The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
This was discussed at a meeting chaired by the Prime Minister's Principal Secretary, TKA Nair, on January 12 with the Indian Bank Association, industry bodies and human resource development ministry officials.
The Reserve Bank of India will encourage banks to set up a payment corporation to streamline payment system.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
The Reserve Bank of India has asked banks to conduct extra due diligence of accounts operated by non-government organisations to monitor and reduce risks of money laundering.
Foreign investors pumped in Rs 11,119 crore in the Indian equities in December, making it the second consecutive monthly inflow, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world. However, foreign portfolio investors (FPIs) have turned cautious in recent days. The inflow in December was much lower compared to Rs 36,239 crore invested by FPIs in the month of November, data with the depositories showed.
Lone, who is contesting the Lok Sabha polls from Baramulla constituency, said one of the reasons he wants to go to Parliament is to strive and advocate for the same set of laws for the children of Kashmir and the rest of the country.
The government is not averse to mega merger of banks and financial institutions like IDBI and IFCI, if all stipulated norms of the Reserve Bank of India are met, Finance Minister P Chidambaram said on Wednesday.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
It is to keep labour unions away and make the employees feel important.
While asking all members to fall in line and lower interest rates on bulk deposits, Indian Banks' Association on Monday said further reduction in term deposits rates for retail customers will depend on a fall in inflation.
The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
The Reserve Bank of India is expected to kick off the pilot project on cheque truncation, which eliminates physical movement of cheques, in Delhi over the next 9-12 months.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
According to the RBI's April 6 circular, cash loading companies, which take cash around the country, are supposed to increase their net worth to Rs 1 billion within 90 days.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
The government is committed to ensure a smooth flow of education loans for students and a total of 1,40,000 such loans were given till last December, Finance Minister P Chidambaram said on Tuesday.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Bankers have demanded several changes in the NPA laws including a minimum deposit of 25 per cent of the outstanding loan amount by the defaulter for contesting a bank's claim over its assets.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
Demands include 5-day banking, PF to be calculated on total salary and allowances, not only on basic
The biggest bounce is in the realty sector, where the industry index jumped 80%. There's been a turnaround also in automobiles and ancillaries (up 45%). The pharma and health care indices have a welcome return of roughly 35%.
Under the 'educational loan scheme' of Indian Bank's Association, "the government is considering providing interest subsidy on the loans taken by students belonging to non-creamy layer to ensure that nobody is denied professional education," minister of state for human resource development D Purandeswari said in a written reply. Her reply came in response to apprehensions raised in the House about the exorbitant fees being charged by private institutes.
This meeting assumes importance pursuant to the fiscal stimulus package announced last Sunday mentioning package for housing loans below Rs 20 lakhs (Rs 2 million). The government had earlier said that public sector banks would soon announce a package for borrowers of home loans up to Rs 500,000 and between Rs 500,000 and Rs 20 lakhs (Rs 2 million).
The Reserve Bank of India is preparing a report on derivatives trading with an objective to bring harmony in regulatory aspects for over-the-counter and exchange traded products.
"The nakli Shiv Sena wants to bury me alive. They abuse me in such a way that it will be liked by their favourite vote bank," Modi said.
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
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