Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
PSBs have been requested to reach out to MSMEs to provide bill discounting to them against their dues since they suffer the most from shortage of cash.
ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
According to draft Code on Social Security, 2019, gig and platform workers will be entitled to life and disability cover, health and maternity benefits, among others.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
PSB chiefs tried to argue that liquidity is in surplus in the system and the problem was related to lack of demand in the economy, instead of banks' reluctance to lend, but 'the FM said it is a perception issue that loan is not available, which we need to dispel,', reports Somesh Jha.
The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.
ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.
NITI Aayog had been asking for Rs 7,500 crore for three years to set up an AI framework.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
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