'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Banks want the government to bear the cost of providing cover under the proposed credit guarantee scheme for distressed farmers.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
However, the likely impact of strike may not be much excluding few areas, said SBI.
When Kasturi Rajamurty won a gold medal in powerlifting at the WPPL World Cup in Russia, she sure had come a long way. From a life of penury to constantly being short of funds to fuel her passion, she had finally triumphed, and how.
The banking industry could witness another round of prime lending rate hikes beginning next week, a top Indian Banks' Association official said on Wednesday.
More than 200,000 bank officers began a one-day strike on Friday to demand a wage increase, a move unions said would halt banking operations.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Foreign banks operating in India want the Reserve Bank of India to prepare a vision document on policy changes they can expect after March 2009.
The United Forum of Bank Employees Unions (UFBEU) representing about 9.5 lakh (950,000) bank employees across the country, has given a two-day nation-wide bank strike call on August 6 and 7 in support of their expedite settlement of wage revision demands.
The Indian Banks' Association (IBA) on Friday asked Reserve Bank to allow home-grown banks to set up intermediate holding companies for raising capital for their insurance, asset management and allied businesses.
Interest subsidy to cost Rs 200 cr for the government.
'Suddenly we had a new comprehension of affairs, which reminded that the luxury of politics floated atop a foundation by economics.' 'Along with this, finance ministers became crucial in molding the perception and reputation of Union Cabinets.' 'Governments couldn't afford a wrong person in that portfolio,' asserts Shyam G Menon.
Acknowledging that the credit delivery system is not functioning as expected, RBI has constituted two committees as directed by the ministry.
Thousands of public sector bank employees across the country now have reason to rejoice.
The Centre is planning to raise the ceiling on foreign equity holding in public sector banks to enable them to mop up the required capital for meeting higher capital requirements and to fund growth.
Bank unions on Thursday called for a nationwide strike on August 24 to protest the 'negative attitude' of the Indian Bank Association over employees' wage revision.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Banks all over the country will observe a day's strike on August 24 in protest against the delay in settlement of wage negotiations.
Indian Banks' Association on Thursday said banks cannot lower their lending and deposit rates any further under the current scenario.
On the heels of Delhi Consumer Court imposing Rs 55 lakh fine on ICICI Bank for the excesses committed by its recovery agents, the Indian Banking Association has asked all the banks to follow the industry code of conduct with regard to collection of bad debts.
Public sector banks have asked the Centre to intervene as talks with bank unions for allowing half of their employees a second chance to opt for pension instead of provident fund have reached a deadlock.
Banks have urged the Reserve Bank of India to allow time till July to implement the proposed base-rate model, which was introduced by the apex bank early this month to bring in transparency in the lending.
Banks may approach the government to further strengthen the Securitisation Act, which apparently got diluted with the waiver of a provision requiring defaulters to deposit 75 per cent of the loan
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
Besides wage revision and compassionate appointment, the UFBU is also demanding provision of one more option for pension.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
The legislator was taken into custody under provisions of the Prevention of Money Laundering Act after he was detained by agency officials from a public meeting he was holding in Malerkotla, they said.
Of the total 199 small and medium enterprises (SMEs) listed this year so far, 22 had an issue size of less than Rs 10 crore, which the Securities and Exchange Board of India (Sebi) will no longer allow in the listed ecosystem after its recent consultation paper. The market regulator on Tuesday proposed an overhaul of the rules governing the initial public offerings (IPOs) of SMEs and corporate governance norms for listed SMEs, following concerns over 'systemic risk' seen in the ecosystem with instances of fund diversion and price manipulation.
C H Venkatachalam, convener, United Forum of Bank Unions, the umbrella body of the nine unions, said due to the failure of Thursday's talk between Indian Banks Association and UFBU before the chief labour commissioner, they have decided to go ahead with the strike. IBA is yet to resolve issues regarding wage revision and the pension option.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
Mumbai's young batting star Musheer Khan has been ruled out of the upcoming Irani Cup match after suffering a fracture in the neck, in a road accident on the Yamuna Expressway, on Friday.
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