November 21, 2024
Daily Banking News
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Daily Banking News Update

Daily Banking News Update from the Banking & financial sectors. A daily briefing about the banking updates from the Public Sector Banks, Private Sectors and RBI. Get the latest updates summarize for financial & banking subscribers. Also Read – No Bank Account Frozen Through U/S 91 CrPC Notices

Daily Banking News Update from Banking Sector for 08th Nov 

  1. RBI opts for smaller repo rate hike of 35 bps, hints at more to come : Main risk is core inflation remaining sticky: Governor.
  2. UPI to now allow blocking money for multiple debits, paves way for ASBA : The RBI said the Bharat Bill Payment System (BBPS) will now include a wider variety of recurring and non-recurring payments
  3. Strong interest: DIPAM receives as many as 167 queries about IDBI sale : 9-10 serious bidders seek clarity on the expression of interest
  4. Despite smaller rate hike, bond market sees no let-up in RBI tightening : RBI may have moderated rate hike, but vigilant tone suggests defense of rupee
  5. Why haven’t Banks Filed Cases Against Defaulters: SC : The Supreme Court on Wednesday asked the government and Reserve Bank of India (RBI) to submit an affidavit explaining why the lenders should not file criminal cases against loan defaulters and why the recommendations of an expert panel on banking reforms have yet to be implemented.
  6. Do Consecutive Holidays Hit Forex,Other Global Trade? RBI asks Banks

  7. Banks follow RBI’s signal; hike lending rates : Private sector HDFC Bank has hiked its marginal cost of funds-based lending rate (MCLR) effective Wednesday.

  8. NPCI in talks with RBI on UPI volume cap deadline : NPCI in November 2022 had proposed a 30 per cent volume cap for third-party app providers (TPAP) in a bid to avoid concentration risk.

  9. Savings Deposit Growth In Q2 Slumps To 9.4% YoY While FDs Gain Traction : Growth Of Money Kept In Current Accounts Moderated To 8.8% This September, From 17.5% A Year Ago

  10. RBI Conditional Approval To Carlyle, Advent’s Stake Buy In YES Bank : The Fund-Raising Would Be Conducted Through A Combination Of $640 Million (Rs 5,100 Crore) In Equity Shares And $475 Million (Rs 3,800 Crore) ..

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What is the transfer policy in the Public Sector Bank and on what basis the transfers are being done ? A question raised by honorable member of parliament Smt Priyanka Chaturvedi in the parliament. What was the response of Minister of State, Finance in this regard ?GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES RAJYA SABHA UNSTARRED QUESTION No. 241 TO BE ANSWERED ON 19th July, 2022 (TUESDAY)/ ASHADHA 28, 1944 (SAKA) Transfer policy in PSBs 241SMT. PRIYANKA CHATURVEDI: Will the Minister of FINANCE be pleased to state: (a) whether Government has any specific transfer policy regarding employees of Public Sector Banks (PSBs) and public sector general insurance companies, if so, the details regarding the transfer policy; (b) whether Government has any policies with regard to transfer of spouses of Central Government employees/others working in PSBs/insurance companies, if so, the details thereof; and (c) whether Government has any data regarding the transfer and mobility policy of female employees working in PSBs and public sector insurance companies, if so, the details thereof? ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (DR. BHAGWAT KARAD) (a) to (c): Transfer of employees in Public Sector Banks (PSBs) and Public Sector Insurance Companies (PSICs) is governed by their respective Board approved ‘Transfer Policy’. The salient features of the transfer policies of PSBs and PSICs is annexed. Government, vide letter dated 8.8.14 in respect of PSBs and dated 23.9.2014 in respect of PSICs, has issued advisory to accommodate as far as possible, transfer/posting of female employees, on their request, at a place where their husband/parents are stationed or as near as possible. During the FY 2021-22, 48,060 female employees have been transferred in PSBs and PSICs. *Annexure referred to in part-(a) to (c) of the Rajya Sabha Unstarred Question No.241, for answer on 19.7.2022 Annexure Salient Features of Transfer Policy in Public Sector Banks (PSBs) and Public Sector Insurance Companies (PSICs)  Transfers are carried out on administrative grounds, in different geographical regions of the country to equip Officers with various kinds of exposure at different categories of branches (small, medium, large, very large, etc.) and location (rural, semi-urban, urban, metro) and controlling officers.  Transfers are mainly considered on the basis of seniority amongst the applicants and seniority for the purpose is reckoned from the date of joining.  Upon promotion, Officers are normally moved out from their previous office.  Other than transfers on promotion, there are provisions for request transfer, repatriation to parent zone, acquiring rural/semi-urban exposure, compassionate ground, periodic job rotation, etc.  Officers who have completed requisite number of years of service, as defined in respective transfer policies, in the same zone, are moved out from their zone.  Lady officers, as far as possible, are transferred/posted to a place where their husband/parents are stationed.  The CVC guidelines with respect to rotational transfer of Officers working in sensitive posts from one branch/office to another, are followed.  Age of Officers is generally a factor while implementing the transfer of services. Subject to availability of vacancies, the posting of Officers retiring within the next two (02) years are considered for posting in their area of domicile, as far as possible.  Officers who are differently-abled are usually exempted from transfer. There are separate provisions for their transfer/posting. Also Read - New Labour Law: Get Ready To Work For 12 hours a Day Officers posted to branches / offices in Difficult/Hilly/North-Eastern region are usually eligible for choice transfer after completing a defined period of active service.  Special consideration is given while effecting transfers/placement of the following:- a. Sports Person. b. Women Employees (Spouse/Parents Location). c. Transfer on compassionate grounds/critical illness. d. Couple cases (in same/other organizations). e. Transfer of physically handicapped employees. f. Transfer for officers who have differently abled children. g. Ex-servicemen. 

MP Asked in Rajya Sabha – What is the Transfer Policy in Public Sector Banks ?

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