Bank of China may open first India branch in Mumbai

If things go according to plan, then the first branch of Bank of China may open in Mumbai soon.

National Security Advisor (NSA) Ajit Doval has given the security clearance for opening of the bank, and has conveyed this to Maharashtra chief minister Devendra Fadnavis.

Fadnavis had recently accompanied Prime Minister Narendra Modi on a tour of China, where he aggressively pushed for Chinese investments in the state, and had a one-on-one meeting with Bank of China chairman Tian Guoli.

Chairman Guoli, though keen to open a branch in Maharashtra, had raised the issue of security clearance by intelligence wing of the country, which he feared, might cause problems. Fadnavis is learnt to have spoken to Doval who assured the chief minister that he has no objections to the proposal.

The NSA, however, told Fadnavis that Bank of China would have to adhere to the Reserve Bank of India's (RBI) and other regulatory guidelines before setting up its branch in Mumbai for which it has to seek the central bank's permission.

The Maharashtra government wants Chinese investments in developing and financing infrastructure and believes that Bank of China setting up operations in the financial capital would be a first step in that direction

Indian Banks Association wants government to lower rates on small savings scheme

MUMBAI: The Indian Banks Association (IBA) today said it has urged the Finance Ministry to bring down interest rates on small savings schemes such as the Sukanya Samridhi and National Savings Scheme.

"We met the Finance Ministry recently and requested that the rate of interest on government's small saving schemes such as the Sukanya Samriddhi or NSC are at a level from where it should be brought down," IBA chairman TM Bhasin told reporters here today.

He said even the Shyamala Gopinath committee report had recommended that interest rate on these government schemes should be at the secondary market yield of government securities plus 25 basis points.

The rates offered in the various small savings schemes are in the range of 9-9.10 per cent currently.

"Since we have to compete with those schemes in smaller areas, we have requested that there should be some re-calibration of rates so that when banks reduce their rates of interest, there should not be any suffering from diversion of funds from the banking system to other avenues," he said.

Talking on the forthcoming monetary policy review on June 2, Bhasin said he expects some easing in the repo rate and also said the bankers have sought a cut in cash reserve ratio.

"I think with inflation easing there is a possibility that there may be some recalibration of rate. As far as bankers are concerned, the preferable mode is more on passing on the CRR cut which gives us some leeway in reducing the rate of interest on advances because we have surplus liquidity available with us in the system as credit offtake is not there," Bhasin said.

He said since the liquidity condition in the banking sector is comfortable, bankers are not borrowing from the repo window.

"We have always requested RBI that there be some cut in the CRR so that the cost of funds also comes down. We expect 50 basis points cut in CRR," Bhasin said.

He said a 50 basis points cut in the CRR will release around Rs 40,000 crore in the banking system.

ICICI Launches Voice Password Facility

MUMBAI: Country's largest private lender ICICI Bank today said it has launched a service where customers can make transactions using just their voice, without using other means of authentication like a password.

The voice recognition service authenticates customers based on their speech patterns and allows them to execute banking transactions through the bank's call centre, the bank said in a statement issued here.

Customers, in general, use various means of authentication like entering card numbers, answering security questions and entering a personal identification number (PIN) to carry out a phone banking transaction.

"Their voice will now act as the password for banking transactions through the call centre," the statement said, adding that the service is secure.

Over 33 million savings bank and credit card customers will be able to use the service.

"Our decision to invest in this new technology was primarily driven by the objective of enhancing the everyday banking experience of our customers," its managing director and chief executive Chanda Kochhar said.

She added that customers using smartphones find it difficult to enter the 16 digit card number and the 4 digit PIN with accuracy and the hands-free alternative has the potential to increase security and convenience.

The technology solution works on unique 'voice prints' which comprise over 100 characteristics, including voice modulation, speed, accent and pronunciation, which are impossible to imitate, the statement said.

The voice print is stored and matched whenever the customer calls from the registered mobile number, it said.

PQP & FPP- Workmen

PQP & FPP- Workmen

GRADUATION PAY/ PROFESSIONAL QUALIFICATION PAY

For those workmen who hereafter reach or have already reached 20thstage of the scale and have got increments in consideration of educational qualification(s), Graduation Pay/ Professional Qualification Pay shall be payable as under:

Those who are graduates and/or NDC -
Rs.410/- p.m. after they complete 1 year
Rs.800/- p.m. after they complete 2 yearsThose who have passed JAIIB or Part I of CAIB/CAIIB-
Rs.410/- p.m. after they complete 1 year>Those who have passed JAIIB and CAIIB or Both Parts of CAIB/CAIIB -
Rs.410/- p.m. after they complete 1 year
Rs.800/- p.m. after they complete 2 years
Rs.1210/- p.m. after they complete 3 yearsThose who are graduates/NDC and have passed JAIIB or Part I of CAIB/CAIIB -
Rs.410/- p.m. after they complete 1 year
Rs.800/- p.m. after they complete 2 years
Rs.1210/- p.m. after they complete 3 yearsThose who are graduates/NDC and have passed JAIIB or Both Parts of CAIB/CAIIB -
Rs.410/- p.m. after they complete 1 year
Rs.800/- p.m. after they complete 2 years
Rs.1210/- p.m. after they complete 3 years
Rs.1620/- p.m. after they complete 4 years
Rs.2010/- p.m. after they complete 5 years.
Area of PostingTotal FPP payable where bank's accommodation is not provided

Total FPP payable where bank's accommodation is provided
Increment Component of FPP(1)(2)(3)(4)

CLERICAL STAFF
(i) Places with population of more than 45 lakhs158514501310
(ii)Places with population of 12 lakhs and above including State of Goa157014501310
(iii) Other places not covered in (i) and (ii) above155014501310

SUBORDINATE STAFF
(i) Places with population of more than 45 lakhs790730655
(ii)Places with population of 12 lakhs and above including State of Goa790730655
(iii) Other places not covered in (i) and (ii) above780730655

Special Pay and Allowances - Workmen Employees

Special Pay and Allowances - Workmen Employees

Dearness Allowance

Clerical and Subordinate Staff - 0.10% of 'pay'

Dearness Allowance in the above manner shall be paid for every rise or fall of 4 points over 4440 points in the quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100.

It is clarified that there shall be no ceiling on Dearness Allowance.Dearness Allowance shall be calculated and paid on Basic Pay, Special Pay, Graduation Pay, Professional Qualification Pay and Officiating Pay, if any, payable under this settlement in respect of both clerical and subordinate staff.

SPECIAL PAY - For Clerical Staff (w.e.f. 1.11.2012

Sr. No.PostSpecial Pay (Rs.)1.Single Window Operator 'B'8202.Head Cashier - II12803.Special Assistant1930

For Subordinate Staff (w.e.f. 1.11.2012)

Sr. No.PostSpecial Pay (Rs.)1.
Armed Guard3902.
Bill Collector3903.Daftary5604.Head Peon7405.Electrician20406.AC Plant Operator20407.Driver23708.Head Messenger in IOB1630

House Rent Allowance

Sr. No.AreaRate as percentage of Pay
[No Min / Max](i)Places with population of more than 45 lakhs and Project Area Centres in Group 'A'10.00%(ii)Places with population of 12 lakhs and above including State of Goa and Project Area Centres in Group 'B'9.00%(iii)Other places not covered in (i) and (ii) above7.50%

Note:

Where quarters are provided, HRA shall not be payable and the rent to be recovered shall be 0.3% of the first stage of the Scales of Pay.All other existing provisions relating to House Rent Allowance shall remain unchanged.

Special Allowance

With effect from 1.11.2012, workmen employees shall be paid Special Allowance at 7.75% of the Basic pay with applicable DA thereon.

Note : The Special Allowance with applicable DA thereon shall not be reckoned for superannuation benefits viz., pension including contribution to NPS, PF & Gratuity.

Transport Allowance

Clerical and Subordinate Staff

Upto 15th stage of the scale of Pay - Rs.425/- per month16th stage of the scale of Pay and above - Rs.470/- per month

Provided that a sub-staff drawing transport allowance at Rs.470/- per month, on being promoted to clerical cadre is fitted at a stage lower than 16th stage, he shall continue to be paid the same Transport Allowance of Rs.470/- per month.

Note: (i) All permanent part time employees including those on probation and drawing scale wages shall be paid transport allowance on pro rata basis as under:

Upto 15 years of service - Pro rata @Rs.425/- per month

Above 15 years of service -Pro rata @Rs.470/- per month

(ii)This provision by itself will not preclude the payment of any existing allowance of this nature paid as a result of Government guidelines/bank level settlements.

Medical Aid

Rs.2200 /- per annum with effect from 1st November 2012, for the year 2012, the reimbursement of medical expenses under the medical aid scheme shall be enhanced proportionately for two months i.e. November and December 2012.

Hill and Fuel Allowance

aAt places situated at a height of 3000 metres and above8% of pay (Max. Rs.1500/-p.m.)b.At places situated at a height of and over 1500 metres but below 3000 metres4% of pay (Max. Rs.600/-p.m.)c.At places situated at a height of over 1000 metres but less than 1500 metres and Mercara Town3% of pay (Max. Rs.500/-p.m.)

Washing Allowance

Rs.150/- p.m., where the washing of livery is not arranged by the bank

Cycle Allowance

Payable to the members of the subordinate staff who are required to use a cycle on regular assignment for outdoor duties at Rs.100/- p.m. at all centers. Cycle allowance would not be paid to workman member of the subordinate staff entitled to the allowance for the period of leave where such leave exceeds 30 days.

Split Duty Allowance - Rs.150/- p.m.