Feature Post

UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
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Retail Banking - > Reverse Mortgage

Reverse mortgage is a loan scheme in which house owner of age 60 and above can avail the regular cash flow from bank by mortgaging his house if he is living in the same house.

The Reserve Bank of India has formulated the following guidelines for a reverse mortgage-

  • Maximum loan amount would be up to 60% of the value of the residential property.
  • Maximum tenure of the mortgage is 15 years and minimum is 10 years. Some banks are now also offering a maximum tenure of 20 years.
  • Option of monthly, quarterly, annual or lump sum loan payment.
  • Property revaluation to be undertaken by the lender once every 5 years.
  • Reverse mortgage interest rates could be either fixed or floating
  • It will not attract any tax

Criteria

  • House owners should be above the age of 60 years. If spouse is a co-applicant, then she should be above 58 years.
  • Owners of a self-acquired, self-occupied residential house or flat, located in India. The titles should be clear, indicating the prospective borrower's ownership of the property.
  • Property should be free from any encumbrances.
  • The life of the property should be of minimum 20 years.
  • Property should be the permanent primary residence of the individuals.

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