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Hello Jammu News at 6:36:00 PM 0

Hyderabad, May 11: United Forum of Bank Unions (UFBU), consisting of all nine bank unions ( (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO), has decided to observe a two-day Nation-wide strike from May 30 to demand the government for Expeditious and early wage revision settlement for bank employees and officers which is due from November 1, 2017.
About 10 lakh employees and officers from Public Sector banks, Private Sector Banks and Foreign Banks will take part in the strike.
The strike call comes from UFBU after the failure of bipartite talks held with Indian Banks' Assocation (IBA) IN Mumbai on May 5 where the latter offered an increase of 2 per cent over the total wage bill of the Banks as on March 31, 2017 which is rejected by the former.
In order to draw the attention of the Union Finance Ministry, the UFBU had addressed a communication immediately after the talks and sought their intervention. As expected, the Finance Ministry has not responded so far and hence the strike call was given, All India Bank Employees Association (AIBEA) General Secretary Ch Venkatachalam told UNI on Friday.
Mr Venkatchalam said the strike action will begin at 6-00 AM on May 30 , 2018 and end at 6-00 AM on June 1, 2018. 
The UFBU has served strike notice on IBA today. UNI
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Hello Jammu News at 12:49:00 PM 0


Hyderabad, Apr 14 : All India Bank Employees' Association (AIBEA) has demanded the Union Government to Nationalise the ICICI Bank and Axis Bank as there are serious charges of corruption and nepotism in sanction of loans.
In a statement here on Saturday, AIBEA General Secretary Ch Venkatachalam said everyone is by now aware what is the reality about the so called champions of Private Sector Efficiency in ICICI Bank and Axis Bank. Both these Banks together have Deposits of the public to the tune of Rs 9 lakh crore. 
We need to safeguard this public money. They ( government ) talk about better governance in private Banks. ICICI Bank was projected as a role model. What happened to that now. There are serious charges of corruption and nepotism in sanction of loans. 
Mr Venkatachalam said, 'There are repeated suppression of bad loans and under provisioning. All these unethical things are going on for a long time. Just changing the top Executives will not suffice', he added. 
It is high time that Government should come forward to Nationalise ICICI Bank and Axis Bank, the top Union leader said. UNI
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Hello Jammu News at 12:25:00 PM 0


Hyderabad, Mar 22: A delegation from United Forum of Bank Unions (UFBU) met Finance Minister Arun Jaitley in Parliament in connection with Punjab National Bank (PNB) scam on Wednesday.
All India Bank Employees Association (AIBEA) General Secretary Ch Venkatachalam has led the delegation to Mr Jaitley.
In a letter submitted to the Finance Minister, UFBU Chairman K K Nair and Convenor Sanjeev K Bandlish said that necessary and urgent steps have to be taken immediately to bring in the main culprits--Diamond Jewelery Designer Nirav Modi and Gitanjali Group Owner Mehul Choksi to India to take very stringent action against them for defrauding PNB of Rs 12,300 crore.
"You are aware that the entire nation stands shaken by the recent massive fraud that has been perpetrated on PNB. People at large are naturally baffled and perplexed about the manner in which the fraud has been committed on the Bank. It has also affected the confidence and trust of the people about the credibility of our Banks, particularly the public sector Banks. Depositors are getting concerned about the safety of their hard earned savings. Hence we feel that the issue has to be addressed with a broader perspective", the letter stated.
The letter also mentioned that in any system, misuse and abuse is possible either from within or from outside and corrective mechanism is also available. But since this massive fraud has eroded the confidence of the people, we strongly feel that Government should come out with necessary statements and measures that will assure the people that those responsible for the fraud will be punished and the system would be suitably corrected to prevent such occurrences in future and that their money in the Banks in quite safe. UNI
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Hello Jammu News at 2:30:00 PM 0


Hyderabad, Feb 28: All India Bank Employees' Association (AIBEA) on Wednesday suggested Finance Minister Arun Jaitley to convene a a tripartite meeting of the Finance Ministry, Indian Banks Association/Bank managements and Apex Bank Unions (UFBU) immediately under your personal guidance so that concrete and concerted measures are taken in the banking sector.
We request your immediate attention for necessary advice to the Banks not to indulge in mass transfers of officers and employees, AIBEA General Secretary Ch.Venkatachalam said in a letter to Mr Jaitley. 
He said we had sent our communication on 21-2-2018 on the ongoings in the banking sector on account of the NIMOnia fraud in Punjab National Bank. We believe that the issues raised by us are receiving your attention for necessary action.
Already the entire banking sector stands exposed as to its credibility and reputation of being trustees of public money. The huge PNB fraud caused on account of the wanton corrupt activities of billionaire jeweller Nirav Modi in collusion with some bank officials at different levels and compounded by gross negligence in supervision at multiple levels of management, RBI not excluding. The role of auditors also cannot go unquestioned, he said. 
Unfortunately, public sector Banks and the entire workforce are being painted with an uncharitable black brush and we feel that restoring the faith and confidence of the common public in general and banking clientele in particular is the top most priority at the moment.
Mr Venkatachalam said various types of investigations are in process and they will take matters to the logical end. Steps are also required to be taken to secure the dues from Nirav Modi and associates to the various Banks.
In the meantime, as pointed out in our earlier letter, in the name of instructions from Chief Vigilance Commissioner (CVC), Bank managements are busy in transferring the employees and officers. We have no conflict with the CVC guidelines as they are well-intended. We may also inform you that by and large these guidelines are being implemented by the Banks. But there is so much of over-reaction after the PNB fraud and bank managements inform us that they are under pressure to transfer enmasse employees and officers based on the cut-off date of 31-12-2017. 
Every year Banks are undertaking the process based on 31st March cut-off and combining the same along with the recruitments and promotions so that the guidelines are properly implemented.
Because of the unilateral shift in cut-off date, there appears to be more number of staff not transferred but in any case the same would be covered as on 31-3-2018 in the ensuing process. 
But because of recent CVC instructions, bank managements are transferring employees and officers which is unwarranted. Secondly, this month, being the last of the current financial year, is most crucial for every Bank, the top Union leader said. UNI
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Hello Jammu News at 1:57:00 PM 0


Hyderabad, Feb 19: All India Bank Employees' Association (AIBEA) on Monday demanded a CBI inquiry into the Punjab National Bank (PNB) Fraud to book the culprits.
In a statement, AIBEA General Secretary Ch Venkatachalam also demanded a probe to get Banks rid of ‘NIMO’nia ailments in future. The government should keep off PNB Top management from the Bank until fraud probe is completed, he said.
"We demand extradition of Billionaire Jewellery designer Nirav Modi and his associates and to be brought to India to face the trial," Mr Venkatachalam said. 
He said, at a time when Banks are facing the problem of huge irrecoverable bad loans and getting into losses due to provisions to be made from the profits earned, the PNB – NIMO fraud has a huge shock exposing the increasing trend of corporate loot of banks and thus, the people’s money.
He said attempts are being made to dilute the magnitude of the fraud as 'one bank one branch two employees fraud'. Such huge frauds cannot be committed in a simple way that a branch official would give LoU for Rs 11,400 crore in a period of 6 or 7 years without no one knowing about it. No doubt there has been serious complicity of the branch official. But it is naive to believe that no one else is involved in this racket. Atleast it cannot happened without the knowledge of Nirav modi in whose favour these LoUs have been given. The fraud has raised number of questions on technology issues, supervision, monitoring, audit, internal control, etc. besides role of RBI in the whole episode. 
The Top Union leader said how is it that the RBI which carries out a regular audit of the banks, not even smell the fraud, despite the number of years and the volume of money involved? Was the software SWIFT that was used for the fraud approved by the RBI or not for the banking sector? If not, why did the RBI not examine this thoroughly and evaluate the risk? The famous Harshad Mehta scam was because of the so called “innovative” measure of banking receipts that landed the banking sector in deep crisis. 
The Nirav Modi fraud has exploited the new instrument Letters of Undertaking. Is the RBI going to do something about this?, the AIBEA General Secretary questioned. UNI
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