'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
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.
Post graduate colleges are aggressively tying up with banks to introduce banking courses.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
'It's a clear case of political patronage helping an individual grow.'
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
'Unless she joins one of the coalitions, she has a bleak future.' 'The NDA option is suicidal, but INDIA could help her.'
According to the general secretary of the All India PNB Officers' Association, K D Khera: "The bank has a staff strength of about 57,000 in all cadres.
Pruthviraj Kandepi, who hailed from Guntur district of Andhra Pradesh, was killed in the shootout.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
The proposed amalgamation will make Bank of Baroda, which will merge the other two lenders with itself, the second largest public sector bank after State Bank of India in place of Punjab National Bank.
Group term insurance is far more cost-effective than an individual cover.
To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.
With almost all opposition parties too backing the 'Bharat bandh' and many announcing parallel protests in support of the farmers, the Centre has issued an advisory directing the states and Union Territories to tighten security and ensure peace is maintained.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
The I-T department has also filed 77 prosecution cases.
The dealers are protesting against the use of petrol pumps for government campaigns and seeking of personal data of over a million people working there
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
10 central trade unions have called a nationwide shutdown against 'anti-worker policies' of the central government. Apart from being successful in Bengal, Kerala and NE states, the bandh has also got support from Cong leader Rahul Gandhi and Shiv Sena in Maharashtra.
The CBI has alleged that Singh had transferred funds through hawala channels to Chariot Media that was handling the AAP's publicity campaign during the Goa elections, the officials said.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
The entire HSBC list features names of 1,668 Indians
Switzerland, UK, Venezuela, US and France are t
The entire operation was meant to have a chilling effect on independent journalists, those not completely subservient to the regime, the small section still doing what the Fourth Estate should do -- raising questions to those in power.
PSB branches will work fulltime on the 1st and 3rd Saturday.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
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