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.
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.
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.
In Kerala's society, known for its high material standard of living, plunging into a state of having nothing overnight can be terrible for one's social standing and sense of self-esteem. Rehabilitation entails piecing a community back together after a disturbance and while its aim is noble, the act of reassembling will bring alive disparities and inequalities, explains Shyam G Menon.
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 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 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.
For the first time, the Data Security Council of India assembled a joint task force to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum.
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.
'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.'
The exodus of FPIs from the Indian equity markets continued unabated, as they withdrew over Rs 7,300 crore (about $840 million) in the first week of this month due to global trade tensions, with the US imposing tariffs on countries such as Canada, Mexico, and China. This came following an outflow of Rs 78,027 crore in the entire January. Before that, they invested Rs 15,446 crore in December, data with the depositories showed.
Rescue efforts continue in Telangana for eight people trapped in a collapsed tunnel, but hopes for their survival are fading as experts from the Geological Survey of India and the National Geographical Research Institute have been brought in. The tunnel is filled with debris, making the rescue operation extremely difficult. Despite relentless efforts by the Indian Army, Navy, NDRF, and other agencies, no breakthrough has been achieved so far.
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 US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
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.
The cultural richness that began from a narrow bank of the Yamuna has continued for over 7 centuries. And you literally go underground for as little at Rs 50 to see it!
The United Forum of Bank Employees Union has taken this decision of going on strike after failure of talks with the Indian Banks Association on May 11, C H Venkatachalam, convenor of UFBU, said.
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.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
Public sector banks together may take a hit of about Rs 2,200 crore (Rs 22 billion) annually if Indian Banking Association succumbs to trade unions' pressure and agrees to hike salaries of staff by 11 per cent this fiscal.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
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.
'With an achievement like this, Gukesh could even be endorsing global brands.'
The United Forum of Bank Unions consisting of nine bank unions has threatened to go on a one-day strike on August 24 in support of their wage demand.
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.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
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.
To implement the cap, banks will need to make various technological changes in the machines and that will take quite some time.
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.
