Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
Bank unions appear to be divided on whether or not to go on a two-day nationwide strike on October 5 and 6.
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.
The biggest private sector lender, are swarming the market with discounts and special offers
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.
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.
FM has called for a tripartite meet to resolve the bank staff issue and avoid a strike.
The Ambani family, headed by billionaire Mukesh Ambani, possesses a wealth of Rs 28 lakh crore, more than double that of the Adani family at Rs 14.01 lakh crore, a report said on Tuesday. The 300 most valuable Indian families have a wealth of over $1.6 trillion (over Rs 140 lakh crore), or more than 40 per cent of the country's GDP.
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.
Shaping strategies to suit different oppositions and venues will be key for every team during the World Cup and New Zealand have an Indian, who is familiar with conditions and owns the data to assist them -- Saurabh Walkar, their performance analyst.
'It's a debatable topic, and we will submit our comments to the RBI by June 15.'
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
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.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
Employees of public sector banks have called off the strike planned on February 25 and 26
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.
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.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
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.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
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 staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
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.
"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.
Foreign investors have made a strong comeback to Indian equities with a net investment of Rs 22,766 crore in the first two weeks of December driven by expectations of rate cut by the US Federal Reserve. This revival follows significant outflows in the preceding months, with Foreign Portfolio Investors (FPIs) pulling out a net Rs 21,612 crore in November and a massive Rs 94,017 crore in October -- the worst monthly outflow on record.
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
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.
India CEOs of 12 banks form pressure group within IBA.
Banks have approached Reserve Bank of India with a proposal for allowing them to provide doorstep cash delivery services to individual customers.
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
