Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
Applying for a loan? Your religion will soon be a deciding factor!
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.
US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday said it has received a show cause notice from Indian capital market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
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.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
India's thriving mutual fund (MF) industry is drawing interest from several firms, with multiple applications submitted to the Securities and Exchange Board of India (Sebi) for asset management company (AMC) licences.
He could have blazed a trail that few Indian judges had. It was a missed opportunity of a lifetime, notes Ramesh Menon.
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
Consolidation will help banks derive economies of scale, but integration will not be easy.
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.
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.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
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.
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
The value of foreign portfolio investment (FPI) in Indian equities was at $542 billion in the March quarter of 2023, a decline of 11 per cent from the preceding year, largely due to the exodus of foreign money from the domestic market, according to a Morningstar report. In comparison, the value of FPI in Indian equities was $612 billion in the January-March quarter of 2022. On a quarter-on-quarter basis, the value of FPI in Indian equities fell by 7 per cent from $584 billion recorded in the three months ended December 2022.
The move will help curb card frauds. Currently, customers use only personal identification number for automated teller machine transactions.
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.
But there are challenges, observes Tamal Bandyopadhyay.
As their non-performing assets have risen sharply even as loans have remained stagnant, RBI steps in with stringent loan-management measures.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
Unlike the new private sector lenders, BoR employees' wages are still governed by the industry wage package negotiated by the Indian Banks Association with bank staff unions.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
Lenders say settlements will cross over 100 accounts in the March quarter.
Bad loans of PSU banks rose by 28.5 per cent.
Do not underestimate the ingenuity of the Deep State in America to have its way. Keeping the guard down will be a catastrophic mistake on the part of the Delhi establishment. We could get hit when least expected. That's what happened in Bangladesh and Syria, warns Ambassador M K Bhadrakumar.
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.
The AISBOF wants bank employees' wage revision in parity with that of the Indian Administrative Services officers. Last month, the IBA had given an initial offer of 10 per cent wage hike, or a package which would cost the industry Rs 2,750 crore (Rs 27.5 billion), against Rs 2,220 crore (Rs 22.2 billion) in the eighth bipartite meeting between bank unions and IBA.
'It is the responsibility of industry to take the very bright talent whose knowledge of software engineering basics is very high, and then give them additional skills.'
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
The apex bank is scheduled to announce the quarterly review of its annual monetary policy on January 29, when it is widely expected to hike the cash reserve ratio or the percentage of amount banks park with the RBI to absorb excess money from the system.
With the addition of the seven banks - South Indian Bank, Karur Vysya, State Bank of Hyderabad, State Bank of Bikaner, State Bank of Travancore, State Bank of Mysore, and Punjab and Sind Bank - the number of banks allowed to import the precious metals now stands at 30.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
Soon, there will be an exchange-like platform for trading in loans.
