canara bank retired officers’ association (regd.)cbroa.co.in/pages/n b april 2019.pdf · with...

CANARA BANK RETIRED OFFICERS’ ASSOCIATION (Regd.)(Registered under Trade Union Act 1926) (Affiliated to AIBPARC)

1 & 70, First Floor, 9

Phone: 080

CBROA / News Bulletin / April

Dear Friends,

WE HAVE CROSSED A MILESTONE. OUR ASSOCIATION IS A STRONG

FORCE OF MORE THAN 10,000 MEMBERS

We are extremely happy to inform you that we have achieved the long cherished dream of

crossing 10,000 memberships

retired Officers of our Bank under the banner of our Association way back in 1996 and we could

register a steady growth in the membership. It was our dream to achieve the magic figure

before we went for the XI Biennial Conference held at

whisker. Our Office bearers, Regional Secretaries, our activists and well wishers have

contributed immensely in strengthening our Association by enrolling our retired co

members of our Association. This achievement is a result of hard effort made by all our Office

bearers across the country, who took it as a challenge and a passion to enroll the retired and

retiring Officers as members.

Kudos, may it is a poor word to describe the monumental work done by all our Office bearers,

activists, well wishers and hearty Congratulations to all of them, for this stupendous

performance.

Our Office bearers, activists have proved that success is no accident

perseverance, loyalty and persistence and most of all, love of what one is doing. Today we have

our representatives in every nook and corner of the country, barring one or two states and our

Office bearers, activists ever

responded spontaneously and positively to the enrolment drive and all of them carried out the

tasks entrusted to them willingly. Our Office bearers, activists

not become a reality through

his/her mind, heart and soul in the task entrusted to them and today our dream of attaining

membership strength of more than 10,000 has become a reality. This achievement is a

testimony to the fact that there is a powerful

unleashed, can make any vision, dream or desire a reality. The top leadership at the Central

Office had the belief that success is never attained by one

of people. We have firm belief in the team

“The way a team plays as a whole determines its success. You may have the greatest bunch of

individual stars in the world, but if t

This milestone has catapulted us to one of the largest organization of our apex body AIBPARC

1

CANARA BANK RETIRED OFFICERS’ ASSOCIATION (Regd.)(Registered under Trade Union Act 1926) (Affiliated to AIBPARC)

Registered Office:

1 & 70, First Floor, 9th

Main, Jayanagar III Block, Bengaluru

Phone: 080 – 26640003 Email: [email protected]

BROA / News Bulletin / April/ 2019


FORCE OF MORE THAN 10,000 MEMBERS


memberships for our Association. We started our journey for galvanizing the



we went for the XI Biennial Conference held at Mangalore but we missed the target by a


contributed immensely in strengthening our Association by enrolling our retired co



ng Officers as members.

ay it is a poor word to describe the monumental work done by all our Office bearers,


Our Office bearers, activists have proved that success is no accident



Office bearers, activists every loyal and ever dedicated to the cause of the Association,


tasks entrusted to them willingly. Our Office bearers, activists have proved

y through magic; it takes sweat, determination and hard work. Everyone put



imony to the fact that there is a powerful driving force inside every human being that, once


Office had the belief that success is never attained by one person; success is achieved by a team

of people. We have firm belief in the team work and our belief is entrenched in the saying that

way a team plays as a whole determines its success. You may have the greatest bunch of

individual stars in the world, but if they do not play together the club won’t be worth a dime.”


CANARA BANK RETIRED OFFICERS’ ASSOCIATION (Regd.) (Registered under Trade Union Act 1926) (Affiliated to AIBPARC)

Main, Jayanagar III Block, Bengaluru – 560050

26640003 Email: [email protected] Date: 03.04.2019



for our Association. We started our journey for galvanizing the



but we missed the target by a


contributed immensely in strengthening our Association by enrolling our retired colleagues as



ay it is a poor word to describe the monumental work done by all our Office bearers,


and it is hard work,



ever dedicated to the cause of the Association,


have proved that a dream does

it takes sweat, determination and hard work. Everyone put



inside every human being that, once


uccess is achieved by a team

our belief is entrenched in the saying that

way a team plays as a whole determines its success. You may have the greatest bunch of

hey do not play together the club won’t be worth a dime.”


2

and the credit of achieving this is given to every individual Office bearer, activists and well

wishers who have made it a passion to bring all the retired / retiring Officers under the banner

of our Association.

Well friends, having achieved the dream, it should spur us to embark on a mission to bring

cheers to all the retired Officers and employees of our Bank and our campaign to bring more

and more cheers, comfort and happiness to all the retired colleagues of our Bank in particular

and at the industry level in general, will continue with added vigour, enthusiasm, commitment,

conviction, dedication and devotion. This is an occasion for all of us to resolve to move forward

with a sense of purpose, clear vision under the banner of our apex body AIBPARC and add

strength to the campaign of realizing our long pending demands of updation of pension,

improvement in family pension, a comprehensive medical insurance policy for all the retirees of

the bank, 100% DA Neutralisation to those who retired prior to 01.11.2002, an option for

pension to those who resigned from service of the bank after completing pensionable service of

20 years and above etc.

Our team of Office bearers all over the country have been discharging their duties with a sense

of absolute commitment, self-discipline and social consciousness and by espousing the cause of

retired Officers and employees; we have been able to earn the admiration and appreciation of

the retirees’ fraternity in our Bank and at the industry level. This occasion should further

strengthen our resolve that we will never be wanting in our commitment and passion to bring

all the retired Officers of our Bank under the banner of our beloved Association and effectively

co-ordinate the movement of retirees under the banner of AIBPARC.

We have the confidence that the entire team of Office bearers, activists and well wishers will

take the banner of our beloved Association to greater heights of glory in the days to come,

through sustained hard work, perseverance, loyalty and persistence. This success should spur

us to make our Association the only hope of retired Officers of our Bank and further strengthen

it through increased level of involvement, commitment and conviction.

Our Mission 2021, the Silver Jubilee of our Association: Bring all the retired Officers of our

Bank under the banner of our Association. We believe in the team work and we have a

strong belief that “Coming together is beginning, keeping together is progress and working

together is success.”

With best wishes to all our Members and their families. We also wish all of you a happy,

healthy, joyous Ugadi and a year filled with all good things that bring you cheers and comfort.

Yours sincerely,

(A N Krishna Murthy)

General Secretary.

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AIBPARC News: (Circular No.18/19 Date 08.03.2019)

*AIBPARC takes up with IBA the Burning Issues of Retirees: (i) Updation of

pension (ii) Computation of special allowance in calculation of superannuation

benefits.

The Chief Executive Officer,

Indian Banks Association

Cuff Parade, Mumbai – 400005.

Respected Sir,

Sub: (i) Updation of pension (ii) Computation of special allowance in calculation of

superannuation benefits.

We, the retirees of the Banking Industry, are deeply enthused to note the contents of memo

no. F/11/5/2001-IR dated 05.03.2019 signed by Shri Sanjay Kumar Mishra, Under Secretary to

Govt. of India, DOFS, Ministry of Finance addressed to the Governor of RBI in terms of which

RBI has been allowed to amend its Pension Regulations with regard to revision of pension and

the mode of calculation has also been suggested.

Before taking up the issue with Government of India, we consider it prudent to write to you for

the simple reason that most of the relevant documents are lying in your office. Much before

Bank Pension Regulation came into existence, there had been series of meetings between top

officials of IBA and representatives of workmen and officers’ organisations. All such discussions

are duly minuted. We are quoting from some such documents to show that Bank Pension

Regulation is based on RBI/Central Govt. patterns.

Memorandum dated 29.10.1993 signed by IBA and leaders of workmen : “ The pension scheme

agreed on to be broadly on Central Govt./RBI pattern and details of the scheme will be worked

out.”

Minutes of the meeting of small committee on pension held on 26.03.1994 signed by R N

Godbole and others with top officials of IBA.

“This (formulation of Regulations) was to be done on similar lines as Reserve Bank of India

Pensioners and Central Civil Service (Pension) Rules applicable to Central Govt. employees by

making suitable modifications in relation to its applicability in the banking industry.”

There is a common clause in both the minutes which says “Provisions will be made by a scheme

to be negotiated and settled between the parties to the agreement for applicability, qualifying

service, amount of pension, payment of pension, commutation of pension, family pension,

updating and general conditions.”

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From the above quotations, it is clear that Bank Pension Regulations was formulated on the

pattern of RBI/Central Govt. When Govt. has already approved updation of pension in case of

employees and officers of RBI, we call upon all concerned to apply their mind once again on this

long-neglected demand of bank pensioners and act fast in a pro-active manner. It would be our

earnest request to you to please forward all the referred documents to Govt. of India with

necessary recommendations.

2. Reckoning special allowance for terminal benefits: Your kind attention is drawn to the

judgment of Supreme Court delivered on 28th February, 2019 where it has been held that

when a special allowance is paid to all employees, whether on duty or on leave, it is nothing but

basic wages and has therefore to be reckoned for computation and contribution to Provident

Funds of employees by employer. Applying the same judgment, special allowance introduced in

10th Bipartite settlement has to be reckoned for payment of gratuity and pension. This

judgment bears reference no. Civil appeal 6221 of 2011 filed by Regional Provident

Commissioner (ii), West Bengal and various other companies. This is our earnest request to you

to examine the referred judgment in its true spirit and by following an honest litigation policy,

the issue may please be resolved through bilateral negotiations.

Considering the urgency, we are sending the letter by email and the hard copy will go by speed

post.

With kind regards,

(SUPRITA SARKAR)

GENERAL SECRETARY

*AIBPARC 3rd Triennial Conference was held on 30th & 31st March at Chennai. 30th March 2019

Inaugural Session was inaugurated by Justice Paranthamam. AIBOC GS Mr. Sowmya Dutta was

the Chief Guest. Mr. Ramesh Babu (SBI), Mr. P K Sarkar, former President, AIBOC, Mr. G D

Nadaf, former GS, AIBOC Mr. Deshpande, President, AIRBF were other Guests. AIBPARC

President, Mr. K V Acharya presided over. AIBPARC GS, Mr. Suprita Sarkar & other Office

Bearers of TN AIBPARC State Committee were also on the Dias.

More than 1200 Retirees attended the Inaugural Session. General Secretaries / Office Bearers

of Officers Associations of Syndicate Bank, Indian Bank, IOB & TN AIBOC State Secretary have

also graced the function. All the speakers were in unison in declaring that the issues of Retirees

& Pensioners are just & should be considered by the Union Govt.

31st March 2019: The business Session commenced with the Presidential Address by Mr. K V

Acharya after calling the House to Order & he directed Mr. Suprita Sarkar to present GS Report

to the House. 36 Delegates spoke on the GS Report. The President called upon Mr. A N Krishna

Murthy to speak on behalf of all the Governing Council Members.

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The GS Report, Accounts of previous 3 years, Appointment of Auditors, Amendments to

Constitution/Rules/bylaws & Various Resolutions were presented & passed by the

Unanimously.

Thereafter, the present body was dissolved & all the Office Bearers for the next term were

Elected Unanimously. We congratulate all the Office Bearers. Overall, the Chennai Conference

was a grand success.

Happy to inform that CBROA has got the following posts.

1. Working President - Mr. K B Ballur

2. Senior Vice President - Mr. P V L N Sarma

3. Vice Presidents: - i) Mr. A G Kulkarni

ii) Mr. R M Joshi

4. Joint general secretary: Mr. A N Krishna Murthy

5. Deputy General Secretaries:

i) Mr. R Mohan

ii) Mr. A R Rakshit

iii) Mr. Ambalal Patel

iv) Mr. Umesh Kumaria

v) Mr. Gopal Pattanayak.

Photos of AIBPARC Conference:

Inaugeral Session Mr. B V Pai, CBROA Vice president in the audience

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A view of CBROA delegates. CBROA VP Mr. R M Joshi & AGS Mr. Bhale Rao in audience,

Behind VP Mr. Kumaria, DGS Mr. Ramani & Mr. Vidhumohan

Another view of crowd. New Office Bearers of AIBPARC

*Updation of Pension in RBI: (G S Report – AIBPARC Conference)

The hopes & aspirations of the pensioners of the Banking Industry have touched the sky height

after knowing the very favorable developments in RBI regarding updation of pension. Members

are aware that litigation was continuing for a long time at Mumbai High Court & Supreme Court

over the issue. The key point of consideration was whether the officials of Ministry of Finance,

Govt of India are empowered to thwart or stop the implementation f a unanimous resolution

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passed at the Central Board of RBI. In both cases, the Courts held that RBI was an autonomous

body & its decisions could not be altered & amended by the officials of Ministry.

After a prolonged struggle both in the physical & legal front, the employees & Officers won the

battle. The most striking point is that all the unions/ associations of the serving employees &

Officers did a heroic battle to achieve the goal. They not only succeeded to improve family

pension to 30 percent but also could reduce the minimum qualifying service for full pension to

20 years. At long last , on 5th March, 2019, the under Secretary to the Ministry of Finance

conveyed to Governor, RBI to make necessary changes in the Pension Regulations for effecting

updation of Pension with prospective effects.

Immediately on perusal of the letter, we have represented & wrote Chief Executive of IBA to

forward the copies of minutes which were signed by the leaders of workmen & Officers with

officials of INS in the years 1993 & 1994 to Ministry of Finance with their recommendations for

updation of pension & in both the minutes, there is clear cut mention that the Pension

Regulations in bank will be based on the pattern of RBI / Central Govt. We firmly believe that

our demand for updation will be further strengthened by the happenings of RBI.

CBROA News:

*Members Meeting at Jabalpur: On 1st March 2019 we had conducted CBROA meeting of Jabalpur region at Indian Coffee

House, All our members were present except two who were not at station. We welcomed our

newly joined life member of CBROA Mr. Arun kr. Gupta. Various issues were discussed which

we gathered from CBROA circulars, news bulletins and activities and mostly focused on Pension

issue. Shri Kishore Kumar Varma informed about the Conference held at Mangalore and given

thanks to team Mangalore for making excellent arrangements.

While concluding the meeting our Asst. Gen. Secretary Mr. Ravindra Kumar Gupta informed the

latest position of legal fund, membership status in Madhya Pradesh and requested all the

members to focus on new membership, contribution towards Legal Fund & Welfare Fund. He

also informed members that CBROA team Vellore had helped him a lot when his wife was

taking treatment at Vellore Hospital. He thanked Vellore team for their kind help. He further

requested to all members to maintain unity and help each other in case of difficult time. (Subroto

Roy, R S, Jabalpur)

*Open Air meeting of Ahmadabad Unit Members:

We had conducted meeting of local members at LAW GARDEN, AHMEDABAD. 30 members

were present. Detailed briefing was done by Mr. J G Parmar, C C Member on various issues and

specifically, on UPDATION of PENSION and FAMILY PENSION. It was decided to hold AGM of our

local Forum on 13/04/2019. The meeting was chaired by Shri K D Patel, Senior member &

former Office Bearer. Meeting was concluded with vote of Thanks .Light refreshments and

tea/coffee we're served. (J G Parmar, CC member)

8

*Members Meeting at Rourkela: (Team Odisha)

Mr. Gopal Pattanayak, DGS of CBROA and other Leaders / activists had organised a meeting of

Rourkela City & surrounding area members at Birsa Road, Rourkela branch. Twenty members

attended the meeting. The meeting was addressed by Mr. Gopal Pattanayak and he spoke on

issues of retirees like updation of Pension, improvement in Family Pension, IBA Medical

Insurance, creation of Legal Fund…… etc. He clarified the various queries raised by the

members. It is heartening to note that 12 members, out of 20 members attended the meeting

had generously contributed Rs 1000/- each to Legal Fund. Few non members who attended the

meeting enrolled themselves to CBROA. Meeting ended with vote of thanks by Mr. Felix Xalxo.

*VIJAYAWADA Region members Meeting:

The meeting was held at RSTC, Vijayawada on 21.03.2019. 23 members attended the meeting.

Mr. P V L N Sharma, Vice President of CBROA was the chef guest. Mr. Phaneendra CC Member

welcomed the members and informed the house about the latest membership position of

CBROA as well as Vijayawada region & thanked the members for their help in canvassing

members to CBROA. He also thanked members for their whole hearted contribution to Legal

Fund.

Sri P V L N Sharmaji, Vice President spoke for more than one hour covering various matters

relating to retirees viz., updation of pension, family mention, IBA medical insurance, creation of

Legal Fund….etc. He specifically advised members to be more cautious while replying letters

received from Bank calling for explanation regarding the irregularities if any noticed after the

date of retirement.

Sri MS Prasad, DM and Sri Bhaskar Reddy, DMs retiring by March end have attended meeting as

special invitees. They assured their membership to CBROOA. Sri ASN Reddy former president

of CBOA and Sri U S Murthy also participated in the deliberations. The meeting was concluded

with vote of thanks proposed by Sri M Jayaraju. (Mr. P Phaneendra, CC member)

*UDUPI Unit Members meeting: Members meeting of Udupi Region held on 22.03.2019 at Canara bank Regional Office, Udupi.

Twenty members attended the meeting. Mr. B M Kamath, Chairman of Udupi Region had

presided over the meeting. Mr. Chandrasekhar Adiga, recently retired DM and new member of

CBROA had also attended the meeting. The meeting was addressed by Mr Yogeesh Bhat, AGS

of CBROA and he informed members about retiree’s issues and the latest development.

Sri H Ganesh Kamath, staff no 2686 (Life membership no 2698) who has Attained age of 75+ on

02/01/2019 was honoured in the meeting. Sri B M Kamath, Sri Chandrasekhar Adiga Retired D

M, & Yogeesh Bhat AGS honoured Kamath & his wife. Sri K R Bhat & Sri P D Nayak who had

worked with Mr Kamath recollected memories of their association with Kamath. Sri Ganesh

Kamath narrated a few incidents of his association with the executives / Colleagues and

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expressed his heartfelt thanks to CBROA for still remembering him and honouring members

like him on attaining the age of 75. (Team, Udupi)

*We are happy to inform our members that Sri N S Srinath, former ED of Bank of Baroda and

General Manager of our Bank and also our Member is appointed as Non-Executive Chairman

of Karur Vysya Bank Ltd. CBROA wishes him all success in all his future endeavours."

*Bipartite Talks, Retirees Demands, Pension Updation Case….:

Dear Members,

We are aware that the Election Commission of India has announced the Schedule of holding

elections to Lok Sabha & hence, there will be very little progress as far as 11th BPS talks are

concerned, wherein our Issues are likely to be discussed. It's on record that AIBOC has taken a

conscious & right decision to keep away from any meetings with IBA/UFBU until & unless the

issues of fractured mandate & Updation of Pension & improvement in Family Pension are

resolved. Further, all the 4 Officers Organisations have jointly taken up the matter with the

UFBU Convener requesting him to call for meeting to convince the other Constituents of UFBU.

The impending threat of Workmen Unions deciding to sign Wage Settlement for Award Staff

separately is put on hold for the present. AIBOC is likely to chalk out some action plans in this

regard & it shall be our responsibility to extend our wholehearted support for any such

programs, as AIBOC is the only hope of Retirees/Pensioners in the Industry now.

There are some indications that Improvement in Family Pension is likely to be resolved during

the wage settlement. In view of the action of the Union Govt. permitting RBI to update pension

for its pensioners, our Apex organisations are putting pressure to make it applicable to us also.

The case filed by Mr. Sampath Kumar, VP of CBROA at the High Court of Karnataka demanding

Updation of Pension is admitted & the notices have been served to the Respondents, the

Advocate for Canara Bank has appeared before the Court & other respondents are yet to file

Counter. We have requested our Advocates to prevail upon the Court to expedite the process.

We are thankful to our Members for having donated to the Legal Fund created to fight the

legal battle/s. Many of our Non Members also have volunteered to donate to the cause.

As we have to build up the Corpus to meet any eventuality, we request our other members to

send their contributions to the credit of CBROA Legal Fund A/c. No. 2725111001888 maintained

at our Mahila Banking Br. Bengaluru by quoting Name, Staff/Membership No.

With Greetings,

A N Krishna Murthy

General Secretary

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*CBROA Membership Position as on 31.03.2019: Number of New Members enrolled during March, 2019 85 The serial number of the last member enrolled during March, 2019 10036

CANARA BANK News: *Canara Bank to raise up to � 2,750 cr via bond issue: (B Line 22

nd Mar, 2019)

State-owned Canara Bank on Friday said it has launched a bond issuance programme through

its London branch to raise up to $ 400 million (about �2,750 crore). “Canara Bank launched a

issuance of 5-year senior unsecured bonds (Medium Term Notes) to the extent of $ 400 million

under Medium Term Note (MTN) programme, through its London branch on 21st March 2019

value date 28th March 2019,” the bank said in a regulatory filing. The bonds are set to mature

on March 28, 2024.

“The funds raised will be utilised for deploying in long-term assets by the bank’s foreign

branches,” it said. Canara Bank said the bonds are priced at 5-year US Treasury plus 170 basis

points carrying a coupon of 3.875 per cent fixed payable half yearly. The bonds will be listed on

the Singapore Stock Exchange, it added. Shares of the bank closed 1.63 per cent down

at �271.70on the BSE.

*Our Bank has Crossed 10 lakh crore Business: Congrats & Kudos to Canbank Family

11

Photo Gallery:

Dehradun: Leaders welcoming new Member to CBROA Jabalpur: Meeting of members on 1

st March, 2019

Rourkela members meeting-address by Mr Gopal Pattanayak A view of gathering at Rourkela on 09.03.2019

Meeting members in a Park at Ahmadabad 09.03.19 One more view of members meeting at Ahmadabad.

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13.3.19: CBOA Bengaluru farewell to retirees of Feb 2019 of

Bengaluru City . All have joined CBROA.

One more view of Retirees of Bengaluru City who joined

CBROA

Welcoming Mr. P V L N Sharmagaru, VP of CBROA Vijayawada

meeting on 21.03.19

P Phaneendra CC member welcoming Mr M S Prasad, Retiring

DM to CBROA meeting.

Bhubaneswar Unit had organised Health Check up Camp on 23.03.2019 at Circle Office Bhubaneswar.

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22.03.19: Members meeting at Udupi was in progress. Mr H Ganesh Kamath & his wife honoured in the meeting.

Vellalore branch Mr. MANOHARAN, retired & he was

felicitated by CBROA RS Mrs Sudha kalyanasundaram &

obtained membership.

Like wise Madam sudha had obtained the Mr H Shankar’s

membership who took VRS. He was Chief manager of H Q

Road, Coimbatore.

Mr Ushakanta Mohanty, Div Mgr, ZI Kolkata isbeing welcomed

to CBROA by Kolkata CBROA Team

Mr Muralivenkatesan officer retired on 31.03.19 from

Sengundram br is being welcomed to CBROA by Vellore team.

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Mr R Ravichandran mgr retired from Kavanur br is being

welcomed to CBROA by Vellore team.

Mr Jagdish Chandra Dey, CBROA Life Member attained the

age of 75+ years. He was honoured at his residence by

Kolkatta team recently.

Mr Bipin Bihari, Sr Mgr, CO, Patna retired. CBROA Patna Unit

honoured him & Obtained his membership.

Mrs Geeta Devi Agrawal Officer , Jabalpur retired & she was

welcomed to CBROA by CBROA Jablapur Unit.

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Above: CBOA Office bearers from Bengaluru & Mysore have on 20.03.2019 visited, Pulwama Martyr Sri Guru’s

House at Gudigere village, near Maddur, Mandya District, Karnataka and paid tributes to the martyr and donated

Rs 57000/- to mother of Mr. Guru. (Mr. Jagdish, VP, CBOA)

Other Banking News:

*SBI customers can now make ATM withdrawals without debit card : MUMBAI: Customers of State Bank of India will no longer require debit cards to withdraw cash

from ATM. The state-owned lender announced Friday that the customers can generate a one-

time pin (OTP) on their mobile application and use the pin to transact from the bank’s ATM.

The service currently will be available at 16500 ATMs, with bank making “minor up gradations”

on the rest of its ATMs to widen the facility to 60000 ATMs across the country in the next three

to four months, Chairman Rajnish Kumar said. The second phase of the project will have the

bank integrate the technology to more cash distribution points.

In the next one year, we expect the technology to be available at over one million cash points,”

said Kumar.” Once all ATMs are integrated we will proceed to make the technology available at

all vendor cash points, Point of Sale (POS) devices and micro-ATMs run by our business

correspondents.”

Customers can initiate the two-step cash withdrawal process through their SBINSE 0.25 %

YONO app and generate a six-digit OTP. The generated pin has a half an hour validity during

which the custom .authenticate the transaction using their pre-set YONO pin and then enter

their six-digit OTP.

“The service can be used by a customer only on one device. We’re using a two-factor

authentication process and generating a six-digit pin. It is the highest standard of security,” said

a senior official at the bank. “We want to protect our customers from potential debit-card theft,

cloning and other frauds. We have found this to be a safer more

alternative for ATM transactions than debit cards,” he said. The maximum one-time withdrawal

limit on YONO cash transactions has been set at Rs.10000 and a customer can make only two

such transactions a day.

16

*RBI delays implementation of new accounting rules again: India delayed the introduction of tough new accounting rules for the second year running, in a

move that will spare the country’s banks from adding another layer to the $190 billion pile of

bad loans on their books. The Reserve Bank of India said late on Friday that legislative

amendments needed to implement the new Indian Accounting Standards are still under

consideration by the government. Accordingly, it has been decided to delay the implementation

of the rules until further notice, the RBI added in a statement on its website. (Business Line March

23, 2019)

*SC refuses stay on banks merger: Clearing decks for the scheduled merger of three public sector lenders — Vijaya Bank, Dena

Bank and Bank of Baroda — the Supreme Court on Thursday refused to stay the amalgamation.

The top court dismissed the applications filed by several bank officers’ associations for staying

the merger, effective April 1. The proposed amalgamation will make Bank of Baroda the second

largest public sector bank after State Bank of India. (B Line: Published on March 28, 2019)

*Vijaya and Dena make BOB 2nd

largest lender: (Times 01.04.2019, p 13)

MUMBAI: With Dena and Vijaya banks merging into Bank of Baroda (BoB) from April 1, the

state-owned institution has consolidated its position as the second-largest public sector lender

on all fronts after SBI. The bank now has a balance sheet of over Rs 15 lakh crore, 9,500

branches and 13,400 ATMs.

For corporate borrowers of Dena Bank, the merger comes as a major relief. These customers

were earlier finding it difficult to obtain loans as their bank was facing lending restrictions

under RBI’s prompt corrective action (PCA). Dena Bank CEO Karnam Sekar is tipped to join

Chennai-based Indian Overseas Bank, while R A Sankara Narayanan, CEO, Vijaya Bank, is

likely to take charge of Canara Bank in Bengaluru. Branches of Dena and Vijaya banks, which

were both founded by Indian entrepreneurs in the 1930s and nationalised in 1969 and 1980

respectively, will retain their identity for a few months. While they will continue to display their

erstwhile signage, it will now include a strip which says “Now bank of Baroda”.

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