United Bank of India and Andhra Bank employees start organising silent protests.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
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.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
So how is it going to affect the common citizen?
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
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.
'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.
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.'
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.
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.'
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.
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
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
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.
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.
'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.
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.
Choose insurance from stable companies that have been in the business for a long time
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
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.
'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.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
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."
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.
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).
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).
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
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.
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