'It's a debatable topic, and we will submit our comments to the RBI by June 15.'
Banking services were affected on Friday as employees of public sector banks struck work demanding compassionate appointments, fresh recruitments, one more pension option and ban on outsourcing and merger of public sector banks.
Shaping strategies to suit different oppositions and venues will be key for every team during the World Cup and New Zealand have an Indian, who is familiar with conditions and owns the data to assist them -- Saurabh Walkar, their performance analyst.
The Indian economy could remain less affected by global trade wars than other countries because the two engines of domestic growth - consumption and investment - are likely to face a limited impact from such headwinds, according to an article on the 'State of the Economy' in the Reserve Bank of India's (RBI's) bulletin, released on Tuesday.
After heavy selling in the past two months, foreign investors have staged a strong comeback to Indian equities with a net investment of Rs 24,454 crore in the first week of December amid stabilising global conditions and expectations of potential US Federal Reserve rate cuts. This revival follows significant outflows in the preceding months, with foreign portfolio investors (FPIs) pulling out a net Rs 21,612 crore in November and a massive Rs 94,017 crore in October - the worst monthly outflow on record.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks' Association to come up with guidelines on what the reasonable charges should be.
The current situation in Kerala politics is perhaps best described as a case of the state's traditional two front politics now seeing a third front (the BJP) muscling in with the potential outcome being either a messy three front affair or a renewed endorsement of the two front pattern but with one of the old fronts compromised or quashed, observes Shyam G Menon.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
Banks may also rate students every year and fix interest rates according to the ratings.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
Bank unions appear to be divided on whether or not to go on a two-day nationwide strike on October 5 and 6.
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 RBI's recent moves to calculate interest rate on a daily basis and increase the interest rate on savings accounts to 4 per cent is already hurting the banks, he said, adding that the IBA recently wrote to the RBI about its reservations on the subject.
After a robust 2023, foreign investors significantly scaled back their investments in Indian equities in 2024, with net inflows amounting to over Rs 5,000 crore, as elevated domestic valuations, coupled with geopolitical uncertainties prompted investors to adopt a more cautious stance. Looking ahead to 2025, FPI flows into Indian equities could see a recovery, supported by a cyclical upswing in corporate earnings, particularly in domestic-oriented sectors like capital goods, manufacturing, and infrastructure, Vinit Bolinjkar, head of research, Ventura Securities, said.
The biggest private sector lender, are swarming the market with discounts and special offers
The unions also made a case for introduction of cluster or hub banking, identifying few branches of each bank in each locality so as to enable bank employees to work on rotation.
Finance Minister P Chidambaram on Thursday expressed hope that some new bank licences would be issued before March next year.
The Reserve Bank of India is likely to formulate guidelines on outsourcing banking activities by July to improve regulatory oversight for risk management of this segment.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
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.
FM has called for a tripartite meet to resolve the bank staff issue and avoid a strike.
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.
Chhonzin Angmo became the first visually-impaired woman from India to plant the Tricolour on Earth's highest mountain.
'Dada is the ideal fit for brands -- his credibility, passion, and deep connection with audiences make him a game-changer.'
The nationwide bank strike scheduled on October 5-6 has been called off after Indian Banks Association agreed for fresh negotiations with bank unions on wage revision and other demands.
Employees of public sector banks have called off the strike planned on February 25 and 26
Last month, Competition Commission of India, apex body that operates to sustain and promote competition, sent notices to atleast 15 banks, non-banking financial companies and Indian Banks' Association seeking explanation on why they penalise borrowers who choose to foreclose loans.
The government on Monday accepted the recommendation of the A K Khandelwal committee and the Indian Banks Association has agreed to a common recruitment programme for public sector banks that would be conducted by the Institute of Banking Personnel Selection.
The decision was taken by bank unions at a meeting with IBA representatives, on the directive of chief labour commissioner, in Mumbai. UFBU is the umbrella body of bank unions in the country and consists of members from public, private and foreign banks.
Draft norms soon, but central bank worried about self-dealing by company promoters.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
