Country's biggest lender State Bank of India had proposed merger of five associate banks.
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
The union has been opposing merger of State Bank of India's associate banks with the parent, outsourcing of work and extension of option to provident fund optees to join pension scheme, United Forum of Bank Employees said in Ludhiana.
Banks, including country's largest lender State Bank of India, have informed the customers well in advance about the likely inconvenience due to strike.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
"When it comes to the Canadian matter, we have made clear that the allegations are extremely serious and they need to be taken seriously. We wanted to see the government of India cooperate with Canada in its investigation. Obviously, they have not chosen that path," State Department spokesperson Matthew Miller told reporters at his daily news conference.
So how is it going to affect the common citizen?
As a result of the strike, cheques amounting to Rs 3000 crore (Rs 30 billion) were pending clearance. Inter-bank transaction through RTGS was also brought to a halt, the statement said.
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
There were instances of 'rasta roko' at various places in rural Maharashtra
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
Fintech firm One97 Communications, which owns Paytm brand, on Friday said its loss has widened to Rs 840 crore in the quarter ended June 30, primarily due to continued impact of restrictions on Paytm Payments Bank Ltd. The company had posted a loss of Rs 358.4 crore in the same period a year ago, according to a regulatory filing by the company. The consolidated revenue of Paytm declined 33.48 per cent to Rs 1,639.1 crore during the reported quarter, from Rs 2,464.2 crore in the same period a year ago.
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
A few big IPL franchises had offered Rahul Dravid blank cheques to join them, but his choice was clear.
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.
SBI unions walk out of pact saying interests not served
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
State Bank of India (SBI) is planning to recruit over 15,000 people in 2024-25, increasing the strength of those in the field for marketing. The recruits will be also for deployment in the bank's operations subsidiary and expanding the branch network. The operations subsidiary - State Bank Operations Support Services - became functional last year.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
Choose insurance from stable companies that have been in the business for a long time
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
The country's largest lender State Bank of India (SBI) has put in place new rules wherein a woman candidate with more than three months pregnancy will be considered "temporarily unfit" and can join the bank within four months after delivery. The move has elicited criticism from some quarters, including from the All India State Bank Of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
Bandi Sanjay Kumar, who took oath as minister in the Narendra Modi cabinet on Sunday, weathered political storms and intra-party bickering before he could successfully establish himself as a firebrand BJP leader in Telangana.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
Stalin, along with cadres of the DMK and other parties, came in a procession in Tiruvarur and was detained in a marriage hall, police said, adding they will be let off later.
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