HP Coop Bank sanctions 20% Diwali bonus for employees

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Shimla, Oct 11 (UNI) Himachal Pradesh State Co-operative Bank Ltd has decided to sanction 20 percent bonus and ex-gratia equal to two months' salary to its employees who are not covered under Bonus Act for the year 2007-08 Announcing this here today after the Board of Directors meeting, the Chairman of the Bank Khushi Ram Balnatah said that the amount would be released on the eve of Diwali festival.

The bonus would be released within the provision of 10 percent of the net profit of the Bank as per Rule 72 of the HP Coop Societies Rules, 1971.

In the meeting, the bank also approved the terms and conditions agreed between the Bank and the Enforcement Agencies under SARFAESI 2002 (Secruitnisation and Reconstruction of Financial Asset and Enforcement Security Interest Act-2000) for effecting recovery from chronic defaulters of the Bank, he said.

The Board also approved financing of micro hydel projects in Himachal at the scale of finance normally at the rate of Rs 6 crore per Mega Watt having maximum capacity of 5 MW.

The Board decided to create seven new sub-divisional offices in four major districts for speedy monitoring and strengthening control mechanism over the branches of the Bank, he added.

UNI XC PS VN1417

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