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.
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.
The interchange fee -- paid by the card-issuing bank when a customer swipes at another bank's ATM, including at white-label ATMs -- may be raised to Rs 20 to Rs 23.
Banks may also rate students every year and fix interest rates according to the ratings.
Foreign investors continue to pull back money from the Indian equity market, withdrawing Rs 24,753 crore (about $2.8 billion) in the first week of March amid escalating global trade tensions and lacklustre corporate earnings.
Bank unions appear to be divided on whether or not to go on a two-day nationwide strike on October 5 and 6.
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.
The biggest private sector lender, are swarming the market with discounts and special offers
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.
Finance Minister P Chidambaram on Thursday expressed hope that some new bank licences would be issued before March next year.
A team of experts involved in rescuing eight people trapped in a partially collapsed tunnel in Telangana have reached the end of the tunnel, but debris is hindering further progress. The rescue operation, described as one of the most complex in the world, continues with experts from the Indian Army, Navy, NDRF, and GSI working tirelessly to find a breakthrough. Despite continuous efforts and oxygen pumping, there has been no contact with the trapped individuals.
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.
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
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.
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.
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.
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.
Draft norms soon, but central bank worried about self-dealing by company promoters.
States are mandated to develop and implement 'heat HAPs' for prevention of heat-induced diseases. But most do not go beyond standard advisory on heat prevention.
'With an achievement like this, Gukesh could even be endorsing global brands.'
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.
The exodus of FPIs from the Indian equity markets continues unabated, as they withdrew Rs 64,156 crore ($7.44 billion) this month so far on depreciation of the rupee, rise in the US bond yields and expectation of a tepid earning season. This came after an investment of Rs 15,446 crore in the entire December, data with the depositories showed.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
Foreign investors have pulled out Rs 44,396 crore from Indian equities this month, driven by strength of the dollar, rising bond yields in the US, and expectations of a weak earnings season. This came following an investment of Rs 15,446 crore in the month of December, data with the depositories showed.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
"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.
Unions said the revised wage structure should reflect the merger of dearness allowance.
The unions have also threatened to explore an indefinite strike option, if their demands were not addressed.
As ATMs hold huge amounts in cash and criminals use them to get to customers' cards and PIN data, electronic security is crucial
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
The Reserve Bank of India has said that banks are 'cornering' customer surplus by charging high fees on inter-bank ATM transactions in the name of recovering technology costs.
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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances