About 1 million bank officers are expected to participate in the strike on May 30 and May 31
Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
There is a definite attempt to put the landslides on the backburner because news of them and climate change worry Wayanad's tourism and real estate businesses greatly. Whatever I experienced of Wayanad's 2024 by-elections; the July landslides were not a burning issue, observes Shyam G Menon.
Alternative investment funds (AIFs) have not seen any significant redemptions from financial institutions even though the 30-day timeline provided by the Reserve Bank of India (RBI) to liquidate their holdings or make full provisions ends recently. Sources said the industry is awaiting certain relaxations or extensions based on the recommendations submitted to the banking regulator. On December 19, the RBI restricted financial institutions and banks from investing in AIFs where there is any downstream link or exposure to a debtor firm.
The current process for selecting auditors could compromise their "independence".
'The last year's growth is a foretaste of things to come in the retail credit market.'
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
The value of the Indian Premier League went up 6.5 per cent to USD 16.4 billion (around Rs 134,858 crore) in 2024, according to a report by American investment bank Houlihan Lokey.
But there are challenges, observes Tamal Bandyopadhyay.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
Macroeconomic (macro) concerns, along with a cautious approach towards discretionary information technology (IT) spending, will see the revenue for Indian IT firms decelerate by 5 per cent through 2024-25 (FY25), from the highs of 12-18 per cent in 2022-23, said analysts from S&P Global Ratings. "The reason behind this slow growth is a macro slowdown. "Customers are cutting their discretionary IT spending, especially on projects that take longer to deliver quantifiable outcomes. "We also acknowledge that there are still strong economic headwinds for the next few years," said Spencer Ng, associate director, corporate ratings, S&P Global Ratings, over a call in a media briefing.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
All the 27 public sector banks together have market share of about 70 per cent.
Applying for a loan? Your religion will soon be a deciding factor!
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
The Centre on Monday extended the ban on terrorist group Students Islamic Movement of India (SIMI) for five years for its involvement in fomenting terrorism and disturbing peace and communal harmony in the country.
The RBI has been tightening key benchmark rates since November last year as the country started recovering from the impact of the global economic slowdown.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Key changes are expected in vehicle repossession norms to ease the process for banks to take back cars and two-wheelers from owners that default on loan repayments.
Goa Cricket Association president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla were today arrested by police for alleged misappropriation of over Rs three crore belonging to the organisation.
US Vice President Kamala Harris, who is of Indian and African heritage, has formally secured the Democratic presidential nomination becoming the first Indian-American to win the nomination from a major political party, and chose Minnesota Gov Tim Walz as her running mate on Tuesday.
Foreign Portfolio Investors (FPIs) continued their buying spree and poured close to Rs 4,800 crore in the Indian equity markets in the first week of January driven by confidence in the country's robust economic fundamentals. Additionally, they injected Rs 4,000 crore in the debt market during the period under review, data with the depositories showed. With expectations of a prolonged decline in US interest rates in 2024, there is an anticipation that FPIs will likely escalate their purchase, particularly in the initial months of the New Year leading up to the general elections, V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.
Consolidation will help banks derive economies of scale, but integration will not be easy.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
Borrowers wanting to prepay home loans can look forward to some relief as RBI on Tuesday indicated that it would scrap prepayment penalties charged by banks.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
The Indian Banks Association has suggested certain alternative proposals on pension after meeting the representatives of United Forum of Bank Unions, general secretary of the All India Bank Officers' Association R J Sridharan said.
The move will help curb card frauds. Currently, customers use only personal identification number for automated teller machine transactions.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
Rau's felt the need to be where the action was.
The institute that once drew largely elite students also decided to expand its base and cater to a wider pool.
As their non-performing assets have risen sharply even as loans have remained stagnant, RBI steps in with stringent loan-management measures.
At 3.5 per cent per annum, interest on savings accounts is the only regulated rate in the banking system currently and a highly contentious one given its impact on the common man.
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
Lenders say settlements will cross over 100 accounts in the March quarter.
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