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"HAPPY BIRTHDAY-13TH OCTOBER 2017(FRIDAY) JASWINDER PAL SINGH SENIOR SPL ASSISTANT DON KALAN Jag Bhushan SR. ASST. (BANKING) AMBALA CANTT Jag Bhushan SR. ASST. (BANKING) AMBALA CANTT Om Parkash Sikri DEPUTY MANAGER ISMAILA BALDEV RAJ Addl. Associate 1 HANSLI BRIDGE, BATALA Ramesh Kumar SR. ASST. (BANKING) SME BRANCH, CHANDIGARH VEENA PACHPORE Addl. Associate 1 SEC 35-C, CHANDIGARH Ashok Kumar Goyal DEPUTY MANAGER ZONAL OFFICE HARYANA-GENERAL BANKING Kuldeep Kumar Sharma DEPUTY MANAGER ZONAL OFFICE JAMMU Jaswinder Singh SENIOR SPL ASSISTANT TRIPRI PATIALA Dalbir Singh SR. ASST. (BANKING) UDHAMPUR Ambika Chugh ASSISTANT MANAGER AMBALA CITY Sushma Gupta SR. ASST. (BANKING) CHANDI MANDIR Sushma Gupta SR. ASST. (BANKING) CHANDI MANDIR Parveen Kumar Sharma ASST. GEN. MANAGER NRI JULLUNDER HEM SINGH Addl. Associate 1 KASAULI MANJINDER SINGH RANDHAWA ASSISTANT MANAGER ANAJ MANDI, SIRHIND MANDI ASHUTOSH JAIN Addl. Associate 1 ADB MALERKOTLA DEEP CHAND MANAGER LOHAKA Raj Kumar Bhagat DEPUTY MANAGER BHOGPUR SATISH KUMAR Addl. Associate 1 AMBALA ROAD, ISMAILABAD SATISH KUMAR Addl. Associate 1 AMBALA ROAD, ISMAILABAD MUNISH BALI Addl. Associate 1 BANKING OPERATIONS DEPARTMENT-HEAD OFFICE PATIALA Nitin Soni DEPUTY MANAGER ZONAL OFFICE HARYANA-GENERAL BANKING SANJEEV BHATIA ASSISTANT MANAGER BEESLA Sudhir Kumar DEPUTY MANAGER REWARI Gurupdesh Kaur CUST. ASST. (BANKING) ROPAR PAYAL MEHTA Addl. Associate 1 GHUMAR MANDI, LUDHIANA AMIT RAJ DEPUTY MANAGER HO PATIALA -OUTREACH/FINACIAL INCLUSION DEPTT Nitin Sharma DEPUTY MANAGER(S) ROHRU AMRITA DEEPAK Addl. Associate 2 JALANDHAR ZONAL OFFICE-RO-I JALANDHAR -ADMIN JASWANT SINGH ASSISTANT MANAGER S.A. JAIN COLLEGE, AMBALA CITY Vikas Goyal CUST. ASST. (BANKING) MANSA PANKAJ KUMAR TAMTA DEPUTY MANAGER NOORMAHAL ROAD ,PHILLAUR SIMRANJEET SINGH CUST. ASST. (BANKING) SPECIALISED AGRI COMM BR, PATIALA AVINASH KUMAR Addl. Associate 1 ABLU RIGZIN GURMETH ASSISTANT MANAGER ALSINDI Deepshikha . CLERICAL - ON PROB. MOHALI (S.A.S. NAGAR) Rohit Dutta CUST. ASST. (BANKING) NEAR KHUSHI TRADES, SECTOR-11, PANCHKULA ANKIT . ASST. (BANKING) N.G.M. JIND Rohit Dutta CUST. ASST. (BANKING) NEAR KHUSHI TRADES, SECTOR-11, PANCHKULA ANKIT . ASST. (BANKING) N.G.M. JIND SUNIL KUMAR ASST. (BANKING) GHAGA Sandeep Dhillon ASSISTANT MANAGER AMRITSAR Ram . Kishan CUST. ASST. (BANKING) NAKODAR ROAD, JALANDHAR Amandeep Sharma CLERICAL - ON PROB. NANGAL BHUR *** table>

Wednesday, 25 February 2015

IBA's deal with bank staff may amount to Rs 1,600-cr windfall for general insurance companies


MUMBAI: State-run general insurance companies could be in line for a windfall of Rs 1,600-crore business a year, following the Indian Banks' Association's (IBA) wage deal with more than 10 lakh staffers, said two people familiar with the matter.

From now on, banks will buy health insurance cover from one of the state-run general insurance companies instead of reimbursing the medical expenses of staff in full which goes as part of their expenses, they said. This could also reduce the expenses and put a cap on the liabilities of banks in the future. "This is a path-breaking agreement," said TM Bhasin, chairman of IBA and CMD of Indi an Bank. "Besides a 15% hike and holiday on alternate Saturdays, it is mutually agreed that the bank will buy medical cover for the employee and his family."

Bank employees unions, including that of State Bank of India (SBI) and the industry body representing state-run banks, agreed on a 15% increase in their basic salaries for the period 2012 and 2017. One new factor that crept into the agreement this time, other than holidays on alternate Saturdays, is medical cover.

Although no definitive agreement or insurance underwriter is yet to happen, executives in both banking and insurance industries indicate that underwriting norms could lead to an outgo of about Rs 1,500 crore to Rs 1,700 crore. That will depend on individual bank's negotiating power.


"IBA will float a tender inviting bids from four general insurance companies which will provide cover for all the 10 lakh employees and their family," said Bhasin. The four general insurance companies are New India Assurance, National Insurance Company, Oriental Insurance Company and United India Insurance Company.

If family floater (for four members) scheme per employee is chosen for around Rs 4 lakh annually, it may cost about Rs 5,000 per policy which takes the total premium to Rs 1,600 crore, said an executive at an insurance company who did not want to be identified.

"This move will add good numbers to the medical pool," said a senior official from a large insurance company who did not want to be named. "The premium could be as high as Rs 12,000 for PSU banks employee, given their age demography. But the clamour for winning the mandate could bring down premiums."

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