'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.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
The government on Tuesday appointed C S Setty as chairman of the country's biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.
Foreign investors turned net sellers in October, offloading shares worth Rs 27,142 crore in just the first three days of October due to intensifying conflict between Israel and Iran, a sharp rise in crude oil prices, and improved performance of Chinese markets. The outflow came after FPI investment reached a nine-month high of Rs 57,724 crore in September. Since June, Foreign Portfolio Investors (FPIs) have consistently bought equities after withdrawing Rs 34,252 crore in April-May.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
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.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
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 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.
To implement the cap, banks will need to make various technological changes in the machines and that will take quite some time.
'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.'
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.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
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.
'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.'
Banks, including country's largest lender State Bank of India, have informed the customers well in advance about the likely inconvenience due to strike.
In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
'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.
The conciliation talks between UFBU and Indian Banks Association held in Mumbai moved a step ahead positively after the IBA offered a 9.5 per cent hike on pay slip cost and hold another round of talks on January 27, UFBU national Convenor M V Murali told PTI in Tirupati over phone.
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.
'In India, managers and the leadership almost glorify overworking.'
The Reserve Bank on Thursday permitted banks to increase charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. "This increase shall be effective from January 1, 2022," the RBI said in a circular.
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.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium.
'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.'
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
The Centre should privatise all public sector banks (PSBs), except the State Bank of India (SBI). This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER).
During the negotiations held on May 5, IBA made two unacceptable propositions including an offer of 2 per cent hike in the wage bill cost as on March 31, 2017
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
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