CS OPENING BELL:27, February 2017

CS OPENING BELL:

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SBI should look at VRS post merger of associate banks: AIBEA: -25 February, 2017

The State Bank of India should come with a voluntary retirement scheme after considering the overall staffing picture after merger of five associate banks instead of the five announcing such a scheme before the merger, said the leader of a major bank union. 

"The five associate banks of State Bank of India (SBI) will soon come out with a voluntary retirement scheme (VRS) as their boards have approved the a scheme. The scheme will be introduced and closed before April 1, 2017, the day on which the merger takes into effect," All India Bank Employees' Association (AIBEA) General Secretary C.H.Venkatachalam told IANS here on Friday.

According to him, launching a VRS for the employees of the five associate banks alone is not fair as those who do not opt for retirement and land in the SBI may feel disadvantaged psychologically from day one of the merger. 

Venkatachalam said branch and staff rationalisation could be look at by the SBI post merger after taking into account an overall view of the operations. On Thursday, the SBI in a regulatory filing in BSE said: "We advise that the Government of India has issued the orders ...under subsection of Section 35 of the State Bank of IndiaAct, 1955... In terms of the said orders, the entire undertaking of SBBJ (State Bank of Bikaner &Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad) shall stand transferred to and vested in the State Bank of India from April 1, 2017.

" The cabinet approved acquisition of associate banks by SBI on February 15. 

According to Venkatachalam, those employees (clerks and officers) who have put in 20 years of service or have completed 55 years of age may be made eligible to opt for VRS. 

He said the VRS will be open for 15 days from the date of announcement and employees have to exercise their option within that time limit. 

The VRS quantum may be 50 per cent of the salary for the remaining period of service subject to a maximum of 30 months salary. 

Venkatachalam said the bank may restrict the number of employees opting for VRS depending on the staffing needs. 

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SBI to merge with associates from April 1 -24 February, 2017

State Bank of India (SBI) will merge its five associate banks with itself from April 1, in the largest consolidation exercise in the banking history of India.

State Bank of India   (SBI) will merge its five associate banks with itself from April 1, in the largest consolidation exercise in the banking history of India. 

After the government notified April 1 as the effective date of merger, SBI today said in a regulatory filing, “The assets of State Bank of Bikaner and Jaipur   (SBBJ),State Bank of Mysore   (SBM), State Bank of Travancore   (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) will be transferred to SBI from April 1,2017.” 

Merging of another state-run lender Bhartiya Mahila Bank into SBI hasn’t been finalised yet. 

With the merger of all the five associates, SBI is expected to become one of the top 50 banks in the world with a balance sheet size of over Rs 32 lakh crore (about USD 500 billion), 22,500 branches and 58,000 ATMs. It will have a customer base of over 50 crore. 

Following the SBI merger, officers and employees, with the exception of the board of directors and executive trustees of the associate banks, will become employees of SBI. 

SBI will soon start the process of data integration, streamlining its IT (information technology) platform, rationalise 20 percent of its branches, integrate its five treasury operations into one and getting the employees on the SBI payscale among other things. The integration should be completed in the first half of FY18.

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CS OPENING BELL:23, February 2017

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CS OPENING BELL:22, February 2017

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CS OPENING BELL:21, February 2017

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CS OPENING BELL:20, February 2017

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