Bank Officers Union announces All India strike against New Transfer Policy





The All India Bank of Baroda Officers’ Association has declared a strike in protest against the bank management’s new anti-officer transfer policy. According to the circular, officers who have completed 6 years in the officers’ cadre within their current zone can request a transfer to another zone of their preference after this period. The union views this policy as unjust due to the lengthy 6-year duration and is demanding a reduction in the required duration.

The BOB Officers’ Union has threatened an All India Strike if the revised transfer policy is not revoked. They argue that the current policy imposes undue hardship on officers and are advocating for a more flexible approach to transfers.

  • Black Badge/Black ribbon wearing from Monday, 29th April.
  • Submission of Memorandum to all Regional Heads addressed to our Bank’s MD&CEO by team of Office bearers/Activists on 30th April 2024 evening.
  • Demonstrations outside all Regional Offices on one evening during the period 1st May to 4th May 2024, taking into account the election model code of conduct as applicable in the relevant area.
  • All India Strike on 7th June 2024, after General Elections are over. In the meantime, we shall serve Strike Notice to the Bank.

The last year transfer policy/IZT were exercised with criteria of 3 years for lady officers and 4 years for Male officers and now with policy being changed to 6 years, the sudden increase in the minimum relaxation tenure for this IZT(Inter Zone Transfer) exercise is creating panic among the officers and demoralising concerned officers and their family members, who have been posted outside the parent zone during previous IZT exercises.

Earlier officers with age of 55 are eligible for retransfer to their parent zone or to the zone of their choice, now in this IZT policy the age criteria has been increased to 58 years which is ruthless.

The IZT policy eligible period for the employees being 6 years is very long and staying away from families is unbearable, which adversely impact family life of the officer’s.

Since 2019 there is no recruitment in Bank and all previous IZT batches have been retransferred with 3 / 4 years ( lady staff 3 years) criteria, Management’s sudden shift to 6 Years minimum tenure is demoralizing officer employees as there is no work life balance in our bank due to IZT Transfers.

Many of the lady officers were undergoing fertility treatments and still were transferred midway and suffered due to delay in treatment due to IZT Still there are some officers whose IZT request has been rejected in earlier IZT exercises for shortage of a day or two with respect to the cutoff date. But these officers has been identified by the Management during the IZT 2019-20 and relieved late by the respective zonal office/regional office which in turn effected the officers during retransfer to the parent zone.

The Management is thinking that they have given enough concession for women and men under the IZT policy but they have forgotten that most of the employees who have undergone IZT posting have been undergoing physical and mental agony, since many of the officers have left their families back at their parent zone due to health problem of parents/in laws, nontransferable employment of spouse, education problem of children etc. This IZT policy has further demotivated and shut down the hope of these officers of getting back to their family.

Every year all the officers of the bank are obeying the instructions of the top management and undergoing the IZT even though they are facing some personal problems with a hope that they will be transferred back to the parent zone after completion of 3 years’ service.
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BoB, PNB among 6 PSU banks with high NPAs









Non Performing asset (NPA) is a loan or advance for which the principal or interest payment has remained overdue for a period of 90 days or more. According to data from Trendlyne, SBI, Bank of Baroda, and PNB are among the 6 PSU banks that reported the highest NPAs in Q3 of FY24. Here's the list:


Bank of India(BoI)

The net NPA of Bank of India stood at 1.41% in Q3FY24, which is the highest among PSU Banks. The PE ratio of the stock is 9.66. Bank of India has a market cap of Rs 61,870 crore.


Union bank of India

Union Bank of India reported a net NPA of 1.08% in Q3FY24. The PE ratio of the stock is 7.74. The firm's market cap is at Rs 1,02,773 crore.


Punjab National Bank (PNB)

Punjab National Bank (PNB) reported a net NPA of 0.96% in Q3FY24. The PE ratio of the stock is at 17.76. Punjab National Bank's market cap is at Rs 1,35,490 crore.


Bank of Baroda(BoB)

The net NPA ratio of Bank of Baroda stood at 0.7% in the December quarter of FY24. The PE ratio of the stock is 7.3. It has a market cap of Rs 1,38,153 crore.


State Bank of India (SBI) 

The net NPA ratio of the State Bank of India (SBI) stood at 0.64% in Q3FY24. The PE ratio of the stock is 10.26. SBI has a market cap of Rs 6,65,731 crore.


Indian Overseas Bank(IOB)

Indian Overseas Bank reported a net NPA of 0.62% in the December quarter of FY24. The PE ratio of the stock is at 50.36, while its market cap is at Rs 1,26,457 crore.

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Bank of Baroda(BoB) Q3 results: Net profit jumps 19%

 


Bank of Baroda on Wednesday, January 31, reported an 18.8% rise in net profit reaching ₹4,579 crore in the third quarter of the 2023-24 fiscal as compared to ₹3,852.7 crore last year. The lender's net interest income (NII) stood at ₹11,101 crore, slightly surpassing the CNBC-TV18 poll estimate of ₹11,085 crore.


This represents a year-on-year (YoY) increase of 2.6%, rising from ₹10,818.3 crore.


The bank displayed some improvement in asset quality, with Gross NPA (Non-Performing Assets) at 3.08% as opposed to 3.32% in the previous quarter.


Net NPA also witnessed a decline, standing at 0.70%, down from 0.76% in the previous quarter.

Gross NPA amounted to ₹32,317 crore, a decrease from ₹33,978.5 crore in the previous quarter. Net NPA reduced to ₹7,208.3 crore from ₹7,596.7 crore in the last quarter.


The bank made provisions of ₹666.3 crore, significantly lower than the ₹2,404 crore reported YoY and ₹2,160.6 crore in the previous quarter.


The Cost to Income ratio demonstrated a reduction by 123 basis points (bps) YoY, reaching 47.13% for the nine months ending December 2023 (9MFY24).


The Global Net Interest Margin (NIM) of the lender improved by 3 basis points sequentially, standing at 3.10% in Q3FY24, compared to 3.07% in Q2FY24.


The Net Interest Margin for 9MFY24 is reported at 3.14%.


The credit cost remained below 1%, reporting 0.69% for 9MFY24 and 0.39% for the quarter.


The bank maintained a healthy liquidity coverage ratio at 133% as of December 31, 2023.


Bank of Baroda's global advances registered growth of 13.6% YoY in Q3FY24, driven by robust retail loan book growth.
The bank's organic retail advances grew by 22%, propelled by growth in high-focus areas such as Auto Loan (24.3%), Home Loan (15.6%), Personal Loan (60.8%), Mortgage Loan (10.5%), and Education Loan (18.3%).


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Bank of Baroda(BoB) Q2 profit rises 28% YoY

 


Bank of Baroda on Saturday reported a 28.4% year-on-year (YoY) rise in net profit for the quarter ended September 2023 to Rs 4,253 crore. Total income from operations increased by 39% on year to Rs 32,033 crore.


Net interest income (NII), the difference between interest earned and interest expended, grew by 6.5% YoY to Rs 10,831 crore.


The non-interest income grew more than two-fold on year to Rs 4,171 crore during the quarter.


Provisions and contingencies for the quarter increased to Rs 2,161 crore from Rs 1,627 crore a year ago.


The gross non-performing assets ratio as of September end stood at 3.32%, compared to 5.31% a year ago and 3.51% a quarter ago. The net non-performing assets ratio as of September end stood at 0.76%, compared to 1.16% a year ago and 0.78% a quarter ago.


The capital adequacy ratio under Basel-III norms was 15.30% as of September end, compared to 15.25% a year ago.


The global net interest margin (NIM) for the quarter stood at 3.07%, the state-owned lender said in a release.


Operating profit for the quarter increased by 33% on year to Rs 8,020 crore. The cost-to-income ratio reduced to 46.54% from 49.74% a year ago.


The bank’s balance sheet remained robust, with a provision coverage ratio of 93.16%. The credit cost remained below 1% at 0.92% during the quarter.


The global advances saw a strong 17% YoY growth during the quarter, led by robust retail loan book growth. Organic retail advances grew by 22%, led by higher focus on auto loan, home loan, personal loan, mortgage loan, and education loan.


The lender achieved a total business of Rs 22.74 lakh crore, registering a growth of 16% YoY.

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Bank of Baroda(BoB) App Scam: Has Sent Shockwaves To Indian Banking System - All You Need To Know


Bank of Baroda has been in the eye of a storm after a potential fraud in the process of signing up customers for its Internet banking app. The employees at certain Bank of Baroda branches allegedly linked customers' bank accounts with unrelated mobile numbers and enrolled them on the "Bob World" app, Al Jazeera reported in July. 


What exactly happened?

This mobile app, similar to other banking apps, offers customers various digital banking services, including loan access, savings, investment options, bill payments, and even booking buses and hotels. According to the report, bank employees resorted to linking bank accounts without associated mobile numbers to the contact details of various personnel, including staff, sanitation workers, and security personnel to meet demanding sign-up targets for the digital app.


After the initial registration, these employees would then deregister the bank accounts from the app and reuse the same mobile numbers to link a different set of bank accounts. To oversee this process, each branch had a designated nodal officer, as reported by the publication. While Bank of Baroda initially denied these allegations, it later initiated an internal audit in response to the accusations.


But How Did It All Begin? 

The first sign of illegal on boarding in Bank of Baroda's BOB World App was exposed by AI Jazeera in July 2023.


As per the Al Jazeera report, it was known that the bank's employees were given the task of onboarding customers on the BOB World mobile app when it was launched in September 2021. The task was extensive, and employees struggled to onboard people while they feared getting poor performance reviews from their regional offices. Desperate to succeed in the task at hand, a Bank of Baroda employee situated in Bhopal revealed to AI Jazeera that he and his colleagues learned of a workaround from peers in other branches. This employee revealed that they would fetch out the list of bank accounts which were not linked with mobile numbers, and then the employees would link these accounts to any mobile numbers they could gather such as bank staffers, sanitation and security workers and their relatives. The goal of doing so was to generate the one-time password (OTP) which is required to join the application and sign up these accounts. The next step by these employees was to deregister these customers from the app and reuse the same mobile numbers to repeat the process all over again.


Even a nodal officer reportedly from the regional office in Bhopal joined the practice by giving his and his wife's phone numbers to link with the accounts. AI Jazeera cited an email which pointed out the scale of impact on bank accounts. For instance, in the Bhopal zone, the news channel found out that close to 1,300 mobile numbers were tied to anywhere from 30 to 100 bank accounts, putting nearly 62,000 bank accounts at risk. This will be on average 47 bank accounts linked to a single mobile number. As per the policy of Bank of Baroda policy, one mobile number can be linked to at least eight bank accounts, however, one mobile number cannot be linked to multiple mobile banking apps. Bank of Baroda had denied the findings in the AI Jazeera report. But when RBI stepped into the same matter, Bank of Baroda carried out its investigation, finding many employees carrying this fraudulent act.


What did the RBI say?

Now, the bank app has been banned by the RBI from onboarding new customers. The RBI has now mandated that the Bank of Baroda, the seventh largest in India by market cap, sign in new customers to the BoB World app after it rectifies the identified issues and strengthens the relevant processes to the regulator's satisfaction, as per ET.


Bank of Baroda takes action:

In response to this, the Bank of Baroda has taken action by suspending certain employees and launching an investigation to establish accountability. “Some employees have been suspended in Bhopal, Baroda and Rajasthan and a probe has been initiated. So far the suspensions are only in the smaller towns outside the metros,” a person familiar with the process told ET.

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How Bank of Baroda(BoB) customers can scan UPI QR code and pay via digital rupee


Bank of Baroda (BoB) today announced that it has enabled CBDC UPI QR Interoperability functionality for pilot users on the Bank of Baroda Digital Rupee app.


The launch of this feature will pave the way for seamless transactions between a customer and a merchant. For customers, it provides ease and convenience to use the Bank of Baroda Digital Rupee app to scan any UPI QR at a merchant outlet and transact. Merchants can now accept digital rupee [CBDC-R] payments from customers using their existing QR payment acceptance terminal, without being onboarded as a CBDC merchant.


At the launch, Joydeep Dutta Roy, Executive Director, Bank of Baroda said, “CBDC UPI QR interoperability will further accelerate the adoption of digital rupee [CBDC-R] among customers and provide wider payment acceptance infrastructure to promote usage of digital rupee at merchant outlets. Customers can now use their digital currency available in their digital rupee [CBDC-R] wallet and scan to pay across any UPI QR code. Similarly, merchants need to only display their existing single QR code, which can accept payments in both CBDC and UPI. With this, we believe that the digital rupee ecosystem can scale up quickly."


CBDC UPI QR interoperability functionality on the Bank of Baroda Digital Rupee app is being rolled out to pilot users across 26 cities (i.e. Delhi, Mumbai, Bhubaneswar, Chandigarh, Ahmedabad, Bengaluru, Hyderabad, Guwahati, Gangtok, Indore, Bhopal, Pune, Lucknow, Patna, Kochi, Shimla, Goa, Jaipur, Kolkata, Chennai, Ranchi, Nagpur, Visakhapatnam, Varanasi, Pondicherry, and Vijayawada) in a phased manner starting with Android, and will be available to iOS users shortly.


What is Digital Rupee?

The Digital Rupee is legal tender issued by the Reserve Bank of India (RBI) in Digital form. 


What is CBDC UPI QR interoperability?

The CBDC UPI QR interoperability is an extension to the CBDC-Retail pilot launched by the RBI last year.


Customers of these five banks can scan the UPI QR code and pay via digital rupee

Kotak Mahindra Bank 

Yes Bank 

Axis Bank 

HDFC Bank 

Canara Bank 


Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India.


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This PSB is going to auction actor Sunny Deol's Juhu property to recover loan






Public sector lender Bank of Baroda (BoB) has issued a notice to Bollywood actor Sunny Deol for auctioning his villa in Mumbai’s Juhu citing non-payment of dues amounting to nearly Rs 56 crore.


In a notice published in a national newspaper on August 19, 2023, BoB said the villa will be e-auctioned on September 25 due to non-payment. As per the notice, Deol, whose real name is Ajay Singh Deol, is the borrower and guarantor of the loan and has allegedly failed to pay the amount to the bank on time.


According to the rules, a loan becomes a non-performing asset (NPA) if there is no repayment of interest and principal for a period of 90 days. Banks need to set aside money to cover likely losses from such loans and they typically auction such properties to recover the amount.


"The loan was taken for the purpose of film financing in 2016, and it is an NPA since last year December 2022," said a person familiar with the matter speaking on condition of anonymity.


An email sent to BoB for official response did not elicit any response till the time of filing this copy. Moneycontrol couldn’t immediately reach out to Deols for a comment.

The development comes in the backdrop of a recent mega release of Deol’s movie. ”Gadar 2”, starring him and Ameesha Patel, which has crossed Rs 300 crore mark at the domestic box office on August 19.


Directed by Anil Sharma, the film is a sequel to the 2001 blockbuster ”Gadar: Ek Prem Katha”. The movie, a Zee Studios production, released in theatres on August 11. In a press note, the makers claimed the film has ”soared to a remarkable all-time high for any Hindi film”, especially in territories like Punjab.


In response to a query, Sunny Deol's representative said "We are in process of resolving this issue and the issue will be resolved. We request for no further speculation on the same."

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Bank of Baroda(BoB) Q1 Net profit jumps 88%


Public sector lender Bank of Baroda on August 5 reported 87.7 percent rise in net profit to Rs 4,070 crore for the April-June FY24 quarter from Rs 2,168 crore last year.


Bank of Baroda’s net profit was seen rising 86.5 percent YoY to Rs 4044.3 crore. The lender exceeded market expectations.


The gross non-performing assets of the bank declined to 3.51 percent as compared with 6.26 percent last year.


The Gross NPA of the Bank reduced by 33.8 percent YoY to Rs 34,832 crore in Q1FY24 and Gross NPA Ratio improved to 3.51 percent in Q1FY24 from 6.26 percent in Q1FY23.


The Net NPA Ratio of the BOB stands at a record low of 0.78 percent in Q1FY24 as compared with 1.58 percent in Q1FY23.


However, Slippage ratio declined to 1.05 percent for Q1FY24 as against 1.71 percent in Q1FY23.


Domestic CASA deposits registered a growth of 5.5 percent YoY and stood at Rs 4,23,600 crore. Auto Loan increases by 22.1 percent, Home Loan 18.4 percent, Personal Loans by 82.9 percent, Mortgage Loan 15.8 percent and Education Loan 20.8 percent on a YoY basis.


However, the Agriculture loan portfolio grew by 15.1 percent YoY to Rs 1,27,583 crore and the total Gold loan portfolio including retail and agri. stands at Rs 40,652 crore, registering a growth of 32.1 percent on a YoY basis.


Bank of Baroda has domestic presence spanning 8,205 branches and 10,459 ATMs and Cash Recyclers supported by self-service channels and an international presence with a network of 93 overseas offices spanning 17 countries.


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