Non-Agriculture Loans against Gold Ornaments and Jewellery

RBI/2013-14/419
DBOD.No.BP.79/21.04.048/2013-14

December 30, 2013

The Chairman and Managing Director/Chief Executive Officer
All Scheduled Commercial Banks
(Excluding Local Area Banks and Regional Rural Banks)
Dear Sir,
Non-Agriculture Loans against Gold Ornaments and Jewellery
In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes subject to the following guidelines:
(i) The amount of loan sanctioned should not exceed Rs 1.00 lakh at any point of time.
(ii) The period of the loan shall not exceed 12 months from the date of sanction.
(iii) Interest will be charged to the account at monthly rests but will become due for payment along with principal only at the maturity.
(iv) Banks should prescribe a minimum margin to be maintained in case of such loans and accordingly, fix the loan limit taking into account the market value of the security (gold ornaments), expected price fluctuations, interest that will accrue during the tenure of the loan etc.
(v) The account would be classified as Non-Performing Asset (sub-standard category) even before the due date of repayment, if the prescribed margin is not maintained.
(vi) Banks shall recognise interest income on such loans in their profit and loss account only on collection.
(vii) Such loans shall also be governed by other extant norms pertaining to income recognition, asset classification and provisioning which shall be applicable once the principal and interest become overdue.
Yours faithfully,
(Chandan Sinha)
Principal Chief General Manager

SECOND PHASE OF AGITATIONAL PROGRAMMES

 ALL INDIA BANK OFFICERS' ASSOCIATION

Circular 20/VI/2013

December  24,  2013

 

 

Dear comrades,

 

v        SECOND  PHASE  OF  AGITATIONAL  PROGRAMMES

v        48 HOURS  STRIKE  –  20^TH AND 21^ST JANUARY  2014

 

As decided in the earlier meetings held at Chennai and Mumbai to review exercise of the successful implementations of decision to observe the strike on 18.12.2013 was undertaken in the meeting held at Hyderabad on 23.12.2013 under the Chairmanship of Com.K.K.Nair, Chairman, UFBU.  AIBOA was represented by Com.V.Anilkumar, Secretary and General Secretary, A.P.State Committee along with Com.Giri Srinivas, Secretary, A.P.State Committee.

 

The meeting expressed its condolence over the sad demise of Hon’ble Minister of Labour Sri Sis Ram Ola, who passed away recently.

 

The meeting recorded its appreciation for the wholehearted participation of entire workforce of the constituent unions in making the 18^th strike a massive success.  Further, it also placed on record for the solidarity support extended by the “CTUs”, United Forum of Reserve Bank Officers and Employees and also from AIIEA.

 

In the event of IBA failing to improve the offer and also conclude the wage revision within a specified timeframe, after due deliberations, it was decided to observe the following action programmes.

 

JANUARY 2014	Month long preparatory meetings, rallies, protest demonstrations, postering, badge wearing etc.
ON OR BEFORE 10.01.2014	Submission of memorandum by all employees demanding wage revision addressed to – Prime Minister, Finance Minister and Chairman IBA
48 hours strike	06.00 am – 20.01.2014  to  06.00 am – 22.01.2014
FEBRUARY 2014	Signature campaign by all employees and also by the Public against Banking Sec tor reforms.
FEB 2014 / MARCH 2014	More strike actions including indefinite strike.

 

This situation has been forced upon us by the Bankers and the owners.  The reply to their response  should be through a sustained programmes of actions culminating in a “48 hours strike action from 06.00 am of 20.01.2014 to 06.00 am of 22.01.2014”.

 

Onward march to execute preparatory exercise for the 48 hours strike.

 

Yours comradely,

  

/S.NAGARAJAN/

GENERAL SECRETARY

SECOND PHASE OF AGITATIONAL PROGRAMMES

 ALL INDIA BANK OFFICERS' ASSOCIATION

Circular 20/VI/2013

December  24,  2013

 

 

Dear comrades,

 

v        SECOND  PHASE  OF  AGITATIONAL  PROGRAMMES

v        48 HOURS  STRIKE  –  20^TH AND 21^ST JANUARY  2014

 

As decided in the earlier meetings held at Chennai and Mumbai to review exercise of the successful implementations of decision to observe the strike on 18.12.2013 was undertaken in the meeting held at Hyderabad on 23.12.2013 under the Chairmanship of Com.K.K.Nair, Chairman, UFBU.  AIBOA was represented by Com.V.Anilkumar, Secretary and General Secretary, A.P.State Committee along with Com.Giri Srinivas, Secretary, A.P.State Committee.

 

The meeting expressed its condolence over the sad demise of Hon’ble Minister of Labour Sri Sis Ram Ola, who passed away recently.

 

The meeting recorded its appreciation for the wholehearted participation of entire workforce of the constituent unions in making the 18^th strike a massive success.  Further, it also placed on record for the solidarity support extended by the “CTUs”, United Forum of Reserve Bank Officers and Employees and also from AIIEA.

 

In the event of IBA failing to improve the offer and also conclude the wage revision within a specified timeframe, after due deliberations, it was decided to observe the following action programmes.

 

JANUARY 2014	Month long preparatory meetings, rallies, protest demonstrations, postering, badge wearing etc.
ON OR BEFORE 10.01.2014	Submission of memorandum by all employees demanding wage revision addressed to – Prime Minister, Finance Minister and Chairman IBA
48 hours strike	06.00 am – 20.01.2014  to  06.00 am – 22.01.2014
FEBRUARY 2014	Signature campaign by all employees and also by the Public against Banking Sec tor reforms.
FEB 2014 / MARCH 2014	More strike actions including indefinite strike.

 

This situation has been forced upon us by the Bankers and the owners.  The reply to their response  should be through a sustained programmes of actions culminating in a “48 hours strike action from 06.00 am of 20.01.2014 to 06.00 am of 22.01.2014”.

 

Onward march to execute preparatory exercise for the 48 hours strike.

 

Yours comradely,

  

/S.NAGARAJAN/

GENERAL SECRETARY

Banks oppose plan to provide Guarantees and LCs to non-customers

Mumbai, Dec. 20:  

Due to rising incidents of frauds, banks are not in favour of issuing non-fund based facilities, such as bank guarantees and letters of credit, to non-customers. 

The Reserve Bank of India had sought feedback on the possibility of allowing sanction of non-fund based facilities by banks to non-customers at a meeting with bankers a few months back. 

When it comes to issuing bank guarantees and letters of credit, better the devil you know (existing customer) than the devil you don’t (a new customer who comes for a one-off transaction), said a senior public sector bank official. 

A bank guarantee is an instrument issued by a bank in which it agrees to stand guarantee against the non-performance of some action/performance of a party. 

A letter of credit (LC) is a written instrument issued by a bank to its customer — a buyer or an importer — whereby it promises to pay the seller (or exporter) for the goods supplied or services rendered, provided the latter presents all documents as stated in the instrument. 

Rising defaults
Bankers say in the last few years, instances of bank guarantees getting invoked and LCs getting devolved have increased due to lax monitoring of non-fund based facilities. 

For example, in the case of an infrastructure project, if a contractor does not deliver on time, the authorities who commissioned the project can invoke the guarantee issued by the bank in their favour. 

Sometimes, contractors use the alibi of projects running behind schedule/cost overruns to get additional finance from banks. 

The contractors also press home the fact that the bank guarantee could get invoked to get banks to release more funds. 

In recent times, LCs issued by domestic banks at the behest of their clients, especially in the gems and jewellery trade, have devolved on the banks, that is, the domestic bank has to pay the exporter’s bank. 

The reason for the devolvement of LC usually is that the buyer (or importer) refuses to pay the bank at the end of the credit period even though the imported consignment has been disposed of and profit pocketed. 

A senior Union Bank of India official pointed out that if the RBI allows sanction of non-fund based facilities by banks to non-customers it could trigger predatory practices. 

Besides, there is also the ever-looming threat of fraud as a customer may approach many banks for getting non-fund based facilities for a single transaction.

TERMINATE Reliance Industries’ (RIL) contract - CPI leader Gurudas Dasgupta

CPI leader Gurudas Dasgupta on Friday urged Prime Minister Manmohan Singh to keep in abeyance the decision to allot doubling of price for gas to Mukesh Ambani’s Reliance Industries Limited (RIL).

Accusing the UPA Government of facilitating the “loot of natural resources from KG Basin by Ambani,” the veteran leader said this largesse exposes that most of the Cabinet Ministers are under the grip of RIL and its owner.

Talking to mediapersons, Dasgupta accused Finance Minister P Chidambaram of not arguing in favour of the stand taken by his Ministry. 

“His Ministry objected to providing 8.4 dollars per unit price to Ambani, citing the huge default of RIL. But Chidambaram did not bring this issue and argued in favour of Mukesh. 

Only Jaipal Reddy upheld the nation’s interest. This exposes the grip of Reliance over the Union Cabinet,” he said.

Dasgupta alleged that this big largesse to RIL was granted due to the ensuing elections for Lok Sabha. “It is indeed ironical that while your Government tried to take high moral ground by passing the Lokpal Bill earlier this week, the very next day it has committed the biggest fraud worth `3.6 lakh crore on the country, by allowing the increase in gas price,” said Dasgupta in his letter to

Prime Minister. 

He pointed out that Thursday’s Cabinet decision to allow doubled price of gas to defaulter RIL was a complete disregard to CAG, the honest officials of Petroleum Ministry and findings of the Regulator-DGH. 

He also accused Finance Ministry of soft pedalling the issue. 

http://www.dailypioneer.com/nation/suspend-decision-to-allot-doubling-of-ril-gas-price-gurudas-to-pm.html

NEW DELHI: Gas price hike for Reliance Industries Ltd (RIL) was not a smooth sail in the cabinet, which allowed the company to nearly double prices from April if it furnished bank guarantees. 

Science and technology minister S Jaipal Reddy was the lone voice of dissent at Thursday's meeting of the cabinet, protesting that doubling the price of gas from RIL-run KG fields was an unprecedented case of a defaulter being rewarded.

The minister, who previously held the oil portfolio, is understood to have made the point that RIL was in breach of contractual obligations and had failed to make up for the shortfall in gas production. 

He criticized the condition of a bank guarantee imposed on RIL as mere eyewash, and said the firm's adamant behaviour and the loss caused due to idling of gas-based power plants did not merit any accommodation of RIL's arguments.

The minister made the point that the huge bank guarantee — the cabinet note itself suggests this might run into $9 billion (If arbitration proceedings linger on) — would be near impossible to execute,

http://timesofindia.indiatimes.com/business/india-business/Jaipal-Reddy-red-flags-RIL-gas-price-hike/articleshow/27696768.cms

A day after the Cabinet decided to provide double the natural gas prices from the current $4.2 mmbtu to Reliance industries against a bank guarantee, the CPI leader Gurudas Dasgupta has written to Prime Minister Manmohan Singh urging him to terminate Reliance Industries’ (RIL) contract.

He has also thrown light on some startling facts on how the oil ministry chose to ignore some of the suggestions of the finance ministry which went against the company.

  The finance ministry had opposed the mechanism of bank guarantee by Reliance Industries as a condition for doubling of natural gas prices saying this could dilute the government's stated position before different arbitration proceedings. But, the petroleum ministry chose to ignore it and went ahead with its decision to award a hike in gas price to RIL from April next year saying it fully protected the interests of the government, Dasgupta said in his letter.

“Bank guarantee mechanism will dilute the government’s stated position before different arbitration proceedings that the shortfall in gas production is on account of the fault of the producer and not geological surprises and that the terms and conditions of production sharing contract have been violated by the producer,” said the terse comment from the finance ministry on the draft cabinet note advocating near doubling of gas prices to Reliance against a bank a guarantee, which was approved by the CCEA Thursday.

Deccan Herald has a copy of the draft Cabinet note, the comment of the finance ministry on it and the subsequent reply by the oil ministry.

The finance ministry had also suggested a cap or floor on gas prices to protect the interest of consumers as well the government in case of an unreasonable upswing in prices but the petroleum ministry replied, “The provision of cap will send a wrong signal to investors.” The finance ministry had also raised concerns on the impact of natural gas prices on power and fertiliser sectors.

 “It cannot be that gas producers will reap unlimited gains in the case of an upswing in global prices, any such upside has to be capped.

 “Power tariff and fertiliser prices as they are directly linked to the gas prices, such upward volatility may impact their prices and a steep rise in their prices will ultimately affect the common consumers by adding to the inflationary trends,” the finance ministry said.

 But the petroleum ministry replied, “The current formula (of pricing) links domestic prices to average price the producers obtain globally. Thereby, the movement of prices in the industry globally will be captured. Arbitrary cap/floor will interfere with such movements and disincentivise production of ‘tough gas’ and gas from frontier areas”.

 The CPI leader alleged that one of the Reliance companies, RGTIL, which handled its gas pipeline business, had earlier defaulted on its commitment regarding bank guarantee to the government.

http://www.deccanherald.com/content/375810/oilmin-favoured-reliance-despite-finmin039s.html

மாநாடு சிறப்புடன் நடைபெற வாழ்த்துக்கள்

DEAR COMRADES, YOU HAVE DONE IT - TODAY’S STRIKE ACTION A MASSIVE SUCCESS

 ALL INDIA BANK OFFICERS' ASSOCIATION

Circular No.18/VI/2013

December 18, 2013

 

 

To:

ALL  UNITS / STATE COMMITTEES

 

 

Comrades,

AGAIN, YOU  HAVE  MADE  IT

TODAY’S STRIKE ACTION

A   MASSIVE  SUCCESS

 

We have on our hand the reports of overwhelming response to the call for strike today observed from all over the country.  Congratulations, you have made it to happen.

 

The inadequate offer of 5% wage increase representing a quantum of Rs.1575 crores by the IBA in the negotiation held at Mumbai  on 14^th December 2013 followed by the rigid approach exhibited before CLC[C] on 16.12.2013 at New Delhi, provided the concrete background to unleash the warm up exercise of agitation.

 

The mood of total workforce is expecting for a sustained struggle against twin points agenda for serious follow up, to get the reform agenda of the Government folded up and also to get a reasonable,  respectable wage revision, as we, the workforce have contributed for the manifold growth of the Banks business and also substantial operating profit for the year ended 31.03.2012.

 

The message is loud and clear.  The united struggle can alone provide relief to the workforce in the Banking Industry.  The manifold business increase with tremendous pressure on the field level working force is necessarily to be compensated adequately.

 

To steer the change in any system the need of the hour is united strength of the workforce.  Hence await further information from the Hyderabad meet on 23.12.2013.

 

With greetings,

 

Yours comradely,

 

 

/S.NAGARAJAN/

GENERAL SECRETARY

WORKING CLASS UNITY . . .ZINDABAD

NEITHER GIVE NOR ACT ON VERBAL ORDERS FOR SANCTIONING LOANS - IBA

NEW DELHI: In an attempt to stem the tide of rising bad loans at Indian lenders, a lobby group of banks has directed its members to ensure that their staff neither give nor act on verbal orders for sanctioning loans.

The Indian Bank's Association (IBA) issued the directive recently after the Central Vigilance Commission pointed out that junior executives at some banks were "coerced" to sanction loans on verbal orders from their superiors.

 

"During some vigilance complaints it was reported that loans were initially sanctioned on verbal orders," a senior government official said, confirming the IBA directive. "

 

This had led to discrepancy as junior officers had claimed that they had sanctioned loans after receiving orders to expedite the case from senior authorities."

The official said the IBA move will not only instill better governance practices at banks but also check their rising non-performing assets or bad debts. 

 

According to the finance ministry, gross non-performing assets of state-run banks rose to 1.92 lakh crore, or 3.99% of their gross advances, in June from 1.64 lakh crore in March. 

 

The IBA move also comes at a time when the Central Bureau of Investigation filed a case against a deputy managing director of the State Bank of India for allegedly accepting bribe to sanction a loan. 

 

An internal panel of the bank, however, said that the loan appears to have been sanctioned in the "ordinary course of business".

The finance ministry has taken a series of measures recently to curb non-performing assets of state-run banks. 

 

It has asked banks not to lend further to business groups that have willfully defaulted on repayment of past loans.

Financial services secretary Rajiv Takru had earlier said that financial institutions and banks would do well to look at the entire group, its functioning, management style and their exposure to that group. 

 

Bankers, however, say it will be difficult to implement such a measure in letter and spirit. 

 

"Trust has been violated at both middle and senior management at banks. So, to blame the top management for individual action will be irresponsible," the chairman of a state-run bank said on condition of anonymity. 

 

"Instances have been pointed out where senior officers have not taken direct responsibility and juniors were made a scapegoat. In banking space, strictly all action should be accounted for at all levels," said MP Shorawala, an independent director at the Central Bank of India.

Amid-level banker at United Bank of India said there are compulsions at the junior level when verbal orders are issued from the top brass. 

 

"It is a Catch-22 situation because ultimately your performance is appraised by your seniors. If you only go by written orders, then you run the risk of being classified a non-performer or too bureaucratic in approach," he said.

 

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/refuse-verbal-loan-orders-and-curb-npas-indian-banks-association/articleshow/27439567.cms

NEVER INTERFERED WITH THE WORKING OF A BANK, CHIDAMBARAM SAID.

MUMBAI: Blaming "tardy" state-run banks for high level of non-performing assets, Finance Minister P Chidambaram said banks' boards and not the government should be held responsible for the situation.

"If the bank boards cannot perform their duty, blame should stop with the bank boards and not with the government," he said at a panel discussion at an event to commemorate NSE's 20th anniversary here.

He acknowledged that the government has a nominee director in every public sector bank, but pointed out the roles of the independent directors, full-time directors, chairmen and managing directors and senior bank management.

During his three stints in the finance ministry, running into eight years, he has never interfered with the working of a bank, Chidambaram said.

"NPAs are high because the recovery measures are soft. Bankers are being tardy and to some extent soft on recovery. We have failing companies and prosperous promoters," he said.

Gross NPAs of banks crossed 4 per cent as of the September quarter at Rs 2.37 trillion and are projected to cross 4.4 per cent or Rs 2.9 trillion by the end of the fiscal, according to a report by rating agency Icra. Most NPAs are being generated by the state-run banks. United Bank of India has an NPA level of over 7 per cent, while SBI has over 5 per cent NPAs.

The minister also said that the RBI and the government have taken serious note of the issue and asked banks to expedite recoveries aggressively. State Bank has set up a separate vertical to tackle NPAs, he noted.

Chidambaram also said it is not fair to compare NPAs in the current context with the levels of the past, as in 2004, when the numbers were lower.

On capital infusion in state-run banks, Chidambaram said the infusion will continue even as bad assets rise because of the rate at which the overall assets of the banks are growing.

 

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/psu-banks-themselves-responsible-for-npas-not-government-fm-p-chidambaram/articleshow/27369291.cms

Date of Payment of December Instalment of Advance Tax Extended From 15th December 2013 To 17th December 2013

The December instalment of Advance tax is required to be paid on or before 15th December, 2013 by the tax payers who are liable to pay advance tax.

These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law.

The banks are closed on 15th December, 2013, being a Sunday.

Accordingly, to facilitate payment of this instalment of Advance tax for the Financial year 2013-14, the Central Board of Direct taxes (CBDT) has issued an order to extend the time limit to make such payments of Advance Tax, from 15th December, 2013 to 17th December, 2013.

Taxpayers, therefore, can now pay their advance tax instalment by 17th December, 2013 without entailing any consequential interest for deferment.

********

DSM/MJPS/ka
(Release ID :101743)

STAFF WELFARE MEASURE -GLUCOMETER AND BLOOD PRESSURE MONITOR -REQUESTED

REF: CBOU: 51:2013

DATE : 10 12 2013

THE GENERAL MANAGER

CANARA BANK

H R WING

HEAD OFFICE

BENGALURU

Dear Sir

Sub : REQUEST FOR SANCTION OF GLUCOMETER AND BLOOD PRESSURE MONITOR TO ALL EMPLOYEES WHO ARE DIABETIC UNDER STAFF WELFARE SCHEME.

Under our staff welfare measures various schemes have been designed such as reimbursement of Educational Expenses, reimbursement of Loss of Pay for hospitalised patients etc.,

Under hospitalisation scheme in the Bi-partite settlement, for Diabetic Patients, the domiciliary treatment reimbursed in our bank where the medicine are only reimbursed. 

Employees with diabetes are very often advised by Doctors to monitor the Sugar Level and the Blood Pressure level at regular intervals. 

This adds to the cost of reimbursement to our Bank . However, it will be easier for the employee to monitor the levels through the Glucometer and Blood Pressure Monitor which are said to be effective .

Bankers like SBI, Central Bank of India are reimbursing the cost of Glucometer and Blood Pressure as one time amount ranging from Rs.3000 to Rs.5000/- to such of those employees who are diabetic.

We request that on the same lines, our bank also formulates a scheme to reimburse the cost of Glucometer and the BP Monitor . The stripes cost can be reimbursed along with the cost of medicine under domiciliary treatment.

This will go a long way to the diabetic to monitor the level of sugar and BP.

Hope that our request will be favourably considered under staff welfare scheme.

Yours faithfully

M A SRINIVASAN

GENERAL SECRETARY

WE ARE AGAINST RETROGRADE BANKING SECTOR REFORMS

Banks in India today have nearly Rs.75 Lacs crores as Deposits representing the hard-earned savings of the people of the country. Hence banking institutions have to be properly regulated.

It is because of these defined regulations and predominantly being under public sector, that our Banking system was saved from the global crisis.

Because of de-regulation and liberal banking policies, many Banks in many countries including in USA and Europe have collapsed.

Indian banks were saved because of our strong regulations and being in PUBLIC SECTOR.

But in the name of Banking Sector Reforms, the Government is taking various steps and measures to liberalise and de-regulate the BANKING SECTOR.

Recently, the RBI has announced in its discussion paper that the Government’s Equity capital in the Banks can be reduced to less than 51% which means nothing but PRIVATISATION of our PUBLIC SECTOR BANKS.

The Discussion Paper also proposes that the Banks may resort to merger of Banks to become international Banks.

Our Banks are meant for our own economic development and hence this is clearly unwarranted.

Further merger has its own adverse implications to the detriment of the employees and officers working in the Banks.

RBI has also issued recent guidelines by which it is proposed to give the Foreign Banks, near national status and even a scope to take over our domestic Banks.

Already, the foreign capital and investments in our Banks have been increasing and now the move is to allow the foreign banks to take over our Banks.

In the name of Reforms, the Banks are also outsourcing the regular jobs in the Banks on contract basis thus increasing the risks involved.

The problems faced in the ATMs on account of outsourcing are there for everyone to see.

The Notice of Strike has already been issued today by UFBU and the details of Agitation Programmes are as under:

05-12-2013 Letters by all Constituent Unions of UFBU and their affiliates addressed to Chairman, Indian Banks Association

06-12-2013 Mass Demonstrations in all State capitals and other major centres

16-12-2013 Badge Wearing

17-12-2013 Mass Demonstrations, rallies, processions at all centres

18-12-2013 ALL INDIA STRIKE – demonstrations, rallies

Comrades, please make the Agitation Programmes and the All India Bank Strike on 18.12.2013 a Grand Success.

Please display OUR SOLIDARITY AND STRENGTH to achieve reasonable Wage Revision AT THE EARLIEST and thwart the anti-public and anti-national moves of the Government in the name of reforms.

Sd. M V Murali, Convener

March to strike on 18th December, 2013
Yours Comradely,

C.H. VENKATACHALAM
GENERAL SECRETARY

Comrades, Chalo Delhi. Delhi awaits you all.

ALL INDIA BANK EMPLOYEES' ASSOCIATION
Central Office: “PRABHAT NIVAS” Regn. No.2037
Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001
Phone: 2535 1522, 6543 1566 Fax: 4500 2191, 2535 8853
e mail ~ chv.aibea@gmail.com & aibeahq@gmail.com

CIRCULAR No.27/41/2013/47 7th December, 2013
TO
ALL UNITS & MEMBERS

Dear Comrades,

11 12 13 Count down started Make it massive

All India Day against increasing Bad Loans in Banks: We are getting reports from many States and centres that the All India Day programme on 5th December, 2013 has been successfully implemented.

As decided we have released the list of top 50 bank loan defaulters. Rs. 40,528 crores of loans taken by these 50 borrowers has not been repaid. (see list attached).

Our programme has been covered well by the press and the media in many places. Many newspapers and TV channels had carried our statements.

We will have to take the campaign further. After the Parliament Morcha we will issue further programmes including releasing the list of 500 top defaulters.

March on to All India Strike on 18th:

We hope that all our units are also ready to make the UFBU’s call for Strike on 18th December, 2013 a total success in all the Banks and in all the States.

Those unions who have not yet sent the letter to Chairman, IBA as per the programme should immediately send the letter with copy to us.

Onward to Parliament Morcha – count down has started: 11 12 13

11th December, 2013 (11-12-13) will be another red letter day in the history of our AIBEA.

There is enthusiastic response to the call of AIBEA for the Parliament Morcha on 11th Dec ember, 2013.

It is a call as per the decision of our Kochi Conference.

It is a call of our organisation.

It is a call to reinforce our determination and continued struggle against the unwarranted banking reforms.

The Morcha on 12th December is also equally important.

Our soldiers and cadres will assemble in thousands to give a warning signal to the Government.

The countdown has started.

Only a few days are left.

Our contingents from various States are leaving their stations in a day or two.

Chalo Delhi. Delhi awaits you all.

Yours Comradely,

C.H. VENKATACHALAM
GENERAL SECRETARY