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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Risk Categorization of Customers


For effective maintenance of Anti Money Laundering (AML), Customers in bank has been categorized in three types based on risk associated with them-

1) Low Risk Customer
2) Medium Risk Customer
3) High Risk Customer

Frequency of Updating Customer Identification Data i.e Photographs and Address Proof

1) Low Risk Customer - 10 Years
2) Medium Risk Customer - 8 Years
3) High Risk Customer - 2 Years


Frequency of Activities of Updating Customer Identification Data - Quarterly (April, July, October and January)

Examples

1) Low Risk Customer - Salaried Employees whose salary structures are well defined, People belonging to lower Economic strata of the society whose accounts show small balances and low turnover, Government Departments and Government owned companies, regulators and statutory bodies

2) Medium Risk Customer - Customers that are likely to pose a higher than average risk depending on customer’s background, nature and location of activity, country of origin, sources of funds etc like

a) Persons who is indulged in such business or industry or trading activities where the area of his residence or place of business has a scope or history of unlawful trading or business activities.

b) Where the client profile of the person who is opening an account, according to the perception of
the branch is doubtful.

3) High Risk Customer - Non-Resident Indian (NRI), High Networth Individual (HNI), Political Exposed Person (PEP), NGOs, Trusts, Hindu Undivided Family (HUF), Exporters, Importers, Co-operative Societies , Unclaimed Deposits, Dealers of Jewelries (Gold, Silver, Diamonds etc)


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