United Bank Officers` Association

Transcription

March 2016
E d i t o r i a l
Echo Editorial Board
2013 – 2016
Editor-in-Chief
Kaushik Ghosh
Associate Editor
Ranajit Kumar Chakraborty
Member
Ajay Patra
Amaresh Mukherjee
Chandan Sribastava
Debabrata Bhanja
Mahadeb Bhattacharjee
Ramesh Sharma
Sanjib Datta
Srijan Kumar Kundu
Subrata Sen
Sukanta Laha
Sudam Sakha Ghosh
Contents
12th National Council Conference
l
History of Indian Paper Money Since
1770
l
Privatisation not the Solution for
Bank’s problem
l
Monitoring of Financial Inclusion
Activities by the Base Branch Officials
Sri Dilip Sinha Mahapatra
l
Process of Monitoring Process of
Credit Portfolio
Sri Dipankar Bhattacharjee
l
Implementation of E-Bank Guarantee
through Sfms
Soham Bhattacharya
l
Rainbow Corner
l
Excerpts of Important Circulars
l
New Health Insurance Scheme
l
STOP PRIVATIZATION –
STOP MERGER
P
ublic sector Banks (PSBs) which
have triggered growth in India since
nationalization is facing grave threat.
The role of Public Sector in financing
agriculture, industry and infrastructure
development even at the cost of their
own financial health have no parallel
in the modern economy. Unfortunately
today they are targeted to make way
for privatization. It seems that efforts
are underway to reverse the process of
nationalization. It is no wonder that with
the turn of history, successor of the persons
who had opposed the Nationalization Bill
in 1969, is determining the future course
of PSBs.
In addition to threat of privatization,
our bank is facing a double whammy
of privatization and merger. In all our
earlier editorials we have appealed to the
members to give their best for mobilization
of deposit, increase in quality advance
and recovery of NPAs to protect the
independent identity of the Bank. Officers
at all levels have given their best to reach
all the set targets. Unfortunately, the
Government has not provided necessary
capital so vitally required for the business
growth.
Let us once again look at the background of
the proposal even at the cost of repetition.
The decision in its current form has its
origin in the recommendation of P. J.
Nayak Committee set up by earlier UPA
Government in January 2014. The terms
of reference were aimed at preparing the
ground to handover the banking industry
to private sector. The Committee submitted
its report with unusual haste in April
2014. But by then it was election time
and the report gathered dust. In January
2015, the Government holds a so called
“Gyan Sangam” at Pune. It was followed
by “2nd Gyan Sangam” held recently at
Gurgaon.
“Gyan Sangam’ adopted the recommendation of Nayak Committee. The major
recommendation is that the equity held
by the Government in all PSBs should be
transferred to a Holding Company to be
set up by the name Banking Investment
Company (BIC). The recently held “Gyan
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Mrch 2016
Sangam” proceeded a bit further. It set up
a number of committees mostly headed by
private sector bankers to suggest road map for
revival of PSBs. The crisis in the sector has
been compounded due to decision of RBI with
the backing of Government to declare NPA
without caring for its impact on the Balance
Sheet. Surprisingly 70% of the NPA belongs
to 6000 HNI borrower and Company who are
determining the shape of Emerging India. It
is like “calling the dog mad and then shooting
it”. The recent happenings involving Vijoy
Mally is an eye opener. Possibly the only bank
from where he did not get loan is Blood Bank.
His exposure to our bank is to the tune of
Rs. 430 crore. He is allowed to leave the
country and to have his merry enjoyment
in temperate London. We are facing an
uncertain future. Vijoy Mally is not alone.
When Government talks on banking sector
reforms, they never ever talk of reforming the
legal system for speedy recovery of bad loans.
There is no economic logic to support
consolidation. We have seen the collapse of
Lehman Brothers at the height of economic
crisis of 2008. All the major international
banks like Barclays, Citi, HSBC etc are having
a highly disturbed balance sheet. Even if
27 PSBs are merged into one, their total
assets would be nowhere near the asset base of
any of the international banks. The size of the
international banks is directly linked with the
GDP of developed countries and their scale
of operation. There are additional problems of
cultural integration amongst merged banks,
problems of surplus staff and problems of career
progression. Let us not talk at this stage with
the tuning of aspiration of such banks with
their own niche area of origin and operation.
A feeling is there that merger will ensure job
safety and quicker career progression. There
is a well researched document contributed by
400 economist of international repute which
has clearly established the pitfalls of merger.
Privatization, a predatory exercise aimed at
appeasing national and global capital will
destroy the PSB, impede development, and
undermine the living and working condition
of employees. Let us do whatever is possible
to keep the identity of our beloved UBI. We
can change the course of detrimental policies.
Get ready. This spring calls for sacrifices to
snatch Victory. March ahead and respond
to all organizational call for keeping the
independent public sector identity of PSB in
general and that of UBI in particular.
Editorial board of echo is inviting write ups from the members on contemporary
issues related to our bank / banking industry / economy or other issues related
to the interest of bank employees. Please send the soft copy of the write ups by
e-mail at following mail ids. Echo editorial board reserves the right to publish
the article and also reserves the right to edit / modify the write ups.
uboa.cc@gmail.com l cranajit_56@yahoo.co.in
Echo
United Bank Officers’ Association
March 2016
12TH NATIONAL COUNCIL CONFERENCE
The 12th National Council Conference of United
witnessed the presence of a galaxy of personalities
Bank Officers’ Association (affiliated to AIBOC)
viz. Sri P. Srinivas, Hon’ble Managing Director
was held on 14th & 15th November, 2015 in
& Chief Executive Officer of our Bank, Com.
the industrial city of Durgapur, West Bengal.
Harvinder Singh, General Secretary AIBOC, Com.
The largest auditorium of Durgapur ‘SRIJANI’
G.V. Manimaran, General Secretary, AINBOF,
having a sitting capacity of over 1300 persons,
Sri Aswini Jha, Dy. General Manager & Chief
housed the delegates, observers and invitees who
Regional Manager of Burdwan Region and
poured in from length and breadth of the country
Chairman
of
Reception
Committee,
Com.
responding to the clarion call of the Association.
In fact the house was full to the brim when the
formal inaguration of the opening session was
announced. It was an unprecedented large
presence of members and guests.
Sunil
Kumar
Bansal,
President,
UBOA,
Sri Kaushik Ghosh, General Secretary, UBOA,
Sri Suprita Sarkar, EX General Secretary, UBOA,
Sri Dipankar Mukherjee, EX General Secretary,
UBOA, Sri Chandan Ambaly, EX General
The Opening Session of the conference that
Secretary, UBOA, who were courteously invited
started on 14th November 2015 at 5 PM,
to the dais one by one and presented ‘Flower
It only takes one person to make you happy and change your life : YOU.
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boquette’ and thus a distinguished podium of the
Offce Council, presented the inaugural song, in
opening session was formed.
his melodious voice.
Sri Rathin Dey, General Manager, Sri Umesh
At the very outset of the Opening Session with
Kumar Roy, General Manager, Sri Abdul
deep reverence, one minute silence was observed
Wahid, General Manager, Sri Alok Sinha,
Dy. General Manager, Sri Partha Pratim Pal,
Dy. General Manager, Sri Shyamal Biswas, Dy.
General Manager, Sri K. S. Raj, Dy. General
to pay homage to the departed souls of the victims
massacared in Paris and other such innocent
victims killed in terrorist attacks in different parts
of the world in general and India in particular.
Manager, and many Asst. General Managers,
Sri Aswini Jha, Dy. Genetral Manager and
Chief Regional Managers and Chief Managers
Chief Regional Manager, Burdwan Region and
were also present in the VIP Enclosure.
Chairman of the Reception Committe in his
The conference was inaugurated with the lighting
of auspicious lamp by Sri P. Srinivas, Managing
Director & CEO of our Bank, Com. Harvinder
Singh, General Secretary AIBOC, Com. G.V.
Manimaran, General Secretary, AINBOF and
other distinguised dignitories present on the dais.
Thereafter Sri Ritwik Datta, an activist of Head
inaugural speech welcomed all the distinguished
guests and participants and wished the conference
a grand success.
Com. Kaushik Ghosh, General Secretary,
UBOA in his brief inagural speech greeted all the
distinguised guests and welcomed all delegates
and observers present in the auditorium. He also
Lighting of Lamp - 12th NCC
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“Never underestimate your power to change yourself; never overestimate your power to change others.” – Wayne Dyer
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March 2016
expressed his heartfelt thanks to the Burdwan
Com.
Regional Council for making such a grand
Secretary, UBOA conveyed festive greetings to
arrangement. He himself observed that since he
all. He reminded that banking industry is in deep
was junior to many of the distinguished guests
crisis. After nationalisation banks followed social
in the dais, he would only prefer to listen on that
banking, extended need based advance to farmers,
session.
artisans and needy down trodden persons. Due
Com. Suprita Sarkar, Ex General Secretary,
UBOA reminded the glorious legacy of UBOA.
Many leaders and activists sacrificed their career
for the betterment of the service conditions of
the officers community of our bank he said. New
generation members of UBOA should know the
eventful and struggling past of UBOA. Now the
Dipankar
Mukherjee,
Ex
General
to this socialistic approach our economy is here
today. Rural economy flourished to a great
extent. He advised all to work hard to put our
bank in right track. If the bank survives, we all
will survive. Public Sector more particularly PSBs
are under threat of privatisation. He gave a call to
fight a patriotic battle to save Public Sector Banks
in particular and Public Sector in general.
Leaders at Dais - 12th National Council Conference
banking industry is in grave situation. Economy
Com. Chandan Ambaly, Ex General Secretary,
is slack. All banks, more particularly our bank
UBOA expressed his sincere thanks to the
are trying hard to combat rising NPA. He urged
organisers for inviting him in the conference. He
upon the members to strengthen UBOA.
delved deep into the glorious past of UBOA. He
recalled the earlier day’s officers’ pay structure in
UBI, which was the lowest in banking industry.
“When you squeeze an orange, orange juice comes out – because that’s what’s inside. When you are squeezed, what comes out is what is inside.” – Wayne Dyer
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That has now been reversed. It is UBOA which
in actual term. This has been achieved due to the
was intrumental to scrap Rule 21(2) (Dismiss
dedicated efforts of all officers. NPA is growing
Simplisiter) of OSR i.e. termination of an officer
due to sluggish economy. We are not responsible
without showing any reason in three months
for that but we have to put our best efforts to
notice. UBOA is still carrying on its glorious
reduce slippage to NPA. Our goal is to reduce
legacy.
Rs. 100 crore NPA by March 2016 end. Officers of
Sri P. Srinivas, Managing Director & CEO
:
Officers Association has a great role in nurturing
and developing leadership quality in officers. New
generation officers are not mixing and exchanging
views among themselves. Without exchange of
UBI have the capability of achieving this goal. In
spite of financial crisis bank has promoted a large
number of Officers and recruited 700 Officers and
250 Clerks. Put your best efforts and I will bring
the bank on sound footing. Our future is great.
views and interaction with others knowledge of
Com. Harvinder Singh, General Secretary,
an Officer will never develop. Association has
AIBOC : At the call of Government we are opening
a big role in this respect. If Associastion is not
PM Jan Dhan Account, Atal Pension Yojna account,
growing Bank will not grow. Attachment with
PMSBY account and extending Mudra loan.
the Association leads to attachment with the
We are doing hard to implement Govt. policies
Institution. Officers should live, talk and think
but government is not acknowledging banks’
together for development of all. We are among the
effort. How social objective and profitability can
few banks who have succeeded to reduce NPA
go hand to hand ? Why appointment of Officer
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A goal is a dream with a deadline. – Napoleon Hill.
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March 2016
Director in Bank’s Board is getting delayed
the basic fabric of public sector is shattered the job
unnecessarily. Govenment is trying to appoint
security will be blown away. Therefore, it is high
Chairman and Managing Directors of PSBs from
time that young officers should keep high the flag
Private Sector. This will hamper the career path of
of their association for their own interest. Other
PSB Executives and leading towards privatisation
than pay structure Officers in different PSBs are
of PSBs. If economy is sluggish how banks will
getting different benifits. There is no uniformity
grow in faster pace. We have to fight back tooth
in the allowances and benifits accross all banks.
Sri P Srinivas, MD & CEO - 12th NCC
and nail against the activities and mechanism of
AINBOF is born to fight this anomaly and bring
Government to destroy Public Sector.
uniformity of allowances in all PSBs.
Com. G. V. Manimaran, General Secretary,
on 15.11.15, Sunday, Business Session started with
AINBOF : Silently government is reducing its
the submission of General Secretary’s Report.
stake in PSU banks. Govt. is discreminating in
Following twenty delegates participated in the
infusing capital in weaker banks. Non infusion
deliberation.
of capital in weaker banks is the clear indication
of the government that it is forcing the banks to
fail and, thereby, paving the way of accuisition by
private banks. A large number of young boys and
girls have joined PSBs just for service security. If
Sri Biswajit Khaund, AGS, Central Council, Sri
Sailen Medhi, Regional Secretary, Guwahati,
Sri Bijay Kumar Mishra, Regional Secretary,
Bhubaneswar, Sri Debabrata Bhanja, Secretary,
HO Council, Sri Utpal Datta, Regional Secretary,
Happiness is not something ready made. It comes from your own actions. – Dalai Lama
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Noth 24 Parganas, Sri Joy Sankar Choudhury,
Reply of Sri Kaushik Ghosh, General Secretary,
IT Department, Head Office Council, Smt Rini
UBOA
Moitra, ARS, HO Council, Sri Prabir Datta
Gupta, Delegate, HO Council, Smt. Soma
Choudhury, Women Representative, Sri Debasis
Bhattacharya, Delegate HO Council, Sri Vijay
Vardhan, Delegate, Paschim Midnapur Regional
Council, Sri R. Annachhamy, Regional Secretary,
Southern Region, Sri S. R. Gyansekharan, Vice
President, Central Council, Sri Asok Pathak,
Delegate, Patna Regional Council, Sri Asim
Pandit, Regional Secretary, Purba Medinipur,
Sri Nikhil Lodh, President, Dibrugarh Regional
At the outset he extended thanks to the delegates
who had participated in the deliberations. He also
conveyed his sincere thanks to Sri Partha Pratim
Deb and his Burdwan Regional Council for
their tireless effort to make the National Council
Conference a grand success in all respect.
Initiating his reply on the points raised by the
participants, he informed the House that due to
financial crunch like other years Bank was not at
all ready to initiate promotion process this year.
Com. Kaushik Ghosh, GS - 12th NCC
Council, Smt. Koeli Ganguly, Delegate, South
24 Parganas Regional Council, Sri Kartik Oraon,
Regional Secretary, Sambalpur, Sri Asit Banerjee,
Regional Secretary, Nadia R.C., Sri Murlidhar
Malladi, Delegate, Bangalore Regional Council.
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But after continuous persuasion and discussions
with our MD & CEO, UBOA succeeded to get
sanction of the promotional vacancies in all
scales. A large number of promotions took place
in all scales.
Every smile makes you a day younger.
Echo
March 2016
Due to financial load Bank was rigid on their
that PCA has been lifted from our Bank. But PCA
decision of non execution of any routine transfer
on opening of new branches still remains. That
posting orders this year. After prolonged
is why Bank has to take permission from RBI for
discussion and persuasion Association succeeded
opening of branch. Many banks are making losses.
to convince management and made them agree
PCA is about to be imposed on some banks. Our
to execute transfer orders against temporary
Balance Sheet is now clean. Bank have succeeded
sacrifice of transfer allowances on selective basis
to reduce NPA level and contained slippage
for this year only. The decision was ratified
at a minimum level. In coming Quarters Bank
in available E.C members meeting. In three
is expected to post better results. Bank cannot
successive sessions almost all eligible Officers
expand without capital. Bank is not in a position to
Com Harvinder Sing - 12th NCC
were transferred to their home Region / nearest
expand credit portfolio due to Capital constraint.
to their home Region.
Govt. is not infusing Capital. Considering the
Effect of Promotion and payment of bipartite
arrears has put a tremendous load on our
capital constraint we have to increase our Retail
lending to increase NIM.
profitability. We have to make good the depletion
He assured the house that enhancement of the
through quality advance and recovery of NPA.
Rental Ceiling for leased accommodation will
While replying to the demand for opening of new
branches General Secretary informed the house
be approved soon. Association is trying hard to
clinch reimbursement of mobile phone bill to all
Officers.
A person who never made a mistake never tried anything new.
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For the first time Transfer Posting Policy is going
to be introduced in 2016. Bank has completed
man power assessment of all branches / ROs.
Now Association will place their views in this
issue. After discussion with the Association it
will be implemented.
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Recovery and other areas in all Regions. The first
one will be held in Bhubaneswar.
He expressed his gratitude to all members for
such a historic gathering in the history of National
Council Conference of UBOA.
Com. G V Manimaran - 12th NCC
Association has been succeeded to resolve many
disciplinary cases. Vigilance excesses have been
tamed. By December 2015 all charge sheeted
cases will be resolved.
From December 2015 and onwards UBOA will
organize two days’ workshop on Credit, MSME,
He assured that UBOA is committed to remain by
the side of its members throughout the year.
The Conference ended with vote of thanks given
by Sri Rama Prasad Bhattacharya, Vice President,
followed by National Anthem.
Com. Debasis Bandopadhyay, DGS - 12th NCC
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Stop competing with others and start competing with yourself.
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March 2016
History of Indian paper money since 1770
Financial Instruments and ‘Hundies’ in India have
a venerable history. Paper Money, in the modern
sense, traces its origins to the late eighteenth
century with the issues of private banks as well as
semi-government banks (the Bank of Bengal, the
Bank of Bombay and the Bank of Madras alluded
to as the Presidency Banks).
Among the earliest issues were those by the
Bank of Hindostan (1770-1832), the General
Bank in Bengal and Bihar (1773-75, established
by Warren Hastings), the Bengal Bank
(1784-91), amongst others. Few of these
notes survive.
the world-view of the times: buccaneering
mercantilism, colonial consolidation, domineering
imperialism, the grandeur of empire, to the
symbols of National Independence followed up
by allegories of progress and finally in the latest
series, reminiscing Gandhian values.
Early Issues
Paper Money, as we know it today, was introduced
in India in the late Eighteenth Century. This
The Paper Currency Act of 1861 conferred
upon Government of India the monopoly
of Note Issue bringing to an end note
issues of Private and Presidency Banks.
Paper currency in India owed much to
the intellectual stimulus and personal
dynamism of Sir James Wilson, the first
Finance Member in the Executive Council
of the Viceroy of India. With the early death
of Sir James, the task of issuing Government
Paper Money in India devolved upon his
successor Samuel Laing who substantially
modified Wilson’s original proposals.
Government of India continued to issue
currency notes till the Reserve Bank of India
was established on 1st April, 1935. When the
one rupee note was reintroduced as a war
time measure in August, 1940, it was issued
by Government of India with the status of
a coin. Government of India continued to
issue Rupee one notes till 1994.
The motifs appearing on Indian currency notes
reflect the changing socio-cultural ethos and
was a period of intense political turmoil and
uncertainty in the wake of the collapse of the
Mughal Empire and the advent of the colonial
To live a creative life, we must lose our fear of being wrong.
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March 2016
powers. The changed power structure, the
upheavals, wars, and colonial inroads led to the
eclipse of indigenous bankers, as large finance in
India moved from their hands to Agency Houses
who enjoyed state patronage. Many agency
houses established banks.
Among the early issuers, the General Bank
of Bengal and Bihar (1773-75) was a state
sponsored institution set up in participation with
local expertise. Its notes enjoyed government
patronage. Though successful and profitable,
the bank was officially wound up and was short
lived. The Bank of Hindostan (1770-1832) was
set up by the agency house of Alexander and
Company was particularly successful. It survived
three panic runs on it. The Bank of Hindostan
finally went under when its parent firm M/s
Alexander and Co. failed in the commercial
crisis of 1832. Official patronage and the
acceptance of notes in the payment of revenue
was a very important factor in determining
the circulation of bank notes. Wide use of
bank notes, however, came with the note
issues of the semi-government Presidency
Banks, notably the Bank of Bengal which was
established in 1806 as the Bank of Calcutta
with a capital of 50 lakh sicca rupees. These
Echo
in Calcutta) and in denominations deemed
convenient in the early 19th Century, viz., Rs. 100,
Rs. 250, Rs. 500, etc.
The Bank of Bengal notes later introduced a
vignette represented an allegorical female figure
personifying ‘Commerce’ sitting by the quay. The
notes were printed on both sides. On the obverse
the name of the bank and the denominations
were printed in three scripts, viz., Urdu, Bengali
and Nagri. On the reverse of such notes was
printed a cartouche with ornamentation carrying
the name of the Bank. Around the mid nineteenth
century, the motif ‘Commerce’ was replaced by
‘Britannia’. The note had intricate patterns and
multiple colours to deter forgeries.
banks were established by Government
Charters and had an intimate relationship
with the Government. The charter granted
to these banks accorded them the privilege
of issuing notes for circulation within their
circles.
Notes issued by the Bank of Bengal can
broadly be categorized in 3 broad series
viz: the ‘Unifaced’ Series, the ‘Commerce’
Series and the ‘Britannia’ Series. The early notes
of the Bank of Bengal were unifaced and were
issued as one gold mohur (sixteen sicca rupees
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Commerce Series (Obverse and Reverse)
The second Presidency Bank was established in
1840 in Bombay, which had developed as major
commercial centre. The Bank had a checkered
We met to create memories, we part to preserve them.
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March 2016
Britania Series (Obverse and Reverse)
history. The crisis resulting from the end of the
speculative cotton boom led to the liquidation
of Bank of Bombay in 1868. It was however
reconstituted in the same year. Notes issued by
the Bank of Bombay carried the vignettes of the
Town Hall and others the statues of Mountstuart
Elphinstone and John Malcolm.
The Bank of Madras established in 1843 was the
notes featured the Bombay Town Hall as vignette.
The Commercial Bank of India established in 1845
in Bombay (also an Exchange Bank) issued exotic
notes with an interblend of Western and Eastern
Motifs. The bank failed in the crash of 1866. The
paper currency Act of 1861 divested these banks
of the right to note issue; the Presidency Banks
were, however, given the free use of Government
Note issued by the Bank of Bombay
third Presidency Bank. It had the smallest issue
of bank notes amongst Presidency Banks. The
notes of the Bank of Madras bore the vignette
of Sir Thomas Munroe, Governor of Madras
(1817-1827).
The other private banks which issued bank notes
were the Orient Bank Corporation established in
Bombay as the Bank of Western India in 1842. Its
balances and were initially given the right to
manage the note issues of Government of India.
British India Issues
British India Issues commence with the
Paper Currency Act of 1861 which gave the
Government the monopoly of note issue in India.
The management of paper currency across the
geographical expanse of the Indian sub-continent
To seek a favour is to barter away one’s freedom.
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March 2016
was a task of considerable proportions. Initially
the Presidency Banks were appointed as agents
to promote the circulation of these notes in
view of their existing infrastructure. The Act of
1861 authorized the Presidency Banks to enter
into agreements with the Secretary of State for
becoming agents for the issue, payment and
exchange of promissory notes of the Government
of India. The problem of redemption of these
notes over vast expanses of the Indian subcontinent led to the concept of ‘Currency Circles’,
where these notes were legal tender.
These Currency Circles increased in number as the
Government progressively took over the work.
The agency agreements with the Presidency Banks
were finally terminated in 1867. The Management
of Paper Currency was subsequently, in turn,
entrusted to the Mint Masters, the Accountant
Generals and the Controller of Currency.
(Source : https://www.rbi.org.in/currency/museum/paper.html)
Victoria Portrait Series
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Paper Mills (Portals). The security features
incorporated the watermark (GOVERNMENT
OF INDIA, RUPEES, two signatures and wavy
lines), the printed signature and the registration
of the notes.
Under print Series
The Victoria Portrait series was withdrawn in
the wake of a spate of forgeries and replaced
by the unifaced ‘Underprint Series’ which
were introduced in 1867. In deference to public
The first set of British India notes were the ‘Victoria
Portrait’ Series issued in denominations of 10,
20, 50, 100, 1000. These were unifaced, carried
Green Underprint Rupees Five
two language panels and were printed on handmoulded paper manufactured at the Laverstock
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demand, notes in the denomination of Rupees
Five were introduced. Initially, notes were legally
encashable only in the Currency Circle in which
they were issued; however, between 1903 an
1911, notes of denomination 5, 10, 50 and 100
Trying to be someone else is a waste of the person you are.
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March 2016
Rupee One - Reverse
Red Underprint Rupees Fifty
were ‘universalized’, i.e. were legally encashable
outside the Currency Circle of Issue.
The Underprint Series notes were printed on
moulded paper and carried 4 language panels
(Green Series). The languages differed as per the
currency circle of Issue. Language panels were
increased to 8 in the Red Series. The improved
security features included a wavy line watermark,
the manufacturer’s code in the watermark (the
source of much confusion in dating), guilloche
patterns and a coloured underprint.
This series remained largely unchanged till the
introduction of the ‘King’s Portrait’ series which
commenced in 1923.
exigent. Compulsions of the first World War led
to the introduction of paper currency of small
denominations. Rupee One was introduced on
30th November, 1917 followed by the exotic
Rupees Two and Annas Eight. The issuance of
these notes was discontinued on 1st January,
1926 on cost benefit considerations. These notes
first carried the portrait of King George V and
were the precursors of the ‘King’s Portrait’ Series
which were to follow.
King’s Portrait Series
Regular issues of this Series carrying the portrait of
George V were introduced in May, 1923 on a Ten
Rupee Note. The King’s Portrait Motif continued
Small Denomination Notes
The introduction of small denomination notes
in India was essentially in the realm of the
Rupees Fifty
as an integral feature of all Paper Money issues of
British India. Government of India continued to
issue currency notes till 1935 when the Reserve
Rupee One - Obverse
Don’t think of cost. Think of value.
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March 2016
Bank of India took over the functions of the
Controller of Currency. These notes were issued
in denominations of Rs 5, 10, 50, 100, 500, 1000,
10,000.
With the establishment of the Currency Note
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Section 22 of the RBI Act, 1934, empowered it to
continue issuing Government of India notes till its
own notes were ready for issue. The Central Board
of the Bank recommended that the Bank notes
retain the general size, appearance and design of
the existing notes, albeit with modifications.
Notes with the portrait of Edward VIII were
scheduled for release in the summer of ‘37. But
Edward’s heart had its reasons and his abdication,
at levels mundane, delayed the Bank’s issues to
January 1938 when the first Five Rupee note was
issued bearing the portrait of George VI.
Rupees One Thousand
Press at Nasik in 1928, currency notes came to be
progressively printed in India. By 1932 the Nasik
Press was printing the entire spectrum of India
currency notes. The improved security features
were changed watermarks, intricate portrait
designs and multi coloured printing.
Rupees Five
British India :
Reserve Bank Issues
The Reserve Bank of India was formally
inaugurated on Monday, April 1, 1935 with its
Central Office at Calcutta.
It began operations by taking over from the
Government the functions hitherto performed by
the Controller of Currency and from the Imperial
Bank the management of Government Accounts
and Public Debt. The existing Currency Offices
in Calcutta, Bombay, Madras, Rangoon, Karachi,
Lahore and Cawnpore became the branches of the
Issue Department of the Bank. (It was not then
considered necessary to have an office in Delhi.).
14
Rupees One Hundred
The first Governor, Sir Osborne Smith did not
sign any bank notes; the first Reserve Bank issues
were signed by the second Governor, Sir James
Taylor.
Be kind whenever possible. It is always possible.
Echo
March 2016
In August 1940, the one-rupee note was
reintroduced, once again as a war time measure,
as a Government note with the status of a rupee
coin, in terms of the Currency Ordinance of 1940
(IV of 1940). The issuance of Rs 2 and Annas 8 was
contemplated but Rs 2 was introduced instead on
3rd March, 1943.
George VI Profile
Rupees One
George VI Frontal
The George VI series continued till 1947 and
thereafter as a frozen series till 1950 when post
independence notes were issued.
Republic India Issues
Rupees Two
During the war, Japanese Operations to destabilise
Indian currency involved high quality forgeries,
largely of Re 10 notes signed by Governor C.D.
Deshmukh.
Throughout history, the right to Coinage and
Currency and issues of sovereignty have been
curiously conjoined, emotionally if not rationally;
these issues stimulate debate even today.
This necessitated a change in the watermark and
obverse design from the profile portrait of George
VI to his full frontal portrait. As an added security
feature, the security thread was introduced for
the first time in India.
Government of India - Rupee One
Don’t raise your voice, improve your argument.
15
March 2016
Echo
The transition of currency management from
colonial to independent India was a reasonably
smooth affair. Midnight, August 15, 1947
heralded Indian independence from colonial
rule. The Republic, however, was established
on 26th January, 1950. During the interregnum,
the Reserve Bank continued to issue the extant
notes.
Government of India brought out the new design
Re 1 note in 1949.
Rupees Five Thousand - Gateway of India
Symbols for independent India had to be chosen.
At the outset it was felt that the King’s portrait
be replaced by a portrait of Mahatma Gandhi.
Designs were prepared to that effect. In the final
analysis, the consensus moved to the choice of
the Lion Capital at Sarnath in lieu of the Gandhi
Portrait. The new design of notes were largely
along earlier lines.
Rupees Ten Thousand - Lion Capital, Ashoka Pillar
In 1953, Hindi was displayed prominently on
the new notes. The debate regarding the Hindi
plural of Rupaya was settled in favour of Rupiye.
High denomination notes (Rs 1,000, Rs. 5,000,
Rupees Ten - King’s Portrait
Rs. 10,000) were reintroduced in 1954.
The lean period of the early sixties led to
considerations of economy and the sizes of notes
were reduced in 1967. In 1969 a commemorative
design series in honour of the birth centenary
celebrations of Mahatma Gandhi was issued
depicting a seated Gandhi with the Sevagram
Ashram as the backdrop.
Rupees Ten - Ashoka Pillar
16
Every smile makes you a day younger.
To be cont. .......
Echo
March 2016
Privatisation not the solution
for bank’s problem
Com. Thomas Franco, Senior Vice President,
AIBOC and General Secretary of SBI’s Officers
Association gave this interview to ‘Frontline’
magazine. Echo Editorial Bord is publishing
it for the knowledge of all the members of
UBOA.
would eventually be converted into Banking
Investment Company as per Nayek Committee
recommendations. Eventually, the government’s
share in PSBs would be brought down to 40 per
cent and transferred to this company, which will
have the sole power to regulate or control banks.
“As far as public sector banks are concerned,
the government’s attitude is like calling the dog
mad and then shooting it. If there are problems
of unprofitability and NPA in PSBs, it is of
governments own making. How can they make
that an excuse to privatise us?” asks Thomas
Franco, Senior Vice President, AIBOC. Franco who
is also the General Secretary of the SBI’s Officers
Association, gave this interview to ‘Frontline’
magagine on the problems facing PSBs and how
the government is slowly pushing them to wards
privatisation. Excerpts:
Once this happens, the other recommendations,
such as reducing priority sector lending
or making it profitable, cutting down on
unprofitable banking activities such as investing
in infrastructure projects or lending to small
and medium entrpreneures, will automatically
follow. This would totally defeat the idea of
inclusive banking as it is practised now and was
the guiding principle at the time of nationalisation
of banks. Besides, if we look at the government’s
record, in 2000 too the then NDA government
tried to reduce the government’s share in PSBs but
dropped the idea because of our opposition and
the left parties’ support to our cause. This time,
since they have the numbers in the Lok Sabha, we
are afraid they might push through their agenda.
Why, in your view is the
government pushing public
sector banks towards
privatisation?
As far as the government is concerned whether
it was the UPA earlier or the NDA, its agenda
has been the same: privatise PSBs. The UPA had
set up a committee under P.J. Nayek to suggest
reforms in public sector banks in January 2014.
The main thrust of its recommendations was
privatisation of PSBs. The report was put in cold
storage because of the general elections, only
to be resurrected by the Modi government. The
Modi government not only endorsed the Nayek
Committee report fully, but announced measures
to implement the recommendations. In his budget
speech last year, Finance Minister Arun Jaitley
announced that the Banking Boards Bureau would
start functioning from April 2016 and this bureau
Why is there so much
opposition to privatisation of
banks ? After all, the second
largest bank in the country,
ICICI, is in the private sector.
We must not forget the past history of private
sector banks. Before 1969, all banks, except SBI,
were in the private sector. Between 1947 and
1969, 559 banks failed. A huge number of people
lost their life’s earnings. The common man had
no access to banks then, and the banks’ rural
presence was nil. Bank nationalisation took place
to make the shift from class banking to mass
banking, and make inroads into rural areas. The
lopsided banking was visible in the fact that in
Rudeness is a week imitation of strength.
17
March 2016
1969 over 40 per cent of our GDP was coming
from agriculture, but total loans to the agriculture
sector was only 0.2 per cent. Capital was under
the control of a minuscule percentage of the
population.
the public sector more robust, not pawning it in
the hands of a few powerful individuals.
How do you plan to oppose
the government if it is
determined to privatise PSBs?
We have joined hands with other PSU
organisations and floated the National Platform
of Public Sector Officers’ Organisation. This has
representation from banks, power engineers,
telecom and insurance. The Railway too will join
soon. We are planning a nationwide campaign to
create public awareness. We will do it through
street plays, short films and documentaries and
so on. We also plan to organise alternative Gyan
Sangams to educate people on the tremendous
contribution of PSUs to nation buliding. Our
campaign will be called “Save PSUs”. The
campaign will run in Chennai for 45 days, and
then we will travel to other parts of the country.
We need to tell the people why it is necessary
to save the public sector; why concentration of
wealth in the hands of a few powerful individuals
is not good for the common people; why we
should learn from the experiences in Japan,
Korea and the US; why we need to heed the
earlier warnings by the RBI, which said in 2010
that private sector ignorsed SMEs, agriculture,
education and export.
Loans
Even after nationalisation, private sector banks
continued to fail. One of the most prominent
examples was the high-profile Global Trust Bank,
whose chairman, Ramesh Jolly, was awarded
the Banker of the Year award, and the very next
year his bank posted a loss of Rs.1100 crore. GTB
was eventually merged with Oriental Bank Of
Commerce in 2003. Between 1969 and 2014, 23
private sector banks were merged with public
sector banks for not working well. In thsi backdrop,
we have to see the performance of PSBs, which
have not only survived the major global economic
crisis but also shared the gevernment’s social
agenda like the farm loan waiver, the Jan Dhan
Yojna, priority sector lending and lending to small
and medium enterprises. These are the activities
which bring our profitabilty under pressure, and
the private sector banks have almost nil presence
here. They don’t share the government’s social
responsibilities. Even in matters of recruitment,
they don’t follow the government’s reservation
policy or don’t show any enthusiasm in giving
education loans to needy students. Thus, we
can see that privatisation is not the solution for
problems facing PSBs. The solution lies in making
18
Echo
Motivation is what gets you started. Habit is what keeps you going.
Echo
March 2016
Monitoring of Financial Inclusion
activities by the Base Branch officials
Sri Dilip Sinha Mahapatra, Senior Manager
Finalcial Inclusion Department
In the recent years, implementation of ICT based
financial inclusion has assumed a prime focus
in the banking industry. With the launching of
PMJDY, the task for the branch functionaries has
increased manifold. At present, Comprehensive
Financial Inclusion is being implemented in
13250 villages through 4099 Bank Mitras (BCAs)
attached to 899 Branches (Base Branch) of our
Bank. Considering the multifarious activities (both
financial and non-financial) being undertaken
by the Bank Mitras which has a direct impact
on Bank’s business as well as profitability, Base
Branch officials should ensure proper monitoring
& supervision of their activities.
•
No Bank Mitra should be allowed to
open account under SBFIS scheme
code.
•
Ask the Bank Mitra to submit the
SB Account Opening Forms & KYC
documents within 7 days of enrolment.
Ensure conversion of these accounts
from dormant to active status after due
verification of KYC documents as early
as possible.
•
Under on-line mode, when the Bank
Mitra will accept Cash from customer
after bio-metric authentication, the
transaction gets reflected in Finacle
within 30 seconds of carrying out
transaction at the HHD. The system
will perform the accounting in the CBS
automatically:
Some indicative check points which may be
beneficial for the Branch functionaries to monitor
the functioning of the Bank Mitras are narrated
hareunder :
•
•
•
•
Bank Mitra is an extended arm of the
Branch. Do not treat them as an outsider.
Interact with the Bank Mitras frequently
to understand the bottlenecks and take
up the matters with the Regional Office,
Corporate BC and FI Cell, Head Office
for an early resolution.
Dr. - Current-cum-OD Account (BCA)
Cr. - Customer Account.
•
Ensure Bank Mitra’s CABCA account
has been opened in line with HO
instructions and overdraft limit of
₹ 25,000/- has been sanctioned and
documents executed following Bank’s
extant guidelines with due reporting to
Regional Office for noting of DP.
Similarly, when the Bank Mitra will
pay Cash to customer after biometric
authentication, the transaction gets
reflected in Finacle within 30 seconds
of carrying out transaction at the HHD.
The system will perform the accounting
in the CBS automatically:
Dr. - Customer Account
Cr. - Current-cum-OD Account (BCA)
•
Maximum limit of cash deposit/
withdrawal by a customer through BC
model is restricted to ` 10,000/- per day
•
Average cash holding limit for Bank
Mitra is ` 50,000/- per location per day
and additional `1 lakh for 7 (seven)
days in a month. In the State of Tripura,
`1 lakh per location per day and
additional ` 2 lakhs for 7 (seven) days
in a month to facilitate bulk payments
like MGNREGA, IAY, NOAP etc.
Do not allow Cheque Book, ATM/
Debit Card, Net Banking facility, InterSOL withdrawal, Cheque collection,
electronic fund transfer like NEFT in
CABCA account.
Bank Mitra should have one fully
KYC-compliant Savings Bank account
with the Branch where his monthly
remuneration/commission is to be
routed.
Laughter is the shortest distance between two people.
19
March 2016
•
•
•
•
20
The Bank Mitras should be allowed
to withdraw cash from their ‘CABCA’
accounts through ‘Cash Voucher’ only
(in Finacle the Instrument Type will be
“VCH” instead of “CHQ”) and they will
deposit cash through Miscellaneous
Deposit Slip
For bulk payment like MGNREAGA,
loans to JLG etc, the Base branch will
provide the fund to the debit of branch
“FI Imprest cash Account” [GL Sub
Head (<SolID>0158161009)] upto a
maximum amount of `50000/- and
credit into the ‘CABCA’ account of the
individual Bank Mitra. At the end of the
day, the Branches should adjust the “FI
Imprest Cash Account” to the extent of
credit balance available in the ‘CABCA’
account arising out of either for making
payment to the beneficiaries (system
generated credit) or undisbursed
amount deposited by the Bank Mitras.
Base Branches should take utmost care
to neutralize the Debit balance in the ‘FI
Imprest Cash’ account within 24 hrs
For making payment to JLG beneficiaries
(from their SBFIS accounts, as the loan
amounts are credited to these accounts)
by the Bank Mitras, required fund can
be arranged enhancing the OD limit for
one day after taking permission from
the Regional Office. However, funds
should be disbursed in the Branch
premises as the insurance cover will not
cover the enhanced amount outside the
Branch premises.
On the last working day of every
month, the Bank Mitras should make
their Cash-in–hand balance in the HHD
“NIL” by depositing entire cash in hand
into their respective ‘CABAC’ A/Cs.
The base branches, before proceeding
to EOD, should ensure that no
outstanding balance is appearing in the
‘CABCA’ accounts of the Bank Mitras
as well as in ‘FI Imprest Cash’ account.
Therefore, the ‘CABCA’ accounts of the
Bank Mitras and ‘FI Imprest Cash’ A/C
Echo
should stand at ‘Zero’ balance as on the
last working day of every month.
•
Check the transactions in ‘CABCA’
account of the Bank Mitra on random
basis. If any irregular transaction is
found (e.g., same amount has been
debited and credited to any account on
the same day), verify the authenticity
of the same with the Bank Mitra
and caution him to refrain from any
malpractice.
•
Strictly follow the HO circular on
insurance coverage of cash handled by
the Bank Mitra.
•
Govt. of India has directed that one
Officer from the Branch should visit the
Bank Mitra location for follow up and
monitoring at a regular interval. As
per latest directive of the Bank, Branch
officials are to mandatorily spend at
least 8 hours time on weekly basis at the
Bank Mitra Point/FI Villages.
•
Effective cash management will save
the Bank from remaining out of fund
beyond the permissible time period.
Monitoring of cash transactions
undertaken by the Bank Mitras will
ensure transparency and check fake
transactions and money laundering in
the BC operations.
•
Branches need to review the performance
of the Bank Mitras on quarterly basis
as per format prescribed vide HO
Circular no. FI/FIC/18 OM-474/15-16
dated 18- November - 2015.
•
Branches to see whether the Bank Mitras
are logging in the device with biometric
or not
•
Branch should ensure delivery of PIN
to the FI customers having RuPay
Card after carrying out biometric
authentication through ‘FIAUTH’.
For any doubt/difficulty, please contact the
Regional Nodal Officer or FI Cell, Head Office
(Tel. 033- 2243 3933; e-mail : financialinclusion@
unitedbank.co.in).
Happiness keeps you sweet, Trials keeps you strong.
Echo
March 2016
Process of Monitoring process
of Credit Portfolio
Sri Dipankar Bhattacharjee, Ex-Senior Manager, STC Kolkata
Risk is always associated with Bank Lending
and the risk is unavoidable, we can only take
precautionary steps to minimize the same. The
type of risks associated with lending are :

Credit Risk

Market Risk

Operational Risk
As a branch official, the basic duty is to minimize
credit risk as well as operation risk. Credit risk is
also called the default risk which can be minimized
by monitoring the credit portfolio. Monitoring also
minimize some part of operation risk. If the risk
is managed within the risk appetite of the bank,
it ensures more profitability of the organization.
Importance of proper Follow up, Supervision and
Monitoring of credit portfolio is for maintenance/
improvement of asset quality which in turn helps
the Bank to improve its profitability and vis-à-vis
helps the Bank to identify potential clientele for
business enhancement.
Objectives of Post Sanction
Supervision and Follow-up :





To ensure compliance with the terms
and conditions of sanction.
To ensure that assumptions for credit
sanction was correct.
To ensure end use of funds.
To ensure adequacy of credit on an
ongoing basis depending on the needs
of the borrowers.
To monitor the health of the unit and
detect signs of weakness in the financial
position of the borrower.
Monitoring :
I.
Disbursement :
Disbursement is to be made as per need of the
project and at any cost diversion/siphoning of
fund is to be restricted.
In case of Term Loan :

Loan to be disbursed as per the schedule
approved by the bank.

Disbursement of installments related
to actual progress in implementation of
the project.

Site visits periodically to be done to
ensure the end use of funds etc.

Progress in project implementation
should be as per schedule, for any
delays seek borrower’s view on steps
taken for rectification.

Monitor
costs
being
incurred,
borrower’s contribution, and reasons
for cost overruns.
This requires receipt of statements from the
borrower which are to be scrutinized diligently
by the bank.
In case of Cash Credit :

If sanctioned along with Term Loan, it
must be disbursed only when the unit
commences commercial production.

Periodical Inspection enables bank to
keep check on the stocks charged to the
bank.

Obtain first hand information about the
functioning of the unit.
Onsite Monitoring :
II.
Inspection
Inspection of unit is to be carried out periodically
to ascertain the working conditions, activity and
progress and also to check availability of raw
materials, spares, power supply any other issues
that may affect the unit. Irregularities / deviations
are to be brought to the notice of the borrower
and to be followed up vigorously.
Excellence is not a skill. It is an attitude.
21
March 2016
Periodical Inspection in case
of Hypothecation Account :









IV.Operations in the account :
Verify adequacy of stocks.
Physical verification of stocks –
do a test check.
Valuation of stocks to be done on cost
price or market price basis whichever is
lower.
Quality of stocks charged: Stock should
not be old, obsolete, rejected goods etc.
Ensure its sale ability.
Segregation of stocks : Stocks not
hypothecated to the bank must be kept
separately.
Checking of Record : Books, register
maintained by borrower must be verified
to check the actual movement of goods
and system of stock reconciliation with
physical quantity.
Match with the stock statement of the
borrower.
For limits sanction against book debts,
appropriate documentary evidence
supporting sale of goods must be
verified.
Bank’s name board to be prominently
displayed indicating the goods are
hypothecated.
Periodical Inspection in case
of Pledge Account




Ensure that go down is well
maintained.
Goods are stored properly.
Entries in the go down register
maintained appropriately.
If required, conduct stock audit.
Offsite Monitoring :
III.Maintenance of Inspection
Register :


22
Bank must maintain register to record
comments on findings of inspection.
Inspecting officer’s signature is
required.
Echo
V.

Non payment of interest and
installments and all related service
charges on due dates to be followed up
with the borrower.

Bank should issue reminder letter to the
borrower for the repayment obligation
whenever it is overdue.

In Cash credit account, frequent
overdrawals is to be noticed and proper
action to be taken.

Frequent requests for overdrawals
should be looked into consideration for
onsite inspection.

In case of shortage of working capital
consider enhancement if supported by
papers.

Credits in account to be checked to see
sales reported are routed through the
account.

Abnormal credit entries to be analyzed
and proper action to be taken asking
explanation from the borrower.

Look for
concerns.

Book debt statements to be scrutinized
to ensure that credit sales are realized
within the stipulated period.

For old book debts of the borrower,
check what steps taken to recover the
dues.

If bills purchased / discounted, payment
on due date to be closely monitored.

In case of return of bills, ask explanation
from the borrower and take proper
action.
transactions
with
sister
Insurance :

Bank has to ensure that securities
offered have adequate and proper
insurance cover on continuous basis.

Cover to be obtained for full value of
securities as per record charged to the
bank.
Those who wish to sing, always find a song.
Echo

Generally, value of securities should
be more than the limit sanctioned
and deterioration in its quality to be
checked.
VI. Guarantee coverage :

Check for proper guarantee coverage
for SME loans as per bank’s guidelines.

Check for proper guarantee coverage
for Export oriented loans as per bank’s
guidelines.
VII. Information System :

Seek information at regular intervals for
checking the progress in implementation
of the project financed.

Check quantum of production / sales
levels of the unit.

Information should be sought on
monthly (regular) basis for Stock
position, Debtors position and Creditors
position.

Funds flow and cash flow statement at
least on yearly basis to be checked.

Statements (MSOD, QIS as applicable)
called for to enable bank to monitor
the levels achieved vis-à-vis projected
figures of the unit.

Stock statement should reveal the
quantity of paid and unpaid stock, their
price and movement.

Statement on book debt should reveal
age-wise breakup of debtors and
creditors.

Timely and qualitative information
must be obtained.
VIII.Review :
There is a system of annual review of credit
account. Each and every credit account is to be
reviewed as per lending policy of bank.

Review to be done to scrutinize the
position of the account and the unit.

Balance Sheet, P & L Account, Tax
Returns of borrower is be collected for
checking.
March 2016

Undesirable features to be discussed
with the borrower to rectify at earliest
possible.

Credit report of the borrower to be
updated on a regular basis.

Initiate proper action to renew the
documents taking into consideration of
stamping and registration.
Post-lending supervision :
Three stages



Regular surprise
securities.
verification
of
Stock audit if necessary.
Obtaining and scrutiny of control
statements (Stock Statements, financial
statements)
Check at the branch :

Inspection reports.

Audit reports.

EXTRBR report.

NPASMARPT report.

Check the review report.
Systematic follow-up to be
made for recovery of dues
and maintenance of asset
quality :
Check :

SMA accounts and do the necessary
follow up by approaching the borrower
to find out any solution.

If possible restructure the account as
per guidelines to prevent NPA.

For NPA accounts, contact the
borrowers as many times to find out
way to take out the account from the
clutches of NPA.

If require take the assistance of local
machineries (Pradhan & members of
G.P., B.D.O., I.D.O., F.E.O, A.E.O etc.).
Kites rise highest against the wind – not with it.
23
March 2016

If require take the help of regional
officers (Sr. Manager (ADV),
Sr. Manager (Recovery) etc.).

Try to convince him to give an
application narrating why he failed to
repay.

If require take the assistance of paneled
lawyer in consultation of regional
office.

If all the measures fail, contact regional
office and send them your follow-up
in writings from time to time seeking
advise.

Always keep the inspection report
in writings and place the same in the
corresponding loan file and upload gist
of inspection results in CBS system.

It is better not to take legal action and
try to settle the matter outside the court
through compromise settlement as per
our rovery policy.

Sometimes compromise settlement can
be done through lok adalat, contact
regional office for such action.
Sometimes, it is seen that
borrower is co-operating :

Take the advantage, negotiate with him
to find way out as per our recovery
policy.

It is better to find the way out to check
fresh slippage to NPA by caring SMA
accounts.

Upgrade the NPA by realizing full dues
& removing other irregularities.
Sometimes, it is seen that
borrower is not
co-operating :



24
Echo
Apply your prudence to tackle the
problem at local level.
If it is not possible, consult the regional
office, invite them to your branch and go
for joint inspection at the site/residence
of the borrower to negotiate.
Never serve repeated “Demand Notice”
to the borrower, it jeopardizes the
importance.

Try to convince the borrower to repay
his dues and tell the borrower that you
have come to solve his problem.

Be polite and use polished language to
convince his family also.
Sometimes it is seen that the
borrower is recalcitrant to
co-operate at minimum level :

Convince the regional office to take
legal action through filing cases.

Try to collect the information of assets
of the borrower and estimate it without
notice of the borrower.

Initiate SARFAESI if applicable.

Take the help of local paneled lawyer
and after filing the case at proper
court, follow up from time to time until
disposal of the case.
LITTLE + OFTEN is better than LOT + SOMETIMES.
Echo
March 2016
Implementation of e-Bank
Guarantee through SFMS
Soham Bhattacharya, Officer IT
Introduction
What is IFN 760 COV Message
Structured Financial Messaging System (SFMS)
is a secure messaging standard developed to
serve as a platform for intra-bank and inter-bank
applications. SFMS can be used practically for all
purposes of secure communication within the
bank and between banks.
This message is sent between banks involved in
the issuance of a guarantee. It is used to issue a
guarantee or to request the Receiver to issue a
guarantee. This message may also be used for
Standby Letters of Credit.
SFMS Application was implemented as messaging
platform for RBI applications Real Time Gross
Settlement (RTGS), National Electronic Funds
Transfer (NEFT), Letter of Credit (LCs) and other
applications.
Now, Indian Bankers Association (IBA) &
Government of India has proposed electronic
BG implementation using the SFMS Messaging
backbone. Hence, below sections of document
provides the detailed message flow.
Type of e-BG Message
 IFN 760 COV – Bank Guarantee :
 IFN 767 COV – Bank Guarantee
 IFN 769 – Advice of Reduction or
Release
Type of Stamp Duty Payment
Message
 IFN 298 SDR Stamp duty Payment
Request
What is IFN 767 COV Message
This message is sent by a bank which has issued a
guarantee to the bank to which the guarantee was
issued. It may also be sent by a bank which has
requested the issuance of a guarantee to the bank
to which the request for a guarantee was sent. It
is used to amend or request the amendment of
the guarantee. This message may also be used for
Standby Letters of Credit.
What is IFN 769 Message
This message is sent by a bank which has received
a guarantee to the bank which has issued the
guarantee. It may also be sent by a bank which
has been requested to issue a guarantee to
the bank which requested the issuance of the
guarantee. This message may also be used for
Standby Letters of Credit. It is used to advise the
Receiver that it has been released of all liability
for the amount specified in field 33B or field 39C.
The Sender’s charges may also be accounted for
in this message.
 IFN 298 SDP Stamp duty Payment
Response
Message Structure of IFN 760 COV - Bank Guarantee
Sl. No.
Status
Field ID
Field Description
1
M
7020
Transaction Reference Number
(Issuing Bank Guarantee Number)
16x
2
O
7022
Guarantee Form Number
16x
3
M
7024
Type of Bank Guarentee :
Performance, Financial, Others
16x
A good plan today is a better than a perfect plan tomorrow.
Field Size / Contents
25
March 2016
Sl. No.
Status
Field ID
4
M
7025
Amount of Guarantee
Currency Code
Amount
3!a
15d
5
M
7026
Guarantee Validity
Guarantee From Date
Guarantee To Date
8!n
8!n
6
M
7027
Guarantee Effective Date
8!n
7
M
7029
End date for lodgement of claim
8!n
8
O
7030
Place of lodgment of claim
35x
9
M
7031
Issuing Branch IFSC
11!x
10
M
7032
Issuing branch name and address
6*35x
11
M
7033
Name of applicant and his details
6*35x
12
M
7034
Name of Benificiary and his details
6*35x
13
M
7035
Benificiary IFSC
14
M
7036
Benificiary branch name and address
6*35x
15
O
7037
Sender to Receiver Information
10*35x
16
O
7038
Purpose of Guarantee
6*35x
17
O
7039
Reference/Description of the underlined
contract
3*35x
18
O
7040
Stamp Duty Electronically Paid (Y/N)
1x
19
O
7041
E-Stamp Certificate Number
20x
20
O
7042
E-Stamp Date and time
14!n
21
O
7043
Amount paid
15d
22
O
7044
State Code
2x
23
O
7045
Article Number
35x
24
O
7046
Date of Payment
8!n
25
O
7047
Place of Payment
35x
26
O
7048
e-Bank Guarantee to be held in Demat Form
(Y/N)
1x
27
O
7050
Custodian Service Provider
16x
28
O
7049
Demat Account Number
16x
26
Field Description
Echo
It’s choice, not chance, that determines your destiny.
11!x
Echo
March 2016
Message Structure of IFN 767 COV - Bank Guarantee
Sl. No.
Status
Field ID
Field Description
1
M
7020
Transaction reference Number (Issuing Bank
Guarantee Amendment Number)
16x
2
M
7021
Related Reference
(Original Bank Gurantee Number)
16x
3
M
7055
Further Identification
16x
4
M
7056
Amendment Date
8!n
5
M
7057
Number of Amendment
2n
6
O
7058
Date of Issue or Request to Issue
8!n
7
O
7059
Amendment Details
150*65x
8
O
7037
Sender to Receiver Information
10*35x
9
M
7031
Issuing Branch IFSC
10
M
7032
Issuing branch name and address
6*35x
11
M
7033
Name of applicant and his details
6*35x
12
M
7034
Name of Benificiary and his details
6*35x
13
M
7035
Benificiary IFSC
14
M
7036
Benificiary branch name and address
6*35x
15
O
7040
Stamp Duty Electronically Paid (Y/N)
1x
16
O
7041
E-Stamp Certificate Number
20x
17
O
7042
E-Stamp Date and time
14!n
18
O
7043
Stamp Duty Amount paid
15d
19
O
7044
State Code
2x
20
O
7045
Article Number
35x
21
O
7046
Date of Payment
8!n
22
O
7047
Place of Payment
35x
23
O
7048
e-Bank Guarantee to be held in Demat Form
(Y/N)
1x
24
O
7050
Custodian Service Provider
16x
25
O
7049
Demat Account Number
16x
Perseverance is failing nine times and succeeding the 10th.
11!x
11!x
27
March 2016
Echo
Flow Diagram of IFN760COV Bank Guarantee Message from Source
Bank to Destination Bank with online stamp duty payment
Flow Diagram of IFN767COV Bank Guarantee Message from Source
Bank to Destination Bank with online stamp duty payment
28
It is dangerous to change horse in the mid stream.
Echo
March 2016
REGIONAL ROUND UP
ADIEU LEADERS
Sri Sudhir Chandra Mondal
joined Bank on 09.03.1978 as CCG at Central
Assam Region, Guwahati. He got promotion in
JMG I in 1986. During his long colourfur career he
served in different capacity in different branches
and controlling offices. Sri Mondal joined UBOA
in 1992. During his career as officer he remained
an activist of UBOA and emerged as leader. First
he was elected as Treasurer of the then Regional
Council during 1997-98 and assumed the post of
Regional Secretary of Sibsagar Regional Council
from 1999 to 2005. He was elevated to the post
of Vice President Sibsagar Regional Council in
2009. Sri Mondal was elected as Asst. General
Secretary of Central Council for the term 2011-13
and thereafter again took the charge of Regional
Secretary of Sibsagar Regional Council in 2013.
Finally Sri Mondal retired as Regional Secretary
on 31.01.2016 from Sibsagar Region.
Sri Niranjan Mondal
joined Bank
on 01.01.1981 as General Clerk and posted at
Belda Branch. He was promoted to Officer cadre
on 01.12.1997 and immediatly joined UBOA. In
his long career he served as Officer, RDO and
Manager in different branches. In 2004 he was
elected as Asst Regional Secretary. He became
Dy. Regional Secretary of Paschim Midnapur
Regional Council in 2008. He took charge of
Regional Secretary of Paschim Midnapur Regional
Council on 01.10.2011 and served till retirement.
He was a versatile leader and popular to all.
We convey our respect to these leaders for the
immense contribution made by them to put
UBOA’s movement on a strong pedestal. We
place on record our deep appreciation of all the
contribution made by them for making our future
glorious.
UBOA wishes both Sri Sudhir Chandra Mondal
and Sri Niranjan Mondal a happy, healthy and
peaceful superannuated life .
CO-OPTION OF TWO ASST.
GENERAL SECRETARY IN
EXECUTIVE COUNCIL OF UBOA
Central Council in its meeting Meeting held on
24th & 25th February 2016 in Kolkata co-opted
both Com. Mahadeb Bhattacharya, Ex. Regional
Secretary , Behala Regional Council and Com.
Sanjay Das, Regional Secretary, Kolkata (North)
Regional Council as Asst. General Secretary due
to retirement of Com. N.C Jain and since Com.
Sanjib Kumar Datta resigned from the post of
AGS on health ground. Com. Datta recently has
undergone By - pass Surgery. Echo wishes both
Com. Ghosh and Com. Jain a good health and
congratulate the newly elected Asst. General
Secretaries.
After this co-option name of the Office Bearers of
Executive Council are as follows :
President
Sri Sunil Kumar Bansal
09811018084
Vice President
Sri Abhijit Choudhury
09830522624
Sri Dilip Kumar Roy
09433462854
Sri Ramaprasad Bhattacharjee
09433074615
Sri Seturaman Gnansekhar
09444059998
Count your age by friends, not years. Count your life by smiles, not tears.” - John Lennon
29
March 2016
General Secretary
Sri Kaushik Ghosh
09434432324
Deputy General Secretary
Sri Debasis Bandopadhyay
09433425983
Assistant General Secretary
Echo
Berhampore. Sri Amit kumar Sinha, Regional
Secretary of the Council welcomed all in the
meeting. The meeting was attended by the
following Central Council leaders - Sri Koushik
Ghosh, General Secretary, Sri Ramaprasad
Bhattacharya, Vice President, Sri Biswajit Ghosh,
Asst General Secretary and Sri Biswadeep
Mukherjee, Treasurer. Sri N. K. Jain, Asst General
Manager, Murshidabad Region Office was the
Chief Guest. Sri Subal Chandra Das, President of
the Regional Council presided over the meeting.
The meeting was attended by more than 100
members. After the speech of Chief Guest, the
members - particularly the young members took
part in the deliberation and raised many important
issues. Sri Amit Sinha, Regional Secretary of
Murshidabad Regional Council explained the
performane of the Region Council and replied
on the issues raised by the members. All the
CC leaders addressed the House. Sri Koushik
Ghosh, General Secretary delivered his two hour
long valuable speech covering entire gamut and
present scenario of the Banking Industry , our
Bank and about the Association. This was the first
visit of Sri Kaushik Ghosh as General Secretary to
Murshidabad Region.
Sri Asok Saha
09432593410
Sri Birinchi Mohan Kundu
09903820875
Sri Biswajit Ghosh
09475392099
Sri Biswajit Khaund
09435344373
Sri Brajabandhu Pati
09937027043
Sri Jiten Kalita
09435032996
Sri Mahadeb Bhattacharya
09163990952
Sri Manojit Bandopadhaya
09836239055
Sri Ram Bali Ram
09431106829
Sri Ranajit Kumar Chakraborty
09830576412
Sri Subrata Sen
09433248584 Sri Sanjay Das
09163306240
Sri Ujjwal Adak
09831234540
The meeting ended with vote of thanks by Surya
Kumar Biswas, Dy. Regional Secretary of the
council.
09831043521
GENERAL BODY MEETING
OF PASCHIM MIDNAPUR REGION
Treasurer
Sri Biswadip Mukherjee
Assistant Treasurer
Sri Raktim Roy
09331729798
Sri Sukanta Laha
09830552781
OF MURSHIDABAD REGION
The General Body Meeting of Murshidabad
Regional Council was held on 06.12.2015 in
the Conference Hall of Berhampore Lodge,
30
The General Body Meeing of Pasdchim Midnapur
Regional Council cum farewell meeting of Sri
Niranjan Mondal , Regional Secretary was held
with great fanfare on 17.01.2016. More than 100
members attended the august meeting. The
meeting was presided over By Sri Asok Samanta,
President. On behalf of Central Council Sri
Kaushik Ghosh, General Secretary, Sri Raktim
Roy, Asst Treasurer, Central Counil, In-carge
of Paschim Midnapur Regional Council and Sri
“Let us be grateful to the people who make us happy; they are the charming gardeners who make our souls blossom.” – Marcel Proust
Echo
Biswajit Ghosh, Asst. General Secretary were
present in the meeting. The out going Regional
Secreary Sri Niranjan Mondal was also present
in the meeting. Members particularty the young
members spontenously deliberated on thir local
issues, health of the Bank and expressed their
gratitude to Sri Niranjan Mondal, their beloved
Regional Secretary. Sri Sakshi Gopal Saha, Asst.
General Manager & Chief Regional Manager
addressed the members and praised Sri Niranjan
Modal. He also welcomed new Regional
Secretary Sri Rabindra Nath Sahoo. Sri Niranjan
Mondal expressed his sincerest thanks for the cooperation he received from all. Members greeted
Sri Rabindra Nath Sahoo, their new Regional
Secretary who has been co-opted in the Regional
Council. Sri Rabindra Nath Sahoo offered his
gratitude to their outgoing Regional Secretary
Sri Niranjan Mondal and expressed his thanks
to all for co-opting him as Regional Secretary.
He also assured to remain with the members
and serve them in best possible way. Sri Raktim
Roy, Asst Trasurer of Central Council addressed
the members. Sri Biswajit Ghosh, Asst. General
Secretary deliberated at length on organisational
issues. At last Sri Kausik Ghosh, General Secretary
praised and offered his gratitude to Niranjan
Mondal. He elaborately informed the house about
the health of our bank. Through his motivating
speech he reminded the duties of Officers in this
situation. He also appraised the house about the
latest posion of Banking industry.
OF SAMBALPUR REGION
After a long gap, a General Body Meeting
of Sambalpur Regional Council was held on
07.02.2016 at Sambalpur. Sri Kausik Ghosh,
General Secretary and Sri Braja Bandhu Pati,
Asst. General Secretary and AGS in Charge of
Sambalpur Region were present in the meeting.
It was the maiden visit of General Secretary to
Sambalpur Region. Round about 50 members
March 2016
were present in the meeting. Twelve members
particiated in the deliberation. Sri Kartik Oram,
Regional Secretary in his delibaration narrated
the problems being faced by the Region and
highlighted the performance of Region Council.
During his deliberation General Secretary
informed the house about the health of our bank
and developments in banking industry. He also
explained the role of UBOA in the present context
and advised the members to rise to the occation
for development of our bank.
GENERAL BODY MEETING OF
SIBSAGAR REGION CUM FAREWELL
OF SRI SUDHIR CHANDRA MONDAL,
EX-REGIONAL SECRETARY
A General meeting of UBOA Sibsagar Regional
Council was held on 13.02.2016. About 80
members were present in the meeting. The
meeting was presided over by Mr Rupak Baruah,
President of Regional Council. Sri Uma Kanta
Hazarika Regional Secretary, Sri Kausik Ghosh
General Secretary, Sri Debasis Bondopadhyay,
Dy. General Secretary, Sri Biswajit Khaund, Asst
General Secretary and Sri P K Samal, AGM &
CRM were on the dias. The Regional Secretary of
Guwahati R C, Sri Sailen Medhi was also present
in the meeting. At the outset the new members
were greeted with flowers.
Sri Uma Kanta Hazarika welcomed the CC
leaders and members in the house and placed
written report to highlight the problems of the
region in brief. The Treasurer placed the accounts
for the year ending 2015. The following members
took part in the lively deliberations.
Tuhin Das (Baligoan), Bhaskar J Borah (Jorhat),
Subhajit Bhattacherjee ( Jorhat), L Brojeswar Singh
(Jorhat), Kumar Rajveer Gourav (Merapani),
Sudipta Dey (Kamar bandha), Umesh Meher
(Sonari), Amit Das (Jorhat), Abhijit Mazumder
(Golaghat) and Sailen Medhi (RS Guwahati)
“What you do not want done to yourself, do not do to others.”
31
March 2016
Sri P K Samal, AGM & CRM and Sri P K Saha
CM also addressed the meeting with their
valuable suggestions to improve the business
position of the Region. Sri Biswajit Khaund. AGS,
Sri Debasis Bandopadhya, DGS and Sri Kausik
Ghosh, GS, deliberated elaborately on various
issues like organisation, ensuring transfer posting
policy, current development of the bank mainly
operating loss of big PSBs in Q3 of this fiscal.
Sri Monoranjan Deka Ex president and Sri Sudhir
Ch Mandal Ex Regional Secretary were felicitated
in the meeting. The meeting ended with vote of
thanks followed by National Anthem.
OF KOLKATA (SOUTH) REGION
United Bank Officers’ Association Kolkata
(South) Regional Council organized a meeting on
11.02.2016 at Uttam Mancha which was attended
by members not only from Kolkata (South)
Region but also members fromKolkata (North),
Behala Region, 24 Pgs. (South) and H.O. Council.
The meeting was addressed by Com. Kaushik
Ghosh, General Secretary of UBOA, Chief Guest
Shri Bibekananda Biswas, DGM & CRM, Kolkata
(South) R.O. The meeting was also addressed by
Com. Dipankar Mukhejee, Ex. General Secretary
of UBOA.
UBOA Kolkata (South) Regional Council donated
Rs. 20,000/- to Oncolink, an Organization working
for cancer patients. Mr. Kaushik Ghosh, General
Secretary handed over the cheque to Mr. Bhaskar
Deb Mukhopadhyay, representative of Oncolink.
UBOA. Kolkata (South) Regional Council also
felicitated Com. Chandan Ambaly, Ex. General
Secretary. A memento was presented to him by
Com. Kaushik Ghosh, General Secretary, UBOA
on behalf of UBOA Kolkata (South) Regional
Council.
32
Echo
The meeting was beautifully anchored by
Ms. Satarupa Biswas, Officer, Kolkata (South)
Region and the entire programme was nicely
conducted by Com. Anand R., Regional Secretary
and other Office bearers. Mr. Souptik Ghosal,
Manager, Bhowanipore Branch gave a enthralling
performance with the Sitar.
The meeting concluded with a cultural program
by “Lakshichara” a reputed Bengali band who
charmed the audience.
GENERAL SECRETARY VISITED
MALDA REGION & ATTENDED
Com. Kaushik Ghosh, General Secretary,
UBOA visited Malda Region from 19th February
to 21st February, 2016. He was accompanied by
Com. Biswajit Ghosh, AGS in charge of UBOA,
Malda RC. This was his maiden visit at Malda
Region as General Secretary.
During his visit, General Secretary visited nine
branches including Malda Region Office. The
branches are - Old Malda, Aat Mile, Gazole,
Samsi, Ratua, Milki, Niamatpur, University
of Gour Banga and Malda branch. General
Secretary interacted with the members,all section
of employees and customers in course of his
visit. From Malda RC, Com. Susanta Halder,
Regional Secretary, Com. Ashim Sinha, Vice
President, Com. Sayan Mohinta, Astt. Treasurer,
Malda RC, Com. Rana Chatterjee, Senior Leader
accompanied General Secretary and Asst. General
Secretary in the branch visit. Members were
delighted with the visit of General Secretary and
had lively interaction with him. In Malda Branch
he was felicitated by the members of UBOA under
the leadership of Chief Manager, Mr. Phalguni
Sengupta.
Later in the evening on 20the February’ 16, he
attended one structured meeting with Chief
“Life is really simple, but we insist on making it complicated.”
Echo
Regional Manager, Malda wherein several
important issues were deliberated.
On 21st February, General Secretary attended
a General Body meeting of UBOA, Malda RC
where in more than 150 members including
the executives were present. Maintaining their
legacy of high turn out of members, this meeting
of UBOA, Malda RC took a festive turn with
the dynamic presence and deliberation of their
beloved General Secretary. With the opening
speech of Com Susanta Halder, Regional Secretary
the meeting started and 10 members participated
in the discussion. CRM Malda also addressed
the members and deliberated on the necessity of
becoming a member of UBOA and hailed the role
of UBOA in the development of the bank as well
as for the protection of member’s interest.
March 2016
Com. Biswajit Ghosh, AGS in charge of Malda RC
and Ex-Regional Secretary of the council spoke
on organisational issues.
Finally, Com. Kaushik Ghosh, General Secretary
delivered his vibrant, dynamic and enthusing
speech lasting for almost two hours which covered
all the important issues pertaining to Banking
Industry, bank’s health, recent developments,
achievements by organisation. Members listen to
him with rapt attention.
Another important event of the meeting
was felicitation of Com. Subal Chandra Das,
President of Murshidabad Region Council and an
ex- member of Malda RC whowas due to retire
on 29.02.2016.
Poor & Rich
“Learn to let go. That is the key to happiness.”
33
March 2016
RAINBOW CORNER
Echo
LATERAL & LOGICAL THINKING
LATERAL AND LOGICAL THINKING
Many years ago in a small Indian village, a farmer
had the misfortune of owing a large sum of money
to a village Moneylender. The Moneylender, who
was old and ugly, fancied the farmer’s beautiful
Daughter. So he proposed a bargain. He said he
would forgo the farmer’s debt if he could marry
his Daughter.
Careful analysis would produce three
possibilities :
1.
The girl should refuse to take a pebble.
2.
The girl should show that there were two
black pebbles in the bag and expose the
money-lender as a cheat.
Both the farmer and his daughter were horrified
by the Proposal. So the cunning money-lender
suggested that let providence decide the matter.
He told them that he would put a black Pebble
and a white pebble into an empty money bag.
Then the girl would have to pick one pebble from
the bag.
3.
The girl should pick a black pebble and
sacrifice herself in order to save her father
from his debt and imprisonment.
1.
If she picked the black pebble, she would
become his wife and her father’s debt would
be forgiven.
2.
If she picked the white pebble she need not
marry him and her father’s debt would still
be forgiven.
The girl’s dilemma cannot be solved with
Traditional logical thinking. Think of the
consequences if she chooses the above logical
answers. What would you recommend to the Girl
to do?
3.
But if she refused to pick a pebble, her father
would be thrown into Jail.
They were standing on a pebble strewn path in the
farmer’s field. As they talked, the moneylender
bent over to pick up two pebbles. As he picked
them up, the sharp-eyed girl noticed that he had
picked up two Black pebbles and put them into
the bag. He then asked the girl to pick a pebble
from the bag.
Now, imagine that you were standing in the field.
What would you have done, if you were the girl?
If you had to advise her, what would you have
told her?
34
Take a moment to ponder over the story. The
above story is used with the hope that it will
make us appreciate the difference between lateral
and logical thinking.
Well, here is what she did ....
The girl put her hand into the moneybag and
drew out a pebble. Without Looking at it, she
fumbled and let it fall onto the pebble-strewn
path where it immediately became lost among all
the other pebbles.
“Oh, how clumsy of me,” she said. “But never
mind, if you look into the Bag for the one that
is left, you will be able to tell which pebble I
picked.”
Since the remaining pebble was black, it was
presumed that she had picked the white one.
And since the money-lender dared not admit
his dishonesty, the girl changed what seemed
an impossible situation into an extremely
advantageous one.
To err is human; to admit it, superhuman.
Echo
March 2016
MORAL OF THE STORY:
Most complex problems do have a solution. It is only that we don’t Attempt to think.
RAINBOW CORNER
HEALTH
ENERGY DRINK : IS IT REALLY GOOD FOR HEALTH
Energy drink consumption can lead to high blood
pressure, increase in heart beat rate and serious
cardiovascular risks, a recent international study
by the Journal of American Medical Association
(JAMA) showed.
alcohol for 24 hours prior to each study day.
Serum level of caffeine, plasma glucose and
norepinephrine (noradrenaline) were measured
and blood pressure and heart rate were obtained
at baseline and 30 minutes after drink ingestion.
“Energy drinks contain caffeine and other
stimulants, which increase stress on cardiovascular
system. Frequent use of such stimulant increases
extra burden on heart. So chronic users of such
drinks are prone to heart problems.” Said Dr.
Kewal Krishnan, programme incharge, heart
transplant and ventricular assist devices at Max
Hospital.
Results of the study showed caffeine levels
increased significantly after energy drink
consumption. It elicited a 6.2% increase in
sysytolic blood pressure, whereas diastolic blood
pressure increased by 6.8%. It also increased
average blood pressure level by 6.4%.
Experts said, however, that they need larger
studies to validate the results.
The researchers examined the effect of energy
drink consumption on hemodynamic changes,
such as blood pressure and heart rate. Participants
were fasting and abstained from caffeine and
“there is a trend of increasing intake of energy
drinks before difficult task like exams and sports;
however, this could lead to increase in autonomic
nerve system responses as demonstrated in
this study, and thus could jeopardize task
performance,” said DR. Anoop Misra, Chairman
Fortis C-Doc.
(Source : Times of India 10.11.15)
RAINBOW CORNER
RBI NEWS
Quarterly Statistics on Deposits and Credit of Scheduled
Commercial Banks : September 2015
The Reserve Bank of India has published
‘Quarterly Statistics on Deposits and Credit of
Scheduled Commercial Banks (SCBs)’ as on the
last Friday of the quarter ending September 2015
(i.e. September 25, 2015). The publication covers
the data reported by all Scheduled Commercial
Banks (SCBs), including Regional Rural Banks
(RRBs) through a quarterly survey. This data is
classified according to states, districts, centres,
population groups and bank groups.
Highlights :
• Growth in aggregate deposits and gross bank
credit decelerated to 10.2 per cent and 8.9 per
cent, respectively, in September 2015 from
12.3 per cent and 9.5 per cent, respectively,
Cross the river before you insult the crocodile.
35
March 2016
a year ago. The deceleration was generally
broad based across population groups except
for (a) constant deposits growth in semiurban areas, and (b) accelerated growth in
gross bank credit in urban areas.
• According to size of total business (aggregate
deposits plus gross bank credit) of SCBs,
seven states, viz., Maharashtra, NCT of Delhi,
Tamil Nadu, Karnataka, Uttar Pradesh, West
Bengal and Gujarat accounted for 68.1 per
cent of the total business. Maharashtra alone
contributed 25.1 per cent in the total business.
These seven states accounted for 65.8 per cent
of aggregate deposits and 71.2 per cent of
gross bank credit.
• The all India credit-deposit (C-D) ratio was
75.0 per cent as on September 25, 2015. This
ratio was the highest for Chandigarh (120.9
per cent) followed by Tamil Nadu (115.0 per
cent), Telangana (103.3 per cent), Andhra
Pradesh (103.1 per cent), Maharashtra (93.8
per cent), NCT of Delhi (91.4 per cent), and
Rajasthan (84.7 per cent).
• The y-o-y growth in both aggregate deposits
as well as gross bank credit was higher in
September 2015 than a year ago for SBI and
associates, RRBs and private sector banks.
Echo
However, when compared with the preceding
quarters, the growth in aggregate deposits of
public sector banks (SBI and associates, and
nationalised banks) was lower.
• Nationalised banks continued to maintain
their dominant position contributing around
half of both the aggregate deposits as well
as gross bank credit of all SCBs. SBI and
associates and private sector banks had
almost similar shares in the range of 20-23
per cent for both aggregate deposits and
gross bank credit.
REVISED SLR RATE
In its fourth Bi-Monthly Monetary Policy
Statement 2015-16 Reserve Bank of India on
September 29, 2015 has announced to reduce
the Statutory Liquidity Ratio (SLR) of scheduled
commercial banks, local area banks, primary
(Urban) co-operative banks (UCBs), state cooperative banks and central co-operative banks
from 21.5 per cent of their Net Demand and Time
Liabilities (NDTL) to :
(i) 21.25 per cent from April 2, 2016;
(ii) 21.00 per cent from July 9, 2016;
(iii) 20.75 per cent from October 1, 2016; and
(iv) 20.50 per cent from January 7, 2017
RAINBOW CORNER
WISDOM SPEAKS
Thousand of candles can be lit from one single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared.
---- Goutam Buddha
36
Life is a song – sing it
Life is a game – play it
Life is a challenge – meet it
Life is a dream – realize it.
Life is a sacrifice – offer it.
Life is a love – enjoy it.
Enjoy life. There is plenty of time to be dead.
Sai Baba
Echo
March 2016
EXCERPTS OF IMPORTANT CIRCULARS
The Editorial Team of Echo has selected thirteen important circulars issued by our bank since publication
of last echo. excerpts of the circular given hereunder for the convenience of members. All are advised to
go through the original circular before any action. These circulars are valid till any superseding circular
is issued.
(Members are advised to (1) maintain a Diary and note therein the number, date and summary of the important
circulars of his choice and (2) keep a hard or soft copy of all the policies published by Bank, time to time for their
own convenience)
Circular No. : OPS / MISC / 12 / OM-315 /
15-16
29 August 2015
Subject : Rights of Transgender Persons –
Changes in Bank Forms/Applications etc.
With reference to the RBI Notification No
RBI/2014-15/572, DBR No. Leg.BC.91 / 09.07.005
/ 2014-15 dated April 23rd 2015, it is hereby
informed that all the transgender persons are now
to be treated as ‘third gender’. As per the said
notification, Hon’ble Supreme Court has upheld
the transgender persons’ right to decide their self
identified gender and directed the Centre and
State Government to grant legal recognition of
their gender identity such as male, female or as
third gender.
For details follow circular
Circular No. STY / PRECAUTION / 5 / OM
- 339 / 15-16
10 September 2015
Re : Precautions to be taken in passing
Cheques
Please refer to our earlier circulars no. STY/
PRECAUTION/1/OM-112/15-16 dated 01.06.2015,
STY/PRECAUTION/3/OM-277/15-16
dated
11.08.2015 & STY/PRECAUTION/4/OM-280/1516 dated 12.08.2015 in connection with precautions
to be taken while passing the cash cheques &
transfer cheques(including Inter-Sol) to stop
the fraudulent withdrawal through fabricated/
tampered cheques. In this regard please also refer
our circular no STY/Mobile No./2/Om-229/1516 dated 27.07.2015 issued in connection with
advantages in registering customer’s mobile
number in Core Banking System (CBS).
Circular No. STY/ PER CHEQUE / 7 / OM 70 / 15 – 16
28 September 2015
Re : Issuance of continuous cheques
The Bank is issuing only personalized cheques
from 26.05.2015 through PICHB menu. Please
refer to our circular no. STY/PICHB/3/OM0591/14-15 Dated 06.02.2015 in which process of
issuing personalized cheque book is specifically
mentioned.
The Bank is also issuing continuous cheques to
its Corporate customers and Govt. accounts on
their demand. Since continuous cheques cannot
be issued through PICHB that’s why they are
being issued by the Stationery Department, Head
Office through ICHB menu.
Powr does not corrupt. Fear corrupts .. perhaps the fear of a loss of power – John Steinbeck.
37
March 2016
Circular No. VIG / PC / 4 / OM- 427 / 15-16
28 October 2015
Subject : Role & Responsibility of the second
man in the branch hierarchy of management
Analysis of frauds detected during the past years
indicates that the incidences of frauds related to
Advances are showing a rising trend. It is further
seen that though the lapses leading to the fraud
were persisting for a long time, none in the branch
raised any alarm to bring the same to the notice of
the higher authority for prompt corrective action.
Attention of all concerned is drawn to bank’s
circular No. VIG/PC/2/OM-043/06-07 dated
17.04.2006 in this regard. In a branch hierarchy,
the second man in command after the branch
manager has greater role and responsibility in
ensuring that systems and procedures detailed in
bank’s policy guidelines/ circulars are adhered to.
Irregularities/ deviations observed by the second
man in loans sanctions/ disbursements should
be reported to the branch manager seeking his
instructions.
Circular No: OPS / CHQ FRAUD / 16 / OM
- 448 /15-16
05 November 2015
Subject : Fraud in Payment of Cheques
Attention is drawn towards HO Circular
Nos. STY/PRECAUTION/1/OM-112/15-16 dated
01.06.2015,
STY/PRECAUTION/3/OM-277/1516, dated 11.08.2015 and STY/PRECAUTION/4/
OM-280/15-16 dated 12.08.2015 issued in
connection with the procedures to be adopted while
passing cheques to stop incident of fraudulent
withdrawal
through
fabricated/tempered
cheques. Attention of all concerned is also drawn
towards Circular No. STY / Mobile No. / OM229/15-16 dated 27.07.2015 issued highlighting
the advantages of registering Customer’s mobile
number in Core Banking Solution (CBS). It has
38
Echo
been observed with concern that despite issuance
of several circulars & reiteration of guidelines
repeatedly, occurrence of Fraud with tempered
cheques is on the rise due to non adherence of the
aforesaid instructions while passing cheques.
Circular No. CRMTR / FINACLE / 34 / OM
- 486 / 15-16
23 November 2015
Sub: Preparing of information sheet after
sanction of a loan for opening the account in
the Finacle system.
It has been observed that, despite repeated
requests through circulars, training and
workshops, branches are not opening loan account
in the desired manner, resulting in distorted /
wrong information of a borrowal account. The
information entered while opening the accounts
are not matching and sometimes not logical. The
FINACLE system is a source of large number of
information that can be utilized for maintenance
of data for meaningful MIS, which is of utmost
importance for the purpose of generating various
reports and returns required at the Branches,
Regional Offices and also at Head Office. Bank
is also required to submit numerous reports /
returns to the Govt. of India and RBI, which is
primarily based on such information.
Circular No. CR/ CRILC / 13 / OM - 542 /
15 - 16
11 December 2015
Subject : Using CRILC Data While Opening
Current Deposit Accounts
Reserve Bank of India, in its circular DBOD.
No.Leg.BC. 84/09.07.005/2003-04 dt. 15.05.2004,
advised the banks to scrupulously ensure that their
branches do not open current accounts of entities
which enjoy credit facilities (fund-based or nonfund-based) from the banking system without
specifically obtaining a No Objection Certificate
The more corrupt the state, the more numerous the laws – Tacitus.
Echo
(NOC) from the lending bank(s). However, the
same was partially modified by RBI through its
circular DBOD.No. Leg.BC.22/09.07.005/2004-05
dt. 04.08.2004 wherein it was advised that the
banks may open current accounts of prospective
customers in case no response is received from
the existing bankers after a minimum waiting
period of a fortnight. Our Bank reiterated the RBI
circulars from time to time to ensure compliance.
Circular No. CRMTR/REMINDER / 39 /
OM - 545 / 15 - 16
11 December 2015
Sub : Generation of Demand Notice of Loans
& Advance accounts through Report Server of
CBS system invoking menu option “UNIRPT”.
Attention is drawn to HO Circular No. CRMTR
/ REMINDER / 11 /OM - 217 / 15-16 dated
20-July-2015 where branches were advised to sent
successive reminders to defaulting borrowers. It
has been reported that there are some operational
problems with the existing menu option
available. To ensure issuance of timely reminder
to defaulting borrowers’ two report options in
the menu “UNIRPT” has been incorporated to
generate Demand Notice. Demand notice for
Term Loan & CCOD accounts will be generated
separately.
Circular No. RMD / LEND POL / 16 / OM 572 / 15-16
24 December 2015
Subject : Revised Lending Policy of the Bank
for 2015-16
The existing Board approved Lending Policy
of the Bank with further updations circulated
circulated vide circular no: RMD/LEND POL/1/
OM-036/14-15 dated 12th April, 2014 has
March 2016
been reviewed for FY 2015-16 with required
modifications and amendments. The existing
policy of the Bank has been reviewed and revised
in line with the developments in the financial
sector, RBI guidelines, national objective and
corporate goals while retaining the basic
principles. The observations made in the last AFI
report and directions / observations of Board of
Directors / Management Committee of the Board
of Directors / Audit Committee of the Board of
Directors, etc, have also been taken into account
during the review. During
Circular No. OPS / SEC / 24 / OM-580 /
15 - 16
28 December 2015
Sub : Withdrawal of all Old series Banknotes
issued prior to 2005
Reserve Bank of India vide letter No. DCM (Plg)
No. G-8/2331/10.27.00/2015-16 dated 23.12.2015
has decided to extend the date for exchanging the
pre-2005 banknotes to June 30,2016. However,
from January 01, 2016, such facility will only be
available at identified bank branches and Issue
Offices of RBI (https://www.rbi.org.in/Scripts/
Regionaloffices.aspx).
All the branches including the currency chest
branches are hereby advised to facilitate the
exchange of such notes without causing any
inconvenience to the public. All denomination of
Pre-2005 currency note will remain to be a legal
tender for all exchange facilities. All the branches
and currency chests should stop the re-issue of
the older series banknotes prior to 2005 to the
members of public. Notes of such series tendered
over the counters may be sorted immediately
and deposited in the currency chests under the
linkage Scheme and CC branches to forward to
the nearest Issue Office of Reserve Bank of India
for disposal. Such pre-2005 currency notes should
also not be dispensed through ATMs.
Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured. – Mark Twain
39
March 2016
Circular No. : FI/ FIC / 24 / OM - 624 /
15 - 16
14 January 2016
Re : Seeding of Aadhaar in Bank Accounts
Detailed procedure for opening of account
through e-KYC directly in CBS was circulated
vide HO Circular No. CBS/IT/2/OM-0404/14 –
15 dated 20-October-2014. Further instructions
were also issued in terms of HO Circular no. FI/
FIC/13/OM-0538/14–15 dated 30-December-2014
to obtain an explicit Aadhaar seeding mandate
from the customer to prevent the Move-Out of
Aadhaar seeding in case of subsequent Aadhaar
seeding if preferred by the same customer in the
savings account maintained with some other
Bank. Above instructions and guidelines were
advised not only to increase Aadhaar seeding but
also to ensure that the Govt. benefits are routed
through the accounts maintained with our Bank
only.
Circular No. OPS / NI ACT / 31 / OM 647 / 15-16
27 January 2016
Re : Gazette Notification - The Negotiable
Instruments (Amendment) Act, 2015
The Amendment Act, as notified is focused on
clarifying the jurisdiction related to issues for
filing cases for offence committed under section
138 of the Negotiable Instruments Act.
The Amendment Act facilitates filing of cases only
in a Court within whose local jurisdiction the bank
branch of the payee, where the payee delivers
the cheque for payment through his account, is
situated, except in case of bearer cheques, which
are presented to the branch of the drawee bank
and in that case the Local Court of that branch
would get jurisdiction. The Amendment Act,
40
Echo
provides for retrospective validation for the new
scheme of determining the jurisdiction of a court
to try a case under section 138 of NI Act.
The Amendment Act also mandates centralization
of cases against the same drawer.
Circular No. RBD / UHL / 33 / OM-659 /
15-16
01 February 2016
Re : Status of ‘Danga’ land for financing
of Housing Loan vis-à-vis enforceability
of SARFAESI Action in the state of West
Bengal
We are getting queries from many branches and
Regional Offices in West Bengal whether Bank
can sanction United Housing Loan in respect of
land recorded as ‘Danga’ but there is no scope of
agriculture in the surrounding areas and the land
is used as residential area. We sought observation
of our Legal Department in respect of sanctioning
United Housing Loan in such land. The Legal
Department has given the observation vide their
letter No. HO/LD/2337/2016 dated 29th January,
2016. The observations are furnished below :
“Section 7 of the W.B. Land Reforms Act, 1955
inter alia states that a ‘Raiyat’ can create mortgage
in respect of his plot of land and any share
thereof in favour of any schedule Bank as defined
under RBI Act, 1934 by way of simple mortgage,
usufructuary mortgage or mortgage by deposit
of title deed in favour of Banks, if the purpose of
obtaining the loan or financial assistance is for any
of the purposes as defined U/s 7(1) of the said Act.
One of the purposes inter alia as mentioned in the
said Section is for the purpose of construction of
any housing Estate for bonafide
Weakness of attitude becomes weakness of character – Albert Einstein.
Echo
March 2016
NEW HEALTH INSURANCE SCHEME
New Health Insurance scheme has been
introduced from 01.10.2015 . Members are hereby
informed about some important contact details
before and after admission to hospital. Bank has
already intimated all Regions the name of 3878
hospitals spread all over India where cash less
treatment facility will be available. Members may
also find the names of hospitals in our website
‘www.uboa.in’. Besides the names of 3878
hospitals, employees may be admitted to other
registered hospitals / Nursing homes without
cash less facilities. In such cases employees
have to incur the expenses first and then claim
the same from TPA. But irrespective of the case
‘cashless’ or ‘without cashless’ employees have to
intimate to the TPA before admission if it is pre
planned or immediately after admission in case
of emergency.
Each and every employee will get a
Insurance Card. Anyone can also download
card
from
http://14.141.132HYPERLINK
“http://14.141.132.49/HERITAGEWEB/IBA/
IBAECard_Request”.49/HERITAGEWEB/IBA/
IBAECard_Request. Here one have to select the
bank name and type SPF No against ‘EMPid’. This
Card number will be the reference number for
this purpose. Health Card and Bank’s employee
Identity card is essential at the time of admission.
Important mobile nos. and e-mail ids are given
hereunder as ready reference.
Name of TPA : Heritage Health TPA Pvt. Ltd
Direct No – 033 4033 4141
[Website - www.heritagehealthtpa.com]
Toll free No : 1800 102 4547
Fax No : 033 22100837 / 22310287
Email Id : For any info : unitedbank.heritage@bajoria.in
For any complaint :
heritage.complaint@bajoria.in
For Cashless claim related issue :
Mr. Sumit Deb : 9903315764,
sumitdeb@bajoria.in
For Reimbursement claim related issue :
Mr. Kantimoy Singha, 8609074881,
unitedbankHYPERLINK “mailto:unitedbank.
heritage@bajoria.in”.heritage@bajoria.in
For Card related issue :
Mr. Rajat Ghosh, 9475066448, rghosh@bajoria.in
Escalation Level I : Mr. Prasun Ghosh (Manager),
9830032920, pghosh@bajoria.in
Escalation Level II :
For Cashless : Dr. Kumar Chatterjee
(Sr. manager) , 9830895322,
kumarchatterjee@bajoria.in
For reimbursement : Mr. Pankaj Singh
(Sr. Manager) 9748415754, pksingh@bajoria.in
Contact person on behalf of UBOA :
Sri Mahadeb Bhattacharya , 9163990952
Do not wait to strike until the iron is hot; but make it hot by striking.
41
March 2016
Echo
STATEWISE REGIONWISE AUTHORISED CONTACT PERSONS
OF HERITAGE HEALTH TPA PVT LTD
Sl. No.
REGION
CONTACT PERSON
MOBILE No.
WEST BENGAL
1
Head Office / Kolkata
Arpan Mukherjee
7602467107
2
Behala
Sandip Banerjee
9231444390
3
Murshidabad (Berhampur)
Sourojjwal Chakraborty
9734111572
4
North 24 Pgs (Barasat)
Pritam Chakraborty
8017633286
5
Burdwan (Durgapur)
Subhamoy Ghosh
9836158504
6
Hooghly (Srerampore)
Pritam Chakraborty
8017633286
7
Calcutta(South)(BBD Bag)
Sandip Banerjee
9231444390
8
Calcutta(North)(Salt lake)
Shyamal Nag
9038799989
9
Malda
9734111572
10
Midnapur Town & Purba
Midnapur (Tamluk)
Pritam Chakraborty
8017633286
11
Nadia (Krishnanagar)
Pritam Chakraborty
8017633286
12
Purulia
Pritam Chakraborty
8017633286
13
Siliguri
9734111572
14
South 24 Pgs (Baruipur)
Pritam Chakraborty
8017633286
15
Bhubaneswar
Mukesh Kumar
7538903367
16
Sambalpur
Mukesh Kumar
7538903367
Ranchi
Ashis Choudhury
8051060367
18
Cachar
Biswajit Dey
9864111038
19
Dibrugarh
Biswajit Dey
9864111038
20
Guwahati
Biswajit Dey
9864111038
21
Nagaon
Biswajit Dey
9864111038
22
Sibsagar
Biswajit Dey
9864111038
23
Katihar
Binod Tiwari
9835897012
24
Patna
Binod Tiwari
9835897012
Agartala
Sujoy De
9436130446
ORISSA
JHARKHAND
17
ASSAM
BIHAR
TRIPURA
25
42
The secret of success is to know something nobody else knows.
Echo
Sl. No.
REGION
CONTACT PERSON
March 2016
MOBILE No.
UTTAR PRADESH
26
Luckow
Rajan Pandey
9670091012
27
Meerut
N C Rajvanshi
9897901446
New Delhi
Anurag Dubey
7053382489
Chandigarh
Rajneesh Singh
9501296194
Piyush Sharma
9610007777
Raipur
Saurabh Tiwari
9826907070
Ahmedabad
Bharat Kosti
9904414070
Jay Yadav
8879621088
Jayashree Prasad
9535794625
Maheswari R K
8428381414
DELHI
28
PUNJAB
29
RAJASTHAN
30
Jaipur
CHATTISHGARH
31
GUJRAT
32
MAHARASTRA
33
Mumbai
KARNATAKA
34
Bangalore
TAMILNADU
Chennai
Recovery
35
Small opportunities are often the beginning of great enterprises.
43
There are two Flats (C-01 & C-02), each
consisting of one sea facing furnished bed
room, one big dining hall with modern dinner
PURI
FEATURES :
table and chairs, modular type kitchen
with
United
Bank
Association
March
2016

Enjoy theOfficers’
Sea right
Gas and all necessary utensils, modern western
type toilet and a sea facing balcony.
from the bedroom &
Balcony
 24 hours Running
Water
Echo
 Aqua Guard for
drinking water
 “Inverter” during
power cutare two Flats [C-01 & C-02], each consisting
There
 LCD TV with Cable
ofConnection
one sea facing furnished bed room, one big dining
 AC facility
with modern
dinner table and chairs, modular type
Accommodation
for
hall
Five (5) Persons
kitchen with Gas and all necessary utensils, modern
For Booking :
western
type
Mr. Sukanta
Laha toilet and a sea facing balcony.
9830552781
28
Spend your
Holidays in our Holiday Home at
He who strikes the first blow, admits he’s lost the argument.
Features :
*Enjoy the Sea right from the Bedroom & Balcony
*24 hours Running Water
*Aqua Guard for drinking water
*“Inverter” during power cut
For Booking :
*LCD TV with Cable Connection
*Ac facility
Sukanta Laha
*Accommodation for Five [5] Persons
9830552781
PURI
UBOA MEMBERS’ WELFARE FUND
11, Hemanta Basu Sarani, 11th Floor, Kolkata 700 001
Aims & Objective of the Fund
To provide relief in the form of lump sum payment (depending upon the length of membership)
(a) to the nominee of the member who dies in harness or
(b) to the member who becomes permanently disabled while in service,
Eligibility for Membership
Each and every member of UBOA is eligible to become a member of UBOA MEMBERS’ WELFARE
FUND
SUBSCRIPTION
LIFE MEMBERSHIP :
Admission fee Rs.10/- + Rs. 2,000/- lump sum at a time.
NON-LIFE MEMBERSHIP
Admission Fee Rs. 10/- + Subscription of Rs. 240/- per annum
(To be paid at a time for the whole year @ Rs. 20/- per month).
BE A MEMBER OF ‘UBOA MEMBERS’ WELFARE FUND’
Appeal to Regional Councils
Region Councils are requested to send brief report of their General Body Meeting/
Triennial Conference, list of elected office bearers and photos of their Conferences,
to Echo Editorial Board through e-mail for publishing of the same in next issue.
e-mail : uboa.cc@gmail.com, cranajit_56@yahoo.co.in
44
Do not wait to strike until the iron is hot; but make it hot by striking.
Photo gallery
General Meeting
Malda
General Body Meeting
Murshidabad
National Anthem
12th NCC
Photo gallery
Meeting at Sambalpur
Sri Sudhir Chandra Mondal,
Ex-Regional Secretary,
Sibsagar Region
Branch Visit by GS
in Malda
Felicitation of
Niranjan Mondal
Organ of United Bank Officers’ Association (Affiliated to AIBOC)
11, Hemanta Basu Sarani (11th Floor), Kolkata - 700 001
Published by : Sri Kausik Ghosh, Editor - in - Chief on behalf of ECHO Editorial Board
Phone : 033 2210 7949, e-mail : uboa.cc@gmail.com, Website : www.uboa.in
Printed at : Graphique International, Kolkata - 20, Tel. : (033) 22511407

United Bank Officers` Association

Transcription

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