Dear comrades of erstwhile suvarna sahakari bank Ltd

Congratulations!
 Congratulations! As the nation celebrates completion of 73 years of
India independence , you are all celebrating completion 10 fruitful
years( a decennial) in IOB this year. This is a significant year for you as
you celebrate an important 10 Th service anniversary with Good People
to Grow With as you reach this milestone in your career with IOB. It
gives me great pride that I walked alongside you and it has been one of
the greatest challenges & pleasures of my union life. And I am glad you
have a comfortable and happy journey during your 10 amazing years of
work in Indian Overseas Bank . Today as I remember the first day I met
you at the workplace,10year ago in your distress situations soon after
the moratorium of SSBL, my mind is filled with nostalgic memories of
tour trailblazing journey from hopelessness to brim of hope today .
Time flies so fast!
It’s been almost a decades since you have started a new journey of
your life full of hope, vision and purpose. You have stood together and
had faith in me during all the ups and downs. All of you dedicating your
10 amazing years of work to our bank which the cradle of your dreams
I wish we continue to hold our strong professional and personal bond
for another 20 years to come.
Work life is not a sprint. It’s a marathon that one needs to keep on
running and achieve one milestone after the other. And believe me,
you’re one hell of a runner. Conveying my best wishes to you, I hope to
see you together with ME for many more years to come. Good Luck!
Today you all can take pride in the irrefutable fact that you stand on a
very firm footing and can bask on comfort that your dreams of job
security, chequered monthly better salaries and deferred pension with
D.A linked (and not NPS) after retirement has now become a reality.
So as I look back to the events of the year 10 year ago consequent of
moratorium of SSBL, there is much of which we can be grateful, there is
much of which I can take pride also, pride in the action I have taken,
pride in the stands I have, pride in the things I have done, not only for
you but for the entire labour movement , people of this country in
general and Bank employees in particular. This was no accident. The
hope, future dismay and distress were tested. At that time even our
best friends thought I cannot pull you all out of the deep crisis you were
into. At that time you may remember I toured to all your branches,
addressed meetings, fostered emotional integration, unity hope and
solidarity of purpose that’ I will make thing happen’. Together, me and
Mr S.A Bhat our former CMD and precursor to this merger alone faced
many an ordeal and finally decimated the "operation conspiracy”
hatched by few who were against this merger. I thank HIM for the
cooperation extended to me, throughout this arduous phase. It is
equally heartening to note that that we have brought a paradigm shift
in the concept of takeover of co-operative banks, metamorphosing the
very essence of takeover of Assets, Liabilities to the satisfaction of the
human assets of the bank.

I have to record here that it was indeed thoughtful of Com. Jitu Yeole ,
Com Sunil Mozar , Com Strutika Jadhav and Com M.G. Gaikwad ( AGS
of IOB SC/ST / welfare association ) to greet me expressing their
gratitude in the very day all of you completed 10 years of joyful
journey in IOB . Their emotional gesture has placed me in their debt
permanently.
I do not want darken the pages of my letter talking about two persons
who got the best out me during my days in power and with whom I
established even familial relationship in good trust and faith. They
ditched and betrayed me when I was in crisis shifting their loyalty to
self-seekers of power who have not contributed an inch like mine to
members’ welfare more so during the takeover of your erstwhile bank.
It is despicable to note that they have coaxed and coerced gullible
members to contribute to a hefty purse as third reterial benefit, an
act which I have always loathed ,to this self-seeker , marauder and a
victimizer full of vermin vendetta , while scores of retirees are fighting
for updation of pension . But I wish them also my good wishes. In the
hindsight I confess Com. Sunita Kale your former AGS whom I had
singular privilege of inducting as only women office bearer in the
annals of our union was right when she forewarned me to be beware
these of these opportunists . She proved me wrong for not heeding to
her sane advice .
It is now well engraved in “Survarna” letters in the annals of the Bank
that together me and Mr S.A. Bhat have ensured smooth takeover of
assets, liabilities, aspirations & hope of staff and customers alike of SSSB
Ltd. It is heartening to note and record that 2/3 of the families of award
staff members of SSSB Ltd will be ever obliged to the “Good People to
Grow With” for providing them jobs, even in the context of unfolding
global recession and job losses elsewhere. Times will change. The
future generation of IOBIANS may not remember our good work and
lofty principles. But for me this experience is bouquet of ever fresh
memories of the things we dared to do and we dared to win. This phase
will pass away. But its nostalgia will never end. Even success owes its
success ot he letter ‘U’ (You-my emphasis!)
So
Finally You
It is finally me
I see me in you
I am part of you
Between you and me please take it from me
There cannot be any wedge
Between you and me please take it from me
There cannot be distance
Between you and me
Please take it from me
Time and distance cannot be barrier

On an occasion like this after sometime , when my noble deeds and

action gives way to cold logic, when objective analysis of nearness of
me to you is evaluated , if you still give me the portion of what you think
about me today , I will consider I have done my job well. If I had not
already left a message, by my thought and deeds, dedication and
devotion –then I have no right to leave a message today which could
come from my heart at the winter of life . The greatest tribute you
could pay me and our fraternity is to maintain our traditions and
continue to march.

I came to union movement by choice despite being a first rank gold

medallist in Mumbai University in 1972 in Maths discarding robust
career opportunities and not by chance and remained as clerk refusing
promotions as part of you till my retirement. In 35 years of a life well
spent, serving the union and the cause of people, I have earned,
abounding knowledge, the wealth of comrades and friends, laurels of
strife in the smiles of their wellbeing, the prize of fulfilment, the power
of contributing to the great peoples’ movement, and a treasure of
stories to tell and memories to cherish. Even if I died in the service of
the working class, I would be proud of it. Every drop of my blood... will
contribute to the growth of workers of this great nation and to make
their unions strong and dynamic shall be my last testament
Filled with this positive vibe, confidence, honesty and fearlessness I
presenting your my documentation of the trailblazing trials,
tribulations to scintillating journey as the expression of bouquet of
my souvenir love and to all of you on your happy occasion in the link
given below .Kindly spare some time to read and respond to my
address or phones or mil email and Facebook links given below.
Happy decennial year in IOB my dear friends.
Ever yours
Love

S.Srinivasan
Former General Secretary of the Recognised Union the Bank AIOBEU
for around 25 Years and 33 years as an Office bearer( nearly 50% of my
life )
Former workmen director for 2 terms ( 1991 -95 & 2005-2009)
appointed by government of India (MoF) in IOB .
ambujchinu@gmail.com
https://www.facebook.com/sankaran.srinivasan.16
chinu's lairs
https://www.facebook.com/groups/689264368520571/?
ref=bookmarks
P.N. I am staying with my daughter at Pune since Feb 2020 due to lock
down .My address given below
Divya Srinivasan
E 502, Kalpatru Splendour
Near Star Market
Mhatoba Chowk
Shankar Kalat Nagar
Wakad
Pune
411057

09591104499 ,09869466595

P.S: even today many members /officers in all India level look to me
for advice and guidance on service conditions issues . I assure of you, i
am at your beck and call to guide and advise you whenever you need at
just a phone call, without expecting anything except warmth of your
continued love and affection. Looking forward to meet you all very
soon after corona pandemic eases .Take care and be safe.
 DESIDERATUM* INDEX

*Something That Is Needed or Wanted.

My thanks
I record my deeps sense of gratitude and thanks to Mr.S.B Bhosale
Administrator for the encouragement and cooperation

I thank com avinash brave for all the data support given to me from time to
time.

S.Srinivsan

My Correspondences With The

Bank On Your Absorption In IOB
Ref No. Date Addressed To Subject Page
71 24- Sri.S.A.Bhat - Cmd Suvarna Sahakari Bank Ltd –‘Take Over’ 1
11-
2008
75 15- Sri.T.Venkat Reddy - Takeover Of Assets And Liabilities Of 5
12- Gm (Pad Shree Suvarna Sahakari Bank Ltd, By Our
2008 Bank

76 15- Sri.T.Venkat Reddy - Shree Suvarna Sahakari Bank Ltd - 9

12- Gm (Pad Takeover
2008
2009
03 23- Sri.T.Venkat Reddy - Suvarna Sahakari Bank Ltd 14
01- Gm
2009
09 09- Sri.T.Venkat Reddy - Blue Print For Absorption Of Employees 21
02- Gm From Suvarna Sahakari Bank Ltd
2009

11 11- Sri.T.Venkat Reddy - Blue Print For Absorption Of Employees 28

02- Gm From
2009
20 17- Sri.S.A.Bhat - Cmd Sri Suvarna Sahakari Bank Ltd – 33
02- Takeover
2009
21 17- Sri.S.A.Bhat - Cmd M And A In Indian Banking System 35
02- An Executive Handbook
2009
24 18- Sri.S.A.Bhat - Cmd Finalization The Mou With Suvarna 37
02- Sahakari Bank Ltd
2009

28 28- Sri.S.A.Bhat - Cmd Absorption Of Staff Of Sri Suvarna 39

02- Sahakari Bank Ltd
2009 Draft 1

34 09- Sri.R.Balachandran, 48
03- Dgm Memorandum Of Settlement Dated
2009 ------------------ Between The
Management Of Indian Overseas Bank
(Employer) And All India Overseas Bank
Employees’ Union (Workmen) Under
Section 2(P) And Section 18(1) In The
Matter Relating To Service Conditions,
Absorption Of Workmen From Shree
Suvarna Sahakari Bank Ltd In The
Services Of Indian Overseas Bank.
Draft 2

40 01- Sri.T.Venkat Reddy - Blue Print For Absorption Of Employees 67

04- Gm From Suvarna Sahakari Bank Ltd.,
2009 Who Have Opted For Recruitments In
Our Bank
 For Discussion Only
Draft Minutes Of Discussions Held On
_________________ Between The
Management Of Indian Overseas Bank
(Hereinafter Called The “Bank”) And All
India Overseas Bank Employees’ Union
(Hereinafter Called The Union).
Draft 3

41 04- Sri.S.A.Bhat - Cmd Blue Print For Absorption Of Employees 72

04- From
2009 Suvarna Sahakari Bank Ltd. Who Have
Opted For Recruitments
43 13- Sri.S.A.Bhat - Cmd Shree Suvarna Sahakari Bank Ltd 75
04-
2009
56 12- Sri.V.Krishnaswamy Minutes Of The Discussions Held On 12- 77
56 ( A) 05- , Gm 05-2009 82
2009 In The Matter Of
Shree Suvarna Sahakari Bank Limited

Finalised Draft Which Culminated Into

Settlement
57 12- Sri.S.A.Bhat - Cmd Shree Suvarna Sahakari Bank Ltd 86
05- Request For Change Of Posting Orders
2009
58 15- Sri.S.A.Bhat - Cmd Shree Suvarna Sahakari Bank Limited 91
05- Joint Representation Made By Staff
2009

59 20- Sri.S.A.Bhat - Cmd CONGRATULATIONS 93

05-
2009

88 03- Sri.V.Krishnaswamy Appointment Of 3 Staff Members From 96

08- , Gm Erstwhile Ssb Ltd. On Compassionate
2009 Grounds
Special 24---- To All Office Benefits To Shree Suvarna Sahakari 99
Letter 06- Bearers Bank Ltd.,
 2009 Service Conditions As Per Our Internal
Settlement

2010
33 28- The General Reckoning Of 40% Take Home Pay 110
08- Manager (Pad) Norms And Availment Of
2010 Shl To Employees Of Shree Suvarna
Sahakari Bank Ltd.,

70 / 20- Smt. Indira Padmini Reckoning Of 40% Take Home Pay 113
2013 12- Norms And Availment Of
2013 Shl To Employees Of Shree Suvarna
Gm (Pad)
Sahakari Bank Ltd.,

46/201 14-8- Smt. Indira Padmini Special Out Of Turn Promotion To 115
3 2013 Smt.Shrutika Jadhav, Clerk,
Roll No. 44125, Pune City
Gm (Pad)
Branch In Due Recognition Of
Substantial Business
Mobilized By Her Since 2011.

For Academic My Epilogue

Interest
For Academic Chinu Ko Gussa Kyoon Aata Hai?
Interest
For Academic My Present Predicament And
Interest Ordeal
Note: Enclosure to various letters mentioned which goes to many pages are not
appended .

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
Sri.S.A.Bhat Date : 24-11-
2008
Chairman and Managing Director
Indian Overseas Bank
Central Office BANK / 71 / 2008
Chennai – 600 002

Dear Sir,
SUVARNA SAHAKARI BANK LTD –‘TAKE OVER’
We understand that The Shree Suvarna Sahakari Bank, Pune, Maharashtra is under moratorium
off R.B.I. since 14 September 2006 due to financial irregularities. On September 14, 2006 RBI
imposed a moratorium and suspended its board of directors after which bank has been facing a
crisis. Later on, the co-operative department appointed an administrator and an inquiry was
carried out regarding the financial irregularities. The bank had build up losses to the tune of
over Rs 350 crores. There are reports that The Saraswat Bank has made a conditional offer to
the grounded Shree Suvarna Sahakari Bank (SSSB), and is willing to put in Rs 50 crore towards
its resuscitation provided the promoters, the Agashe family initiates recoveries amongst other
measures and cobbles together Rs 300-350 crore to reduce the losses. There are confirmed
reports that Comos bank Ltd, had also given willingness to the merger after the release of
Suvarna Bank's financial reports.

Later in Hindu Business line March2, 2007, Mr. Eknath Thakur, Director, Saraswat Bank and
Member of Parliament, side stepped reports that his bank was in contention for a merger.
"There is absolutely no move on the part of Saraswat Bank to takeover SSSB. The board has
not approved a merger, but has approved interest," he said.”We have looked at their finances
and found Rs 455 crore of non-performing assets," he said, adding that if the promoter family
disinvested its assets and put together Rs 300-350 crore, Saraswat Bank would "contribute Rs
50 crore from its own capital." The good news for the bank's beleaguered customers is that the
Agashe family, which has been forced to sell of its own assets, has virtually tied up deals that
will infuse Rs 150 crore into the kitty by March end. A deal to sell an 80-acre plot at
Erandwane, Pune, where they own 52 per cent stake is clinched, and will add Rs 130 crore to
the pool in a phased manner, a source close to the family confirmed. The sale of another
property at Kolhapur is to be finalised by the end of the week, and Rs 35-40 crore is expected
from this”.

Business standard had recently reported that “Pumps manufacturer Kirloskar Brothers Ltd has
decided to acquire Kolhapur-based steel castings company Kolhapur Steel Ltd for a
consideration of approximately Rs 18 crore. The deal is seen as part of attempts to recover the
dues of the now defunct Shree Suvarna Sahakari Bank Ltd, Pune, which was promoted by
Dnyaneshwar Agashe who owns over 90 per cent of equity stake in Kolhapur Steel. Agashe, a
former member of the Board of Control for Cricket in India and also the Chairman of the
selection committee, heads the Brihanmaharashtra Group of industries which has diverse
business interests including sugar, alcohol, software and hospitality. The group’s dues to the
Shree Suvarna exceed Rs 100 crore and Agashe has been selling off the group’s assets to repay
the bank. Administrator of Shree Suvarna Sahakari Bank Mukund Ghaisas told Business
Standard that Kirloskar Brothers will pay out the total dues of the bank amounting to about Rs
18 crore”. The deal — drafted according to the BIFR guidelines - is expected to be cleared by
the board early June. Kolhapur Steel Ltd has been referred to the Bureau of Industrial and
Financial Reconstruction (BIFR) and is presently operating as per a revival package approved
by BIFR. - Business standard Saturday, Nov 22, 2008.

The Economic Times April 20, 2008 has reported that the losses of Shree Suvarna were so
huge that it was not possible for any other co-operative bank to merge SSSB in itself.”

Day in day out such reports have been appearing in the national and more so in local news
papers of Pune. All these reports point out the irrefutable fact that The SSSB accumulated
losses due mismanagement are around Rs 350 crore and has been in a limbo ever since the
Reserve Bank of India imposed a moratorium on withdrawals over Rs 1,000 per account on
September 14, 2006, chances of cash recoveries of NPA acquired by them is getting murkier
day by day. We had experienced even in ‘sound Indian banking system’ that ‘asset based
securities which cannot convert into cash’ equivalent to at least the OTS guidelines of the Bank
are in real terms ‘ dead assets’ just having embellishment value in the balance sheets. Such
assets are ‘Risk sensitive’. Recent global financial melt down has only accentuated our above
claim that when bubble bursts the baked home mortgages crumble like cookies…

Reports further confirm that Shree Suvarna Sahakari Bank depositors, account holders and
members' action committee have been taking up this matter with the concerned bodies and RBI
demanding actions against directors of bank and other officials, and protection of their savings.
There are startling revelations in the media that an investigation has been launched against a
former director of the bank under section 88 of the cooperatives act, He has been accused of
taking loan for himself and in the name of his relatives to the tune of Rs 150 crore — an
amount which with interest is pegged at Rs 250 crore. The depositors, numbering around three
lakh, have been agitating for recovery of loans to the tune of Rs 750 crore.. One reports states
that the non-performing assets have crossed 14%.

The Board of Indian Overseas Bank at the Board meeting held on 29 March 2008 had approved
the proposed takeover of Shree Suvarna Sahakari Bank, Pune (under moratorium) subject to
due diligence evaluation and approval from the regulatory and statutory authorities concerned.

Reacting to the reports of willingness of Indian Overseas Bank (IOB regarding the merger,
there are reports that ‘Shree Suvarna Sahakari Bank depositors, account holders and members'
action committee’ have demanded the plan of merger to be placed before the depositors. They
have also sought clarity on media reports whether IOB was keen on acquiring the bank. They
have further represented that the depositors consent was not taken on this issue and demanded
that if at all IOB wanted the merger; they must also inform people about their plan.

There are also reports that staff members of the bank have taken recourse to ‘no holds barred’
approach and agitational steps demanding protection of their jobs from the acquirer bank.

We are of the view that while taking over of assets and liabilities of this bank will help the
depositors; the staff dissatisfaction may cascade as an unpleasant issue to handle for the
acquirer bank in future.
Needless to underscore that All over the world it is observed that HR issues are the most
sensitive ones on the road to smooth takeover. As per the study of Indian banking industry by
FICCCI in October 2005, 88% of the pubic and private banks considered HRD related issues as
on of the biggest challenge on the process of consolidation in any form or name, while 64%
voted for cultural differences as confronting issues. For any merger to succeed banks have to
forge a cultural fit among all employees and settle HR issues ingeniously before take over and
concentrate not only on cost reduction, revenue and profitability alone. Even if there are
synergies in technologies, geographical presence, profile of assets, cultural issues assumes
paramount importance in this regard.

In view of the above without prejudice to the earlier resolution of Board on the captioned
subject we request you to apprise/discuss viability, feasibility and gain to our bank and the
strategy of the bank for pursuance of the resolution of this matter in totality with the Union and
Officers’ Association, who are equal partners in the running of the bank, before a final decision
is arrived at by the Top management of the bank and as this ‘take over’ issue has wider
ramifications. We apprehend that the dissatisfied staff of this bank may seek recourse to
political leaders and other local trade unions/ mass organizations for redressal of their
problems, which on a future date may become a perpetual problem for us and the Bank.

History records that in the past when the top management made a passionate appeal to our
organizations, to cooperate with the IPO I &II imitatives undertaken by the bank, we had
campaigned, participated in the road shows having the banks interest & growth in mind and
ensured that IPO’s are over subscribed, though we had marked our dissent when the agenda
came up to the board conveying the stand our national organizations. Here again we had to
thwart alone the efforts of few vested interests in our bank who had decried our stand and tried
their best scuttle success of these IPO issues through their disinformation campaigns. The
initiative, efforts and pragmatic role the union had played in ensuring that IOB emerges as
forerunner in the field of art technology, even in the context of no industry wise settlement at
that time on computerization in banking industry are sure pointers of the objective cooperation
we have ushered.

Hence as in the past, in tune with the impeccable traditions of healthy IR of accommodation,
trust, transparency and understanding we have built up over the years, we request the bank to
have discussion with as sought by us in the above paragraphs, on this vital issue of strategic
importance before arriving at a final decision. On our part we will endevaour to put forth our
alternate suggestions without prejudice.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Cc to : Sri.G.Narayanan, Executive Director, I.O.B, CO, Chennai – 600 002.

Sri.Y.L.Madan, Executive Director, I.O.B, C.O, Chennai – 600 002.
Com. N.Sridaran Director to take up in the board on lines we discussed
Grams : "IOBUNION" Phones : 28523561, 28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Date : 15-12-2008
Sri.T.Venkat Reddy
General Manager
Indian Overseas Bank BANK / 75 / 2008
Central Office
Chennai – 600 002

Sir,
Takeover of Assets and Liabilities of
Shree Suvarna Sahakari Bank Ltd, by our Bank

Sequel to the meaningful discussions we had with our Chairman and Managing Director on

13-12-2008 on the captioned subject, we express our willingness to enter into a minutes of

discussions as per draft enclosed with view of ensuring smooth takeover of Shree Suvarna

Sahakari Bank Ltd by Indian Overseas Bank.

Awaiting your favourable response.

Thanking you,

Yours faithfully,
(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

Minutes of Discussions held on _________________ between the management of

Indian Overseas Bank and All India Overseas Bank Employees’ Union.

Whereas on 14-09-2006, RBI had imposed moratorium on the Shree Suvarna Sahakari Bank
Ltd, Pune, following huge NPA’s, Non-Recovery of Loans and Non-Compliance with RBI
guidelines.

Whereas the Cooperatives Commissioner of Maharastra State had appointed an

ADMINISTRATOR under Section 110 (A) (3) of Maharastra State Cooperative Society’s Act.

Whereas the Board of Directors of Indian Overseas Bank in its meeting dated 29-03-2008 had
approved in principle the proposal of the Bank to takeover only the assets and liabilities of
Shree Suvarna Sahakari Bank Ltd, Pune, (under moratorium) subject to due diligence
evaluation and approval from the regulatory and statutory authorities concerned in the interest
of depositors of that Bank.

Whereas all the concerned including administrators and shareholders of Shree Suvarna Sahakari
Bank Ltd have agreed to the proposed takeover of only assets and liabilities by Indian Overseas
Bank.

Whereas RBI after examination of the proposal submitted by the Bank, in the interest of
depositors as well as stability of the financial system have accorded permission for takeover
only assets and liabilities of the Shree Suvarna Sahakari Bank Ltd (under moratorium) by
Indian Overseas Bank vide their letter dated 21-05-2008.

Whereas the Bank has since received in principle approval from RBI vide their communication
dated 05-11-2008 to open 78 branches for the year 2008-2009 including 9 branches in Pune and
one branch in Shreepur.

Whereas Bank had conveyed to the Union that their proposal to RBI was only for takeover of
the assets and liabilities of the Shree Suvarna Sahakari Bank Ltd in the interest of their
depositors and they are not inclined to absorb staff of the Bank in the rolls of Indian Overseas
Bank as was being done in case of merged Bank employees hitherto.

Whereas the Union vide their letter dated 24-11-2008 had requested the Bank to discuss the
matter regarding absorption of the staff members of the Shree Suvarna Sahakari Bank Ltd on
the rolls of Indian Overseas Bank.

Whereas there existed some differences in this regard.

Whereas the recognised Union AIOBEU felt that the matter regarding absorption of the staff of
Shree Suvarna Sahakari Bank Ltd be considered on humanitarian grounds, as the issue is
sensitive one on the road to smooth takeover.

Accordingly discussions were held between the management and the union on various dates
and the parties have come to the following understanding in respect of absorption of staff of
Shree Suvarna Sahakari Bank Ltd in the rolls of the Bank.

1. All those permanent employees of Shree Suvarna Sahakari Bank Ltd who have unblemished
record of service, not exceeding 45 years of age, as on 31-12-2008, having a minimum
qualification of HSC or equivalent will be absorbed as fresh recruits an clerical cadre in Indian
Overseas Bank.

2. All those permanent employees of Shree Suvarna Sahakari Bank Ltd, who have
unblemished record of service not exceeding 40 years of age as on 31-12-2008, having
minimum qualification of VIII standard passed but should not have passed 12 th standard / HSC /
or equivalent will be absorbed as fresh recruits in subordinate cadre in Indian Overseas Bank.

3. However those employees, if any in Shree Suvarna Sahakari Bank Ltd against whom
disciplinary actions is pending, or being contemplated under extant provisions of acts / conduct
rules as applicable are not eligible for absorption as clerks or substaff as the case may be on the
rolls of Indian Overseas Bank.

4. Those employees in Shree Suvarna Sahakari Bank Ltd who are absorbed as fresh recruits in
Indian Overseas Bank as per above understanding will be fitted in the first stage of scale of pay,
as per VIII Bipartite Settlement as applicable to subordinate staff or non-subordinate staff as
the case may be. They will be entitled to all the attendant benefits, special pay, etc. if they are
otherwise eligible on their appointment in Indian Overseas Bank as enumerated in the VIII
Bipartite Settlement and / or prevalent service conditions in the Bank.

5. All the other remaining issues such as extension of loans and advances, welfare schemes etc,
in our Bank to the employees absorbed as fresh recruits in our Bank, including those not
covered by this minutes of understanding will be discussed and sorted out after further
discussions between the parties.

6. Employees absorbed as fresh recruits in terms of this understanding shall be posted in the
branches of Indian Overseas Bank, as per Bank’s need in consance with the posting norms as
applicable to award staff in the Bank in vogue.

7. Accordingly the Bank shall intimate the Administrator of Shree Suvarna Sahakari Bank Ltd,
the terms of this understanding and obtain written consent from the eligible employees for
absorption in the rolls of Indian Overseas Bank as fresh recruits.

8. On the receipt of the consent letter from eligible employees of Shree Suvarna Sahakari Bank
Ltd in terms of above understanding, a formal settlement shall be entered into between the
Union and Bank, in respect of service condition of erstwhile Shree Suvarna Sahakari Bank Ltd.
Grams : "IOBUNION" Phones : 28523561, 28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
 763, Anna Salai, Chennai - 600 002.

Date : 15-12-2008
Sri.T.Venkat Reddy
General Manager
Indian Overseas Bank BANK / 76 / 2008
Central Office
Chennai – 600 002

Sir,

SHREE SUVARNA SAHAKARI BANK LTD - TAKEOVER

Further to our Letter No.75/2008 dated 15-12-2008 on the captioned subject augmenting our

suggestions, we enclose herewith our feasibility study and roadmap for smooth takeover by our

Bank.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

Cc to : Sri.S.A.Bhat, Chairman & Managing Director

Indian Overseas Bank, Central Office, Chennai – 600 002

Sri.R.Balachandran, Deputy General Manager,

Indian Overseas Bank, Central Office, Chennai – 600 002

ROADMAP PLAN FOR TAKE OVER

Staff Profile of Shree Suvarna Sahakari Bank Ltd as on 04.12.2008

1. Officers - 86
2. Clerical Staff - 179
3. Peon ( including permanent Sweepers /Drivers - 76

Total - 341

Education Profile :

Sl No. Education Profile Officers Clerical Peon Total

1. Below 10th Std 0 0 46 46

2.. 10th Std Pass 5 13 22 40
3. 12th Std Pass 3 10 5 18
4. Graduate 61 127 3 191
5. Post Graduate 17 29 0 46

TOTAL 86 179 76 341

Age Profile :

Sl No. Age Criteria Officers Clerical Peon Total

1. Below 25 Yrs 0 0 0 0
2. 25 to 30 Yrs 0 18 3 21
3. 30 to 35 Yrs 5 42 12 59
4. 35 to 40 Yrs 17 43 20 80
5. 40 to 45 Yrs 20 37 13 70
6. 45 to 50 Yrs 17 24 17 58
7. Above 50 Yrs 27 15 11 53

TOTAL 86 179 76 341

Bifurcation of disciplinary action:

Under Section 88 of Maharashtra Co op Society Act - 32 (Manager & Sr Officers)

( including 2 staff members under criminal proceedings )
Under Suspension - 1
Under Enquiry - 0
Under Criminal Proceedings - 3

CLERICAL – AGE AND QUALIFIACTION PROFILE

Below SSC HSC GRADUATE P.G. TOTAL

 S
35years 2 - 49 9 60
40 3 1 83 16 103
years
45years 4 2 107 27 140
50yars 6 7 123 28 164

SUBSTAFF -AGE AND QUALFICATION PROFILE

Below Less than SSC HSC GRADUATE TOTAL

SSC S
35years 7 5 1 2 15
40years 19 8 5 3 35
45years 47 20 6 - 73

OFFICERS AGE AND QUALIFICATION PROFILE

Below SSC HSC GRADUATE P.G TOTAL

S
35years 3 2 5
40 years 14 8 22
45 years 31 11 44
50 years 5 3 46 13 67

AS PER OUR SUGGESTION:

For clerical eligibility : Not exceeding 45 years and minimum HSC passed = 137 +9=146
For sub staff eligibility : Not exceeding 40 years and mimimum VIII passed and should not
have passed 12 std = 4 +27 = 31

Fresh Recruits Clerks in IOB Total

As clerks 146 – 2 under disc. action = 144.
As substaff 31

VOLUNTARY SEPARATION SCHEME SUGGESTED BY

ADMINISTRATOR UNDER DISCUSSION WITH THEIR UNION

As on date the bank has suggested a scheme of 15 days salary for every year of completed
service or left out service which ever is less to all the staff members above 40 years. But the
union is asking for 100 days. Presuming the banks comes out with a scheme similar to our
VRS2001 then position will be as under:

36 Officers, 74 Clerks and 41 Peon are eligible.

Hence net eligible members who will opt for recruitment will be :
 Fresh recruits Clerks Total Less VSS optees Net eligible
in IOB members
146 – 2 under Disc. 36 clerks + 5
As clerks 103
Action = 144 substaff = 41
Nil
since we are
As substaff 31 considering
less than 40
years

Number of branches proposed/ recently opened in MUMBAI II where adequate staff

arrangements have not been made = around 30.

Number of candidates who were recently recruited who did not report this time is 12, earlier 5,
total 17

Presuming minimum 3 Clerks are posted in these branches. (Some can be posted in potential
Mumbai – I branches too).

Then the total number to be absorbed will be 90 + 17 (Pending) = 107.

Out of 31 substaff some may be sweepers. Hence they can be easily accommodated in 30
branches stated above.

COSTING OF VSS SCHEME

Cost in Leave
Total Miminum per Maximum per
Scheme Rs.** Encashment
Cost Employee Employee
P.F+ Gratuity*
15 days 2 cr 6r 8 3 lac 7lac
30days 4cr 8cr 12 4 lac 10 lac
45 days 6cr 10cr 16 4.5 lac 13 lac
60 days 8cr 12cr 20 5 lac 15 lac
** No
provision
s made
* Already
provisions made

OUR SUGGESTION: The commissioner of cooperative may not agree for a scheme
similar to our VRS 2001 as that will become the benchmark for other banks placed in
moratorium in future hence our bank can take up the cost of VSS scheme to stave off any
opposition to our smooth takeover by cooperative unions.

As a good ethical and humane gesture Bank may consider the fitment of the staff
absorbed as fresh recruits in our Bank after they join by reckoning their services in the
erstwhile Bank in the ratio of 5:1 for the purposes of stage to stage fitment in pay scales to
meet the ends of justice.
Grams : "IOBUNION" Phones : 28523561, 28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
Date : 23-01-2009
Shri.T.Venkat Reddy
General Manager
Indian Overseas Bank BANK / 03 / 2009
Central Office
Chennai – 600 002
Dear Sir,
SUVARNA SAHAKARI BANK LTD
We had vide our letter No.75/2008, 76/2008 dated 15-12-2008 had submitted our objective
proposal for absorption of non-supervisory staff, in the services of our Bank. The salient
features of the same is reiterated below :

1. Employees below 45 years in clerical cadre can be considered for absorption as fresh
recruits in clerical cadre subject to they having minimum qualification of HSC passed.

2. Employees below 40 years, who posses qualification less than HSC, can be considered for
absorption as fresh recruits in substff cadre.
We had further informed to the Bank that the Administrator, with the approval of Cooperative
Commissioner had offered VSS (Voluntary Separation Scheme) package of 15 days for every
completed year of service or balance service, whichever is less to employees above 40 years of
age on the rolls of Shri Suvarna Sahakari Bank Ltd.

But the cooperative unions are insisting for package to be increased to 100 days. As an
alternative, we had suggested to the Bank to take up cost of VSS of employees above 45 years
of age, on similar terms and conditions of our VRS 2001 package to stave off any opposition
from Cooperative Unions to smooth takeover.

Now, we understand even though the Administrator and Cooperative Commissioner may
enhance their VSS package offer, marginally, the RBI is not permitting them to offer more
than the earlier one as their Bank has not met liability of the depositors.

In this context we took a study of Superannuation liabilities and assets of staff in Suvarna
Sahakari Bank Ltd.
From the database made available as covering employees above 40 years of age.
We give below the Superannuation liabilities for which provisions are made :

(A) SUPERANNUATION PROVISIONS FOR EMPLOYEES ABOVE 45 YEARS :

S.No Gratuity Leave Encashment PF-12% Total

Cadre Total
. (A) (B) (C) (A+B+C)
1 Officers 36 7304098 3518961 422274 11245333
2 Clerks 74 11551807 6132961 735956 18420724
3 Peons 41 6308455 3366761 404009 10079225
  Total 151 25164360 13018683 1562239 39745282

As against these Superannuation Liabilities, we give below the details of the Real Estate Loan
with interest of employees as on 31-12-2008.

(B) EMPLOYEES ABOVE 45 YEARS : (REAL ESTATE LOANS) :

S.No. Cadre Liabilities 

1 Officers 6022934
2 Clerks 31157579
3 Peons 12798929
  Total 49979442

(C) EMPLOYEES BELOW 45 YEARS :

S.No. Cadre Liabilities 

 1 Officers 2565483
2 Clerks 9905505
3 Peons 6704767
  Total 19175755

Based on the above data it can be inferred that in absence of fair Voluntary Separation Schemes
offered by the Bank, to those who could not be considered for absorption as fresh recruits
recovery of this real estate loan could become difficult.
To obviate the same, we suggest that the age criteria submitted by us for absorption as clerks
and substaff as the case may be, be suitably enhanced, to all the employees against whom no
disciplinary action is pending or contemplated for absorption as fresh recruits in our Bank.
Even if all the employees are considered absorption as fresh recruits, the position shall be as
under :

Age Officers Clerks Substaff

< 45 years 44 134 45
> 45 years 19 44 31
Total 63 178 86

In other words, only 44 clerks, 31 messengers has to be further considered for absorption as
fesh recruits.

Further all the Superannuation liability, (for which provisions are made) of these staff members
which are taken over into the books of our Bank, can be taken additional securities to cover the
real estate loan taken by the Bank in the event of any contingencies. Accordingly, we suggest
the following as prudent option :
1. When one compares the number of accounts in branches of Indian Overseas Bank in and
around Pune and that of Shri Suvarna Sahakari Bank (as per data enclosed), the clientele base
of our Bank widens in leaps after the takeover.

Indian Overseas Bank Suvarna Sahakari Bank (Pune

A/c head (Pune District) District)
Accounts Amount (Rs) Accounts Amount (Rs)
Savings 22405 73.80 160000 85
Current 1697 44.58 9500 27
Term 17287 388.80 120000 523
Advances 2050 720.00 4800 354

Suvarna Sahakari Bank Suvarna Sahakari Bank

A/c head (Dadar branch) (Shreepur Branch)
Accounts Amount Accounts Amount
Savings 1276 16915552.53 20150 35700000
Current 312 15845192.69 128 38000000
Term 2681 126001351.00 5952 215100000
Advances 26 44029621.00 558 348900000
In other words the clientele base of our bank after the takeover increases from 43439 to
3,25,383 which by any standard is commendable.

2. To meet the needs of this widened clientele base, we may absorb all the staff of Shri Suvarna
Sahakari Bank Ltd., except those against whom disciplinary action is being contemplated or
pending.

3. The staff members recruited in our Bank can be posted in branches in Maharastra State /
nearby regions / states.

4. With the Bank having the lien in their Superannuation provisions already made by the Bank,
the real estate loan availed by the staff of Sri Suvarna Sahakari Bank, stands further insulated.

5. The undersigned while visiting to branches of Sri Suvarna Sahakari Bank confirms that the
staff members have good work culture and shall be performing human asset in our Bank.

6. Further taking into account the attrition rate in recent raw, new recruits, these experienced
staff members absorbed as fresh recruits shall serve our Bank, until Superannuation which will
augment sound HR planning.

7. Our suggestion will ensure that there is no opposition from any Cooperative Unions, towards
smooth takeover

8. And above all our Bank’s brand image of having rendered timely help to depositors and staff
in their crisis will have positive impact on local citizens, which will further bolster good will
image of our Bank, which in turn will hasten business growth.

We enclosed herewith the relevant data collected by us.

We look forward to an objective discussion and understating in the matter.

Thanking you,

Yours faithfully,

(S.SRINIVSAN)
GENERAL SECRETARY

Cc to : Sri.S.A.Bhat, Chairman &Managing Director

Indian Overseas Bank, Central Office, Chennai – 600 002.
 Sri.R.Balachandran, Deputy General Manager
Indian Overseas Bank, Central Office, Chennai – 600 002.

Encl : 1. Particulars of employees including real estate loan liabilities over under Section 88
2. Particulars of employees including real estate loan liabilities above 45 years
3. Particulars of employees including real estate loan liabilities less than 45 years
4. Female Staff members details
5. Comparison of Number of Accounts in branches of Indian Overseas Bank in and around
Pune District and the data of Sri Suvarna Sahakari Bank in Pune.
6. Relevant paper clippings of expectation and hope.

AGASHE DEAD; DEPOSITORS NOW IN HOPES ON IOB

Indian Express – Jan 04, 2009 at 0232 hrs IST

With the demise of the former founder and chairman of the now-defunct Suvarna Sahakari
Bank, Dnyaneshwar Agashe, depositors waging a battle against him are now pinning their
hopes on the Indian Overseas Bank (IOB). The IOB has got the consent from the Reserve Bank
of India (RBI) to take over the assets and liabilities of the cooperative bank.

Agashe, who was in judicial custody on charges of embezzlement of depositors’ money, died of
cardiac arrest at Sassoon Hospital on Friday. However, the demise will not delay the takeover,
assured IOB chairman and managing director S.A. Bhat bringing relief to depositors, who had
been waging a battle since September 2006, when the bank was placed under moratorium.

Bhat told The Indian Express that they got the approval from RBI in December and are set to
take over the bank by March.

“I have already sent an ‘in principle’ approval to the administrator and my consultants will be
readying a due diligence report by March. We should be ready to take over the assets and
liabilities of the 37-year-old cooperative bank in April,” said Bhat. The proposal involves the
takeover of assets and liabilities of the 37-year-old cooperative bank with deposits of more than
Rs 722 crore, he said.

The bank's accumulated losses are estimated at over Rs 350 crore. For the depositors of the
Pune-based urban cooperative bank, Shri Suvarna Sahakari Bank, it will be the end of a
struggle. Members Shrikant Limaye and Vilas Lenke, who along with the depositors formed the
Shri Suvarna Sahakari Bank Depositors Committee that addressed the issues of the depositors,
are hoping for the best. "We see a ray of hope with the IOB taking over. However we, as
depositors, have not been intimated about the procedure," said Limaye, a depositor, who, along
with others, had put up a tough fight, going on to even communicating with the RBI .

RBI had put the cooperative bank under moratorium in September 2006, following huge non-
performing assets (NPAs), non-recovery of loans and non-compliance with RBI guidelines in
case of loan approvals worth Rs 436.74 crore.
While the bank has deposits of over Rs 700 crore, NPAs account for more than Rs 300 crore,
primarily due to connected lending, said bank sources. The bank has 12 The takeover is looked
at as among the few deals between a public sector bank and a cooperative bank. In November,
following a complaint by the special auditor, the chairman and several other directors of the
bank were taken into legal custody following charges of financial irregularities. branches --
nine in Pune, two in Mumbai and one in Shripur. The total employee strength is reportedly over
100.

.
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
 Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
February 9, 2009
Shri.Tunki Venkat Reddy
General Manager BANK / 09 / 2009
Indian Overseas Bank
Personnel Admin. Department
Central Office
Chennai – 600 002.

Dear Sir,

Blue print for absorption of Employees from Suvarna Sahakari Bank Ltd

We enclose herewith our suggestion paper on the captioned subject. After analysis of the
annexures enclosed, we have put forth our reasonable suggestions, backed with rationale, and
logic.

Further we confirm of having handed over the draft of the minutes of discussion, we are likely
to enter into, to the department on 07/02/2009.

Looking forward to a healthy discussion on the above subject.

Be rest assured that the Union will render 100% co-operation for the smooth take over of
Suvarna Sahakari Bank Ltd, as in the opinion of the Union, it is a prudent business decision of
the Bank. We are confident that the terms of this takeover shall be heralded by the industry as a
model to be emulated.

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl: As above

Copy to: Shri.S.A.Bhat,

Chairman & Managing Director
Indian Overseas Bank, Central Office, Chennai-2.

:1:
 Blue print for absorption of Employees from Suvarna Sahakari Bank Ltd

I) REORGANISATION OF REGIONS: -

As on date there are 52 branches in Mumbai-II. It we add to it the branches proposed,

including the branches of Suvarna Sahakari Bank Ltd, the total number of branches in Mumbai-
II shall be 52 + 19 = 71.

The total number of branches in Mumbai-I is 43.

Therefore the total number of branches in Maharashtra State = 71 + 43 = 124.

Hence for the purpose of effective control there is a need to trifurcate Maharashtra State as
under: -

Mumbai Regions: -

All branches in Greater Mumbai and its agglomeration including branches in Municipal
Corporation of Navi Mumbai. In other words add Dombivili, Kalyan, Sanpada, Thane, Vashi,
Lokgram, Vasai, Newpanvel, Pen, Khargar, Dombivili (W), Virar, Khoparkhaine, Khadakpada,
Pokhran Road. The total number of branches after this re-clubbing in Mumbai-I will be 58.

Note: Having regard to increase in business mix in leaps, we suggest that this Mumbai Region
can be further bifurcated in to Mumbai-I and Mumbai-II regions by reorganizing the branches
in Mumbai-I and Mumbai-II suitably.

Pune Region: -

All the remaining branches in existing Mumbai-II region plus proposed branches i.e. 38
existing branches + 19 proposed branches = 57.

-2-
Note: - The Pune region can function from the Head Office premises of Suvarna Sahakari
Bank Ltd.

II) ALLOTMENT OF SSB STAFF IN IOB BRANCHES

The total number of Clerks and Sub-Staff to be absorbed is 178 and 76 respectively. The total
numbers of Males and Females in each cadre is given below.

S.No. Cadre Males Females Total

1 Clerks 121 57 178
2 Sub-Staff 075 01 76

Our plan for allotment is given under A, B & C.

Allotments in Suvarna Sahakari Branch (see Annexure-I also)

We have to plan allotment for 69 Sub-Staff only. As 4 can be absorbed only as Sweepers (their
qualifications is less than 5th Std) and 3 who are graduates are eligible for promotion as Clerk
under our existing policy.
S.No Branch / Place *Clerk Allotment in *Sub-Staff Allotment
. (Existing) IOB (Existing) in IOB
1 Head Office (New Pune Region) 19 10 12 3+2
2 Deccan Gymkhana 32 16 10 04
3 Budhwar Peth 13 07 05 02
4 Tilak Road 24 12 05 02
5 Shreepur 06 03 03 01
6 Shaniwar Peth 17 09 07 03
7 Karve Road 12 06 04 02
8 Sahakar Nagar 10 05 04 02
9 Chinchwad 10 05 05 02
10 Kothrud 14 07 05 02
11 Aundh 08 04 04 02
12 Sion 98 -- 08 --
13 Dadar 04 -- 04 --
TOTAL 178 84 76 25+2=27
* See Annexure-I

-3-
B) ALLOTMENT IN PROPOSED BRANCHES

S.No. Name of Balance

Branch Allotment of Sub-Staff
Clerks
1 Akola 3 1
2 Gonda 3 1
3 Bhusawal 3 1
4 Jalna 3 1
5 Lahur 3 1
6 Bulibon 3 1
7 Nanded 3 1
8 Parbani 3 1
9 Sangli 3 1
Total 27 9

C) ALLOTMENT IN SHORTFALL BRANCHES IN OUR BANK

Calculating the optimum strength of Clerks as per the following formula Metro Rs.15 crores,
Urban Rs.10 Crores, Semi-Urban Rs.8 crores and Rural Rs.3 crores (see annexure-II) we have
deficit in the following branches. Hence the remaining staff can be adjusted in these branches.
However perusal of the office order in Mumbai-I branches, (see Annexure –IV) will bear
testimony to the fact that, existing staff strength is utilized to optimum in the branches.

S.No. Name of Branch Short Allotment from

SSB Ltd
1 Aundh -02 01
2 Aurangabad -09 03
3 Baramati -01 01
4 Bota -01 01
5 Kolhapur -05 05
6 Kharghar -01 01
7 Dombivili (East) -06 03
8 Kalyan -26 05
9 Thane -24 05
10 Vashi -02 02
11 Nasik Road -07 07
12 Pen -02 02
13 Pimpri Chinchwad -01 01
14 Pune Cantonment -34 10
15 Vasai -01 01
16 Virar -01 01
Total -123 44
 -4-

Similarly in Mumbai-I region the net shortfall as per annexure-III is arrived as (-252 + 171=
81). The net shortfall is 81. The balance 11 can be adjusted in Mumbai-I region. Having
regard to fact that 60% of Clerical Staff in Mumbai-I are Sub-Staff promotee, inducting the
staff of Suvarna Sahakari Bank Ltd in needy potential branches will augment still more
effective customer relations.

Alternatively we can form a pool of marketing Clerks in Mumbai-I and Mumbai-II. They will
be stationed at Regional Office. We suggest out of the balance 44, 10 for Mumbai Metro and
10 for Mumbai Non-Metro can be utilized as marketing Clerks and balance 24 can be adjusted
in needy branches in Mumbai-I, Mumbai-II and in the proposed Pune region.

Note: - As usual we should allot a balance mix of IOB staff and Suvarna Sahakari Bank Ltd in
these branches and accordingly the staff of Suvarna Sahakari Bank branches will be posted in
the end vacancy in IOB branches.

D) ALLOTMENT OF BALANCE SUB-STAFF

The balance 36 Sub-Staff of Suvarna Sahakari Bank Ltd can be posted in needy branches in
Mumbai-I and Mumbai-II and Pune regions “where staff strength as on 31/03/2002 was 6 and
more and over the period it has been reduced by 50%”.

Finally Tally (Model-I)

S.No. Narration Clerks Sub-Staff

1 Adjustments in Suvarna Sahakari Bank 84 27
Ltd
2 Proposed Branches 27 09
3 Acute Shortage of branch 44 --
4 Branches in Mumbai-I, Mumbai-II and 34
Pune regions where Sub-Staff strength
was more than 6 as on 31/03/2002 and
it reduced by 50% as on date.
5 As Sweepers 04
6 As Drivers 02
7 Marketing Clerks in Pune branches. 10 --
8 In acute shortage potential branches in 13 --
Mumbai-I and Mumbai-II regions.
TOTAL 178 70 06
 -5-

Finally Tally (Model-II)

S.No. Narration Clerks Sub-Staff

1 Adjustments in Suvarna Sahakari Bank 84 27
Ltd (A)
2 Proposed Branches (B) 27 09
3 Acute Shortage of branch (C) 44 --
4 Branches in Mumbai-I, Mumbai-II and 34
Pune regions where Sub-Staff strength
was more than 6 as on 31/03/2002 and
it reduced by 50% as on date.
5 As Sweepers 04
6 As Drivers 02
Marketing Clerks --

Mumbai-I 10
7 Mumbai-II 10
Pune Region (Proposed) 10

TOTAL 178 70 06

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
 Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
Date : 11-02-2009
Shri.T.Venkat Reddy
General Manager
Indian Overseas Bank BANK / 11 / 2009
Personnel Admin. Department
Central Office
Chennai – 600 002.

Dear Sir,

Blue print for absorption of Employees from Suvarna Sahakari Bank Ltd

We refer to our Letter No.09/2009 dated 07-02-2009 on the captioned subject, our suggestion
for placement of Sri Suvarna Sahakari Bank Ltd in branches of Indian Overseas Bank was
based on the trifurcation of regions, such as Mumbai – I, Mumbai – II and Pune. In case Bank
decides to continue with the existing two regions Mumbai – I and Mumbai – II, we give below
our suggestions, which is simple and straight jacketed of Sri Suvarna Sahakari Bank Ltd.
employees for absorption:

ALLOTMENT OF SSB STAFF IN IOB BRANCHES

The total number of Clerks and Sub-Staff to be absorbed is 178 and 76 respectively. The total
numbers of Males and Females in each cadre is given below:

S.No. Cadre Males Females Total

1 Clerks 121 57 178
2 Sub-Staff 075 01 76

Our plan for allotment is given under A, B & C.

Allotments in Suvarna Sahakari Branch

We have to plan allotment for 69 Sub-Staff only. As 4 can be absorbed only as Sweepers (their
qualifications is less than 5th Std) and 3 who are graduates are eligible for promotion as Clerk
under our existing policy.
S.No Branch / Place *Clerk Allotment in *Sub-Staff Allotment
. (Existing) IOB (Existing) in IOB
1 Head Office 19 -- 12 02
(New Pune Region) (Drivers)
 2 Deccan Gymkhana 32 16 10 04
3 Budhwar Peth 13 07 05 02
4 Tilak Road 24 12 05 02
5 Shreepur 06 03 03 01
6 Shaniwar Peth 17 09 07 03
7 Karve Road 12 06 04 02
8 Sahakar Nagar 10 05 04 02
9 Chinchwad 10 05 05 02
10 Kothrud 14 07 05 02
11 Aundh 08 04 04 02
12 Sion 98 -- 08 --
13 Dadar 04 -- 04 --
TOTAL 178 74 76 25

B) ALLOTMENT IN PROPOSED BRANCHES

S.No. Name of Balance

Branch Allotment of Sub-Staff
Clerks
1 Akola 3 1
2 Gonda 3 1
3 Bhusawal 3 1
4 Jalna 3 1
5 Lahur 3 1
6 Bulibon 3 1
7 Nanded 3 1
8 Parbani 3 1
9 Sangli 3 1
Total 27 9

C) ALLOTMENT IN SHORTFALL BRANCHES IN OUR BANK

If optimum clerical staff strength calculated taking into account following factors excluding
bulk deposits above 1 crore and advances in single account above 5 Crores as 5 Crores under
two models A and B.
Metro Rs. 15 Crores
Urban Rs.15 Crores
Semi Urban Rs. 8 Crores
Rural Rs. 3 Crores

In Mumbai – I : Excess – 171 Deficit – 252 Net Deficit – 81

In Mumbai – II : Excess – 54 Deficit – 123 Net Deficit – 123
 S.No. Name of Branch Short Allotment from
SSB Ltd
1 Aundh -02 01
2 Aurangabad -09 03
3 Baramati -01 01
4 Bota -01 01
5 Kolhapur -05 05
6 Kharghar -01 01
7 Dombivili (East) -06 03
8 Kalyan -26 05
9 Thane -24 05
10 Vashi -02 02
11 Nasik Road -07 07
12 Pen -02 02
13 Pimpri Chinchwad -01 01
14 Pune Cantonment -34 10
15 Vasai -01 01
16 Virar -01 01
Total -123 44 **
** viz. 35% of the shortage identified.

D) POSITNG AT CHRONIC DEFICIT BRANCHES IN MUMBAI – II

S.No. Branch Net Clerical Reason

Deficit Allotment
from SSS
Bank Ltd.
1 Breach Candy -34 4 11% Acute shortage
2 Fort -66 8 12% Acute shortage
3 Kalaghoda -23 3 12% Acute shortage
4 Nariman Point -53 7 12% Acute shortage
5 New Marine Lines -47 6 11% Acute shortage
6 Santa Cruz -12 1 8% Acute shortage
7 Khar -8 1 12% Acute shortage
8 Powai (New) 1 Potential Location
9 Worli -1 1 Potential Location
10 Wadala Nil 1 Ranked No.1 in the
region, wider SB
Clientele base, more
Muslim customers and
customers from slums
Total 33

E) ALLOTMENT OF BALANCE SUB-STAFF

The balance 36 Sub-Staff of Suvarna Sahakari Bank Ltd can be posted in needy branches in
Mumbai-I and Mumbai-II and Pune regions “where staff strength as on 31/03/2002 was 6 and
more and over the period it has been reduced by 50%”.

Finally Tally

S.No. Narration Clerks Sub-Staff

1 Adjustments in Suvarna Sahakari Bank 74 24
Ltd
2 Proposed Branches 27 09
3 Acute Shortage of branch in Mumbai – II 44 --
4 Branches in Mumbai-I, Mumbai-II regions 37
where Sub-Staff strength was more than 6
as on 31/03/2002 and it reduced by 50%
as on date.
5 As Sweepers 04
6 As Drivers 02
7 Marketing Clerks -- --
8 In acute shortage potential branches in 33 --
Mumbai-I region
TOTAL 178 70 06

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Copy to: Shri.S.A.Bhat,

Chairman & Managing Director
Indian Overseas Bank, Central Office, Chennai-2.
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Date : 17-02-2009
Shri.S.A.Bhat
Chairman and Managing Director
Indian Overseas Bank BANK / 20 / 2009
Central Office
Chennai – 600 002

Dear Sir,
SRI SUVARNA SAHAKARI BANK LTD – TAKEOVER

We enclose herewith compendium of the letters written by the Union and base documents

which we had utilized in our analysis on the captioned subject.

We hope this compendium will augment the Bank in arriving appropriate decision regarding

absorption of staff of Sri Sunvarna Sahakari Bank Ltd.

Awaiting your feedback and response.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

Cc to : Sri.G.Narayanan
Executive Director
Indian Overseas Bank, Central Office, Chennai – 2
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
Date : 17-02-2009
Shri.S.A.Bhat
Chairman and Managing Director
Indian Overseas Bank BANK / 21 / 2009
Central Office
Chennai – 600 002

Dear Sir,
M and A in Indian Banking System
An Executive Handbook

We have downloaded the book in the enclosed CD. We had subscribed online for this book
from the vendor. We find this book very useful, as it is written lucidly in understanding the
mechanics of mergers. It has powerful resource base, and also contains a chapter on case study
of GTB merger and procedure for merger of Banks.

Hope the CD enclosed will be useful to the Bank, in evaluating the merits of the proposed
takeover of assets, liabilities and as a good humanitarian gesture to staff of Sri Suvarna
Sahakari Bank Ltd.

Thanking you,

Yours faithfully,
(S.SRINIVASAN)
GENERAL SECRETARY

Encl : CD on M and A in Indian Banking System

Cc to : Sri.G.Narayanan
Executive Director
Indian Overseas Bank, Central Office, Chennai – 2
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
Date : 18-02-2009
Shri.S.A.Bhat
Chairman and Managing Director
Indian Overseas Bank BANK / 24 / 2009
Central Office
Chennai – 600 002

Dear Sir,
GOOD NEWS

We have just now received an E-mail from the staff members of Sri Suvarna Sahakari Bank
Ltd, that our Bank has finalized the MOU with them. This news will be music to customers of
the Bank, who can now see bright light after a long patience wait. It is heartening to note that
very soon horizontal base of “Good People to Grow With” will widen further.

With the faith that the fruition of our joint efforts will provide livelihood and succor to the
employees of taken over bank. We wish the ‘takeover’ all success that it rightly deserves.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Cc to : Sri.G.Narayanan, Executive Director, IOB, C.O, Chennai – 2

Sri.Y.L.Madan, Executive Director, IOB, C.O, Chennai – 2
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
 763, Anna Salai, Chennai - 600 002.
***********************************************************************************
**
Sri.S.A.Bhat Date : 28-02-
2009
Chairman and Managing Director
Indian Overseas Bank BANK / 28 / 2009
Central Office
Chennai – 600002
Sir,

SUB : ABSORPTION OF STAFF OF SRI SUVARNA SAHAKARI BANK LTD

We refer to the ongoing discussions between the Bank and the Union on the captioned subject
and drafts exchanged in respect of MOU to be entered into in pursuit of the same. After
threadbare analysis, careful scrutiny of various factors, we enclose herewith our draft in respect
of MOU to be entered into as per due process of law, in terms of the spirit of Resolution
No.681of the meeting of Board Of Directors Of Indian Overseas Bank held on Saturday, the
21st February 2009 at Amritsar. We look forward to finalise settlement in this regard at the
earliest, which will hasten smooth take over of S.S.S.B.L.

Thanking you,

Yours faithfully,

(N.SRIDARAN)
DIRECTOR

Encl : as above

Memorandum of Settlement dated _____________________ between the Management

of Indian Overseas Bank and All India Overseas Bank Employees’ Union in the matter
of absorption of workmen of Sri Suvarna Sahakari Bank Ltd, in Indian Overseas Bank
under Section 2(p) and Section 18(1) of the Industrial Disputes Act 1947, read with
Rule 58 of Industrial Disputes (central) Rules 1957.

Whereas on 14.09.2006, Reserve Bank of India had imposed moratorium on the Shree Suvarna
Sahakari Bank Ltd., Pune, following huge NPA’s, Non-Recovery of Loans and Non-
Compliance with Reserve Bank of India guidelines.

Whereas the Co-Operatives Commissioner of Maharashtra State had appointed an

ADMINISTRATOR under Section 110(A)(3) of Maharashtra State Co-Operative Society’s
Act.

Whereas the Board of Directors of Indian Overseas Bank in the meeting held on 29.03.2008
had approved in principle the proposal of the Bank to takeover only the assets and liabilities of
Shree Suvarna Sahakari Bank Ltd., Pune, (under moratorium) subject to due diligence
evaluation and approval from the regulatory and statutory authorities concerned in the interest
of depositors of that Bank.

Whereas all the concerned including Administrator and shareholders of Shree Suvarna Sahakari
Bank Ltd. have agreed to the proposed takeover of only assets and liabilities by Indian
Overseas Bank.

Whereas Reserve Bank of India after examination of the proposal submitted by the Bank, in the
interest of the depositors as well as stability of the financial system have accorded permission to
takeover only assets and liabilities of the Shree Suvarna Sahakari Bank Ltd. (under
moratorium) by Indian Overseas Bank vide their letter dated 21.05.2008.

Whereas the Bank has since received in principle approval from Reserve Bank of India vide
their communication-dated 05.11.2008 to open 78 branches for the year 2008-2009.

Whereas Bank had conveyed to the Union that their proposal to Reserve Bank of India was
only for takeover of the assets and liabilities of the Shree Suvarna Sahakari Bank Ltd. in the
interest of their depositors and they are not inclined to absorb staff of the Bank in the rolls of
Indian Overseas Bank as was being done in case of merged Bank employees hitherto.

Whereas the Union vide their letter dated 24.11.2008 had requested the Bank to discuss the
matter regarding absorption of the staff members of the Shree Suvarna Sahakari Bank Ltd. on
the Rolls of Indian Overseas Bank.

Whereas there existed some differences in this regard.

Whereas the recognized Union All India Overseas Bank Employees’ Union felt that the matter
regarding absorption of the staff of Shree Suvarna Sahakari Bank Ltd. be considered on
humanitarian grounds, as the issue is sensitive one on the road to smooth takeover.
Whereas the Board in its meeting held on 29.03.2008 accorded its in-Principle approval for the
take over of certain Specific Assets/Liabilities of Shree Suvarna Sahakari Bank Limited, Pune
(SSSBL) and authorized the Chairman & Managing Director (CMD) to take such appropriate
action as he deems fit in this regard and left it to the discretion of the Bank regarding the take
over of the employees of SSSBL and authorized the CMD to take such appropriate action as he
deems fit in this regard.

Whereas the bank is receipt of joint representation signed by … employees of SSSBL dated
11-02-09 , , requesting the Bank to consider absorption of all the staff members of
SSSBL on humanitarian grounds, in their respective cadres in Indian Overseas Bank. In the
aforesaid representation they have declared the following:

(i) The employees have declared that any understanding / settlement reached between
management of Indian Overseas Bank and the recognised Union, AIOBEU, is acceptable to
them .
(ii) They have faith only in bilaterism and negotiations and have categorically stated that they
have not authorized anyone / any organisation to raise any dispute for our absorption or against
the Memorandum of Understanding between IOB and SSSBL , in any court of law.

(iii) They have further stated, they are awaiting eagerly the understanding between the Union
and your Bank regarding absorption of their services in IOB and shall abide by the
understanding in letter and spirit.

Whereas the Bank had informed the Board in its meeting on 21-02-09 its intention to absorb the
employees of SSSBL to the extent possible and advised the members that the modalities of the
takeover/placement etc., of the personnel are being worked out and that the same would be
discussed further with the Union/Association of IOB and the Bank will come out with criteria
for placement etc

Accordingly discussions were held between the management and the Union on various dates
and the parties have come to the following understanding in respect of absorption of workmen
staff of Shree Suvarna Sahakari Bank Ltd. in the rolls of the Bank

(1) All those permanent and confirmed full time employees in Clerical cadre of Shree Suvarna
Sahakari Bank Ltd. who have clear record and have no charge sheet/s/contemplated action
pending against them , will be absorbed in clerical cadre in Indian Overseas Bank and shall be
placed at the starting basic pay in the clerical cadre ..

(2) All those permanent and confirmed full time employees in subordinate cadre( peon) of
Shree Suvarna Sahakari Bank Ltd., who have clear record and have no charge
sheet/s/contemplated action pending against them , will be absorbed in the subordinate staff in
Indian Overseas Bank and shall be placed at the starting basic pay in the clerical cadre.

(3) However employees in Suvarna Sahakari Bank against whom disciplinary action is being
contemplated/pending or against whom Bank has initiated disciplinary action or similar action
as per due process of law / acts in force are not eligible for absorption as clerk or sub staff as
mentioned above.
(4) No employee other than those mentioned in clauses 1, 2 above are eligible for absorption as
clerks or sub staff as the case may be on the roll of Indian Overseas Bank.

(5) Any employee who has filed any suit or Writ or Appeal or raised any ID against the Bank
which are pending will be absorbed as fresh recruits after the outcome of the proceedings and
subject to eligibility clause mentioned above. Till the outcome of the proceedings are known,
they will not be absorbed.

(6) Those employees in Shree Suvarna Sahakari Bank Ltd. who are absorbed as fresh recruits
in Indian Overseas Bank as per above understanding will be fitted in the first stage of scale of
pay, as per VIII Bipartite Settlement as applicable to subordinate staff or non-subordinate staff
as the case may be. They will be entitled to all the attendant benefits, special pay, etc. if they
are otherwise eligible on their appointment in Indian Overseas Bank as enumerated in the VIII
Bipartite Settlement and/or prevalent service conditions in the Bank.

(7) If the ‘last pay’ drawn by the workmen in Suvarna Sahakari Bank Ltd. before absorption is
more than the pay refixed at Indian Overseas Bank as fresh recruits as on date of absorption
75% of difference in ‘pay’ shall be protected as adjustment allowance without any attendant
benefits including DA thereon and shall be withdrawn in three equal instalments in case of
clerical staff and five equal installments in case of sub-staff , the first instalment to commence
one year after the date of absorption as fresh recruits in the Bank or until the difference in ‘pay’
is wiped out in subsequent years whichever is earlier. ‘Last Pay’ for this purpose shall mean
Basic Pay, Fixed Dearness Allowance, Variable Dearness Allowance only, and shall not
include any other allowance including special allowances if any.

OR

(8) If the ‘last pay’ drawn by the workmen in Suvarna Sahakari Bank Ltd. before absorption is
more than the pay refixed at Indian Overseas Bank as fresh recruits as on date of absorption
difference in ‘pay’ shall be protected as adjustment allowance without any attendant benefits
including DA thereon as given in the following Table I and shall be withdrawn in three equal
instalments in case of clerical staff and five equal installments in case of sub-staff , the first
instalment to commence one year after the date of absorption as fresh recruits in the Bank or
until the difference in ‘pay’ is wiped out in subsequent years whichever is earlier ‘ Last Pay’
for this purpose shall mean Basic Pay, Fixed Dearness Allowance, Variable Dearness
Allowance only, and shall not include any other allowance including special allowances if any.

TABLE - I

S.NO No of years of service in SSSBL Adjustment allowance

1 Upto 5 years 25% of the difference in ‘pay’
2 5 to 10 years 50% of the difference in ‘pay’
3 10 to 15 years 75 % of the difference in ‘pay ‘
4 Above 15 years 90% of the difference in ‘pay ‘
(9) All the service conditions including the period of probation as applicable to fresh recruits in
Indian Overseas Bank shall be applicable to the employees absorbed as fresh recruits in terms
of these Minutes of understanding. The members of SSSBL would be given orientation training
on absorption.

(10) However exclusively for the purpose of promotion from clerical to officer JM1 cadre, sub
staff to clerical cadre, assignment of special assistant duties their services in suvarna sahakari
Bank shall be reckoned by extending them a weightage for their past services in the SSSBL in
the ratio of 1.5:1, i.e. for every one and half calendar months – one calendar month

(11) Those employees who are absorbed, as above will not be getting any loans except Festival
Advance till such time the loans that were availed with Shree Suvarna Sahakari Bank Ltd. are
cleared. However, the loans availed in their erstwhile Bank may be allowed to continue in our
Bank and on complete liquidation of the loans; they will be eligible to avail the loans applicable
to Indian Overseas Bank Employees.

(12) Employees absorbed as fresh recruits in terms of understanding shall be posted in the
branches of Indian Overseas Bank, as per Bank’s need in the identified vacancies in Mahrashtra
state and/ or in other regions. Other modalities in this regard will be arrived at after further
discussions between the parties.

(13) The provisions made for terminal benefits such as PF/Gratuity / leave encashment of the
employees of Shri Suvarna Sahakari Bank Ltd., shall be taken over as Superannuation liability,
in the books of Indian Overseas Bank and shall be adjusted against the staff loans outstanding
as on date of absorption as under:

(i) The provision held under leave encashment if any shall be fully utilized to liquidate
to the staff loan outstanding as on date of absorption. The balance after liquidation all
the loans outstanding if any shall be paid to the employee.

(ii) The balance of staff loan outstanding if any shall be liquidated from the provisions
made in gratuity and balance in gratuity if any shall be taken in the books of Indian
overseas Bank in the respective employees account.

(iii) Further balance in the loan outstanding of the employee shall be adjusted from the
provision made in provident fund and balance in P.F if any shall be taken in the books of
Indian overseas Bank in respective employees account.

(14) While the net balance available in PF/Gratuity of the employees of Shri Suvarna Sahakari
Bank Ltd. after adjustment of staff loans as mentioned in Para 11, shall be taken over as
Superannuation liability, in the books of Indian Overseas Bank; the employees absorbed in
terms of this understanding shall be governed as per extant PF/Gratuity/Pension
rules/regulations of the Bank after absorption. .

(15) The workmen in clerical or subordinate cadre in Suvarna Sahakari Bank Ltd., is given an
opportunity to exercise irrevocable option for absorption as fresh recruits as per the terms of
this understanding or for the one time monetary compensation offer in any name, if any,
formulated by Administrator Of SSSBL within fifteen days from the date of receipt of the
intimation from the Bank by the Administrator of Suvarna Sahakari Bank Ltd., about the terms
of this understanding. Only those workmen in the Suvarna Sahakari Bank Ltd. who have
intimated their acceptance for absorption stated above shall be eligible for benefits under this
understanding. In other words employees who opt for one time monetary compensation
package in any name offered by the Administrator of SSSBL are not eligible for absorption as
clerks or sub staff in IOB in terms of this understanding.

(16) Save to the extent provided herein above, the Indian Overseas Bank shall not be bound by
any claims of any workmen staff of Suvarna Sahakari Bank Ltd.

(17) The employees in Survarna Sahakari Bank Ltd., who do not exercise their option for the
offer of the Bank, for absorption as fresh recruits before the stipulated time, shall forfeit their
claims for absorption.

(18) In respect of matters not specifically provided for in this understanding the terms and
conditions of the service applicable for the employees of Indian Overseas Bank will be
applicable for the employees absorbed.

(19) Accordingly the Bank shall intimate the Administrator of Shree Suvarna Sahakari Bank
Ltd. in terms of this understanding and obtain written consent from the eligible employees for
absorption in the rolls of Indian Overseas Bank as fresh recruits.
 SUPER ANNUATION PROVISION MADE IN SSSBL AS ON 31-12-08
CATEGORY AGE GRATUITY LEAVE P.F A+B+C
(A) ENCASHMENT (C )
(B)
OFFICERS
Minimum 41 133610 108757 13501 255418
Average 46 151686 31366 3764 186816
Maximum 58 322967 104278 12513 439758
CLERKS
Minimum 41 39316 87646 10518 137480
average 45 79613 94924 11391 185928
mxaimum 58 272285 94130 11296 377711
PEON
Minimum 41 92220 96729 11607 200556
Average 46 189429 68861 8263 266553
Maximum 56 314354 121430 14572 450356

OUTSTANDING IN REAL ESTATE LOAN WITH INTEREST AS ON 31-12-08

CATEGORY AGE OUTSTANDING

PEON
Minimum 31 245034
average 40 187109
Maximum 54 235005
CLERKS
Minimum 37 110762
average 45 192409
Maximum 55 177048
PEON
Minimum 40 285062
Average 45 235821
Maximum 55 42535

CURRENT SALARY IN IOB ( FOR THE MONTH OF FEB 2008)

CATEGORY I stage 10th stage 20th stage
Officers 16110 23036 33593
Clerks 7104( for 12034 21127
 graduates 7797)
Substaff 6540 8481 12146

CURRENT SALARY IN SSSBL FOR MONTH OF FEB 2008

Category Minimum Average Maximum

Officers 11764 16943 30529
Clerks 11042 13356 16643
Peons 10696 11600 14566

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Date : 09-03-2009
Sri.R.Balachandran
Deputy General Manager
Indian Overseas Bank BANK / 34 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
Memorandum of Settlement dated ------------------ between the management of Indian
Overseas Bank (Employer) and All India Overseas Bank Employees’ Union (Workmen)
under Section 2(p) and Section 18(1) in the matter relating to service conditions,
absorption of workmen from Shree Suvarna Sahakari Bank Ltd in the services of Indian
Overseas Bank.

We refer to drafts exchanged between the Union and Bank in the captioned subject. We give
below our observation to the draft submitted by the Bank, today, which is more or less
isomorphic to our draft.

(1) The title to be changed from Minutes of Discussions to Memorandum of Settlement as

stated above.

(2) The word ‘unblemished service’ can be deleted as ascertaining the same from their Bank is
cumbersome.

(3) Cl (8) of the draft can be modified to 75% or onlines we have suggested in Cl 8 in our draft.
Rationale : Some senior employees have higher staff loan liabilities. Either we have to
reschedule their instalments or we have to protect them with higher compensation. Otherwise
their take home pay salary will not conform to 60% take home pay norms and in many cases it
will meltdown to below the subsistence wages.

(4) In Cl.10 of the Bank’s draft, exemption can be given to promotions only as suggested by us
in Cl.10. We need not extent this benefit to selection of Special Assistants.
Rationale : Even in the last promotion from Clerical to Officer Cadre, number of applicants
from Substaff to Clerical Cadre were more, and for 700 posts, the number of application
received were in the ratio of 1:2 and in the Substaff to Clerical promotion, Bank had informed
only few are eligible as per our existing policy. Having regard to the fact employees absorbed
are future investments in human capital, as motivational incentive, we request the Bank to
consider our suggestion.
(5) The clause pertaining to VSS Scheme of their Bank as appearing in our draft under Cl.16 is
necessary lest, the employees have an option to accept both or we have to inform the
Administrator to insist on this clause in their instructions.

(6) Cl.20 to be added : Any difficulties that may arise in the course of the implementation
shall be resolved through mutual discussions between the Bank and the Union.

All the other clauses of the Bank’s draft can remain unchanged.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Memorandum of Settlement of Discussions held on _____________________ between

the Management of Indian Overseas Bank, Shree Suvarna Sahakari Bank Ltd.
Employees Union and All India Overseas Bank Employees’ Union.
-----------------------------------------------------------------------------------------------------------
--
Whereas on 14.09.2006, Reserve Bank of India had imposed moratorium on the Shree Suvarna
Sahakari Bank Ltd., Pune, following huge NPA’s, Non-Recovery of Loans and Non-
Compliance with Reserve Bank of India guidelines.
Whereas the Co-Operatives Commissioner of Maharashtra State had appointed an
ADMINISTRATOR under Section 110(A)(3) of Maharashtra State Co-Operative Society’s
Act.

Whereas the Board of Directors of Indian Overseas Bank in the meeting held on 29.03.2008
had approved in principle the proposal of the Bank to takeover only the assets and liabilities of
Shree Suvarna Sahakari Bank Ltd., Pune, (under moratorium) subject to due diligence
evaluation and approval from the regulatory and statutory authorities concerned in the interest
of depositors of that Bank.

Whereas all the concerned including Administrator and shareholders of Shree Suvarna Sahakari
Bank Ltd. have agreed to the proposed takeover of only assets and liabilities by Indian
Overseas Bank.

Whereas Reserve Bank of India after examination of the proposal submitted by the Bank, in the
interest of the depositors as well as stability of the financial system have accorded permission to
takeover only assets and liabilities of the Shree Suvarna Sahakari Bank Ltd. (under
moratorium) by Indian Overseas Bank vide their letter dated 21.05.2008.

Whereas the Bank has since received in principle approval from Reserve Bank of India vide
their communication-dated 05.11.2008 to open 78 branches for the year 2008-2009.

Whereas Bank had conveyed to the Union that their proposal to Reserve Bank of India was
only for takeover of the assets and liabilities of the Shree Suvarna Sahakari Bank Ltd. in the
interest of their depositors and they are not inclined to absorb staff of the Bank in the rolls of
Indian Overseas Bank as was being done in case of merged Bank employees hitherto.

Whereas the Union vide their letter dated 24.11.2008 had requested the Bank to discuss the
matter regarding absorption of the staff members of the Shree Suvarna Sahakari Bank Ltd. on
the Rolls of Indian Overseas Bank.
Whereas there existed some differences in this regard.

Whereas the recognized Union All India Overseas Bank Employees’ Union felt that the matter
regarding absorption of the staff of Shree Suvarna Sahakari Bank Ltd. be considered on
humanitarian grounds, as the issue is sensitive one on the road to smooth takeover.

Whereas the bank is in receipt of joint representation dated 11-02-2009 signed by … employees
of SSSBL, requesting the Bank to consider absorption of all the staff members of SSSBL on
humanitarian grounds, in their respective cadres in Indian Overseas Bank. In the aforesaid
representation they have declared the following:

(i) The employees have declared that any understanding / settlement reached between
management of Indian Overseas Bank and the recognised Union, AIOBEU, is acceptable to
them.

(ii) They have faith only in bilaterism and negotiations and have categorically stated that they
have not authorized anyone / any organisation to raise any dispute for our absorption or against
the Memorandum of Understanding between IOB and SSSBL, in any court of law.

(iii) They have further stated, they are awaiting eagerly the understanding between the Union
and your Bank regarding absorption of their services in IOB and shall abide by the
understanding in letter and spirit.

Whereas the Bank had informed the Board in its meeting on 21-02-09 its intention to absorb the
employees of SSSBL to the extent possible and advised the members that the modalities of the
takeover/placement etc., of the personnel are being worked out and that the same would be
discussed further with the Union/Association of IOB and the Bank will come out with criteria
for placement, etc.

Accordingly discussions were held between the management and the Union on various dates
and the parties have come to the following understanding in respect of absorption of workmen
staff of Shree Suvarna Sahakari Bank Ltd. in the rolls of the Bank
1. All those permanent and confirmed full time employees in Clerical cadre of Shree Suvarna
Sahakari Bank Ltd. who have clear record and have no charge sheet/s/contemplated action
pending against them , will be absorbed in clerical cadre in Indian Overseas Bank and shall be
placed at the starting basic pay in the clerical cadre ..

(2) All those permanent and confirmed full time employees in subordinate cadre( peon) of
Shree Suvarna Sahakari Bank Ltd., who have clear record and have no charge
sheet/s/contemplated action pending against them, will be absorbed in the subordinate staff in
Indian Overseas Bank and shall be placed at the starting basic pay in the clerical cadre.

(3) However employees in Suvarna Sahakari Bank against whom disciplinary action is being
contemplated/pending or against whom Bank has initiated disciplinary action or similar action
as per due process of law / acts in force are not eligible for absorption as clerk or sub staff as
mentioned above.

(4) No employee other than those mentioned in clauses 1, 2 above are eligible for absorption as
clerks or sub staff as the case may be on the roll of Indian Overseas Bank.

(5) Any employee who has filed any suit or Writ or Appeal or raised any ID against the Bank
which are pending will be absorbed as above after the outcome of the proceedings and subject
to eligibility clause mentioned above. Till the outcome of the proceedings are known, they
will not be absorbed. Employees in SSSBL against whom action is contemplated under sec 88
of Maharshtra cooperative society’s Act shall be allowed to go through absorption process .
However their absorption shall be kept in abeyance till the finalization of proceedings. If he is
absolved of the charges (i.e honourably acquitted without any benefit of doubt) then the bank
at its own discretion may consider their absorption on merits in the services of IOB . Such
absorption will be effective from the date member joins the place of posting and will be fitted in
the initial stage of salary in the respective cadre as above.
(6) Those employees in Shree Suvarna Sahakari Bank Ltd. who are absorbed as above in
Indian Overseas Bank as per above understanding will be fitted in the first stage of scale of pay,
as per VIII Bipartite Settlement as applicable to subordinate staff or non-subordinate staff as the
case may be. They will be entitled to all the attendant benefits, special pay, etc. if they are
otherwise eligible on their appointment in Indian Overseas Bank as enumerated in the VIII
Bipartite Settlement and/or prevalent service conditions in the Bank.

(7) If the ‘last pay’ drawn by the workmen in Shree Suvarna Sahakari Bank Ltd. before
absorption is more than the pay refixed at Indian Overseas Bank as above as on date of
absorption 75% of difference in ‘pay’ shall be protected as adjustment allowance without any
attendant benefits including DA thereon and shall be withdrawn in three equal instalments in
case of clerical staff and five equal installments in case of sub-staff , the first instalment to
commence one year after the date of absorption as above in the Bank or until the difference in
‘pay’ is wiped out in subsequent years whichever is earlier. ‘Last Pay’ for this purpose shall
mean Basic Pay, Fixed Dearness Allowance, Variable Dearness Allowance only, and shall not
include any other allowance including special allowances if any.

OR

(8) If the ‘last pay’ drawn by the workmen in Suvarna Sahakari Bank Ltd. before absorption is
more than the pay refixed at Indian Overseas Bank as above as on date of absorption difference
in ‘pay’ shall be protected as adjustment allowance without any attendant benefits including
DA thereon as given in the following Table I and shall be withdrawn in three equal
instalments in case of clerical staff and five equal installments in case of sub-staff , the first
instalment to commence one year after the date of absorption as above in the Bank or until the
difference in ‘pay’ is wiped out in subsequent years which ever is earlier ‘ Last Pay’ for this
purpose shall mean Basic Pay, Fixed Dearness Allowance, Variable Dearness Allowance only,
and shall not include any other allowance including special allowances if any.
TABLE I
S.NO No of years of service in SSSBL Adjustment allowance
1 Upto 5 years 25% of the difference in ‘pay’
2 5 to 10 years 50% of the difference in ‘pay’
3 10 to 15 years 75 % of the difference in ‘pay ‘
4 Above 15 years 90% of the difference in ‘pay ‘

(9) The members of SSSBL would be given orientation training on absorption. No weightage
to their service in seniority what so ever in SSSBL will be given for any purposes in IOB
including superannuation.
(10) However exclusively for the purpose of promotion from clerical to officer JM1 cadre, sub
staff to clerical cadre, assignment of special assistant duties their services in shree suvarna
sahakari Bank shall be reckoned by extending them a weightage for their past services in the
SSSBL in the ratio of 1.5:1, i.e. for every one and half calendar months – one calendar month.

(11) Those employees who are absorbed, as above will not be getting any loans except Festival
Advance till such time the loans that were availed with Shree Suvarna Sahakari Bank Ltd. are
cleared. However, the loans availed in their erstwhile Bank may be allowed to continue in our
Bank and on complete liquidation of the loans; they will be eligible to avail the loans applicable
to Indian Overseas Bank Employees.

(12) (It is amply clarified that the rules in vogue in IOB in respect of securities, collaterals,
hypothecation, pledge mortgages, including take home pay norms etc. backing the staff
advance shall be made applicable to these employees absorbed from SSSBL and they shall
have to comply with the same if they have already compiled with in their bank , within a
reasonable period stipulated by the bank from date of absorption/inspection of loan
documents failing which IOB has right to recall the staff advance in one stroke and/ or charge
commercial rate of interest as applicable to other borrowers. The decision of the bank in this
regard is final and binding on the absorbed employees).

(13) Employees absorbed as above in terms of understanding shall be posted in the branches of
Indian Overseas Bank, as per Bank’s need in the identified vacancies in Mahrashtra state and/
or in other regions. Other modalities in this regard will be arrived at after further discussions
between the parties. An employee who after being considered for absorption in IOB does not
accept the terms of absorption as above and/ or does not join the branch of posting before the
stipulated date shall forfeit claims for absorption thereafter .

(14) The provisions made for terminal benefits such as PF/Gratuity / leave encashment of the
employees of Shri Suvarna Sahakari Bank Ltd., shall be taken over as Superannuation liability,
in the books of Indian Overseas Bank and shall be adjusted against the staff loans outstanding
as on date of absorption as under:
(i) The provision held under leave encashment if any shall be fully utilized to liquidate
to the staff loan outstanding as on date of absorption. The balance after liquidation of all
the loans outstanding if any shall be paid to the employee.

(ii) The balance of staff loan outstanding if any shall be liquidated from the provisions
made in gratuity and balance in gratuity if any shall be taken in the books of Indian
overseas Bank in the respective employees account.

(iii) Further balance in the loan outstanding of the employee shall be adjusted from the
provision made in provident fund and balance in P.F if any shall be taken in the books of
Indian overseas Bank in respective employees account.

(15) While the net balance available in PF/Gratuity of the employees of Shri Suvarna Sahakari
Bank Ltd. after adjustment of staff loans as mentioned in Para 11, shall be taken over as
Superannuation liability, in the books of Indian Overseas Bank; the employees absorbed in
terms of this understanding shall be governed as per extant PF/Gratuity/Pension
rules/regulations of the Bank after absorption.

(16) The workmen in clerical or subordinate cadre in Suvarna Sahakari Bank Ltd., is given an
opportunity to exercise irrevocable option for absorption as above as per the terms of this
understanding or for the one time monetary compensation offer in any name, if any, formulated
by Administrator Of SSSBL within fifteen days from the date of receipt of the intimation from
the Bank by the Administrator of Suvarna Sahakari Bank Ltd., about the terms of this
understanding. Only those workmen in the Suvarna Sahakari Bank Ltd. who have intimated
their acceptance for absorption stated above shall be eligible for benefits under this
understanding. In other words employees who opt for one time monetary compensation
package in any name offered by the Administrator of SSSBL are not eligible for absorption as
clerks or sub staff in IOB in terms of this understanding.

(17) Save to the extent provided herein above, the Indian Overseas Bank shall not be bound by
any claims of any workmen staff of Suvarna Sahakari Bank Ltd.
(18) The employees in Survarna Sahakari Bank Ltd., who do not exercise their option for the
offer of the Bank, for absorption as mentioned above before the stipulated time, shall forfeit
their claims for absorption.

(19) In respect of matters not specifically provided for in this understanding the terms and
conditions of the service applicable for the employees of Indian Overseas Bank will be
applicable for the employees absorbed.

(20) Accordingly the Bank shall intimate the Administrator of Shree Suvarna Sahakari Bank
Ltd. in terms of this understanding and obtain written consent from the eligible employees for
absorption in the rolls of Indian Overseas Bank as above.
Minutes of Discussions held on _________________ between the Management of
Indian Overseas Bank (hereinafter called the “Bank”) and All India Overseas
Bank Employees’ Union (hereinafter called the Union).
-----------------------------------------------------------------------------------------------------------
--
Whereas on 14.09.2006, Reserve Bank of India had imposed a moratorium on the
Shree Suvarna Sahakari Bank Limited, Pune.

Whereas the Co-Operatives Commissioner of Maharashtra State appointed an

ADMINISTRATOR under Section 110(A)(3) of Maharashtra State Co-Operative
Society’s Act.

Whereas the Board of Directors of Indian Overseas Bank in the meeting held on
29.03.2008 had approved in principle the proposal of the Bank to takeover only the
assets and liabilities of Shree Suvarna Sahakari Bank Ltd, Pune, (under moratorium)
subject to due diligence evaluation and approval from the regulatory and statutory
authorities concerned.

Whereas all the concerned including the Administrator and shareholders of Shree
Suvarna Sahakari Bank Limited have agreed to the proposed takeover of only assets
and liabilities, by the Bank.

Whereas Reserve Bank of India after examination of the proposal submitted by the
Bank, accorded permission to takeover only assets and liabilities of the Shree Suvarna
Sahakari Bank Limited (under moratorium) by the Bank vide their letter dated
21.05.2008.

Whereas the Bank has since received in principle approval from Reserve Bank of India
vide their communication-dated 05.11.2008 to open 78 branches for the year 2008-
2009.
Whereas Bank had conveyed to the Union that their proposal to Reserve Bank of India
was only for takeover of the assets and liabilities of the Shree Suvarna Sahakari Bank
Limited and the bank was not inclined to recruit staff of the Shree Suvarna Sahakari
Bank Limited on the rolls of the Bank.

Whereas the Union vide itsr letter dated 24.11.2008 requested the Bank to discuss the
matter regarding recruitment of the staff members of the Shree Suvarna Sahakari
Bank Limited on the rolls of the Bank.

Whereas there existed some differences in this regard.

Whereas the Union requested that the matter regarding recruitment of Clerical and
Subordinate staff of Shree Suvarna Sahakari Bank Limited be considered on
humanitarian grounds.

Whereas the Board of the Bank in its meting held on 29.03.2008 accorded iits in-
Principle approval for the take over of certain Specific Assets/Liabilities of Shree
Suvarna Sahakari Bank Limited, Pune (SSSBL) and authorized the Chairman and
Managing Director (CMD) to take such appropriate action as he deems fit in this
regard.

Whereas the bank has received a joint representation signed by …….. employees of
Shree Suvarna Sahakari Bank Limited dated 11-02-09 requesting the Bank to consider
recruitment of Clerical and Subordinate staff of Shree Suvarna Sahakari Bank Limtied
on (humanitarian grounds in their respective cadres in the Bank.

Whereas by virtue of a joint representation, the employees of Shree Suvarna Sahakari

Bank Limited have given a mandate to Union to negotiate and enter into any
settlement with the Bank which will be binding on the employees of Shree Suvarna
Sahakari Bank Limited.

Whereas the Bank informed the Board in its meeting on 21-02-09 its intention to recruit
the employees of Shree Suvarna Sahakari Bank Limited to the extent possible and
advised the members that the modalities of the takeover/placement etc., of the
personnel are being worked out and that the same would be discussed further with the
Union and the Bank will come out with criteria for placement etc.

Accordingly discussion were held between the management of the Bank and the Union
on various dates and the parties have come to the following understanding in respect
of recruitment of clerical and subordinate staff of Shree Suvarna Sahakari Bank
Limited in the rolls of the Bank.

All those permanent and confirmed full time employees in Clerical cadre of Shree
Suvarna Sahakari Bank Limited who have unblemished record of service and have no
charge sheets/s/contemplated action pending against them, will be recruited in the
clerical cadre in the Bank and shall be placed at the starting basic pay in the clerical
cadre as per VII Bipartite Settlement.

All those permanent and confirmed full time employees in subordinate staff cadre
(peon) of Shree Suvarna Sahakari Bank Limited, who have unblemished record of
service and have no charge sheet/s/contemplated action for pending against them, will
be recruited in the subordinate staff cadre in the Bank and shall be placed at the
starting basic pay in the subordinate staff cadre as per VII Bipartite Settlement.

However employees in Shree Suvarna Sahakari Bank Limited against whom

disciplinary action is being contemplated/pending or against whom Bank has initiated
disciplinary action are not eligible for recruitment as clerical or sub staff cadre as
mentioned above.

No employee other than those mentioned in clauses 1 and 2 above are eligible for
recruitment in clerical and sub staff cadre as the case may be on the rolls of the Bank.
Any employee who has filed any suit or Writ of Appeal or raised any Industrial Dispute
or other disputes before Statutory/Regulatory Authorities against the Shree Suvarna
Sahakari Bank Limited, which are pending will be recruited as above after the outcome
of the proceedings is known and subject to their being eligible under eligibility clauses
mentioned herein above. Till the outcome of the proceedings is known, they will not
be recruited. After the outcome is known Bank at its own discretion may consider their
recruitment on merits. Such recruitment will be effective prospectively from the date
the employee joins duty at the place of posting and his salary will be fitted in the initial
stage of scale of pay in the respective cadre as mentioned above. However the
clerical and subordinate staff of Shree Suvarna Sahakari Bank Limited, against whom
action is contemplated or pending under sec.88 of Maharastra Cooperative Society’s
Act, shall not be eligible for recruitment.

Those employees in Shree Suvarna Sahakari Bank Limited who are recruited as
above in the Bank as per above understanding will be fitted in the first stage of scale of
pay, as per VII Bipartite Settlement as applicable to clerical cadre or subordinate staff
cadre as the case may be.

The Dearness Allowance, HRA, CCA and other allowances are to be reckoned on the
initial stages of pay as applicable to the place of posting.

If the aggregate of last drawn basic pay, Fixed DA and variable DA of the clerical and
subordinate staff of Shree Suvarna Sahakari Bank Limited is more than the initial
Basic Pay and Dearness Allowance as per VII Bipartite Settlement, in the respective
cadre, only 50% of the difference shall be frozen for the purpose of protecting the
emoluments on a month to month basis and this amount will not attract any DA or any
other benefits but it is to be adjusted against future increments/special pay / increase
in DA or revision of salary on promotion or otherwise in a maximum of three annual
installments in the case of clerical staff and five annual installments in the case of the
subordinate staff, so however, the frozen amount of difference shall be totally wiped
out before superannuation. The balance 50% of the difference shall not be paid or
protected.
All the service conditions including the period of probation as applicable to fresh
recruits in the Bank shall be applicable to the employees recruited in terms of this
Minutes of Understanding.

No weightage to their service what so ever in Shree Suvarna Sahakari Bank Limited
will be given for any purposes in the Bank including for the benefits of superannuation,
pension.

Those employees who are recruited, as above will not be getting any loans except
Festival Advance after probation period and till such time the loans that were availed
with Shree Suvarna Sahkari Bank Limited are closed. However, the loans availed
while in service of Shree Suvarna Sahkari Bank Limited may be allowed to continue in
the Bank by taking over the loan liability and on complete liquidation of the loans; they
will be eligible to avail the loans applicable to the Employees of the Bank.

It is amply clarified that the rules in vogue in the Bank in respect of securities
collaterals, hypothecation, pledge mortgages, including take home pay norms etc.
backing the staff advance shall be made applicable to these employees recruited from
Shree Suvarna Sahakari Bank Limited and they shall have to comply with the same if
they have already complied with in their Bank, within a reasonable period stipulated by
the Bank from date of recruitment / inspection of loan documents falling which the
Bank has right to recall the staff advance in one stroke and / or charge commercial
rate of interest as applicable to other borrowers. The decision of the bank in this
regard is final and binding on the employees, recruited as above.

Employees recruited as above in terms of understanding shall be posted in the

branches of the bank, as per Bank’s requirements. An employee who after being
considered for recruitment in the Bank does not accept the terms of recruitment as
above and / or does not join the branch of posting before the stipulated date shall not
be eligible for recruitment and the offer of appointment shall automatically stand
cancelled.

The provisions held for Gratuity / leave encashment of the employees of Shree
Suvarna Sahakari Bank Limited shall be adjusted in the following manner:

Firstly towards liquidation of the outstandings in the loan accounts of the employees
which are unsecured.

Secondly towards liquidation of the staff housing loan outstanding and the surplus if
any may be paid to the employee. The outstanding balance in the loan accounts if any
after appropriation of the provisions held for gratuity and leave encashment of the
employee alone will be taken over by the Bank.

Employees of Shree Suvarna Sahakari Bank Limited who are recruited as fresh
recruits by the Bank are to be governed by the existing provisions of PF and Gratuity
Rules and Leave Encashment guidelines etc. of the Bank after recruitment in the
Bank. The liability of the Bank for the payment of PF and Gratuity for the clerical and
subordinate staff of Shree Suvarna Sahakari Bank Limited recruited in the Bank, shall
be restricted to the extent of their eligibility and maximum prescribed under the rules
as applicable to the employees of the Bank from the date of recruitment but payable
on superannuation or otherwise on cessation of service, in respect of pension the
clerical and the subordinate staff or Shree Suvarna Sahakari Bank Limited recruited by
the Bank are to be treated as new recruits in the Bank.

The clerical of subordinate staff cadre in Shree Suvarna Sahakari Bank Limited will be
given an opportunity to exercise irrevocable option for recruitment as per the terms of
this understanding. Such of those employees in Shree Suvarna Sahakari Bank
Limited, who do not exercise this option for the offer of the Bank, for recruitment as
mentioned above before the stipulated dated, shall not be recruited and are entitled to
benefits, if any, as applicable under the rules of Shree Suvarna Sahakari Bank Limited.

Save to the extent provided herein above, the Bank shall not be bound by any claims
of any clerical or subordinate staff of Shree Suvarna Sahakari Bank Limited.

In respect of matters not specifically provided for in this understanding the terms and
conditions of the service applicable for the fresh recruits of the Bank, will be applicable
to the employees recruited.

Accordingly the Bank shall intimate the Administrator of Shree Suvarna Sahakari Bank
limited the terms of this understanding and obtain written consent from the eligible
employees for recruitment in the rolls of the Bank as above.

Shri.T.Venkat Reddy
General Manager
Indian Overseas Bank BANK / 40 / 2009
Personnel Admin. Department
Central Office
Chennai – 600 002.
Dear Sir,

Blue print for absorption of Employees from Suvarna Sahakari Bank Ltd.,
who have opted for recruitments in our Bank

We refer to our Letter No.11/2009 dated 11-02-2009 on the captioned subject. Our suggestion
for placement of Sri Suvarna Sahakari Bank Ltd in branches of Indian Overseas Bank was
based on the trifurcation of regions, such as Mumbai – I, Mumbai – II and Pune. In case Bank
decides to continue with the existing two regions Mumbai – I and Mumbai – II, we had given
our suggestions, vide our letter dated 11-02-2009 under reference No.11/2009. We now give
our suggestions for placement and postings of the staff members who have opted for
recruitment in our Bank as per our settlement dated 14-03-2009.

ALLOTMENT OF SSB STAFF IN IOB BRANCHES

The total number of Clerks and Sub-Staff to be absorbed is 151 and 61 respectively. The total
numbers of Males and Females in each cadre is given below:

S.No. Cadre Males Females Total

1 Clerks 102 49 151
2 Sub-Staff 61 01 62

Our plan for allotment is given under A, B & C.

S.No Branch / Place *Clerk ** Allotment in IOB *Sub-Staff Allotment

. (Existing) (1/3 of present strength) (Existing) in IOB
1 Head Office 19 *** 05 12 02 + 02 **
(New Pune Region) (Drivers)
2 Deccan Gymkhana 32 10 10 04
3 Budhwar Peth 13 05 05 02
4 Tilak Road 24 08 05 02
5 Shreepur 06 03 03 01
6 Shaniwar Peth 17 05 07 03
7 Karve Road 12 04 04 02
8 Sahakar Nagar 10 03 04 02
9 Chinchwad 10 03 05 02
10 Kothrud 14 05 05 02
11 Aundh 08 03 04 02
12 Sion 09 -- 08 --
13 Dadar 04 -- 04 --
TOTAL 178 49 76 29
* Calculated as 1/3 of their present strength, with a minimum of 3 clerks
** Provisions for Administrative Office, in case Mumbai II is shifted to Pune which
includes
5 sportsmen who have been coaching Mumbai & Maharastra Ranji Team.

B) ALLOTMENT IN PROPOSED BRANCHES

S.No. Name of Branch Balance Allotment of Clerks Sub-Staff

1 Akola 3 1
2 Gonda 3 1
3 Bhusawal 3 1
4 Jalna 3 1
5 Lahur 3 1
6 Bulibon 3 1
7 Nanded 3 1
8 Parbani 3 1
9 Sangli 3 1
Total 27 9

C) ALLOTMENT IN SHORTFALL BRANCHES IN OUR BANK

If optimum clerical staff strength calculated taking into account following factors excluding
bulk deposits above 1 crore and advances in single account above 5 Crores as 5 Crores as per
scheme submitted to us by the department. (Letter dated 25-06-2008 of the Bank to Regions).

Metro Rs. 25 Crores

Urban Rs.15 Crores
Semi Urban Rs. 8 Crores
Rural Rs. 3 Crores

S.No. Name of the Branch Net Business Optimum Existing Short Allotment from
as of 31-3-2008 SSS Bank Ltd.
(in Crores)
1 Aundh 94 9 7 -2 -2
2 Aurangabad 159 16 7 -9 3
3 Baramati 1 2 1 -1 1
4 Bota 18 3 2 -1 1
5 Kolhapur 88 9 3 -6 4
6 Kolhapur– Shivajipet 6 2 1 -1 1
7 Kalyan 153 15 9 -6 3
8 Thane 449 45 19 -26 5
9 Vashi 333 33 9 -24 4
10 Nasik Road 60 12 5 -7 3
11 Nagpur 144 10 8 -2 2
12 New Panvel 60 12 5 -7 3
 13 Pen 10 2 1 -1 1
14 Pohegaon 7 2 1 -1 1
15 Pimpri Chinchwad 88 9 7 -2 2
16 Pune cantonment 705 47 13 -34 5
17 Vasai 36 7 6 -1 1
18 Virar 1 1 -1 1
Total -131 43
** viz. 33% of the shortage identified.

D) POSITNG AT CHRONIC DEFICIT BRANCHES IN MUMBAI – I

S.No. Name of the Branch Net Business as Optimum Existing Short Allotment from
of 31-3-2008 SSS Bank Ltd.
(in Crores)
1 Breach Candy 696 46 12 -34 4
2 Fort 1606 107 41 -66 5
3 Kalghoda 534 36 13 -23 3
4 New Marine Lines 1123 75 28 -47 4
5 Nariman Point 1192 79 26 -53 4
6 Santa Cruz 425 28 16 -12 2
7 Khar 317 21 13 -8 2
8 Powai * 1
9 Worli * 1
10 Wadala ** 1
Total -243 27

** Viz 12 % of total deficit

* Potential new location.

** Ranked No.1 in the region, wider SB Clientele base, more Muslim customers and
customers from slums

E) ALLOTMENT OF BALANCE SUB-STAFF

The balance 24 Sub-Staff of Suvarna Sahakari Bank Ltd can be posted in needy branches in
Mumbai-I and Mumbai-II and Pune regions “where staff strength as on 31/03/2002 was 6 and
more and over the period it has been reduced by 50%”.

Finally Tally

S.No. Narration Clerks Sub-Staff

1 Adjustments in Suvarna Sahakari Bank Ltd 54 29
2 Proposed Branches 27 09
3 Acute Shortage of branch in Mumbai – II 43 --
4 Branches in Mumbai-I, Mumbai-II regions 24
where Sub-Staff strength was more than 6 as on
31/03/2002 and it reduced by 50% as on date.
 5 As Sweepers
6 As Drivers
7 Marketing Clerks -- --
8 In acute shortage potential branches in Mumbai- 27 --
I region
TOTAL 151 62

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Note :

Our Suggestion for allotment accounts for

33% of total deficit in Mumbai – I and 12% of total deficit in Mumbai – II

2. Even if we take net deficit arrived at by the department as under :

In Mumbai – I : Excess – 171 Deficit – 252 Net Deficit – 81
In Mumbai – II : Excess – 54 Deficit – 123 Net Deficit – 123
It accounts for 22% in Mumbai - I and 53% in Mumbai – II.

3. Therefore a portion of the balance net deficit can be made with proposed recruitments.

Cc to : Sri.S.A.Bhat, Chairman & Managing Director, IOB, CO, Chennai – 2.

Sri.G.Narayanan, Executive Director, IOB, CO, Chennai – 2.
Sri.R.Balachandran, Deputy General Manager, IOB, CO, Chennai – 2.
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
Shri.S.A.Bhat Date : 04-04-
2009
Chairman and Managing Director
Indian Overseas Bank BANK / 41 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
Blue print for absorption of Employees from
Suvarna Sahakari Bank Ltd. who have opted for recruitments

We refer to our Letter No.40/2009 dated 01-04-2009 on the captioned subject and adduce some

more important statistical information justifying our rationale.

We enclose herewith particulars pertaining to number of SB, CD, RD, Term Deposit, Advance,

Locker Accounts of the branches of SSSB Ltd.

The total number of CASA Accounts is : 2,89,839

The total number of Advance Accounts is : 4,183

The total number of Business A/c is : 2,94,022

Whereas the total number of account is Pune branches of our Bank is around 43439 and total

number of clerical staff is around 53.

Under the presumption that 50% of accounts are operating accounts at SSB Ltd. even then total

number of accounts will be over one lac.

Even if we consider for every 10000 accounts one clerical staff, the realistic manpower

planning will work out to 100.

Having regard to the fact, we have ready made clientele base of around 3 lacs, there is a need to

turn to retaining relationship banking which require among other things, developing business

contacts with customers, to ascertain all his financial needs and provide solution under one

umbrella by explaining merits of the products of the Bank which would be necessary to

earmark trained staff exclusively for the purposes of retail marketing. Hence in our opinion a

prudent manpower planning which will increase our clientele base is recruitment of marketing

clerks. The space of their Administrative Office can be put into optimum use for the purpose of

setting up retail marketing division. While the Bank can issue initial orders of postings to 50

clerks as per our settlement in Maharastra / other regions, they can be brought on deputation
exclusively for the purpose of marketing, attached to marketing division suggested above for

marketing of our products at Mumbai – I and II regions. In case this experiment is successful,

and marketing team reached the quarterly targets fixed, then it can be absorbed as marketing

clerks in the marketing division suggested above. In case the experiment does not meet with

the desired objective, Bank can revert / ground them to original place of posting.

We request you to consider the suggestion objectively, which will augment the Bank’s business

plan and reengineer business process.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Cc to : ED’s, GM (PAD), DGM (PAD)

Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Shri.S.A.Bhat April 13,

2009
Chairman & Managing Director
Indian Overseas Bank BANK / 43 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
Sub: Shree Suvarna Sahakari Bank Ltd

We express our gratitude to your thoughtful decision to absorb the employees of the Bank, and
entering into a historic settlement, which will heralded as a trendsetter for further such
takeovers in the industry. Having regard to the business mix of Suvarna Sahakari Bank Ltd, we
have no qualms in accepting the decision of the Bank to post some Clerical staff in nearby
regions. But posting of Sub-Staff in other region beyond the language area has created lot of
resentment among their rank and file.

It is also contrary to clause 536 of the Sastry Award a copy of which is enclosed herewith. With
the outside forces political and or otherwise exerting centripetal and centrifugal pressures on us,
we request the Bank to review the decision of posting of Sub-Staff.

We enclose herewith the list of members who are assisting enquiries U/S 88 of MCS Act and
those having rights of Special Recovery Officers under section 156 of MCS Act. In this
connection we enclose herewith a coy of e-mail send to us by the Administrator of Shree
Suvarna Sahakari Bank Ltd, which is, self-explicit. Further there are 4 drivers who have gained
expertise functioning as recovery agents and the Administrator has requested their retention in
their recovery cell.

Further as per data made available to us there are 15 Clerical staff members, who have
represented the Bank in Ranji, Duleep Trophy and other tournaments. It is reported that
Suvarna Sahakari Bank Ltd have won RBI trophy and Inter Bank Western Region Tournament
for two years.
It is our humble suggestion that their talent can be tapped to bolster our brand image, by
building IOB-B Team in Maharashtra. Their participation in major tournament such as Times
shield, Kanga Leagues, inter Bank Tournaments conducted throughout the year will augment
further exposure, visibility to our Bank in Maharashtra.

-2-

We further request you to consider posting of Sub-Staff in 10 proposed branches and branches
in Mumbai-I region, where branches have only 2 sub-staff. With most of the branches
participating the high value cheque clearing, and other routine inward and outward clearings
throughout the day branches are functioning with only one Messenger. In event of absenteeism
these branches are put to further difficulties.

Awaiting your objective and favourable response.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl: 1. Letter of Administrator dated 09/04/2009

2. List of Cricket Players.
3. Request of Member opting for other regions.
4. List of branches in Mumbai-II having sub-staff strength less than equal to 2.
5. Section 536 of Sastry Award.

Grams : "IOBUNION" Phones : 28523561, 28523392

Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
 (Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

****************************************************************************
**
Shri.V.Krishnaswamy Date : 12-05-
2009
General Manager (PAD)
Indian Overseas Bank BANK / 56 / 2009
Central Office
Chennai – 600 002.

Dear Sir,

MINUTES OF THE DISCUSSIONS HELD ON 12-05-2009

IN THE MATTER OF
SHREE SUVARNA SAHAKARI BANK LIMITED

Sequel to the discussions we had today, on the captioned subject we enclose herewith our draft

of the Minutes of the Discussions incorporating certain changes in partial modification of the

clause 11 an d Clause 14 of the settlement dated 14-03-2009.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

Minutes of the discussion between the Management of Indian Overseas Bank and

Representatives of All India Overseas Bank Employees’ Union in the matter of implementation
of the provisions of settlement dated 14-03-2009 in the matter relating to recruitment of

workmen from Shree Suvarna Sahakari Bank Ltd and their service conditions:

Representing to the Bank Representing to the Union

1.

2.

3. 3.

Indian Overseas Bank (hereinafter called as management) and All India Overseas Bank

Employees’ Union (hereinafter called as the Union), have entered into a settlement on 14-03-

2009 in the matter relating to recruitment of workmen from Shree Suvarna Sahakari Bank Ltd

and their service conditions.

Whereas the Union had expressed certain difficulties experienced by the staff members of

Shree Suvarna Sahakari Bank Ltd in the matter of implementation of Cl.11 and Cl.14 of the

settlement which reads as under:

“Cl.11 – Those employees who are recruited, as above will not be getting any loans except

Festival Advance subject to the scheme of the Bank after probation period as per their

eligibility mentioned in clause 8 above and till such time the loans that were availed with Shree

Suvarna Sahakari Bank Limited are closed. However, the loans availed while in the service of

Shree Suvarna Sahakari Bank Limited may be allowed to continue with the Bank by taking
over the loan liability and on complete liquidation of the loans; they will be eligible to avail the

loans applicable to the Employees of the Bank”

“Cl.14 – The provisions held for Gratuity / leave encashment of the employees of Shree

Suvarna Sahakari Bank Limited shall be adjusted in the following manner:

Firstly, towards liquidation of the outstandings in the loan accounts of the employees which are

unsecured.

Secondly, towards liquidation of the staff housing loan outstanding and the surplus if any may

be paid to the employee. The outstanding balance in the loan accounts, if any, after

appropriation of the provisions held for gratuity and leave encashment of the employee done,

will be taken over by the Bank”.

Whereas the discussion were held between the Management and the Union on various dates and

finally the Memorandum of Settlement dated 14-03-2009 is clarified and modified as under:

Terms of Agreement:

Cl.11 – Those employees recruited as above will not be eligible for any loans except Festival

Advance subject to the scheme of the Bank till such time the loans that were availed with Shree

Suvarna Sahakari Bank Limited are closed. However, the loans availed while in service of

Shree Suvarna Sahakari Bank Limited may be allowed to continue with the Bank by taking

over the loan liability and on complete liquidation of any type of loans, they will be eligible to

avail such type of loans applicable to the workmen of the Bank, subject to the scheme of the
Bank. However, in respect of Staff Housing Loan in any name of style availed by them in

SSSBL; prior permission should be obtained.

Cl.14 – The provisions held in Gratuity / Leave encashment of the employees of Shree Suvarna

Sahakari Bank Limited shall be adjusted primarily towards liquidation of the outstandings only

in the loan accounts of the employee which are unsecured. Secondly, the balance amount shall

be kept as lien towards the Staff Housing Loan availed by the workmen of SSBL. However,

employees recruited as above shall be sanctioned Staff Housing Loan as a special case

immediately on joining Indian Overseas Bank, if they desire so, to the extent of quantum and

other norms as applicable to Indian Overseas Bank employees and the loan outstanding to that

extent in Staff Housing Loan availed by them in SSBL shall be suitably swapped with fresh

sanction made as above.

The surplus if any, may be paid to the employee concerned. The outstanding balance in the

loan accounts, if any, after appropriation of provision held for gratuity and leave encashment as

above of the employee alone will be taken over by the Bank.

Grams : "IOBUNION" Phones : 28523561, 28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

****************************************************************************
**
Shri.V.Krishnaswamy Date : 12-05-
2009
General Manager (PAD)
Indian Overseas Bank BANK / 56 (A) / 2009
Central Office
Chennai – 600 002.

Dear Sir,

MINUTES OF THE DISCUSSIONS HELD ON 12-05-2009

IN THE MATTER OF
SHREE SUVARNA SAHAKARI BANK LIMITED

Sequel to the discussions we had today, on the captioned subject we enclose herewith our draft

of the Minutes of the Discussions incorporating certain changes in partial modification of the

clause 11 an d Clause 14 of the settlement dated 14-03-2009.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

Cc to : Sri.R.Balachandran, DGM, IOB, CO, Chennai – 2.

Minutes of the discussion between the Management of Indian Overseas Bank and

Representatives of All India Overseas Bank Employees’ Union in the matter of implementation

of the provisions of settlement dated 14-03-2009 in the matter relating to recruitment of

workmen from Shree Suvarna Sahakari Bank Ltd and their service conditions:

Representing to the Bank Representing to the Union

1.

2.

3. 3.

Indian Overseas Bank (hereinafter called as management) and All India Overseas Bank

Employees’ Union (hereinafter called as the Union), have entered into a settlement on 14-03-

2009 in the matter relating to recruitment of workmen from Shree Suvarna Sahakari Bank Ltd

and their service conditions.

Whereas the Union had expressed certain difficulties experienced by the staff members of

Shree Suvarna Sahakari Bank Ltd in the matter of implementation of Cl.11 and Cl.14 of the

settlement which reads as under:

“Cl.11 – Those employees who are recruited, as above will not be getting any loans except

Festival Advance subject to the scheme of the Bank after probation period as per their

eligibility mentioned in clause 8 above and till such time the loans that were availed with Shree

Suvarna Sahakari Bank Limited are closed. However, the loans availed while in the service of

Shree Suvarna Sahakari Bank Limited may be allowed to continue with the Bank by taking

over the loan liability and on complete liquidation of the loans; they will be eligible to avail the

loans applicable to the Employees of the Bank”

“Cl.14 – The provisions held for Gratuity / leave encashment of the employees of Shree

Suvarna Sahakari Bank Limited shall be adjusted in the following manner:

Firstly, towards liquidation of the outstandings in the loan accounts of the employees which are

unsecured.

Secondly, towards liquidation of the staff housing loan outstanding and the surplus if any may

be paid to the employee. The outstanding balance in the loan accounts, if any, after

appropriation of the provisions held for gratuity and leave encashment of the employee done,

will be taken over by the Bank”.

Whereas the discussion were held between the Management and the Union on various dates and

finally the Memorandum of Settlement dated 14-03-2009 is clarified and modified as under:

Terms of Agreement:

Cl.11 – Those employees recruited as above will not be eligible for any loans except Festival

Advance subject to the scheme of the Bank till such time the loans that were availed with Shree

Suvarna Sahakari Bank Limited are closed. However, the loans availed while in service of

Shree Suvarna Sahakari Bank Limited may be allowed to continue with the Bank by taking

over the loan liability and on complete liquidation of any type of loans, they will be eligible to

avail such type of loans applicable to the workmen of the Bank, subject to the scheme of the

Bank. However, in respect of Staff Housing Loan in any name of style availed by them in

SSSBL; prior permission should be obtained.

Cl.14 – The provisions held in Gratuity / Leave encashment of the employees of Shree Suvarna

Sahakari Bank Limited shall be adjusted towards liquidation of the outstandings only in the

loan accounts of the employee which are unsecured. The surplus if any, may be paid to the

employee concerned. The outstanding balance in the unsecured loan account, if any, after

appropriation of provision held for gratuity and leave encashment of the employee alone will be

taken over by the Bank.

Grams : "IOBUNION" Phones : 28523561, 28523392

Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
****************************************************************************
**
Shri.S.A.Bhat Date : 12-05-
2009
Chairman and Managing Director
Indian Overseas Bank BANK / 57 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
Shree Suvarna Sahakari Bank Ltd
Request for change of posting orders
We refer to our Letter No.40/2009 dated 04-04-2009 and Letter No.43/2009 dated 13-04-2009
on the captioned subject.
It is reported as the zero hour approaches Unions having parochial and regional overtones, are
seizing the opportunity sowing seeds of discord amongst the employees, which in the long run
will erode the roots of prevalent peace in Maharastra. Accordingly we request you to consider
the following suggestions:
(A) Change of posting of Substaff: As per system in vogue, unlike the clerical staff, Substaffs
are recruited from the Regional Employment Exchange only and are posted within the language
area, strictly as per the spirit of para 536 of the Sastry Award.
Out of the 62 substaff members who have opted for recruitment offer of the Banks, Bank has
issued orders to 43 members in Mumbai – II region. Only 19 have been posted to other regions
(5 Hyderabad, 9 Goa, 5 Bangalore).
Having regard to sensitiveness of this issue, we suggest that 11 Substaff can be earmarked for
postings in 11 proposed branches.
S.No. Branches Postings from SSS Bank Ltd.
1 Akola 1
2 Gondia 1
3 Bhusawal 1
4 Jalna 1
5 Lahur 1
6 Bolibari 1
7 Nanded 1
8 Parbon 1
9 Sangli 1
10 Chipulen 1
11 Manpada 1

The Administrator of SSS Bank Ltd has requested to consider the postings of the following
Substaff, who are assisting the Enquiry Officer in respect of the enquiries conducted by them as
O/S 88 of Maharastra Cooperative Act. Mr.Mohan Gaikwad posted to Secunderabad to be
retained in Pune.

Pending opening of proposed branches the Substaff can be posted as supernumeries earmarked
for proposed branches and can be given initial order of postings in any of the following
branches in Mumbai–I Region where the messengers strength is two or below.

1. Bandra 2. Budkar Marg 3. Borivili

4. Chedda Nagar 5. Chakala 6. Fort
7. Iscon 8. Jogeswari 9. Juhu
10. Kandivili 11. Kandivili (Lokhandwale) 12. Malad
13. Mandvi 14. Nandjyot I.E. 15. New Marine Lines
16. Nariman Point 17. Opera House 18. Pali Hill
19. Sion 20. Vile Parle 21. Wadala
22. CCO 23. Currency Chest 24. MRC
25. Powai

Summary:
Proposed branches 11 Can be given initial orders as super numery to any of the
branches listed in Mumbai – I Region.

Pune 1 as requested by Administrator.

Balance 7 Can be accommodated in any of the shortage branches in

Mumbai – I Region.

(B) Clerical Staff :Change of postings as requested by Administrator SSS Bank Ltd who are
assisting. E.O. under O/S 88 of Maharastra State Society Act and those who are conferred with
powers of Special Recovery Officers under Sec.156 of MCS Act (Refer Enclosures)
S.No. Name To be Posted Posting by our Bank

1 Mr.Sunil Pathak HO Kattemelalavadi

2 Mr.Prasad Kanade HO Yellareddipet
3 Mr.Sameer Deshpande HO Secunderabad
4 Mr.Sachm Godboli HO Hyderabad
5 Mr.Deepak Gaikwad HO Karim Nagar
6 Mr.Vinay Saraf HO Hyderabad
7 Mr.Jitendra Pawar HO Secunderabad
8 Mr.Shailesh Jogdekar HO Secunderabad
 9 Mr.Rajesh Bhadalkar HO Mettapally

In addition to assisting the EO and the recoveries their services can be utilised by setting up a
centralised processing centre at HO of SSS Bank Ltd and can carryout the following
additional tasks:
Outward and inward clearing
Encoding of cheques
Loan proposal processing – above a threshold value
Chequebook issuing after bar coding account number and dispatched to customers directly –
customers – address – can be updated with every request of chequebook if there is a change.
MIS reporting of Pune branches
Maintaining of “A” category advances.
Preparing, paying and dispatch of deduction at source certificates for interest on deposit.
Marketing of products to the existing clientele base and endeavour to add fresh clients to list.
(See Annexure).
Recoveries.
II. Change of postings of sportsmen:
Posted To be posted
1. Mr.Kaushik Datrya Apholi Kunigal Chennai
2. Mr.Anand Jaiprakash Dalvi Kagalwadi Agartala
III. Members opting for posting to other regions:
Posted To be posted
1. Mr.Parg Prakash Pathak Keelara Baroda
2. Mr.Gouri Shankar Singh Pune Lucknow
3. Kelan Joglekar Kiragawal Goa
IV. Other Changes: (**)
Posted To be posted
1. Mr.Nishikant Purandure Savoi-Verm Mumbai – I
2. Mr.Rahul Kedar Nizamabad Mumbai – I

(**) They are Principle Office Bearers of the Cooperative Union in Mumbai.
Summary:
No.of members posted in Mumbai – II Region 66
Other Regions 85
Member posted from Mumbai – II seeking change 1
Interchange of Regions 3
Postings as requested by Administrator of SSS Bank Ltd 9
Cricketers 2
Other changes requested by us 2
Balance to be posted in other Regions as existing 69

Note : They can be posted as supernumeries to branches and can be transferred to proposed 11
branches as and when it is opened, strictly according to seniority of age.
Note : Our above suggestions does not disturb the equilibrium postings of new recruits
earmarked for Mumbai – II from the identified 1000 vacancies under process.

V. Other Fresh Recuritments: The fresh recruitments out of 40 earmarked from 1000
vacancies, can be posted in the following shortfall branches in Mumbai – II as given below:

If optimum clerical staff strength calculated taking into account following factors excluding
bulk deposits above 1 crore and advances in single account above 5 Crores as 5 Crores as per
scheme submitted to us by the department. (Letter dated 25-06-2008 of the Bank to Regions).

Metro Rs. 25 Crores

Urban Rs.15 Crores
Semi Urban Rs. 8 Crores
Rural Rs. 3 Crores

S.No. Name of the Branch Net Business Optimum Existing Short Allotment from
as of 31-3-2008 SSS Bank Ltd.
(in Crores)
1 Aundh 94 9 7 -2 -2
2 Aurangabad 159 16 7 -9 3
3 Baramati 1 2 1 -1 1
4 Bota 18 3 2 -1 1
5 Kolhapur 88 9 3 -6 4
6 Kolhapur– Shivajipet 6 2 1 -1 1
7 Kalyan 153 15 9 -6 3
8 Thane 449 45 19 -26 5
9 Vashi 333 33 9 -24 4
10 Nasik Road 60 12 5 -7 3
11 Nagpur 144 10 8 -2 2
12 New Panvel 60 12 5 -7 3
13 Pen 10 2 1 -1 1
14 Pohegaon 7 2 1 -1 1
15 Pimpri Chinchwad 88 9 7 -2 2
16 Pune cantonment 705 47 13 -34 5
17 Vasai 36 7 6 -1 1
18 Virar 1 1 -1 1
Total -131 43

Awaiting your favourable response.

Thanking you, Yours sincerely,

(S.SRINIVASAN)
 GENERAL SECRETARY
Encl : as above

Grams : "IOBUNION" Phones : 28523561, 28523392

Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************************
Shri.S.A.Bhat Date : 15-05-2009
Chairman and Managing Director
Indian Overseas Bank BANK / 58 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
SHREE SUVARNA SAHAKARI BANK LIMITED

We enclose herewith a copy of joint representation made to us by staff of the SSS Bank Ltd., requesting
us to alleviate their hardships, which is self-explanatory.

In respect of change of posting and as requested by them, we have already placed our suggestions vide
our letter dated 57/2009 dated 12-05-2009.

In respect of their request to adjust their gratuity and leave encashment amount only towards
adjustments of unsecured loan, we had placed two suggestions to the Bank vide our letters Nos.
56/2009, 57/2009 dated 12-05-2009 wherein we have expressed our willingness to modify our
settlement dated 14-03-2009 to give effect to the same.

Having regard to the fact that the average salary of SSS Bank Ltd staff in the recruitment stage in our
Bank even with 50% pay protection will be around Rs.8,000/- and that their total loan reductions ranges
from Rs.3,000/- to Rs.5,000/- of which average Real Estate Loan deduction ranges from Rs.2,500/- to
Rs.4,500/-, we suggest below the modification to Cl.14 of our settlement dated 14-03-2009.

1. The provisions held in Gratuity / Leave Encashment of employees of SSS Bank Ltd shall be
adjusted primarily towards liquidation of outstandings in unsecured loans.

2. In respect of employees recruited as above, subject to creation of equitable mortgage, the Real Estate
Loan availed by them SSB Ltd., shall be treated as SHL to the extent of maximum eligible quantum as
applicable in SHL scheme for award staff in Indian Overseas Bank. Accordingly other terms and
conditions, norms, in vogue in grant of SHL to employees in our Bank shall be made applicable them.
3. In case the balance outstanding in Real Estate Loan availed by them in SSS Bank Ltd is more than
maximum quantum of SHL as applicable to award staff members in Indian Overseas Bank, the balance
amount of Gratuity / Leave Encashment if any, after adjustment in unsecured loan will adjusted towards
liquidation of that portion of Real Estate Loan, which exceeds the maximum quantum applicable to
award staff in Indian Overseas Bank stated above.

This will bring uniformity in SHL scheme on their absorption in our Bank at par with other employees.

Thanking you, Yours faithfully,

Encl : as above
(S.SRINIVASAN)
GENERAL SECRETARY

Grams : "IOBUNION" Phones : 28523561, 28523392

Fax : 044-28522969
ALL INDIA OVERSEAS BANK EMPLOYEES' UNION
(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************************
Shri.S.A.Bhat Date : 20-05-2009
Chairman and Managing Director
Indian Overseas Bank BANK / 59 / 2009
Central Office
Chennai – 600 002.

Dear Sir,
CONGRATULATIONS

It will written in “Survarna” letters in the annals of the Bank that together we have ensured smooth
takeover of assets, liabilities, aspirations & hope of staff and customers alike of SSSB Ltd. It is
heartening to note and record that 2/3 of the families of award staff members of SSSB Ltd will be ever
obliged to the “Good People to Grow With” for providing them jobs, even in the context of unfolding
global recession and job losses elsewhere. Times will change. The future generation of IOBIANS may
not remember our good work and lofty principles. But for us this experience is bouquet of ever fresh
memories of the things we dared to do and we dared to win. This phase will pass away. But its
nostalgia will never end.

We thank you for the cooperation extended to the Union, throughout this arduous phase. It is equally
heartening to note that that we have brought a paradigm shift in the concept of take over of co-operative
banks, metamorphosing the very essence of take over of Assets, Liabilities to the satisfaction of the
human assets of the bank.

Thanking you,

Yours faithfully,

(S SRINIVASAN)
GENERAL SECRETARY

Encl : Final Tally

CC to : Sri.R.Balachandran, Deputy General Manager, IOB, CO, Chennai – 2

I) TOTAL OPTED FOR RECRUITMENT: 151

INITIAL POSTINGS :

MAHARASHTRA : 066 ( *65)

GOA : 015

HYDERABAD : 045
BANGALORE : 025

*
1 PERSON MR. GHOLAP PROMOD NARAHAR WHO OPTED UNDER SECTION 88, WAS
WRONGLY ISSUED ORDERS BUT WAS WITHHELD.
THERFORE TOTAL ORDERS ISSUED 150

II) INTER CHANGES MADE AFTER INTITAL POSTINGS

FROM TO - +
Keelara Baroda Bangalaore Baroda
Pune Lucknow Maharashtra Lucknow
Kigraval Goa Bangalore Goa
Secunderabad Pune Hyderabad Maharashtra
Savai veram Mumbai Goa -do-
Nizamabad Mumbai Hyderabad Maharashtra
Kagalvadi Chennai Bagalore Chennai

III) FINAL POSTINGS

REGION INITIAL PLUS MINUS FINAL

ALLOTMENT TALLY
Maharashtra 65 3 1 67
(mumbai I &II)
Goa 15 1 1 15
Hyderabad 45 - 2 43
Karnataka 25 - 3 22
Baroda - 1 - 1
Lucknow - 1 1
Chennai - 1 - 1
150

FINAL TALLY AS ON 20-05-09

REGION POSTINGS OPTED FOR VSS CONFIRMED REPORTED

AFTER POSTING AS ON 20-05-09
Maharastra 67 5 62
Goa 15 3 12
Hyderabad 43 19 22* ( 2 Did not report)
 Bangalore 22 11 11
Lucknow 1 1
Baroda 1 1
Chennai 1 1
150 38 110

SUMMARAY:

TOTAL RECRUITED : 150

LESS VSS : 38

REPORTED : 110

NAME OF THE PERSONS NOT REPORTED TO HYDERABD REGION

1. RAJESH BAHDERKAR
2. NITN SHINDE

IOB PROTECTS EMPLOYEMNT OF 67% OF THE AWARD STAFF OF SSSBL

NOTE :
OUT OF 179 – 2 UNDER SEC 88 = 177 CLERICAL STAFF IN SSBL IOB HAS GIVEN
APPOINTMENTS TO 110 THAT IS 61.45% AND SSB HAS GIVEN VSS TO 67

OUT OF 76 PEONS IN THE SERVICE OF SSBL IOB HAS RECRUITMENT TO 60

THAT78.94% IS AND 16 HAVE BEEN VSS BY SSBL

IN OTHER WORDS OUT OF 179+ 76=255 AWARD STAFF IN SSBL IOB HAS GIVEN
APPOINTMENTS TO 170 THAT IS 66.66 % IN OTHER WORDS 2/3 OF THE EMPLOYEES
AND THEIR FAMILIES ARE MADE HAPPY BY GOOD PEOPLE TO GROW WITH – “IOB
“

PREPARED BY S.SRINIVASAN GENERAL SECRETARY AIOBEU

NOTE : THERE IS SOME MINOR DISCREPENCIES IN RESPECT OF FINAL TALLY BETWEEN

THE FIGURES SUBMITTED BY THE DEPARTMENT AND US WHICH CAN BE RECONCILED
TOMORROW.

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
 Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
Sri.V,Krishnaswamy Date : 03-08-2009
General Manager (PAD)
Indian Overseas Bank BANK / 88 / 2009
Central Office, Chennai – 600 002
Sir,

APPOINTMENT OF 3 STAFF MEMBERS FROM

ERSTWHILE SSB LTD. ON COMPASSIONATE GROUNDS

The following staff members attached to erstwhile SSB Ltd : (1) Nitin Joshi, (2) Raju
Bavdekar Satish, (3) Prashant Kadare Dnyadeo have beseeching us and the Bank to consider
their request for joining the branches they were posted on humanitarian grounds.

The captioned members did not opt for the VSS Scheme offered by the Bank. Instead they
offered for consideration as fresh recruitment in our Bank as per our internal settlement. They
committed a mistake of not reporting to the place of posting on or before the last date stipulated
in the offer letter. One day after the last date stipulated, they had sought permission from the
Bank, expressing their intention to join the Bank services. The Bank had declined their request
in terms of the conditions specified in the offer letter.

In the process, they lost both the options, monetary compensation under VSS Scheme
mentioned, and recruitment in the Bank, as per terms of our internal settlement.

As per the scheme for transfer of assets and liabilities of SSB Ltd. Pune and Indian Overseas
Bank under sec.110- n of Maharastra Cooperative Society Act 1960, submitted to RBI under
Para-4 it is stated as under:

“Employees : Regarding the employees of the Bank, their services are not being transferred in
any manner to Indian Overseas Bank under this scheme however, presently their service

:: 2 ::
conditions are not adversely affected and in case any of them is absorbed by Indian Overseas
Bank, such absorption shall be voluntary and subject to mutually agreeable terms and even
otherwise retaining some of them by maintaining Recovery Cell. In the event discontinuation
of the service shall be subject to compensation as per statutory provisions in that regard. As
such, interest of employees is protected.

The funds meant for Provident Fund, Gratuity or any other service benefit maintained by /
contributed towards its employees by the Bank shall remain as they are, subject always to
future arrangement between these Banks as and when services of any employee/s may be
transferred or discontinued or retained after this scheme is implemented”.

While others were either settled VSS or official employment in the Bank, these unfortunate
members have not got any compensation. The management of SSB Ltd. Did not serve them
any notice of discontinuation of their service as per statutory provisions in this regard.

Leave apart legal provisions, Sir, they are now in a non win situation and not having a job is in
effect inflicting economic death miseries to them and their dependents. Taking into
consideration, the economic hardship caused to them and families, we request the Bank to
condone their foolhardiness is not joining posting in time and consider their request for
recruitment, purely as a humanitarian grounds, for which act of kindness both the Union and
members and their family will be obliged to the Bank forever.

Seeking your clemency and mercy.

Awaiting for your favourable response.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
******************************************************************
**
Date : 24-06-2009
To All Office Bearers of
Goa, Hyderabad, Karnataka – I, Karnataka – II, Mumbai – I & Mumbai – II Regions
Dear Comrades,

We have explained in minutes detail in the enclosed write up the 10 significant BENEFITS

accruing to award staff members of erstwhile SSSB Ltd, as a result of our settlement with the

Bank. Please appraise them the same, and clear any misapprehensions they have in this regard.

With a view of keeping record straight, you can send a copy of this write up to members posted

in your region. Also ensure that all these members are enrolled as members of our Union and

their deduction of subscription under check-off system is made in this month itself.

TREAT THIS AS IMPORTANT AND URGENT.

Yours Comradely,

(S.SRINIVASAN)
GENERAL SECRETARY

Encl : as above

SHREE SUVARNA SAHAKARI BANK LTD.,

SERVICE CONDITIONS AS PER OUR INTERNAL SETTLEMENT

We had vide our earlier letters furnished you list of members who were posted to your region
from erstwhile Shree Suvarna Sahakari Bank Ltd and urged you to obtain their memberships at
the earliest. Hope you are on the job.

We now appraise you of the benefits accruing to staff members of SSSB Ltd on their absorption
in our Bank as fresh recruits as a result of efforts of our union and settlement entered into with
the Bank on their service condition, as per mandate given to the union by the staff of SSSB Ltd.
(1) Job in IOB : Viewed in the context of job losses, downsizing, freezing of wages
elsewhere, and the earlier stand of the Bank to takeover only assets and liabilities but not staff
of SSSB Ltd, to that of today having a permanent job in our Bank, with job security and
dignity, well high guaranteed service conditions, other staff benefits such welfare measures,
allowances, which are explained in detail in our book Know Your Rights is indeed noteworthy.
These employees should be ever grateful to the union for the efforts initiated by the union in
their absorption in our Bank.

(2) Salary Structure : Contrary to the belief, misgivings, some members have in our opinion,
all these employees will be drawing more salary than they were drawing as a result of
recruitment in our Bank, especially after the 9th Bipartite Settlement.

We illustrate this with an example :

The average salary drawn by a clerk in erstwhile SSSB Ltd is Rs.11,000/- and the maximum
salary drawn by clerk is Rs.14,000/- as per data furnished to us. We can assume therefore
average salary of a clerk as Rs.12,000/-.
Rs.
a) Salary at SSSB Ltd 12000
b) Salary fixed at recruitment stage in our Bank 7800
c) Difference 4200
d) 50% protection throughout the tenure in our Bank
as per our settlement 2100
e) Salary drawn at IOB 7800 + 2100 = 9900
f) Estimated Salary at CCA Centres as per present offer of 17%
increase by IBA in the 9th Bipartite (for month June-09) 9020
g) Add 50% protection pay as per our internal settlement 2100
h) Therefore salary after 9th Bipartite wage revision 11120
i) Add Computer Operator Allowance / Head Cashier
Allowance on rotation (After 9th Bipartite Settlement) 1250
j) Add reimbursement of 10 litres of petrol on confirmation 500
k) Add newspaper allowance on confirmation 100
l) Add benefits from welfare measures after completion
of one year service 500
m) Total Average wage on joining IOB p.m. 13470
n) Salary at SSSB Ltd minimum 12000
o) Minimum gain on joining IOB 1470

Note : (i) Further if we compare the future increments drawn by them had they been on SSSB
Ltd and that they will be drawing on joining IOB, the gain will be significant.
(ii) If the offer of IBA of 17% increase is improved upon by UFBU which it is
endeavouring their gain will increase in leaps.
(iii) Because of our innovative 50% life time protection pay as per our settlement, the members
of erstwhile SSSB Ltd, will continue to enjoy this 50% protection pay benefits, even after
reaching stagnation, which is not available to existing staff members in all Nationalised Bank.
 (3) Pension : Though the existing Bank employees have to wait for over 13 years for
realization of the just demand ‘one more option for pension’ employees taken over from SSSB
Ltd in our Bank are eligible for the same as and when 9th Bipartite is signed.

(4) Gratuity : All the employees in Nationalised Bank are eligible for one gratuity at the rate
of one month basic pay for each completed year of service subject to a maximum of 15 months
pay. Additional gratuity is payable to an employee at the rate of 15 days wages for every year
of service put in by him after 30 years. The average gratuity received by clerical employees as
on date in our Bank is around 4 lacs. Whereas members have received average gratuity of
around 1.5 lacs already on cessation of their service in SSSB Ltd (As per the data we have it
ranges from Rs.1 lac to 3 lacs).

On their absorption in IOB, they are eligible once again for gratuity as per award / act
whichever is better. In other words, when compared with us, in effect they will be drawing two
times gratuity. If we simulate the gratuity of erstwhile SSSB Ltd will be drawing in IOB on
superannuation, add the gratuity already settled to them in SSSB Ltd, the gratuity benefits are
significant.

(5) Leave Encashment : Whereas the existing employees in IOB are eligible for only one
leave encashment of 240 days, PL, on reaching superannuation, the employees of erstwhile
SSSB Ltd, are eligible for two times encashment of leave, one already availed by them on
cessation of service in SSSB Ltd and second on reaching superannuation in our Bank. If one
takes into account, average leave encashment paid to them at the time of cessation of service in
SSSB Ltd is Rs.1 lac, they stand to gain by this amount in addition to leave encashment rules in
IOB on reaching superannuation.

(6) Provident Fund : The maximum PF paid to an employee at the time of cessation of service
in SSSB Ltd as per our records is only Rs.15,000. Whereas PF reckoned at 10% of BP as per
revised 9th Bipartite on existing offer of IBA of 17% increase will be 10% of 7060 = 706 p.m.
In other words, in just two years time their PF account will swell with the total PF received by
them in the entire service span in SSSB Ltd, which by any standards is a substantial gain.

(7) Adjustment of terminal benefits with loans by the members of SSSB Ltd : In
deference to request made by employees of the SSSB Ltd we have made some modifications in
our settlement dated 14-03-2009 in the matter relating recruitment of workmen from SSSB Ltd,
and their service conditions. Now gratuity and leave encashment amount will be adjusted only
against liquidation of unsecured loans. The balance will be kept as a special deposit as a
collateral against Real Estate Loan availed by them. At our request Bank is recommending to
Banking Division, Ministry of Finance, to waive minimum eligibility service criteria for
availing SHL as per extant Government guidelines on approval by the Government, they will
become eligible for availing SHL on confirmation, unlike other recruits, who have to wait for
minimum 4 years in metro centres and 5 years in other centres. Further we have suggested in
case balance outstanding in Real Estate Loan availed by them in SSSB Ltd is more than
minimum quantum of SHL as applicable to award staff members in IOB as per extant
Government guidelines, the balance amount of their terminal benefits if any, after adjustment in
unsecured loan will be adjusted towards liquidation of that portion of Real Estate Loan which
exceeds the maximum quantum applicable to award staff in IOB. The balance left in Gratuity /
Leave encashment after adjustment will be paid to the concerned employee. Further if an
employee has no loan, then the entire Gratuity / Leave encashment will be paid back to the
employee concerned.

(8) Reckoning of their service in SSSB Ltd : In view of the fact salary structures of erstwhile
Merged Banks, for eg. Bharat Overseas Bank Ltd were same as that of our Bank, they were
fixed in the same stage of a salary, they were drawing in their erstwhile Bank. Whereas in case
of SSSB Ltd., their salary structure being different, a reasonable conversion formulae explained
in Para-1, was worked out by us. As explained in Para-1, inasmuch as they will be drawing
more salary after 9th Bipartite, which is nearing completion, the employees of erstwhile SSSB
Ltd., should consider themselves singularly privileged in this regard. Further Gratuity / PF /
Leave Encashment are settled only on termination of employment. Whereas in case of
members of erstwhile Bharat Overseas Bank Ltd, the Gratuity, PF and Leave Encashment were
transferred to the Books of IOB and it will be settled only on reaching superannuation. Hence
the only option available to us was to fix erstwhile SSSB Ltd employee salary at the
recruitment level. Even in case of Bharat Overseas Bank employees, there was a clause
pertaining to ‘probation’ on absorption in our Bank. In other words, the employees of erstwhile
Bharat Overseas Bank Ltd were treated as new recruits only.

(9) Postings : While 60% of the erstwhile SSSB Ltd were posted in branches in Maharastra,
40% were posted outside. Initially Bank was emphatic in its stand that no staff of SSSB Ltd
will be absorbed. Accordingly Bank had commenced the process of recruitments for 40 clerks
exclusively in Maharastra after issuing necessary advertisement in newspaper. Hence, they
cannot be posted elsewhere in Maharatra. Only due to sincere efforts of union, all the
employees of SSSB Ltd have secured a job in IOB. Under these circumstances, around 49
employees have been posted outside. Here again, seized of the difficulties they are
encountering, our union has taken up the issue in right earnestness with the Bank to bring them
back to branches in Maharashtra in a phased manner, as and when vacancies arise.

(10) SSB Benefits : Please appraise them of benefits under our SSB scheme. As per the
strength of the members in this scheme as on date, around Rs.2 lacs is paid to the heirs of the
deceased employee. Please ensure that all the members avail the benefits of this scheme.
(11) Other usual unique benefits as applicable to IOB employees
Timely unique promotion policies and regular career path promotions to all cadres of
workmen ( sweepers to clerks )
Record number of special assistants, record keepers and head messengers unique only IOB
because of innovative settlements.
Continuous value additions in service conditions which we as owners pride and neighbours
envy.
Record number of welfare measures the significant among them being
Scholarship schemes ,
Exgrtaia Scheme for hospitalisation in addition to hospitalisation Schemes of bipartite
Leave Removal uterus to women employees when industry wise settlement did not provide for
the same
Reimbursement of health check-up schemes
Abolition for adhoc wages for sweepers when industry wise settlement did not provide for the
same
Reimbursement of MRI and CT scans to rule out caner even if the results of diagnosis
were positive.
Adjustment of 50% SHL balance or Rs. 1, 50,000 which ever less on the death of an
employee.
Establishment holiday homes by the bank in Kodaikanal, Simla, Goa and Mussori with rent
being paid form P&L Account.
Reimbursement of Rs. 1000 while availing LFC
Compassionate gratuity RS 10000 in addition to normal eligible Gratuity on death of employee
to the dependents.
substantial increase in SSBS to dependents on death of an employee in reimbursement
newspaper allowance and conveyance allowances linked to reimbursement of petrol which
even till date industry wise settlements does not provide for from the P &L account
unique PPA in internal computerisation settlement and deconsolidation of special allowance in
industry wide bipartite settlement and second option of pension due to efforts of com. LB as
the president of NCBE – a fact acknowledged openly by leaders of then UFBU
Better fitment by including one additional increment in lieu of PPA .in clerical to officer
promotion and sub staff /sweeper to clerical promotion
Reimbursement of cost of spectacles .
Fair treatment to merged bank employees.
Timely transfers and record number of transfers.
regular informative circulars which even today some of us keep it as reference purely for
language and logic , informative booklets on many issues including circulars on banks
interest, , wage revisions charts and other publications on wage revisions harness such as why
oppose CTC and introductions of 5 day weeks, . ,voluminous compendium know your rights
regularly and voluminous thought provoking general secretary reports
. And above all
Presentation of a gold plated wrist watch on in completion of 25years of services and Gold
Coin of on super annuation.
All these novel schemes on an average increased our pay packet by nearly Rs. 1500 per month
and annually around Rs. 18000 when compared with other bank employees.

(12) AIOBEU – ZINDABAD : Above all the members of erstwhile SSSB Ltd should be
singularly privileged to members of AIOBEU, heralded in comity of unions as the union, which
practices what it preaches and preaches what it practices. For AIOBEU it has never been
campaign or competition of membership forms, but it emphasise on proper utilization of
membership forms.
P.S : You can send zerox copies of this letter to all members of SSSB Ltd., in your region.

Encl : Copy of the appeal send to all the members of SSSB Ltd., –

Our Union has always provided a sense of spaciousness and feeling for everyone. We are
confident of 100% membership from staff members of erstwhile SSSB Ltd. With that our
future will be put forward with imagination and hope and we will be holding our banner as
earnestly and spiritedly as we always do.

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

 (Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Com._______________ Date : 16-04-

2009

________________________Branch

Dear Comrade,
WE APPEAL JOIN THE MAINSTREAM
AIOBEU – SHEILD AND SWORD OF IOBIANS
EXTENDS YOU ALL COMRADELY WELCOME!

We write this at a very crucial moment in the trade union history of our country. The fate of the recent
struggles waged by the workers against privatization, disinvestments job security and for fair service
conditions is well known to all of you. The way the Management and the Government put down just
struggle of the workers in private sector, including employees’ struggles in some private sector Banks,
against increase in foreign investments and other just struggles must be fresh in your minds. But
unmindful of the sufferings of the employees, the politicians and political leaders are busy playing their
politics, each one trying to be more popular at the expense of the employees. The might of Government
has triumphed for the time being as could be seen from foreign acquisitions in Private Sector and this may
tempt them to treat the future struggles of the working class in the same manner. Already indications are
there that their eyes now fall on the Bank employees whose service conditions do urgently require upward
revisions and their machineries are gearing up for early commencement of 9 th Bipartite. Thanks to the
package of new economic policies under guise of Banking Reforms, we had experienced that Banking
Division has opened a 3 point new chapters in Industrial Relations, viz. NOD (Notifications, Ordinances
and Directives) and the CEOs of Banks have given NOD to these evil designs. That the Government has
forced us to agitations and strikes for securing our reasonable just demands such as more pension
option, continuation of Compassionate Appointments only underscore that agreements, settlements,
customs, practice and culture of individual Banks are sealed in airtight containers and confined to
Department of archives (for future historians to have a field day). That against all these odds, we had
made an inch of progress in our just demands after protracted agitations is because of the unity and
determination of the Bank employees, which alone stands between forces of destruction of our lives and
that of our children.

We reiterate that the recent events that have taken place in the second generation of Private Sector
Banks consequent to the ill-advised reforms of increasing the limit of foreign investments to 74%,widening
the scope of private participation should prompt you to make serious and immediate application of your
mind in this matter. Needless to underscore the international experience of increased foreign equity
participation which has resulted in decimating State Owned Enterprises (Public Sector Banks) in their
countries, paving way for take over by multinational giants. The experience of Bank employees in our
country in similarly circumscribed positions where the foreign equity participation was increased is no
different.
Feedback of the employees in the Private Sector Banks, which were merged to the new generation of
Private Sector Banks in our country, cannot be ignored. Consequent to merger, early Exit route,
insecurity of job, no limits of timing, smoldering of dignity and pride and above all deunionisation is the
order and buzzword in this merged Banks.

In our opinion the difference between merger among Private Sector / Co-operative Banks and merger of a
Co-operative / Private Sector Bank with a Public Sector Bank connotes the following meaning: In the
former it is merger of two abstract entities and in the latter it is merger of ‘willing minds’.

Accordingly we invite you to come together merging your minds, identity, widening your strength and base
with around 24,000 employees in Indian Overseas Bank for whom All India Overseas Bank Employees’
Union and Indian Overseas Bank Officers’ Association are conferred with the status of the sole bargaining
agents by the Central Labour Commissioner and the Bank Management.

You are aware that the ongoing global economic meltdown has claimed the loss of another 651,000 jobs
in America, boosting the nation's unemployment rate to 8.1%, its highest figure since 1983. As a result,
the number of unemployed Americans now stands at 12.5 million. The International Labour Organisation
(ILO) on Tuesday warned that millions of workers worldwide would likely see a reduction in their wages in
2009 due to the global financial crisis. There are reports of quiet downsizing and there is a loud talk of job
cut, wage cut, and cut of the essential perquisites of the working people

Debunking claims by experts and the government that India may still ride through the global economic
meltdown without much pain, the grim reality of a downturn has finally hit India where it hurts the most:
jobs.

Studies released by the Associated Chambers of Commerce and Industry and TeamLease Services, the
country’s largest headhunter, say the cautious stance seen in business sentiments and hiring until the last
quarter has suddenly taken a decisive downturn, as an acute job crisis is facing India. According to
ASSOCHAM, the lay-offs are expected to start immediately in seven key industrial segments: steel,
cement, back-office outsourcing, financial and stock brokerage services, construction and property and
aviation, and may easily spread to other sectors.

According to a survey carried out by the Ministry of Labour and Employment, at least 5 lakh workers lost
their jobs between October and December 2008.  The survey covered registered units in eight major
sectors including textiles and garments, metals and metal products, information technology and BPO,
automobiles, gems and jewellery, transportation, construction and mining. These sectors employ about
160 lakh workers, which is only about 10 percent of the class of wage and salaried workers in the
country.  Majority of workers are not registered; their employment is “off the record”, and so is their loss of
jobs. Job losses are about 5-6 lakhs per month in the United States, or about 15-20 lakhs in one quarter. 
In India the quarterly job loss number is over 5 lakhs in just the registered units covered by the survey.  
The total including all units in all sectors could very well be more than in the US. Even after 60 years of
independence, Government of India has not it found it necessary to compile and publish reliable and
timely data on employment and job losses. The official unemployment rate is reported to be just 7
percent.  This does not recognize gross under-employment nor does it cover the so-called unorganized
sector, which employs more than 90 percent of wageworkers. So the true impact of the crisis on jobs and
livelihoods is deliberately hidden from people in our country. Every sector has been experiencing the
wrath of the economic slowdown.
Viewed in this context the efforts of our union in protecting your jobs through a settlement with the bank
stands apart in the rest of motley crowd.

In a psychological atmosphere of terror of job insecurity pervading in both public and private sector
Banks, one need not be surprised if another use of might is resorted by the Government to suppress the
organised movement of Bank employees and their genuine aspirations.

It is therefore incumbent on our part to build up our movement in the individual Banks on a sounder basis
and ensure the unity and solidarity of our ranks. The struggle of Mumbai Textile workers and other
struggles in Public Sector, and of the Government employees has taught us that such unity can be built
only by the workers themselves organizing without allowing political parties to control their destinies.

Party politics and inter union rivalry has had its toll everywhere. But our organisation has been conscious
of this and that is why we have never allowed ourselves to be fettered with fixity of views, successfully
warding of threats, temptations, influences of centripetal and centrifugal forces which consider Bank
employees as a chessman in the game of politics.

A historic opportunity beckons you and your members to merge with the mainstream of independent Bank
employees’ movement, spearheaded by our Union in IOB, consequent to merger of your Bank with ours.

Our Union, which has been serving IOB employees for more than 60 years, believes that interest of
employees can be served better only by the working employees themselves being masters of the destiny.
That is why we espoused together the cause of independent trade union movement steering clear of party
politics and its evils. We firmly believe that the present political climate of the country makes it imperative
on the part of genuine lovers of the trade union movement to undergo a heart search and to organise
themselves on sounder basis, attuned to the needs and aspirations of the working class. A grimacing and
glossing over of the service conditions procured by AIOBEU to IOB employees will amply convince you
that we stand apart in the rest of the motley crowd, vindicating our insight and acumen. Rightly we are
heralded by others in the movement as precursors for innovations.

We therefore make a fervent appeal to you and through you to your members to come together and
strengthen the hands of IOB men consequent to their name appearing in the rolls of IOB with effect from
second week of May 2009, so that our organisation can still better serve the interest of IOB employees
and also continue to be a model to others in trade unions to emulate and follow. Today AIOBEU
represents over 96% of the IOB employees. To us it has never been campaign for membership forms,
but proper utilization and service of the forms. So one can find in the distant outpost where IOB exists
there flutters the flag of our Union. Thus in the recent times it is seen that the striking power of IOB
employees has been both steadfast and swift with high degree of integrity.

We express our reciprocal gratitude to you and your organisation for the kind, courteous words of truth
with which you have acknowledged the role of our union and the leadership in your recent meetings
espousing our cause. We are confident that with perfect unity in our ranks we can usher in a better life to
your rank and file. Collectively we could make IOB a better instrument of service to the nation.
Collectively we could enrich our self-esteem, pride and life of each and every one of our members. Given
the utmost sense of understanding of all the IOB employees including your members who shall embellish
“Good People to Grow With” from May 2009. Any problems, shortcomings or difficulties that may arise as
a result of takeover, your absorption and postings be sorted out, with the interest of independent trade
union movement being our mutual interest and concern.

We are confident that our sincere efforts will bear fruit and fervently await a favourable response from you
to our sincere feelings. We earnestly trust that our bond in NCBE is inseparable.

Be rest assured that our union will provide the same sense of spaciousness and feeling, which it provides
to all IOBians, to every one of your members. Be rest assured that a better tomorrow awaits all of us. We
are confident that with renewed accession to our strength, our future is put forward with imagination, hope
and purpose, holding our banner as earnestly and spiritedly as we do.

Be assured that neither the ‘ides’ of March nor the end of March can countervail or end your onward
march to prosperity and growth, as we are confident that you would have taken a decision by this time to
join our Union. We assure you that we will continue to render our service without bias, fear or favour and
uphold Justice and fairplay. Be rest assured that happy days awaits you.

We take your response to our appeal as granted having regard to the bond we already have as members
of NCBE.

Yours Comradely,

(S.SRINIVASAN)

GENERAL SECRETARY

Please Note:-

We enclose membership admission forms and authorisation forms for deductions under the check-off
system.

Please mail the forms to our office on or before ------------------------ for our onward submission to the
respective Regional Offices for deduction of subscriptions for the ensuing month under the check-off
system.

Our Admission & Subscription Rates: -

a) For Clerical Staff : Rs.80/-

b) For Sub-Staff & Full Time Sweepers : Rs.60/-
c) For Part-Time-Sweepers / Jewel Appraisers /
Thrift Deposit Collectors / Temp.Employees
and Others : Rs.50/-
d) Admission Fee for All : Rs. 5/-
Profile Forms of Membership.
 AIOBEU – ZINDABAD

NCBE – ZINDABAD

WORKING CLASS UNITY – ZINDABAD

Grams : "IOBUNION" Phones : 28523561,

28523392
Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to N C B E)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
***********************************************************************
**
The General Manager (PAD) Date : 28-08-
2010
Indian Overseas Bank BANK / 33 / 2010
Central Office
Chennai – 600 002

Sir,
RECKONING OF 40% TAKE HOME PAY NORMS AND AVAILMENT OF
SHL TO EMPLOYEES OF SHREE SUVARNA SAHAKARI BANK LTD.,

We had vide our settlement dated 14-03-2009 absorbed the services of erstwhile Shree Suvarna
Sahakari Bank Ltd., as fresh recruits on the following terms of fitment of their salary:

1. They will be placed in the starting basic pay as applicable to clerical / substaff as the case
may be.

2. The DA, HRA, CCA and other allowances are to be reckoned on the initial stages of pay as
applicable to the place of posting.

3. As per the Clause 8 of the settlement, if the aggregate of last drawn pay, fixed DA and
variable DA of clerical / substaff of erstwhile Shree Suvarna Sahakari Bank Ltd., is more than
the initial basic pay and DA as per 8 th Bipartite Settlement, in respective cadre. 50% of
difference shall be frozen for the purpose of protecting emoluments and the amount will not
attract only DA or any allowance / pay. It will also be not reckoned for calculation of terminal
benefits including for the purpose of pension. This frozen amount shall not be included for any
eligibility for loan and festival advance. The balance 50% of the difference shall not be
protected.

4. The loans availed while in service of Shree Suvarna Sahakari Bank Ltd., may be allowed to
continue with the Bank by taking over the loan liability and on completion of liquidation of
loans they will be eligible to avail the loans applicable to employees of the Bank.

-2-

Sir, in view of the enhancements in SHL, DPN, CC limits we request the Bank to include 50%
of the protection pay for the purposes of loans other than festival advance. In other words we
request the Bank to reckon 40% of Gross salary which includes 50% of the last drawn
protection pay for the purpose determining 40% norms for availment of loans.

Further in view of the fact as per revised norms vide Transient Series 7(f), Circular 19 of 2010-
2011 dated 28/07/2010, with the eligibility norms of Clerical, Sub-Staff revised to “on
confirmation we request for conversion of present outstanding of only the Housing Loan
availed by them while on the service of Sree Suvarna Sahakari Bank Ltd into SHL within the
overall ceiling of enhanced limit as is being to employees of the Bank who had availed
supplementary term loan since 2008. If otherwise found eligible we request the Bank to extend
loan facilities mentioned in the Circular 7(f) (19) 2010-2011 dated 28/07/2010 to the employees
of erstwhile Sree Suvarna Sahakari Bank Ltd.

Awaiting your favourable response.

Thanking you,

Yours faithfully,

(S.SRINIVASAN)
GENERAL SECRETARY

Cc to : Sri.L.Venkatachalam
Assistant General Manager (PAD)
Indian Overseas Bank
Central Office, Chennai – 2

E-Mail: unionbalu@yahoo.co.in, gsaiobeu@gmail.com. Phones : 044-28523561,

28523392
Web Site: www.aiobeu.com. Fax : 044-28522969

ALL INDIA OVERSEAS BANK EMPLOYEES' UNION

(Affiliated to National Union of Bank Employees – NUBE)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.

Smt. Indira Padmini Date : 20-12-

2013
General Manager (PAD)
Indian Overseas Bank BANK / 70 / 2013
Central Office, Chennai – 600 002
Madam,
RECKONING OF 40% TAKE HOME PAY NORMS AND AVAILMENT OF
SHL TO EMPLOYEES OF SHREE SUVARNA SAHAKARI BANK LTD.,

We had vide our settlement dated 14-03-2009 absorbed the services of erstwhile Shree Suvarna
Sahakari Bank Ltd., as fresh recruits on the following terms of fitment of their salary:
1. They will be placed in the starting basic pay as applicable to clerical / substaff as the case may be.
2. The DA, HRA, CCA and other allowances are to be reckoned on the initial stages of pay as
applicable to the place of posting.
3. As per the Clause 8 of the settlement, if the aggregate of last drawn pay, fixed DA and variable DA
of clerical / substaff of erstwhile Shree Suvarna Sahakari Bank Ltd., is more than the initial basic pay
and DA as per 8th Bipartite Settlement, in respective cadre. 50% of difference shall be frozen for the
purpose of protecting emoluments and the amount will not attract only DA or any allowance / pay. It
will also be not reckoned for calculation of terminal benefits including for the purpose of pension. This
frozen amount shall not be included for any eligibility for loan and festival advance. The balance 50%
of the difference shall not be protected.
4. The loans availed while in service of Shree Suvarna Sahakari Bank Ltd., may be allowed to continue
with the Bank by taking over the loan liability and on completion of liquidation of loans they will be
eligible to avail the loans applicable to employees of the Bank.
Madam, in view of the enhancements in SHL, DPN, CC limits we request the Bank to include 50% of
the protection pay for the purposes of loans other than festival advance. In other words we request the
Bank to reckon 40% of Gross salary which includes 50% of the last drawn protection pay for the
purpose of determining 40% norms for availment of loans.
Further in view of the revised norms, enhancement in quantum in SHL, we request for
conversion of present outstanding of only the Housing Loan availed by them while on the service
of Sree Suvarna Sahakari Bank Ltd into SHL, as per our Bank’s norms, phasement of
instalments, interest rate etc. including ASHL within the overall ceiling of enhanced limit as is
being granted to employees of the Bank of instalments, interest rate etc. including ASHL on the
employee exercising irrevocable letter of option for conversion.
Awaiting your favourable response.

Thanking you, Yours faithfully,

Cc to : Sri.R.Nakkiran, Assistant General Manager (S.SRINIVASAN)

Indian Overseas Bank, Central Office, Chennai – 2 GENERAL SECRETARY
Grams : "IOBUNION" Phones : 28523561,
28523392
Fax : 044-28522969
ALL INDIA OVERSEAS BANK EMPLOYEES' UNION
(Affiliated to National Union of Bank Employees – NUBE)
Regd. No. 1026 dated: 06/02/1949
(Recognised by the Management of Indian Overseas Bank)
Administrative Office : Post Bag No. 5231.
763, Anna Salai, Chennai - 600 002.
********************************************************************************************************
**
Smt.Indira Padmini Date : 14-8-2013
General Manager (PAD)
Indian Overseas Bank BANK / 46 / 2013
Central Office
Chennai – 600 002
Madam,
REQUEST : SPECIAL OUT OF TURN PROMOTION TO SMT.SHRUTIKA JADHAV, CLERK,
ROLL NO. 44125, PUNE CITY BRANCH IN DUE RECOGNITION OF
SUBSTANTIAL BUSINESS MOBILIZED BY HER SINCE 2011.
The strength of an administration depends on the extent to which it has neutralized idiosyncrasies of a staff by
tradition and policy and subordinated the staff to a system. At no stage, however the growth of an organization can
we totally eliminate the human element. That is the reason why our top management for time immemorial have laid
emphasis on mutual consultations with the recognized union and officers association on many matters which
encouraged to take joint decisions in augmenting staff motivation. One such joint Endeavour is CASA mobilization
drives often undertaken jointly which we time and gain executed successfully with purpose appealing staff to
rededicate and bring out their best latent potential to the fore. The credit of coining the acronym CASA which
every analyst now swears by can possibly be attributed to IOB .Every internal presentation of the bank made since
1991 talks about it.
The Bank, the recognized Union and Officer Association have made special effort exhorting staff time and gain to
increase CASA and special efforts were made in this connection to motivate employees.
On Many occasions employee’s incentive scheme wherein in prizes given to employees who had secured highest
CASA were announced by the Bank. Such contests apart form brining new low cost deposits has served as good
publicity and gave opportunity to him/her to meet people and improve their service. Another novel scheme for
motivating staff the bank charted out in consultation with the union is to grant out of turn accelerated promotions to
members of award staff who excel in deposit mobilization by entering into specific specials settlement with the
union from time to time.
Her unwavering commitment, singleness of purpose, infinite capacity for hard work tempered by adaptability and
human approach, setting challenge and fulfilling them, sense of duty and significant contribution has made it
possible for her to promote substantial new business by her deliverance which the attached profile of her reveals.
Excellence is to do a common thing in an uncommon way. Ordinary people do extraordinary things when they are
motivated by emotions, thoughts, and spirit. Extraordinary things are the same as the ordinary, just done with a
little sprinkle of something extra special on it – love, time, emotion, passion, inspiration, grace, mercy, giggles,
colour, rest - fully embracing + dwelling in the moment you’re living in. Do something different to experience
something new. Do the ordinary but in an extraordinary way. Smt. Shrutika Jadhav has lived upto this sound
maxim of doing ordinary things in extraordinarily, putting extra hours beyond normal working hours beyond the
mere call of duty in building these new customer connection, and consequent business promotions as disclosed in
the annexed profile of hers. Disregarding the ultimate reaching of target or not, she has endeavored, planned and
worked for sense of fulfillment. In process she has created impact that and pleasure in everybody to show that
she distinctively different., what she has achieved as per the business profile of her annexed will reveal that
achieved something noteworthy brining her full potential for efficient and courteous service. In other words as
disciplined soldier the traditional unity we have in our trade union convictions was displayed also in her work.
In due recognition of her loyalty to the bank, the years of excellent service she has have given, and her
enthusiasm and kind manner which has bolstered the business of the bank we recommend that she be promoted
As Marketing Officer Junior Management Cadre I. We can enter to special settlement to effect to the same as in
the past.
We record here that in past with a view to motivate employees bank has granted special out of promotions to the
following staff as it unfolds from the best of our memory which is only illustrative vide settlements mentioned
against their name entered into between All India Overseas Bank Employees Union And The Management Of
Indian Overseas Bank for their meritorious performance in the interest of the bank by canvassing substantial
number small deposits from various clients deposits cumulating to Rs1 crore as a motivating factor signed under
relevant provision of sec 18(1) of the ID act.
Date of
S.No Name Roll. No Branch Designation Promotion to
settlement
Clerical cadre
1 R. Shankar 25611 Central Office Messenger 18-11-1992
w.e.f 22-10-92
Officer JM1 cadre
2 K.Peermohamed 15040 Portonovo Shroff/G.K from the date of 05-09-1994
settlement
Clerk from the
3 M.Nookaraju 26329 Ptihapuram Messenger 05-09-1994
date of settlement
Officer JM1 cadre
4 A.V.Iyer 13171 Nariman Point Shroff/G.K. from the date of 17-04-1996
settlement
Record keeper
Gulam Mohammed Dist.Court Extn
5 6274 Messenger from the date of 17-04-1996
Ghouse Manjakuppum
settlement
Record keeper
6 S.Arumugam 5580 Karamadai Messenger from the date of 17-04-1996
settlement
Whereas Smt.Shrutika Jadhav has canvassed sizeable deposits cumulating to around Rs.35,000
lacs (including regular renewals) and mixed basket of Term Deposits, Recurring Deposits and Savings
and Current Deposits from substantial number of clients in addition to marketing of insurance products
and selling of gold coins as could be verified in the annexure to this letter.
The statement of substantial business mobilized by her and testimonials received by her by the Bank is
enclosed herewith.
We can enter into similar settlement on the captioned subject as above.
Awaiting your objective and just response.
Thanking you, Yours faithfully

Enc: as above
(S.SRINIVASAN)
GENERAL SECRETARY
Cc to : Sri. M.Narendra, Chairman and Managing Director
With a request to suitably instruct HRD to do consider our request which will augment,
motivate others to emulate Smt.Shrutika.
Sri. A.D.M Chavali, Executive Director
With a request to suitably instruct HRD to do consider our request Smt.Shrutika.

BUSINESS MOBILIZED BY SMT. SHRUTIKA JADHAV, CLERK, ROLL NO. 44125

PUNE CITY BRANCH DURING THE PERIOD 1.4.2011 TO 31.3.2012

During the Name of the Party Nature of Amount Period of Card Rate/
Month of Account Mobilized Deposit Special
Rs.in lacs Rate

April Thermax Limited Deposit 3000.00 91 Days Special

Thermax Limited Deposit 700.00 12 Months Special

Thermax Limited Deposit 650.00 12 Months Special
Sep.
Thermax Limited Deposit 1150.00 12 Months Special

100 DAYS MISSION ( 1.11.2011 TO 1.2.2012)

 Nov. Thermax Limited Deposit 2500.00 12 Months Special

Various other parties Deposit 11.14 -- Card Rate

RD A/c open on 11.11.11 Rd A/c 25
Various SB A/c open 15

Dec. Thermax EPSO Trust RD Deposit 500.00 12 Months Special

A/C open Various the RD A/c 12
parties SB A/c open Deposit 10.65 Card Rate
SC A/c 06
Thermax Ltd.
Thermax Ltd. Deposit 3500.00 15 Days Special
Jan.
Various other SB A/c Deposit 2000.00 307 Days Special
Op CDCC A/c. Op. In Deposit 29.18
which one A/c Opened SB A/c. 55
with 100 Lacs by CDCC A/c.05
Yashraj Const. Various
RD A/c 08
RD 08
LIC premium upto date
Feb 0.10

SUMMARY OF 1.4.2011 TO 31.3.2012

Month Deposit No. of SB No. of No. Of RD LIC

Amt. in A/c. Op. CDCC A/c. A/cs Op. Premium in
Lacs Rs Op. lacs Rs.

April Sept. 3000.00 --- --- --- --- ---

Sept. 700.00 --- --- --- --- --

--
Sept. 650.00 --- --- --- ---

1150.00 --- --- --- ---

 100 DAYS MISSION ( 1.11.2011 TO 1.2.2012)

Nov. 2500.00 15 --- 25 --- ---

11.14

Dec. Jan. 500.00 06 --- 12 --- ---

10.65

3500.00
Feb. 2000.00 55 05 08 --- ---
29.18

--- --- --- --- --- 0.10

14050.97 76 05 45 --- 0.10

In above mentioned savings two Trust A/c. opened namely, “Anand Ashram” & “International
Longevity center.” Both are well known in Pune.

* New Attraction Deposit Mobilized amount Rs. 14000.97 Lacs.

* Special Attraction Two Trust A/c.

* During this year when the “FCNRB” deposit was withdrawn at the same time “Thermax Ltd.”
Contributed for the same amount. Keeping the branch position balanced.
 BUSINESS MOBILIZED SMT. SHRUTIKA JADHAV, CLERK, ROLL NO. 44125
PUNE CITY DURING THE PERIOD 1.4.2012 TO 31.3.2013

Month Activities Result / Out come

Contacted following institutes for Cash

and Deposits
April 1) Pune Vedpath Shala Mobilized Deposit of Rs. 75 Lacs
2) Kanya Shikshan Mandal
3) Maharashtra Sahity Parishad.
4) Sevasadan Mandal still in contact with above
Institutes for further Business Opportunities.

Visit Shri Dagdushth Halwai Datta Mandir Trust

for canvassing their current Account to agreement Deposit of Rs. 25 Lacs.
May CASA of our bank. Secretary has agreed to
open Deposit with Bank to Start with.

June Contacted various customers for Deposit mobilization. Deposit of Rs. 18 Lacs.

July International Longevity centre. (India). Deposit of Rs. 21 Lacs.

Contracted Prabhat Talkies near our branch to Deposit of Rs. 11 Lacs.

Aug.
Canvass their business account with us.

Visit Thermax Ltd. canvassing Deposit at Card Rate. Deposit Rs. 2471.22 Lacs.
Sep.
SB A/c. Opened 15 & RD A/c. 08

Contracted Thermax Social Initiative Deposit Rs. 60 Lacs.

Oct.
Foundation & Pune Municipal Corporation to canvass
Deposit at card Rate (PMC) Pune. Deposit Rs. 200 Lacs.

Follow up with institutes / corporates to tap new

Nov.
business and also to introduce new contracts.

Follow up for Gold appraiser and assist to complete Rs. 100 Lacs . No. of
Dec.
All formalities of Gold Loan to Sneha cont.

Conducted campaign for Gas Subsidy Accounts. A/cs op. 80

Jan.
Gold Loan to Manisha Anapat. SB A/c. Op. Talk No. of A/cs op. 05
with “POS” machine

On Foundation Day 10.2.2013 Opened CDCC

05 A/c. SB-Gas Subsidy A/c. 80
Feb.
After Vigorous follow up with P.N.Gadgil Jeweller LIC Single Premium Rs. 111.73
(Very well known in Pune) canvassed their current A/c. Rs. 100 Lacs
as well as LIC business under “Touching Hearts and
spreading smiles” campaign conducted by central
Office. ADV. on LIC. Policy

LIC campaign
CDCC of P.N. Gadgil Jeweller CASA contribution LIC Single premium Rs. 100 Lac.
March
Rs. 213 Lacs.
 SUMMARY OF B U S I N E S S SMT. SHRUTIKA JADHAV, CLERK, ROLL NO. 44125,
PUNE CITY MOBILIZED DURING THE PERIOD FROM 1.4.2012 TO 31.3.2013

Name of Deposit No. of No. of No. of Premium CASA Adv POS Gold
the Amt. in SB A/c. CDCC A/c. RD A/c in Lacs Contribution On LIC Machine Loan in
Month lacs Op. Op. OP. in Lacs. Lacs

April 0.75 --- --- --- --- --- --- --- ---

May 0.25 15 --- --- --- --- --- --- ---

June 0.18 05 --- --- --- --- --- --- ---

July 0.21 11 --- --- --- --- --- --- ---

Aug. 0.11 02 --- --- --- --- --- --- ---

Sep. 2471.22 15 --- 05 --- --- --- --- ---

Oct. 160.00 04 01 03 --- --- --- --- ---

200.00

Nov. --- --- --- --- --- --- --- --- 100.00

Dec. --- --- --- --- --- --- --- --- 00.25

Jan. 0.14 80 --- --- --- --- --- --- ---

Gas Subsidy

Feb. 0.18 80 05 --- 112.00 --- --- 01 ---

Gas Subsidy
05 Normals
SB.

March --- --- --- --- 100.00 213.00 100.00 --- ---

* 1st POS machine put in Hotel Agatya. 1st POS Machine in Pune as per reports foretell

* LIC Premium 212.00 Lac & branch contribution i.e. total premium 300 Lacs rank 2nd all
over India.

* Started Gold Loan from this year 1st Gold loan disbursed by Pune City.
 PERFORMANCE REPORT SMT. SHRUTIKA JADHAV, CLERK, ROLL NO. 44125
PUNE CITY FOR THE YEAR 1.4.2013 TO 31.7.2013

Name of Particulars Result / Out come

the Month

April Puneved path shal

Baban Lonare 50 SB Gas Subsidy A/c. Op.
20 Lacs
Gold Loan to shetly
May CDCC A/c. op with 2nd POS Machine of Century 0.20
Sports.
CDCC collection A/c. of P. N. Gadgil Jeweller
Opened in Thane & Also Aurangabad.
Adv. on LIC Policy to Mr. Parag Gadgil Rs.100 lacs
confusion of rate & 90% & 63 % of surrender
value recovered that Rs. 100 lacs loan. Opened
Gas Subsidy A/c. 25 from Khilarewadi.
Rs. 100 Lac recovered on 20.5.2013
Sell of Gold Coin on 16.5.2013 on “Grupushamrut”.
June SB A/c. Opened 10 of Students of Pune Vedpath 50 Grm. Coin.
Shala.
Total SB A/c. 14
V. V. Kulkarni Deposit
100 days mission starts from 15.7.2013
Rs. 10.00
July SB A/c. opened 39 student A/cs 30 & 09 Normal
SB A/c. in which one A/c. opened i.e. “FCRA” A/c.
Suryakant Punde Deposit
Universal Sompo (IOB Heath Plus) Mediclaim
Policies total 18 Policies. Total Branch Polices 35 & Rs. 5.00
4th Position in Pune Region.

SUMMARY FOR 1 . 4 . 2 0 1 2 U P T O 3 1 . 3 . 2 0 1 3
Name of Deposit No. of SB No. of POS Sale of Heath Adv.
the Month Amt. Rs. S/c. CDCC Machine Gold Coin Care against
in lacs Opened Opened Gold.

April 0.20 --- --- --- --- --- 0.20

May --- --- 03 01 50 gm --- ---

June 0.10 10 + 04 --- --- --- --- ---

July 0.07 30 + 09 -- --- --- 18 ---

New attractions -
* Sell of Gold Coin.
** Opened “FCRA” A/c. of International Longevity Center (I)
*** Campaign Universal Sompo Mediclaim Polices.
**** 2nd POS Machine Campaing.
***** After vigorous follow up with P.N.Gadgil they have contributed Advance of 28 crore.
****** Thermax Ltd. is ready to keep 50 crore deposit with us which is short period. i.e. 2nd week of
Aug.

My Epilogue
Dear friends
 
The best part of reaching a goal in not attaining the end, but lies in the
grappling and searching: those hardships you spend. But the most
derogatory thing about time is its infinite capacity to generate the moment.
The most profound thing about time is also its capacity to reconstruct the
past. Everything in the life of a bank employee in general, more so of Bank
employees’ trade union leader in particular is a kaleidoscope of time,
inspiration, memories, pains, exhilarations, exaltations and ecstasies,
achievements and failures all bracketed as nostalgia.
 
Encapsulating the 35 years of a life well spent, serving the union and the
cause of people, through which I have earned, abounding knowledge, the
wealth of comrades and friends, laurels of strife in the smiles of their
wellbeing, the prize of fulfillment, the power of contributing to the great
peoples’ movement, and a treasure of stories to tell and memories to
cherish, I have penned My Epilogue in booklet form interspersing nostalgic
photographs of my scintillating voyage in the union.
 
In fond reflection of my association with the working class movement in
general and bank employees movement in particular , I sending you this
epilogue of mine ,  a bouquet of ever-fresh memories of things
remembering beautiful people who came in my union life for a reason, a
season, or a lifetime  as souvenir of pleasant memories.  Kindly spare
some time go through the same, forward to other friends and convey your
feedback.
 
‘For beautiful eyes,
Look for the good in others;
For beautiful lips,
Speak only words of kindness;
And for poise,
Walk with the knowledge
That you are never alone.” 

With love 
S.Srinivasan
Retired Bank Unionist
23-09-2014
Email: ambujchinu@gmail.com
I have uploaded this booklet
in http://www.scribd.com/doc/240270476/BOOK-PDF
 Chinu Ko Gussa Kyoon Aata Hai?

What makes me sad today?

When I and late Com. BALU took over the reigns of our beloved Union from
April 1991 it was not just the red banner and flags but also the Union itself
was in same colour – financially.

When many smaller organisations and Unions with lesser membership own
pucca buildings of their own we did not have a single room of our own to run
our beloved union. All that we had with us was our undiluted faith of the
membership and the spontaneous support they gave us.

With stringent cuts on expenditure strictly adhering to the prudential norms of

Credibility, Accountability, and Transparency (CAT), we tight-belted ourselves
to the aura of security and strength. The result of constant frugality was not
just a history but also an example of good economics.

After successfully conducting three Conferences and one NCBE conference at

Chennai we could still save enough resources to buy one flat in an apartment
at West CIT Nagar and now a wonderful piece of land of about 6 grounds area
(approx. 33 cents) at Dr.Radhakrishnan Salai, a prime locality at the heart of
Chennai city, registered in the name of AIOBEU, as resolved in our resolution
55 (a) and 56 in our last General Council Meeting held at Chennai on 16 th and
17th September 2000.and when i reliquised the post on 8-8-2014 our union
had guest houses at kodaikanal , Ernakulam and Mysore .
Thus I and com Balu bequeathed liquid balance of around Rs15 crores and
illiquid immovable property of around Rs. 100 crore which included a our
cooperative credit society building at price locality numgambakkam which is
being used as a guest house today. , and huge plot of land vacant at
Royapettah ,Chennai expecting construction of much needed holiday home to
accommodate around 100 members at a time and meeting hall of the union
( blue print of archictects already designed during our tenure as standing
monuments of their leaving imprints to the union as assetst to the union
I am a sad to note not a single value addition to these assets have been made
by the successors.

As value additions in service conditions I handed over to successors in

silver platters the following :
1. Timely unique promotion policies and regular career path promotions
to all cadres of workmen ( sweepers to clerks )
2. Record number of special assistants, record keepers and head
messengers unique only IOB because of innovative settlements.
3. Continuous value additions in service conditions which we as owners
pride and neighbours envy.
4. Record number of welfare measures the significant among them
being
5. Scholarship schemes ,
6. Exgrtaia Scheme for hospitalisation in addition to hospitalisation
Schemes of bipartite
7. Leave Removal uterus to women employees when industry wise
settlement did not provide for the same
8. Reimbursement of health check-up schemes
9. Abolition for adhoc wages for sweepers when industry wise settlement
did not provide for the same
 10.Reimbursement of MRI and CT scans to rule out caner even if the
results of diagnosis were positive.
11.Adjustment of 50% SHL balance or Rs. 1, 50,000 which ever less on the
death of an employee.
12.Establishment holiday homes by the bank in Kodaikanal, Simla, Goa and
Mussori with rent being paid form P&L Account.
13.Reimbursement of Rs. 1000 while availing LFC
14.Compassionate gratuity RS 10000 in addition to normal eligible Gratuity
on death of employee to the dependents.
15.substantial increase in SSBS to dependents on death of an employee in
reimbursement newspaper allowance and conveyance allowances
linked to reimbursement of petrol which even till date industry wise
settlements does not provide for from the P &L account
16.unique PPA in internal computerisation settlement and deconsolidation
of special allowance in industry wide bipartite settlement and second
option of pension due to efforts of com. LB as the president of NCBE – a
fact acknowledged openly by leaders of then UFBU
17.Better fitment by including one additional increment in lieu of PPA .in
clerical to officer promotion and sub staff /sweeper to clerical
promotion
18.Reimbursement of cost of spectacles .
19.Fair treatment to merged bank employees.
20.Timely transfers and record number of transfers.
21.regular informative circulars which even today some of us keep it as
reference purely for language and logic , informative booklets on many
issues including circulars on banks interest, , wage revisions charts and
other publications on wage revisions harness such as why oppose CTC
and introductions of 5 day weeks, . ,voluminous compendium know
your rights regularly and voluminous thought provoking general
secretary reports
22.. And above all
23.Presentation of a gold plated wrist watch on in completion of 25years
of services and Gold Coin of on super annuation.
All these novel schemes on an average increased our pay packet by nearly Rs.
1500 per month and annually around Rs. 18000 when compared with other
bank employees.
Oh! Alas! But gone are those golden days.
The present leadership of the union have meekly submitted to the might of
the management and today most of the above schemes have vanished. No
murmur of protest has been made by the present incompetent leaders.
 It is pertinent to point out the late Com L.Balausubramanian and me wrought
these welfare schemes by creating welfare fund in 1993 when our bank
coasted loss of around Rs.600 crores and convinced the bank to make
provisions for welfare fund from the loss which will augment motivation. The
net result in 1997 IOB was heralded as number one public sector bank. .
But today our leaders have mortgaged our welfare and our dignity to
management and surrendered many the above mentioned golden schemes to
the might of the managements without protest

Even the last settlement signed on allocation of special assistants in 2014

under provisions of sec 18 ID act , is not implemented by the bank . No one
has questioned the bank on this too .

Obnoxiously the writ and might management run today without protest from
the union .

This position is unaccepted me.

Remember! Power concedes nothing without a demand. It never did and it

never will. Find out just what any people will quietly submit to and you have
found out the exact measure of injustice and wrong which will be imposed
upon them, and these will continue till they are resisted with either words or
blows, or with both. The limits of tyrants are prescribed by the endurance of
those whom they oppress.”
 MY PRESENT
PREDICAMENT
AND ORDEAL
Dear friends

HE WHO IS SINLESS CASTS THE FIRST STONE John.8 bible

In 35 years of a life well spent, serving the union and the cause of people, I
have earned, abounding knowledge, the wealth of comrades and friends,
laurels of strife in the smiles of their wellbeing, the prize of fulfilment, the
power of contributing to the great peoples’ movement, and a treasure of
stories to tell and memories to cherish. A.I.O.B.E.U played the anchor in my
life, giving me my purpose, direction and medium for pursuit of change. But
this strength of spearheading A.I.O.B.E.U through the trailblazing journey of
banking social reforms, has taught me to recognize and embrace change,
when it comes by.
But during ,2010-2014 h the events of incendiary actions of the managing
force and unfortunate misdemeanours of some of our own office bearers
charged with gratification , had rendered me worrisome, and I relinquished
my covetous post under distress . During 2010 i was instrumental in collating
data of temporary messengers and sweepers who were eking out a
subhuman existence due unfair labour practices of subjecting them to
voucher payment without obtaining their signature abysmally low wages of
Rs.30/per day and submitted list of these unfortunates to the management.
the management after referring to their legal counsel decided to regularize
around 950 of them as per my list after obtaining to make it more
transparent I urged the management to enter into a settlement before the
central albert commissioner at Chennai on generic terms so that everyone
who has competed 240 days of service gets a gainful appointment with the
bank. Due to misdemeanour of some office bearers I was charged by the
investigation agencies and my FIR reads that I entered into a conspiracy with
the management to facilitate unknown public servants in obtaining
gratification. What I did was fundamental trade union action but still I was
hounded by the agencies including remand for 21 days in puzhal prison. my
hard earned fixed deposits of which 95% constituted my terminal benefits
were confiscated ,after i logically convinced them the source fund each
deposit entry in my account they returned ot me with which I could I could
perform marriage of my daughter. Though the CBI did not take any objection
to return my deposits the court judge gave a ruling that I should keep my
house documents and Mumbai availed under banks housing loan as security
which I complied with no choice left out.
And in spite of all of that, today I struggle every day with my self-esteem, my
self-worth, and my value not only as a social activist and writer, but as a
human being. That’s because I live with Depression and Anxiety. Even today I
am running in the corridors to courts at Chennai with regular Mumbai
Chennai travel for justice . I would have spent nearly 11 lacs ot my lawyer
and 12 lacs on travel and lodging from 2014 till date . But the trail has not
even started.no help from present leadership including buying my books on
demostic enquiry for their own benefit from my publishers or through amzon
flip etc.

 Just Google chinu’s notes it will take you the book links. That much popular
is this books to get tag in the first page itself or just type out title of any court
cases in domestic enquiry it will take you my book . It much exhaustive it is. I
could never find such a comprehensive book when I was dealing with cases.
So I took as challenge to write this book for others benefit like my Know your
rights compendium relied by all regional offices and central office in my
tenure. Since I was admitted a hospital for serious ailment at Bangalore l I
had deputed my daughter to Sion and chembur Mumbai branches to witness
seizure of locker by CBI. The investigating officer comments are as under.
‘We had shown the photo in union calendar to those affected temporary
messengers and sweepers. None know your dad .none had any complaints
against him .sad he has not even kept enough ornaments for your marriage.
But we have to obey our higher commands. He is innocent. Only an
intellectual in the union. during the raid we found only books in three
cupboards even top executives says he is simple and honest to the core The
same was echoed by them during my investigation at their office neither
their honest statements in my favour nor the fact big names such as cmd ,
ed , 456 officers etc. are figuring in the in charge sheets is no consolation ot
me and my family .we had undergone hell for me answering to call of my
true conscience the best it can be called my prarbda karma my emotions
runneth over .

I have been time and again telling my fb friends that a few friends derive
vicarious cynical pleasures in attacking my personal life , my integrity , my
probity in public life with ad hominem comments ot my posts against he
ruling dispensation . Instead debating on the contents of the post they excel in
prevarication, innuendos about my personal life. . The usual comments, “to my
ranting’s against the present govt are, your dislike for the man is blinding you,
and you do not want to accept the good he has done. You sickular, urban-
naxal, antinational commies”. Now, this comment has become so hackneyed,
that it has begun to show out glaringly who is ignorant if not blinded and
biased.  I normally ignore such criticism. But I can never appreciate when
someone tarnishes my image more with an oblique mind resorting to dirty
mudslinging about my integrity in public with calculated attempt to denigrate
my image and provoke me .Dirt has such a quality however best one tries to
wash it away, the stain remains.. So time has come for me to apprise you all
the facts from falsehoods unleashed by these vermin’s. Of course, we are
Always 'Busy', with Preoccupations of our own. Of course, we are Always
'Busy', with Preoccupations of our own Priorities!  But should us not listen...
One swallow does not make summer! So my posts will continue

So I have decided to tell the fact about this unfortunate incident and its
upheavals in my life and my family . Since it is a bit long I am giving the
Google link of my rejoinder the false accusations . My life is sums up in the
sad song Ye Kya Hua Kaise Hua - Amar Prem
Read IOB JOB SCAM MY SUBMISSIONS

https://drive.google.com/file/d/1ko8fV1s_Q7F1GjUpNIozULzJyvsOuCCR/view?
usp=sharing

Love

chinu