Housing Term Loan
In view of the increase in cost of construction of house and flats, we need to have a comprehensive review of House Building Advance to officers by suitably enhancing the limit to Rs.1 core at Simple rate of interest without any slab,which can be repaidup to the age of 75.
In this regard, the rate of interest has been hovering around Nil to 8 percent in different banks. The first concessional rates of interest on housing term loans for staff was introduced way back in 1967 with Nil interest. In 1979, the amount was increased to Rs.1,10,000/- at the rate of 5% simple interest. The rate was around 8% less than the rate of interest charged to public housing term loans, which was prevailing at 13%. Hence, the spread was 8 percent However, the spread has been given a go by and different banks are charging at different rate of interest. Housing Term Loan is a welfare measure providing shelter to the family members of the employee. Hence, the rate of interest should be maintained at the same spread as was obtaining in 1979, as otherwise, due to the steep increase in the cost of land and construction, the employee would be finding it difficult to service the loan.
The Conveyance Loan has not been revised for long, we need to enhance the Car Loan limit to Rs.15 Lacs and Two Wheeler Loan limit to Rs.1 lac at Simple rate of interest without any slab. The repayment of the above loans should be extended upto 75 years of age. Review of all loans and advances and make same rules in all banks.
ROAD TAX ON VEHICLES
In view of All India transferability of officers, the Road tax on vehicles of different States should be paid by the bank on inter-state transfers.
DATE OF RETIREMENT
Those who were born on the 1 of a month to be retired on the last day of the same month, and not the previous month.
PROTECTION OF EMOLUMENTS:
The emoluments drawn by an Officer should be protected on his transfer from one place to another.
TRANSPORTATION OF PERSONAL BELONGINGS:
The Banks should take the responsibility for shifting the personal effects of the officers on transfer from one place to another. In the absence of such facility, the Officers should be reimbursed the full expenditure on certificate basis.
INCIDENTAL EXPENDITURE ON TRANSFER:
To meet additional expenditure towards education of children, housing etc., officers should be paid two months’ salary to compensate incidental expenses on transfer. In case of transfer outside the State, 3 months’ salary should be paid towards incidental expenses. In case of transfers to far off centers and the places of inclement weather and living conditions, there has to be high compensation as incidental expenditure on transfer.
OTHER ALLOWANCES SUCH AS HILL AND FUEL ETC.
All the allowances other than what have been covered in the earlier chapters should be enhanced appropriately.
As cost of Education has increased a lot Education Allowance to be introduced for school education and higher education similar to that existing in Govt / PSUs / Private Sector.
AREAS DECLARED AS SEZ/NEZ/EPZ:
The branches coming under the above areas should be treated on par with Metro Centres for all allowances and perquisites.
SPECIAL ALLOWANCE TO NORTH EAST, SIKKIM J & K , ANDAMAN AND OTHER DISTURBED AREAS / NAXAL PRONE AREAS:
Special allowance as prevailing in Central Government/RBI for Officers serving in these areas including locals should be extended to Bank Officers.