhan bank accounts was discussed and it was pointed out that more clarity is required with regard to PF transfers. a maximum of `1 lakh can be deposited in such bank accounts in a financial year. according to the official, using such accounts for Know your client seeding may create operational problems if the payment to be made to members exceeds the specified limit (`1 lakh). according to the minutes of the meeting, Jalan has asked officials to make a formal reference to the issue so that it could be taken up with the department of financial services (finance ministry).

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factories ameNdmeNt Bill uNlikely to Be takeN uP iN wiNter sessioN

the Nda’s landmark labour reform Bill to amend the Factories act is unlikely to be taken up in the upcoming Winter Session of Parliament as the standing committee on labour is yet to finalise its report. “We are still examining the Bill and in discussing with stakeholders. the report is unlikely to be finalised soon,” said a member of the House panel. the committee, which is led by BJP MP Virendra Kumar, is understood to have held only two meetings to discuss the Bill. “We have had some discussions with trade-unions. But these need to be more detailed, after which we will meet employers as well,” said the member.

the month-long Winter Session of Parliament is scheduled to start from November 24. the government was hopeful that there would be some movement on the Bill in the forthcoming session but without the recommendations of the Standing Committee, the Bill can not be taken up for discussion. Keen to modernise the country’s labour laws - some of which date to the pre-independence era, the Nda government had introduced the Factories (amendment) Bill, 2014, in august this year during the Budget session of Parliament. the current act was enacted in 1948.

the long-pending Factories (amendment) Bill, 2014, aims to improve safety and health of workers as well as allow women to be employed for night shifts in factories and also increase the limit for overtime hours by workers. the Bill, which seeks to redefine the definition of a factory, was seen as one of the first concrete reform measures taken by the government. the proposed legislation also seeks to lower the criteria for annual leave with

wages to 90 days from the current 240 days as well as provide canteen facilities to factories employing 200 workers.

Hoping to attract investors, finance minister arun Jaitley has recently also announced that the government would further liberalise labour law regulations. “Some aspects of the labour laws in india can certaily be improved and rationalised,” he said at the World Economic Forum meet.

Bosch uPs wages By 33% for strikiNg workers

Even as the ongoing strike at the Bengaluru plant here of Bosch limited entered at third month, the management has enhanced the monthly pay package by 33 per cent, from ̀ 64,000 to `85,000 a month for 7-7.5 hours of work in an eight-hour ashift. Considering the indexing (inflation), the proposed cost to company (CtC) will further increase substantially, the company stated. around 2,500 permanent workers and 370 temporary staff are on strike from September 16, demanding higher wages. the strike has adversely impacted not only the company but also the workmen with heavy financial losses, went the statement. the strike is continuing despite the state government’s order prohibiting it on october 10.

“at present, Bengaluru has by far the lowest productivity amongst the Bosch plants in india. the productivity target in our current proposal is based on international industrial Engineering Standards, and the same is well accepted and followed across all Bosch plants worldwide. implementation of such standards is imperative to ensure the Bengaluru plant’s competitiveness from a long-term perspective” Bosch said. the company’s untrained white-collar employees, who are supporting production during this

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strike, have met these productivity targets, the company said. in addition to enhancement of pay package, the company has also offered to confirm services of 100 of 370 temporary workmen. they currently earn more than the permanent workmen in many related industries, the company said.

oPPositioN slams laBour laws Bill

the labour law amendment Bill 2011 aims to prescribe user-friendly forms and provide for maintenance of registers or records of establishments in computer, floppy or other electronic media and submit the returns via email. Currently, the labour law has limited application for providing exemption from filing returns and record-keeping to establishments employing upto 19 workers. Participating in the discussion, the CPi’s d. raja said, “i am dissatisfied with the bill. this legislation is letting down the interest of labour”. He said that the government cannot undermine the role of trade unions. “So, on december 5, all trade unions have given a call to oppose the labour reforms. i oppose this, i want the government to reconsider (sic),” he said. opposing the legislation the CPi-M’s tapan Kumar Sen said that trade unions had strongly voiced their objections and the bill was never a “production of consensus” as is being claimed by the labour minister. initiating the discussion on the bill, the Congress’ Madhusudan Mistry expressed concern over the implications of the amendments on workers.

raJasthaN laBour reforms

rajasthan may have initiated long-pending reforms in labour laws, but the Centre has said it is unclear whether the state has followed the international norms of consultation with trade unions for some of the amendments. “it is also

not clear whether tripartite consultations have taken place as required under ilo Convention 144,” labourminister Bandaru dattatreya informed lok Sabha on tuesday. the minister was responding to a question on amendments by the rajasthan governments on retrenchment under the industrial disputes act, 1947, and provisions rto redefine the factory under the Contract labour (regulation and abolition) act, 1970, and the Factories act, 1948. the government of Chief Minister Vasundhara raje was the first to begin overhauling india’s archaic labour laws in June this year aiming to lower the compliance burden on factories. the assembly enacted amendments to the industrial disputes act, Factories act and Contract labour act in august, which received Presidential assent earlier this month. according to Convention 144 of the international labour organization, member nations must “ensure effective consultations.... between representatives of the government, of employers and of workers”. india ratified the convention in 1978. Based on a representation, the ilo can take up the matter with a nation at its annual meeting or the ilo director-general may seek an explanation.

a rajasthan government official, however, said, tripartite consultations did take place but the trade unions did not agree to the provisions. “in such a situation, what can we do ? Further, these unions just represent 5 per cent of the labour force and not all workers,” he said. another state official added that such discussions were not mandatory under domestic law. “these amendments are now law, and are based on the suggestions of the Second National Commission on labour,” he said. aK Padmanabhan, president of the Centre of indian trade Unions (CitU), said,

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“the rajasthan Government did not have any consultations with the trade unions... and neither has the Centre called us for any discussions. “trade unions have also contended that doubling the number of workers in the definition of a factory under the Factories act has pushed nearly 75 per cent of the estimated 7,622 factories in the state out of the purview of labour laws. dattatreya told lok Sabha the Centre had “no objection” to other amendments by the state.

laBour laws to Be recast iNto five codes

the government plans to push through labour reforms by revamping existing laws into five broad codes dealing with key issues, as recommended by a panel more than a decade ago, to introduce uniformity of terms and definitions and remove anomalies. all the existing 44 laws will be reclassified into these categories, marking another step in the series of labour reforms kick-started by the BJP government aimed at redefining them and bringing about greater clarity. the government’s plan is based on the Second National labour Commission’s report of 2002, which suggested there should be five groups of laws pertaining to industrial relations, wages, social security, safety and welfare and working conditions.

the ministry has set up an inter-ministerial group for this, which is scheduled to hold its first meeting on Wednesday. “We have prepared a draft on the five codes on labour laws based on the recommendations of the Second National Commission on labour and this will now be reviewed by the inter-ministerial group set up for the purpose before we come up with a final note”, a senior labour ministry

official told, requesting anonymity. according to an official, this will bring about clarity in the laws. “this is pro-labour as well because the labourer would now find it easier to seek recourse under the standard definitions and the introduction of uniform codes would remove differences existing across 44 acts governing employment of labour in the country as of now,” the official added. the commission was of the view that the coverage as well as the definition of the term ‘worker’ should be the same in all groups of laws, subject to the stipulation that social security benefits must be available to employees, including administrative, managerial, supervisory and others excluded from the category of workmen or not treated as workmen. the inter-ministerial group will be chaired by the additional secretary in Ministry of labour and Employment and will include representatives from department of industrial Policy and Promotion, textiles, commerce and the Ministry of Small and Medium Enterprises.

No New laBour law ameNdemeNts iN wiNter sessioN

the Narendra Modi - led National democratic alliance government is not ready to bring immediate changes to more labour laws in the Parliament session that begins on Monday. the Union labour ministry has set up four inter-ministerial groups to recommend changes in the Contract labour act, Small Factories act, inter-State Migrant Workmen act and Minimum Wages act. However, sources said it is not possible to bring these amendments in the winter session. “once these laws are reviewed by the interministerial groups, they will be sent for approval to the Cabinet and then introduced in Parliament,” said arun Kumar Sinha, additional secretary at the Union

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labour ministry, who heads the committees. apart from the labour ministry, the committees have officials from other ministries, including commerce and textiles, and the department of industrial policy and promotion. Changes in the Contract labour act seek to bring parity in wages, social security benefits, holidays and hours of work among contract workers and permanent employees. also the contract between the worker and the principal employer will mention these aspects.

a senior government official said it was unlikely the definition of workers covered by the act, as suggested by the rajasthan government, would be looked into. according to the revised rajasthan law, the Contract labour act will apply to firms hiring 50 or more people, against 20 now. this was intended to allow industries to hire more temporary workers without passing on to them the benefits contract workers are entitled to. the official, who did not wish to be named, also ruled out setting up of an inter-ministerial group to review the industrial dispute act to ease retrenchment norms. an inter-ministerial group will look into the draft Bill of the Small Factories act, which has combined 14 existing labour laws into a single one. any establishment employing less than 40 workers will be covered by this law. the Bill is aimed for easy compliance by micro, small and medium enterprises (MSMEs). “these changes are aimed at boosting growth in the MSME sector as laws for small factories should be different and simplified,” said a ministry official. the draft of the Bill was circulated for public opinion till November 10. the committee will look into the suggestions received and make further recommendations. Changes to the inter-State Migrant Workmen act seek to make the law “gender neutral” and

BaNkiNg NewscoNsumer forum dismisses PuBlic sector BaNks defeNce that saturdays are Not full workiNg days

a public sector bank will have to shell out `20,000 for a two-day delay in sending a cheque deposited by a private limited company for clearance. the Central Mumbai district Consumer Forum last week held Bank of india guilty of deficiency in service. the bank had belatedly forwarded a cheque deposited by avron Chemicals Private limited for clearance. the forum directed the bank to pay the company `15,000 as compensation and `5,000 as litigation cost. according to the company’s complaint, it had on July 5, 2012, deposited a cheque for `18.09 lakh

offer social security to migrant workers. “the committee will look into suggestions made by the parliamentary standing committee on this law”, said the official. the United Progressive alliance government had introduced the Bill in the rajya Sabha in august 2011 and it was later referred to the standing committee. the committee has sought a review of “substantial issues” like registration, passbook, payment of minimum and equal wages, journey and displacement allowance, free medical facilities, and suitable residential accommodation for migrant workers. the Union labour ministry had made public the proposed changes to the Minimum Wages act in June and had sought suggestions. the committee has been asked to look into the responses received. the proposed changes seek to set a statutory national floor on minimum wage for all states. this will be linked to retail inflation and reviewed every five years.

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for clearance with Bank of india’s Naigaon Cross road branch. the following day, the company issued two cheques - `19 lakh in total - to an individual. But on July 7, when the cheques were to be encashed, the bank officials told the company that there were insufficient funds in its account to clear the cheques.

the company officials then claimed to have made an enquiry with the branch manager, but did not get a satisfactory reply with regard the cheque of `18.09 lakh it had first deposited. they then discovered that the bank had not forwarded the cheque for clearance on the same day - July 5 - but instead forwarded it two days later. When the cheques issued to the individual were returned after being dishonoured, the company approached the consumer forum and sought compensation for the delay on the part of the bank. the bank contested the complaint, claiming the cheque deposited on July 5 was sent for clearance the very next day.

it further contended that as per the bank’s policy, funds become available in the account on the third day after the cheque is deposited. in this case, the third day after the cheque was deposited happened to be Saturday and as its cheque clearance branch did not work for the full day, the funds were only available on July 9, it said. the consumer forum, however, held that as per the bank’s own policy, funds should be made available on third day of depositing the cheque and therefore in this case the funds should have been credited in the company’s account on July 7. Holding the bank guilty of deficiency, it further observed that a bank cannot give the excuse that Saturday was not a full working day and therefore there was a delay in crediting the company’s account.

BaNk held liaBle for demaNdiNg false dues from customer

a consumer redress forum here had held iCiCi Bank liable for deficiency in service, after the bank demanded payment of dues from a customer for a credit card that did not belong to him. the bank has also been held responsible for withholding the clearance of complainant Mohammed tanveer’s housing loan for non-payment of the dues. after hearing the complaint by tanveer, a resident of Marathahalli, the 2nd additional district Consumer disputes’ redressal Forum directed the branch manager of iCiCi Bank, Bommanahalli, not to demand `95,240 towards the credit card bill and instead pay the complainant `5,000 as litigation expenses. according to the complaint, tanveer had taken a housing loan from the Bank. he then started receiving messages and calls from the bank asking him to pay `95,240 for his pending credit card bills, even though he had not availed himself of a credit card facility.

When he approached the bank for a detailed statement, there was no response. Going a step further, the bank informed him that his housing loan account was attached to the credit card and the No objection Certificate (NoC) would not be issued unless he cleared the outstanding amount, the complaint said. tanveer then approached the forum on July 6, 2013, seeking an investigation into the matter. He said that the e-mail and the phone number attached with the credit card did not tally with his details. He alleged that he was being harassed by the bank as he frequently received SMSes and calls demanding the money. the bank, however, denied the allegations, calling them “false and baseless”. the bank said that it was the complainant’s duty to prove

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that the said card did not belong to him. the forum, after hearing both the sides, ruled on November 11, 2014, “the Bank has failed to establish that the complainant has obtained a credit card. it ought to have produced the documents pertaining to the complainant obtaining the credit card and his bank loan account number.”

on the housing loan, the forum observed, “it is different from the credit card transaction and without the instructions of the complainant, the bank cannot attach the housing loan account to the card account. When the complainant has cleared the housing loan, it is the bounden duty of the bank to issue a no due certificate. it cannot be attached to the credit card transactions.” it has directed the bank to clear tanveer’s loan account.

PaymeNt BaNks set to go live

Payment banks will be permitted to accept demand deposits, initially restricted to holding a maximum balance of `1,00,000/- per individual customer, issue atM / debit cards, but not credit cards according to the final licensing guidelines issued by the reserve Bank of india. the guidelines permit a large variety of entities from corporate business correspondents (BCs), mobile telephone companies, super-market chains, real sector cooperatives etc. to set up payment banks. Existing Non-Banking Finance Companies (NBFCs), MFis and local area Banks (laBs) that are owned and controlled by residents can also opt for conversion into small finance banks. the minimum paid-up equity capital for payments banks shall be `100 crore and the promoter’s minimum initial contribution to the paid-up equity capital shall atleast the 40 per cent for the first five years from

the commencement of its business. Foreign shareholding would be as per the Fdi policy for private sector banks as amended from time to time.

among the dont’s, the payment banks will not be allowed to undertake lending activities and apart from maintaining Crr with the reserve Bank. they will have to invest minimum 75 per cent of its “demand deposit balances” in Statutory liquidity ratio (Slr) in eligible government securities/treasury bills with maturity up to one year and hold maximum 25 per cent in current and time/fixed deposits with other scheduled commercial banks for operational purposes and liquidity management. rBi has invited applications till January 16 from those interested in setting up payment banks or small finance banks.

Private BaNks lag Psu leNders iN accouNt oPeNiNg

Private Sector Banks are clearly unable to keep up with public sector banks when it comes to the race to open bank accounts for the Pradhan Mantri Jan dhan Yojana (PMJdY).Public Sector Banks are shining on this front, having opened 6.01 crore accounts out of the 7.46 crore PMJdY accounts opened till mid-November. Major private sector banks have managed to open only 0.2 crore accounts, data available with the Finance Ministry showed.

the other category that has put up a good show are regional rural banks. they have opened 1.25 crore accounts till date. But the main cause of concern still remains : nearly 75 per cent of PMJdY accounts or 4.50 crore

out of the 6.01 crore accounts opened by

public sector banks have zero balance. in

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BraNch visits

BangalorE

Com. K.B.d. Sharma, Joint Secretary along

with Com. Sreedhar Naik, our asst. Secretary,

Com. rajendra, Com. Shashikala both EC

members, Com. Sumathi, Com. lingappa

and Com. ranga our representatives to

the committee visited our Bangalore rMV

Extension, Bangalore branch on 23.11.2014.

a condolence meeting was arranged to pay

respects to our late Comrade Venkataswamy

who passed away on 15th august, 2014.

the meeting was presided over by the

branch head Shri devraj, Chief Manager of

the branch. Highlighting about the latest

developments in the industry and our bank,

the leaders informed the members about the

reintroduction of compassionate appointment

scheme in the banking industry. they

highlighted about the union’s welfare fund

and the enhancement of compensation from

`1 lakh to 2 lakhs w.e.f. 01.01.2015.

later on a cheque of `1 lakh was handed

over to the bereaved family of Com. Venkata-

swamy by our branch secretary of the branch

Com. Prasanna Kumar.

PUnE

CBEU Welfare Fund cheque of `1,00,000/-

(`one lac) handed over to Shri ashish

Makade brother of late Sandesh Makade

by asst. General Manager Shri Hatwar in

the presence of Com. Gajanan Padki, Vice

President at Camp Branch, Pune.

the case of major private banks, the number

of accounts with zero balance stood at 0.14

crore. For rrBs, the number of zero balance

accounts stood at 0.98. till mid-November,

the number of ruPay cards issued stood at

4.22 crore. as many as 3.24 crore cards are

yet to be issued. State Bank of india leads

with over one crore accounts. Eight banks

opened 30 lakh to one crore accounts each.

these include, Bank of Baroda, Canara

Bank, Central Bank of india, Punjab National

Bank, Bank of india, Syndicate Bank, Union

Bank and United Bank. While 11 banks each

opened between 10 lakh 30 lakh accounts,

14 banks opened less than five lakh accounts

and six banks opened 5-10 lakh accounts.

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circular kNowledge

1. supply of shoes and socks to employees in the subordinate staff cadre (Ho

Circular No. 868/2014 dt. 08/12/2014:

Branches are advised to supply one pair of shoes and two pairs of socks to confirmed employees

in the subordinate cadre including drivers, Electricians and permanent part-time employees on

graded scale wages for the period from 01.11.2014 to 31.10.2016. Female employees who

are confirmed in the service would be provided two pairs of slippers(chappals) in lieu of shoes/

socks. the cost ceiling for the shoes/socks/slippers are as under:

one pair of shoes - ̀ 1000.00; one pair of socks - ̀ 75.00 ; two pairs of slippers - ̀ 1000.00

2. obtaining Noc for availing loans (Ho Circular No. 876/2014 dt. 15/12/2014:

in order to reduce lead-time in transit, processing and sanctioning of NoCs, new module for

NoC has been developed in HrMS so as to enable the employees to apply for NoC for any

loan other than Staff loans through HrMS. Members are requested to note the same and avail

the benefit.

3. corp vidya scheme – loans shall not be classified as NPa during initial repayment holiday period for not servicing the interest (Ho Circular No. 886/2014

dt. 20/12/2014):

if the borrower services the monthly interest within 30 days of debit, he is eligible for interest

concession at 1%. However the loan shall not be classified as NPa merely by virtue of not

servicing the interest during the initial repayment holiday period though the borrower might

have agreed to service the monthly interest and the same has been stipulated in CSi.

4. relocation of holiday home at shimla (Ho Circular No. 890/2014 dt. 24/12/2014:

Please note the address of New Holiday Home at Shimla which is as under:

Guest House of Col. K.r. Chauhan, #57, Parimahal, Kusumpti, Shimla-9; Mobile: 09816137368

5. cut and soiled Notes – Need to maintain at zero level (Ho Circular No. 901/2014

dt. 30.12 2014:

the branches should continue to exchange cut and soiled notes with general public as a

customer service measure as per extant guidelines issued by rBi. Such notes accumulated shall

be remitted to the Currency chest and currency chests in turn shall remit the same to rBi as per

extant procedure. the branches as well as currency chests shall ensure that the cash holding

is always well within the Cash retention limit.