Public Sector Bank Mergers Full List -- Live Updates -

Canara Bank and Syndicate Bank

PNB with OBC and United Bank of India

Union Bank with Andhra Bank and Corporation Bank

Bank Merger Updates Live -

*Indian Bank and Allahabad Bank merged. 

* Sitharaman said the government is trying to create big next generation banks 

* Government also announced Rs55,250 crore upfront capital for credit growth & regulatory compliance to support economy. 

* Big banks with enhanced capacity to increase credit and bigger risk appetite, with national presence and global reach 

*Government's intention not just to give capital but also give good governance. 

* There is no government interference in commercial decisions of banks, says Sitharaman. 

* Gross NPA level has come down heavily. 

*Govt monitoring large loans to avert frauds. 

* Sanctioning and monitoring of loans are separated. 

* Special agencies formed to monitor loans above Rs 250 crore to avoid a Nirav Modi like situation. 

* Eight public sector banks have launched repo-rate linked loans in the last one week. 

* Four NBFC have already found liquidity solution through a settlement with banks. 

* Govt taking steps to make a clear path to achieve a target of $5 trillion economy. 

Public Sector Bank Merger Announcement 30th August 2019 - LIVE

Today's Bank Mergers List 30^th August 2019

OBC and United Bank of India will be Merged with PNB

Syndicate Bank will be merged with Canara Bank

Andhra Bank and Corporation Bank will be merged with Union Bank of India

Allahabad Bank will be merged with Indian Bank

Following Banks will Continue as present now

Cenral Bank of India
Bank of India
Indian Overseas Bank
UCO ( United Commercial ) Bank
Punjab & Sind Bank
Bank of Maharashtra

Discussion with IBA on Leave matter for 10th Bipartite Wage Revision for Bankers on 18 March 2015

Following is the circular of three pages for the discussion on leave matters with IBA and Bank union.

The below is the circular issued by AIBEA, an umbrella union for bank unions of public sector banks including State bank of India.

Following are important highlights of the discussion with IBA on ancillary matters dated 18th March 2015.

• Encashment of Leave can be done even after 20 years of service
• The clause of 6 days continuous holiday with 4 days of CL is removed now, so that you can avail more than 6 days of continuous holiday with 4 days of CL
• PL can be availed on 4 occasion in a year as against present three.
• PL can be accumulated upto 270 days from present 240 days , but encashment can only be for existing 240 days only.
• Now 4 UCL continuous can be availed once a year without medical certificate or 2 -2 twice.
• Paternity leave 2 times for 15 days

SBI Recruitment of 300 Special Management Executives ( Banking ) 2014

State Bank of India, the country largest public sector bank proposed to recruit 300 candidates for the post of special management executive in its banking division in the scale of II and III with pay scale starting 40,000 to 55,000.

The Bank invites applications from dynamic banking / financial sector executives for the post of special management executive - SME(Banking)- in Middle management grade scale II and Scale III

Eligibility Criteria :

• MMG II - Minimum 25 Years and Max 35 years
• MMGIII - Minimum 25 Years and Max 35 Years

Educational Qualification ( common for both posts )

• CA/ICWA/MBA/MMS/ACS/PGDBA/PGDBM/PGDM
• ( The course should be 2 years full time duration , Course completed through correspondence / part time are not eligible. The institute should be recognized by gov bodies / AICTE )
• Minimum 60% in graduation and in MBA/MMS/PGDBM 

Post Qualification Experience 

• 2 Years in respect of MMG II and 3 Years in respect of MMG III as an executive in supervisory / management role in
• Schedule commercial bank / associate or subsidiary of schedule commercial bank or
• Public sector financial institution / company or in a listed financial institution or company

Career Path

Selected officials will be appointed in specialist cadre and will be on probation for one year. They will be governed by the extant specialist cadre placement and promotion policy. The officials have an option for conversion to general cadre after five years including probation period. The officials have excellent career progression opportunities.

Compensation 

Salary includes addition to basic pay as DA/CCA/HRA as per rules in force.
Total compensation for scale II is around 10 Lac CTC and Scale III 12 Lakh CTC in metro Mumbai City

Application and Selection Procedure.

• Online Registration : 24 July to 11 August 2014
• Date of Exam        : 19 September 2014
• Mode of Exam      Online ( Both objective and subjective ) - Weighted 75% 
• Interview 
• Group Discussion- Both Weighted 25%
• Application Fee : 500/-
• Vacancy  : 135 + 165 ( Scale II and III ) = 300

SBI Management Executive Scale II & III  Recruitment 2014

Here are few recommended books for SBI Management Executive 2014 Exam 

How much is the salary of a Bank Clerk in Public Sector Bank / Salary of State Bank of India Clerk – SBI Clerk Salary

Presently the salary scale of PSB and SBI Clerk as follows

7200-400/3-8400-500/3-9900-600/4-12300-700/7-17200-1300/1-18500-800/1-19300 (under review).

From above it means that Basic salary at the time of joining the clerical cadre shall be 7200 and upon that DA ( Dearness Allowance ) and other perks are payable such as conveyance, petrol allowance, newspaper allowance, HRA- House Rent Allowance

From August 2014 the expected DA is around appx 105% hence we shall calculate the salary based upon that.

HRA varies from 7% to 10% depending upon the place of posting from rural to metros cities 10% HRA for Metro cities such as Delhi , Mumbai.

·        Basic                                7200

·        DA ( 105%)                      7560

·        HRA ( 10 % )                    720

·        Other Allowance ( Appx)  1200       

Total Gross salary                   16,680

Deductions include Professional Tax, 200 Per Months 2500/ Yr

NPS Contribution 10% of Basic Plus DA 1476/-

Hence Total Net Salary is appox  15,000/- Per Month for a new joinee clerk in a public sector bank and sate bank of India

The above Pay scale is under revision from November 2014 and by looking at the current talks with IBA and Finance Ministery it seems there shall be increase of 15% in the gross salary so the new gross salary should be in range of 19200 – 21000

How much is the salary of Salary of Bank PO (Probationary Officer) in Public Sector banks ( PSBs)

The very much important answer to know for any bank job aspirants in India is the “ How much does a bank PO- Probationary Officer earn when he joins the bank. Well your answer is right here.

First one should know the structure of salary followed to pay bank PO. Which is s for scale Rs. 14500 - (600x7) 18700  - (700x2) -  20100  (800x7) -  25700     ( Under Revision from November 2012 )

Please keep in mind that the above salary structure is under revision which is due from November 2012 and when the final settlement called in Public sector parlance as 10^th Bipartite Wage Settlement .

Now we have to extract the Scale of payment as 14500 - (600x7) 18700  - (700x2) -  20100  (800x7) -  25700  

Here 14,500 is the basic Salary Upon which DA ( Dearness Allowance is given which is currently for May, June, July 2014 is 97.5%.

So now salary is 14,500 + 14, 137.5 = 28,637.5/-

Plus CCA in Metor Cities is 540/- =  29,177.5/- ( Please note that this CCA is City Conveyance  Allowance  varies from city to city and can become Zero also in Rural Branches )

Now 600 x 7 Mean Your salary will keep on increasing by 600 Plus DA that is your basic salary will become 15,100 after one year , say if you Joined in August 14, then in August 15 your basic will be 15,100. And keeps on increasing till 7 increaments.

Afterwards when your basic becomes 18,700 then it starts to increase by 700 for next two years i.e. 18700-19400-20,100

Now your basic becomes 20100 and onwards every year increases by 800 for 7 Years.

Please note that this if you are continuing in scale I if you take promotion to Manager Scale II then you basic and pay structure changes.

So your gross salary if you join bank PO today shall be in Metro City 29,177.50.

Now coming back to deductions. As from April 2010 onwards those who have joined the bank fall under NPS – New Pension Scheme- National Pension Scheme, where in employee contribute 10% of basic + DA to the NPS account as well as equal amount is contributed by employer bank.

Please note that no PF is given under NPS and all the amount contributed in put in fund as opted by employer or employee.

HRA is another component which is added to the salary of bank employee which varies from 8.5-12.5 % depending upon the city and type of accommodation in which staff resides ( as house is on loan or not )

Here, if employee is residing in his own house he will get the HRA here we take it as 10% which is equal to 1450 of basic.

Above we have not calculated it in the Gross salary as if Bank accommodation is provide then HRA is not give also if bank pays rent for your accommodation then also HRA is not given , the lumpsum rent is given according to the bank and city rules which varies from bank to bank and city to city as metro or tier II city or rural. Which may range from INR 4,500 to INR 32,000.

So Now In hand salary of a bank PO shall come to 29177.5 – 2863.75 = INR 25, 773.75

Here we have considered that a PO is residing in bank quarter or given rent to reside. As most of them are given away posting form home.

If you are in some affliated association or union then there may be some deduction also in range of 50-300 Pm.

So in all our in hand salary for Newly recruited bank PO is around 25,500 Plus Home rent Plus Allowance like News paper , Petrol, entertainment allowance ( These vary from bank to bank and vary in the range of 500 to 7500 ).

So if we consider gross salary including all in terms of CTS it comes around 50,000 or 6 Lac PA and SBI it comes higher if you consider all the maximum allowance which is appx 8 Lac .

But the realistic view is that it is around 6 Lac Per annum.

Hope we have solved your many queries relating to the salary of a Bank PO in Public Sector bank if you have more query then do comment or reply to this post.