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REGULATORY POLICY EXTRA ORDINARY

In exercise of the powers conferred by section 19, read with sub section 2 of section 12 of the Banking Companies Acquisition and Transfer of Undertakings Act

Date: 4th December 2024
Category: Extra Ordinary
Issued by Indian Bank
New Delhi

Read or download the official PDF of this gazette notification issued by the Indian Bank on 4th December 2024. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-टी.एन.-अ.-04122024-259159 xxxGIDHxxx CG-TN-E-04122024-259159 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 969] नई दिल्ली, बुधवार, दिसम्ब र 4, 2024/अग्रहायण 13, 1946 No. 969] NEW DELHI, WEDNESDAY, DECEMBER 4, 2024/AGRAHAYANA 13, 1946 इंजडयन बकैं अजधसचू ना चेन्नै, 4...

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  • ✓ This gazette notification details amendments to the Indian Bank (Officers’) Service Regulations, 1979. These amendments cover various aspects of officer compensation, benefits, and leave policies. The changes are effective from various dates, primarily November 1, 2017, with some changes effective from March 1, 2023, and November 1, 2020. The notification is issued by the Board of Directors of Indian Bank, after consultation with the Reserve Bank of India and with the previous sanction of the Central Government.
  • ✓ Definition of 'family' is revised for medical and leave fare concessions, including criteria for dependent family members with a monthly income ceiling of ₹12,000. A married female officer can include either her parents or parents-in-law as dependents, but not both.
  • ✓ Revised pay scales are introduced for all grades of officers, effective November 1, 2017, and March 1, 2023 for Top Executive Grade Scale-VIII. These scales include stage-to-stage fitment for existing officers.
  • ✓ Special allowances are revised for officers, with different percentages based on pay scales, effective November 1, 2012 and November 1, 2017. These allowances are not considered for superannuation benefits.
  • ✓ Stagnation increments are revised for officers in various scales, with a shift from three-year to two-year periodicity for some scales, effective November 1, 2017. Monetary benefits from this revision are payable from November 1, 2020, or the actual date of entitlement, whichever is later.

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