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...
0

Some Important Points from RBI Master Circular 2015 for AML-KYC certificate exam

·       *  Objective of KYC/AML/CFT guidelines is to prevent banks/FIs from being used intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.
    
     *  Bank/FIs should frame their KYC policies incorporating the following four key elements –
o   Customer Acceptance Policy (CAP)
o   Customer Identification Procedure (CIP)
o   Monitoring of Transactions
o   Risk Management

  • Maintenance of KYC documents and Preservation of records
    • Maintenance of Records as per PML rules, 2005
      • All cash transactions of the value more than Rs. 10 lakh or its equivalent in foreign currency
      • Series of all cash transactions individually valued below 10 lakh or its equivalent in foreign currency done within a month and monthly aggregates which exceeds 10 lakhs or its equivalent in foreign currency.
      • All transactions involving receipt by NGO of value more than 10 lakhs or its equivalent in foreign currency.
      • All suspicious transactions whether or not in cash.
      • All cash transactions, where forged or counterfeit currency notes or bank notes have been used as genuine.
    • Preservation of Records
      • As per PML amendment Act 2012, banks/FIs should maintain at least 5 yrs from the date of transaction between bank/FI and client.
      • All the documents taken for identification from customer should be preserved for at least 5 yrs after the business relationship is ended.
      • Banks/FI may maintain record in soft or hard copy.

Reporting Requirement

 General Guidelines

Comments

Post a Comment