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NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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Salary Hike of PSU Bank Employees on New Wage Revision 2015

Now Bank employees will get salary hike on settlement of wage revision. Finally, agreement has been done on 25th May 2015 through discussion, debate in several rounds of meeting between Bank Union and IBA. Several times Union warned for bank strike and sometimes they did and sometimes
they withdraw.

Revision will be applicable from 01 November 2012 as 10th bipartite settlement was due from this date.

Several sources said that hike will be of 15 %. In this settlement, a new pay head 'special pay' has been introduced to meet 15 % of hike that will incur DA also.

New Scale for PSU Banking Employees

Scale 1-   23700 - 980(7) - 30560 - 1145(2) - 32850 - 1310(7) - 42020
Scale 2-   31705 - 1145(1) - 32850 - 1310(10) - 45950
Scale 3-   42020-  1310(5) - 48570 - 1460(2) - 51490
Scale 4-   50030-  1460(4) - 55870 - 1650(2) - 59170
Scale 5-   59170-  1650(2) - 62470 - 1800(2) - 66070
Scale 6-   68680-  1960(4) - 76520
Scale 7-   76520-  2120(4) - 85000



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