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.
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.
It was a protest which held a mirror to the government of a state taking pride in its commitment to democracy, gender equality and social indices.One person, who in his employed days had known governments and political parties at close quarters, told me that public perception of how the Kerala government handled the ASHA workers' strike had been terrible, reports Shyam G Menon.
The net credit card additions in the banking sector nearly halved to 2 million in the first quarter of the current financial year (Q1FY25) from the previous quarter due to seasonal and regulatory factors. According to the Reserve Bank of India (RBI) data, the net credit card additions during the April-June quarter of FY25 stood at 2 million, 48 per cent lower than 3.9 million in the December-March quarter of FY24.
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.
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.
Banks may also rate students every year and fix interest rates according to the ratings.
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.
Bank unions appear to be divided on whether or not to go on a two-day nationwide strike on October 5 and 6.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
The biggest private sector lender, are swarming the market with discounts and special offers
The Indian economy is recovering from the slowdown in momentum witnessed in the September quarter, driven by strong festival activity and a sustained upswing in rural demand, according to a Reserve Bank of India (RBI) bulletin released on Tuesday. An article on the 'State of the Economy' in the December bulletin noted that the global economy continues to exhibit resilience with steady growth and moderating inflation.
Finance Minister P Chidambaram on Thursday expressed hope that some new bank licences would be issued before March next year.
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.
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.
FM has called for a tripartite meet to resolve the bank staff issue and avoid a strike.
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.
Employees of public sector banks have called off the strike planned on February 25 and 26
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.
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.
Draft norms soon, but central bank worried about self-dealing by company promoters.
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.
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
After two weeks of buying, FPIs turned net sellers in Indian equities this week, with a net withdrawal of Rs 976 crore amid a strengthening US dollar and steady rise in US 10-year bond yields, impacting investor sentiment. Foreign Portfolio Investors (FPIs) began the week on a positive note, investing Rs 3,126 crore in equities during the first two trading sessions (December 16-20).
Foreign investors have pulled out Rs 26,533 crore from the Indian equity market this month so far owing to increasing allocations to China, concerns over muted corporate earnings and elevated valuation of domestic stocks. While the sell-off continues, the quantum of net outflows has significantly reduced compared to October, when Foreign Portfolio Investors (FPI) withdrew Rs 94,017 crore ($11.2 billion) on a net basis.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
Over 10 lakh (1 million) bank employees across the country are likely to strike work on Tuesday in protest against the 'negative attitude of the Indian Banks Association and the central government' towards their wage revision.
A letter containing the demands had been given to the authorities including Indian Banks Association on March 26, but no decision was taken, United Forum of Bank Unions convenor A C Joseph told media on Tuesday.
The unions have also threatened to explore an indefinite strike option, if their demands were not addressed.
Unions said the revised wage structure should reflect the merger of dearness allowance.
"We are open for further reduction in prime lending rate," Indian Banks Association Chairman Dalbir Singh said in New Delhi while addressing a seminar organised by PHD Chamber of Commerce.
As ATMs hold huge amounts in cash and criminals use them to get to customers' cards and PIN data, electronic security is crucial
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
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