Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
While the BJP received the highest amount, securing Rs 1,685.63 crore, the Congress received Rs 828.36 crore, and the Aam Aadmi Party (AAP) Rs 10.15 crore.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
The server used for the purpose was tracked by cyber crime personnel to Divyanshu Patel, a resident of Unjha in Mehsana district, who was arrested, he said.
'Binary fission will happen -- startups will lead to more startups.'
A joint forum of central trade unions has given a call for a nationwide strike on March 28 and 29 to protest against the government policies affecting workers, farmers, and people.
This is the second all-India bank strike in as many months.
'Life does not change in such a way that everything becomes easy. Struggle and hustle is there for everyone. 'The difference is that people have started knowing me.'
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
Banking operations are likely to be hit hard on Friday as three employees unions have called for a nationwide strike to oppose outsourcing of services, demand recruitment of staff and one more pension option.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
The private corporate sector showed improvements across various segments in the third quarter of the current financial year (Q3FY25), with the operating profit margin of listed non-financial companies increasing sequentially by 50 basis points (bps) to 16.2 per cent, according to the Reserve Bank of India (RBI) data released on Monday. Sales of listed private non-financial companies increased by 8.0 per cent during Q3FY25, compared to 5.5 per cent in the corresponding quarter a year ago. It was, however, 5.4 per cent in Q2FY25.
'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.'
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.
'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.'
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
AIBEA is part of United Forum of Bank Unions, the umbrella organisation of employee and officer unions of nine banks, which has given the call for one-day strike on January 7 and four days from January 21 in support of their wage hike demand pending since November 2012.
The All-India Bank Employees Association on Friday said the proposed two-day national strike on July 25-26 has been deferred after a meeting with Indian Banks Association (IBA) and the labour commissioner in Mumbai.
During the negotiations held on May 5, IBA made two unacceptable propositions including an offer of 2 per cent hike in the wage bill cost as on March 31, 2017
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
Latest figures for HDFC Bank aren't available.
US President Donald Trump signed an executive order directing the Department of Justice to pause enforcing a nearly half-century-old law that was used to launch a bribery investigation against the Adani Group. Trump signed an order to pause enforcing of the 1977 Foreign Corrupt Practices Act (FCPA) that prohibits American companies and foreign firms from bribing officials of foreign governments to obtain or retain business.
Trump signed an order to pause enforcing of the 1977 Foreign Corrupt Practices Act (FCPA) that prohibits American companies and foreign firms from bribing officials of foreign governments to obtain or retain business.
The association had earlier called for a strike on July 3 to oppose the merger plans of the subsidiary banks with the parent SBI. AIBEA General Secretary C H Venkatachalam said though the government authorities and the bank managements deny any policy decisions or guidelines in this regard, there had been overt and covert attempts to merge the banks.
Prospects of a bumper kharif harvest are expected to lower food inflation in the coming months, making the country's inflation outlook benign, the Union Ministry of Finance (FinMin) said in its monthly economic report for October released on Monday.
The All India Bank Employees' Association (AIBEA), which represents the employees of the public-sector banks, has threatened to go on a two-day strike from August 22, against the government's proposed Banking Bill, closure of rural branches and other set of banking sector reforms.
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
Cheque clearances and cash withdrawals and deposits in public sector bank branches across the country were hit as employees started a two-day strike on Monday to press for a revision in wages.
Banking operations across the country were affected on Friday as over six lakh employees went on a day-long token strike to protest Reserve Bank's decision to outsource banking activities to external agencies.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
'The size of the investments is important, but equally crucial is the number of jobs that these proposals create.'
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