A public sector unit employee on an average received an annual salary of Rs 6.09 lakh (Rs 609,000) in 2009-10, with total emoluments increasing more than 100 per cent in the last four years.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
The Public Enterprises Selection Board, which advises and helps government in selection of board members at public sector firms, has started the recruitment process for at least 27 board positions of various PSEs, a number of which have already fallen vacant. Among the Chairman or CMD level vacancies, for which applications are being sought, the positions of HAL Chairman and CMDs at HSL, ECIL, MSTC, STC and BEL would fall vacant between April-June next year.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
Communist Party of India leader Gurudas Dasgupta met Prime Minister Manmohan Singh on Tuesday along with ten union leaders of public sector units and Aganwadis from Jammu and Kashmir and drew his attention to the fact that 10 PSUs, Aganwadis and Asha units have not been paid for last eight months.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
Over 16 lakh employees working in over 240 central public sector undertakings can soon hope for a salary windfall, with the second Pay Revision Committee for PSUs expected to submit its report by this month end.The report of the sixth pay panel, which recommended an average hike of about 28 per cent to the Central government employees, is under government consideration.
The over 1.6 million employees of central public sector companies are demanding a salary increase of over 100 per cent, saying the average 40 per cent raise recommended by the Sixth Pay Commission for government employees is not enough. Salaries of public sector workers were last revised in 1997 and were scheduled for the next revision on January 1, 2007. The average gross monthly salary an ONGC executive earns today is between Rs 40,000 and Rs 50,000.
The government also informed that it has been decided to entrust IBPS the responsibility to conduct the common recruitment examination for PSBs.
Government has issued a formal notification for raising foreign direct investment limit in public sector refineries to 49 per cent. The FDI would require prior approval of Foreign Investment Promotion Board. The condition of compulsory divestment of up to 26 per cent by foreign companies commencing trading and marketing of petroleum products has been deleted. Government had allowed 100% FDI in actual trading and marketing of petroleum products, with 26% divestment condition.
"If IBA does not come out with a solution with regard to our demands within given time-frame of three months ending on May 31, then we will be left with no option but to again adopt agitational path. And this time, we will observe indefinite strike," All India Bank Officers' Confederation (a member of United Forum of Bank Unions) General Secretary Amar Pal said in Chandigarh on Monday during the 8th Triennial General Council meeting.
The divestment ministry on Tuesday favoured discounts to retail investors in the forthcoming public issues in six companies beginning with public float of IPCL on February 20.
The Centre has asked him to join North Block on Tuesday but it cannot force an officer to join it without the permission of the state administration, Banerjee told a press conference.
The central government is likely to announce a restructuring-cum-revival package for Hindustan Shipyard Ltd (HSL), the largest public sector shipyard, at a cost of around Rs 830 crore (Rs 8.3 billion) in the coming Budget.
Investment bankers have dismissed the capital market regulator Sebi's concerns over near-zero fee for managing public sector issues.
Higher crude oil prices have almost doubled the under-recoveries of government-owned oil marketing companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- in the past three years.
A parliamentary panel has rapped the government for bypassing Parliament in deciding to privatise oil refiners Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp
An additional factor spurring the FMP launches is MFs' desire to retain investors as many such offerings are set to mature over the next two months.
In order to cut flab and improve efficiency, public sector general insurance companies are planning to offer a second round of voluntary retirement scheme to their employees.
The flows may stem and redemptions pressure increase following the market meltdown of Monday amid mounting cases of coronavirus infection globally.
The government package for public sector banks, announced last Friday, has been welcomed by the stock market with the PSU banking index booking smart gains.
Foreign brokerages said if SBI decide to buy stake in the bank, they should buy it at Rs 1 per share as the net worth is hugely impaired.
A panel headed by RBI Governor selects PSU bank chiefs.
Angry Congress, Samajwadi Party and Left party members on Thursday stalled Question Hour in Lok Sabha for about 15 minutes.
The RBI on Friday imposed a fine of Rs 6.5 crore (Rs 65 million) on six public sector banks including IDBI Bank, Dena Bank and Indian Bank, for violation of customer identification or KYC norms and anti-money laundering guidelines.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
The senior Tata Group executive's appointment as NSDC chairman raises the vital question of conflict of interest
Banks will need more funds, as they have to provide more capital.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
'While there has been an impact on economic activity, it is not as profound as the lockdown last year.'
Threatening to go on strike for three days from March 28 followed by indenifite strike from May, public sector bank employees organised a march to Parliament on Monday to press for their pension-related demands among other matters.
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