It is Finance Minister P Chidambaram's meeting with leaders of public sector bank unions that averted the three-day bank strike proposed from March 28.
Micro-finance institutions (MFIs) are planning to take legal action against YES Bank's move to recall a part of its loans to them.
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
The strike could have put customers to inconvenience, since banking services would have remained disrupted almost the entire next week, and for the government, as tax payments for 2006-07 have to be made by March 31.
Using ATMs beyond the permissible free transactions for cash as well as non-cash purposes will cost more from Saturday. As per the Reserve Bank directive issued in June, the banking customers would be required to pay Rs 21 per transaction with effect from January 1, 2022 for transactions beyond the free permissible limit. Presently, banks are allowed to charge Rs 20 for such transactions through ATMs.
This is not a new or unknown problem, but every time it crops up, our policy-makers have tried to wish it away. In the present circumstances too, the government has stopgap arrangements. It is borrowing from the World Bank (that's window-dressing fiscal deficit), says Ajit Ranade.
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh (Rs 2 million) on Thursday.
Public sector banks on Monday announced that home loans up to Rs 5 lakh (Rs 500,000) would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5 lakh and Rs 20 lakh (Rs 500,000 and Rs 2 million) would be offered at 9.25 per cent.
Banks in India will need about $100 billion (Rs 5 lakh crore) of capital over the next decade as the system grows to meet credit requirements of an expanding economy, Om Prakash Bhatt, chairman of the State Bank of India said.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
The free run at automated teller machines might end soon, with banks petitioning the Reserve Bank of India to put curbs on cash withdrawals at third-party ATMs. Representatives from the Indian Banks Association, who met central bank officials late last month to make a case, said RBI had accepted most of their suggestions and these are likely to come into effect soon.
Banks want the government to bear the cost of providing cover under the proposed credit guarantee scheme for distressed farmers.
'With an achievement like this, Gukesh could even be endorsing global brands.'
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
The banking industry could witness another round of prime lending rate hikes beginning next week, a top Indian Banks' Association official said on Wednesday.
States are mandated to develop and implement 'heat HAPs' for prevention of heat-induced diseases. But most do not go beyond standard advisory on heat prevention.
More than 200,000 bank officers began a one-day strike on Friday to demand a wage increase, a move unions said would halt banking operations.
The exodus of FPIs from the Indian equity markets continues unabated, as they withdrew Rs 64,156 crore ($7.44 billion) this month so far on depreciation of the rupee, rise in the US bond yields and expectation of a tepid earning season. This came after an investment of Rs 15,446 crore in the entire December, data with the depositories showed.
Foreign investors have pulled out Rs 44,396 crore from Indian equities this month, driven by strength of the dollar, rising bond yields in the US, and expectations of a weak earnings season. This came following an investment of Rs 15,446 crore in the month of December, data with the depositories showed.
However, the likely impact of strike may not be much excluding few areas, said SBI.
Foreign banks operating in India want the Reserve Bank of India to prepare a vision document on policy changes they can expect after March 2009.
Over 8.5 lakh employees, majorly from public sector banks (PSBs), will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bank officer associations and five workman unions, and the IBA on July 22 entered into a memorandum of understanding (MoU) for an annual wage hike of 15 per cent.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The United Forum of Bank Employees Unions (UFBEU) representing about 9.5 lakh (950,000) bank employees across the country, has given a two-day nation-wide bank strike call on August 6 and 7 in support of their expedite settlement of wage revision demands.
Interest subsidy to cost Rs 200 cr for the government.
The Indian Banks' Association (IBA) on Friday asked Reserve Bank to allow home-grown banks to set up intermediate holding companies for raising capital for their insurance, asset management and allied businesses.
Acknowledging that the credit delivery system is not functioning as expected, RBI has constituted two committees as directed by the ministry.
Thousands of public sector bank employees across the country now have reason to rejoice.
The Centre is planning to raise the ceiling on foreign equity holding in public sector banks to enable them to mop up the required capital for meeting higher capital requirements and to fund growth.
Bank unions on Thursday called for a nationwide strike on August 24 to protest the 'negative attitude' of the Indian Bank Association over employees' wage revision.
Banks all over the country will observe a day's strike on August 24 in protest against the delay in settlement of wage negotiations.
The Pahalgam massacre highlights the evolution of terrorism into a multi-domain challenge. India's response must similarly evolve -- from tactical retaliation to comprehensive strategic deterrence. To establish a credible and sustained deterrent, India must also carry out continuous kinetic operations, both overt and covert, suggest Sakshit Raina and Rahul Mishra. To establish a credible and sustained deterrent, India must also carry out continuous kinetic operations, both overt and covert, suggest Sakshit Raina & Rahul Mishra.
Indian Banks' Association on Thursday said banks cannot lower their lending and deposit rates any further under the current scenario.
