Bombay:
State-owned Punjab National Bank (PNB) has decided to give its top management an annual stipend of Rs 2 lakh to buy mobile phones.
Under the revised standards for employee welfare benefits, the bank’s top management — Managing Director (MD) and executive directors — would be entitled to Rs 2 lakh for purchasing mobile phones, sources said.
The cost of mobile does not include Goods and Services Tax (GST). Currently, the GST rate on mobile phones is 18 percent.
The revised standards will apply from April 1, 2022 according to the decision of the bank’s board, sources said.
An email to PNB for comment yielded no response.
The second largest lender has four executive directors to assist MD and CEO.
However, sources said that the right to mobile phones has been retained up to the Chief General Manager (CGM) at the previous level. Under the revised guidelines approved by the council, the entitlement to a CGM is maintained at Rs 50,000 while for a GM, at Rs 40,000.
By 2020, the Delhi-based lender had purchased three luxury cars from Audi for top management. These luxury cars belonged to MD and two senior executive directors.
The revised guidelines have also increased the car tax for CGM from the existing Rs 12 lakh ex-showroom price excluding GST to Rs 15.50 lakh ex-showroom price, including all taxes.
A notch below this, GM level, is eligible to use a car worth Rs 11.50 lakh from the existing limit of Rs 9 lakh.
For the purchase of green energy-based technology such as electricity, CNG or eco-friendly fuel, etc., the officer is allowed to purchase it with a price variation of up to 15 percent.
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