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.
Over 8.5 lakh employees, majorly from public sector banks (PSBs), will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bank officer associations and five workman unions, and the IBA on July 22 entered into a memorandum of understanding (MoU) for an annual wage hike of 15 per cent.
The Indian economy could remain less affected by global trade wars than other countries because the two engines of domestic growth - consumption and investment - are likely to face a limited impact from such headwinds, according to an article on the 'State of the Economy' in the Reserve Bank of India's (RBI's) bulletin, released on Tuesday.
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.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
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.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
Besides wage revision and compassionate appointment, the UFBU is also demanding provision of one more option for pension.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
'Dada is the ideal fit for brands -- his credibility, passion, and deep connection with audiences make him a game-changer.'
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.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
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.
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.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
The current situation in Kerala politics is perhaps best described as a case of the state's traditional two front politics now seeing a third front (the BJP) muscling in with the potential outcome being either a messy three front affair or a renewed endorsement of the two front pattern but with one of the old fronts compromised or quashed, observes Shyam G Menon.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
Chhonzin Angmo became the first visually-impaired woman from India to plant the Tricolour on Earth's highest mountain.
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.
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 (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
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.
'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.'
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
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.
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.
Zohram Kwame Mamdani would be the city's first Muslim and Indian American mayor if elected New York mayor this November.
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
