Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers. The Joint Front of Trade Unions in PSGI companies met on Monday and decided to protest against the decision of the government to privatise PSGI companies. The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Employees of all four PSGI companies are participating in the day-long strike, he said.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Bank employees body AIBEA, which is a major constituent of the United Forum of Bank Employees' Association that has called a nationwide strike, on Tuesday said Finance Minister P Chidambaram rejecting wage demands of bank employees is "unfortunate" and the strike was forced on them.
Banking operations will be hit for the second time this month on May 21 with employees owing allegiance to various unions going on strike to protest Centre's "anti-labour" policies.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
The United Forum of Bank Unions would be holding a one-day all-India strike on January 7 followed by a four-day strike from January 21-24.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
It is to keep labour unions away and make the employees feel important.
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
Bank unions said they will not participate in the 'Bharat Bandh' on Tuesday, even as they expressed solidarity with farmers protesting against the new farm laws. Farmer groups, camping at various Delhi border points for over a week, have called for a nationwide shutdown on Tuesday to protest against three recently enacted agriculture-related legislations.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Employee integration and branch rationalisation are major challenges.
Ten trade unions to go on strike to protest against changes in labour laws
Prime Minister Narendra Modi on Thursday mocked Shiv Sena (UBT) chief Uddhav Thackeray for "handing over the remote control" of the party to the Congress as he took poll battle to Mumbai with less than a week left for voting in Maharashtra.
'The Budget needs to focus more on social welfare schemes.'
The dismissal of the five --most of whom have cases registered against them for terror activities -- was ordered under Article 311 of the Indian Constitution.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
Banks are also weighing the option of hiring experts for help in specialised areas.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Keeping up his tradition of celebrating the festival with soldiers, Prime Minister Narendra Modi visited Sir Creek near the Indo-Pak border in Gujarat's Kutch district and offered sweets to jawans.
The Left unions want concrete action and not just 'assurances'.
The Ministry of Home Affairs on Monday said the Missionaries of Charity's application for renewal of the Foreign Contribution (Regulation) Act (FCRA) registration was refused on December 25 for not meeting eligibility conditions as some adverse inputs were received.
At least nine separatist organisations supporting terror groups have their bases in Canada and despite multiple deportation requests Ottawa has taken no action against those involved in heinous crimes, including the killing of popular Punjabi singer Sidhu Moosewala, officials in New Delhi said on Tuesday.
No limit exists on the number of electoral bonds that a person (including corporate entities) can purchase.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
The Ad hoc committee is tasked with overseeing and supervising WFI's operations, which include athlete selection, submitting entries for athletes to participate in international events, organising sports activities, handling bank accounts, managing the website, and other related responsibilities.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
India and other Saarc countries have decided to work towards creation of a South Asian Economic Union and establishment of a regional food bank.
This appears to be a common refrain in Uttar Pradesh's Lakhimpur Kheri Lok Sabha constituency where farmers want better prices for their produce and respite from the stray cattle menace and others want political leaders to talk about job creation instead of issues like the Ram temple and Article 370.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
First things first: For those wondering if they need to reapply, the answer is no.
'The last year's growth is a foretaste of things to come in the retail credit market.'
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
