This was discussed at a meeting chaired by the Prime Minister's Principal Secretary, TKA Nair, on January 12 with the Indian Bank Association, industry bodies and human resource development ministry officials.
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
The Reserve Bank of India will encourage banks to set up a payment corporation to streamline payment system.
Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
The Reserve Bank of India has asked banks to conduct extra due diligence of accounts operated by non-government organisations to monitor and reduce risks of money laundering.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
It is to keep labour unions away and make the employees feel important.
The government is not averse to mega merger of banks and financial institutions like IDBI and IFCI, if all stipulated norms of the Reserve Bank of India are met, Finance Minister P Chidambaram said on Wednesday.
While asking all members to fall in line and lower interest rates on bulk deposits, Indian Banks' Association on Monday said further reduction in term deposits rates for retail customers will depend on a fall in inflation.
Alternative investment funds (AIFs) have not seen any significant redemptions from financial institutions even though the 30-day timeline provided by the Reserve Bank of India (RBI) to liquidate their holdings or make full provisions ends recently. Sources said the industry is awaiting certain relaxations or extensions based on the recommendations submitted to the banking regulator. On December 19, the RBI restricted financial institutions and banks from investing in AIFs where there is any downstream link or exposure to a debtor firm.
The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
The Reserve Bank of India is expected to kick off the pilot project on cheque truncation, which eliminates physical movement of cheques, in Delhi over the next 9-12 months.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
The government is committed to ensure a smooth flow of education loans for students and a total of 1,40,000 such loans were given till last December, Finance Minister P Chidambaram said on Tuesday.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Bankers have demanded several changes in the NPA laws including a minimum deposit of 25 per cent of the outstanding loan amount by the defaulter for contesting a bank's claim over its assets.
Over the years, India has enjoyed bipartisan support in the US and this asset must be kept intact and nurtured through across the board political and civil society engagement, suggests former foreign secretary Shyam Saran.
Do not underestimate the ingenuity of the Deep State in America to have its way. Keeping the guard down will be a catastrophic mistake on the part of the Delhi establishment. We could get hit when least expected. That's what happened in Bangladesh and Syria, warns Ambassador M K Bhadrakumar.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
'It is the responsibility of industry to take the very bright talent whose knowledge of software engineering basics is very high, and then give them additional skills.'
Severe heatwaves, responsible for thousands of deaths across India over the last few decades, are increasing with alarming frequency and soon the country could become one of the first places in the world to experience heatwaves that break the human survivability limit, according to a new report.
The Federation of Automobile Dealers Associations (Fada) has raised concerns over the rising inventory levels of four-wheelers at dealerships which have now reached a 60-day stockpile or around 550,000 units. This situation could mean a significant financial burden on dealerships due to the additional interest cost for the extended holding period. These 60-day inventory levels are nearing the 2018-19 levels when inventory days had approached 70 days, leading to the closure of around 282 passenger vehicle dealerships.
Under the 'educational loan scheme' of Indian Bank's Association, "the government is considering providing interest subsidy on the loans taken by students belonging to non-creamy layer to ensure that nobody is denied professional education," minister of state for human resource development D Purandeswari said in a written reply. Her reply came in response to apprehensions raised in the House about the exorbitant fees being charged by private institutes.
The Reserve Bank of India is preparing a report on derivatives trading with an objective to bring harmony in regulatory aspects for over-the-counter and exchange traded products.
This meeting assumes importance pursuant to the fiscal stimulus package announced last Sunday mentioning package for housing loans below Rs 20 lakhs (Rs 2 million). The government had earlier said that public sector banks would soon announce a package for borrowers of home loans up to Rs 500,000 and between Rs 500,000 and Rs 20 lakhs (Rs 2 million).
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
According to the RBI's April 6 circular, cash loading companies, which take cash around the country, are supposed to increase their net worth to Rs 1 billion within 90 days.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
Demands include 5-day banking, PF to be calculated on total salary and allowances, not only on basic
