Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
AIBEA is part of United Forum of Bank Unions, the umbrella organisation of employee and officer unions of nine banks, which has given the call for one-day strike on January 7 and four days from January 21 in support of their wage hike demand pending since November 2012.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
The wage revision of public sector bank employees is due from November 2012.
The BJP has lauded the extradition of Tahawwur Rana, a key accused in the 26/11 Mumbai terror attack, as a testament to "New India's" zero-tolerance stance against terrorism under Prime Minister Narendra Modi. However, the Congress has countered the claim, stating that the extradition was the result of diplomatic efforts initiated during the UPA government's tenure. The BJP highlighted Rana's return as a tribute to security personnel who lost their lives fighting Pakistan-sponsored terrorism and a step towards justice for victims of the attack. The Congress, however, asserted that the Modi government did not initiate the extradition process but benefited from the UPA's groundwork. The exchange of accusations has added a political dimension to Rana's extradition, with both parties vying for credit for the development.
A major reshuffle of top executives in 11 PSU banks is on the cards with the chairmen of Allahabad Bank, Corporation Bank, Syndicate Bank, Union Bank of India and Vijaya Bank slated to retire between March-July 2006.
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
The bank unions had threatened to go on 4-day strike from February 25.
Over the years, India-EU ties have grown, and covered trade, investment, climate change, science and technology, space, digital, mobility, and connectivity.
'When markets go into a budget with excessive optimism, the risk of disappointment is higher.'
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
'I will not be surprised if there is a 7 per cent handle in front of the decimal place for the full financial year.'
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
To enable Indian banks and financial institutions to develop an aircraft-leasing ecosystem at GIFT City, the Ministry of Civil Aviation has sought support from the Ministry of Finance. It has also raised concern over slow progress in developing aircraft leasing in India.
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Next week's three-nation foreign tour of Prime Minister Narendra Modi will see India and Oman sign a free trade deal. The visit will also pave the way for agreements with Ethiopia and Jordan to increase India's bilateral trade and investments.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
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
Banking services are likely to be affected for the next four days as employees of PSU banks plan to go on a zone-wise relay strike beginning with Southern region from Tuesday, after wage revision talks failed.
A host of lenders, including State Bank of India, IDBI Bank, Indian Bank and Andhra Bank, have lined up meetings of their asset-liability committees this week, to review their lending and deposit rates.
The All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association and National Union of Bank Employees have given a call for one day country-wide strike.
The Russians have termed Putin's visit to India, his first to this country since the outbreak of the Russia-Ukraine war, as 'Druzhba Dosti', which means 'friendship' in Russian and Hindi respectively.
The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. "The actual benefit for banks from the inclusion in JP Morgan's EM Index will accrue from June 2024 onwards. "Until then, the larger fundamentals of the market will dictate the moves. "Once the initial euphoria subsides, bond markets will look to global cues which may trigger fresh selling," said Siddharth Khemka, head of retail research, Motilal Oswal Financial Services.
Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results. These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.
In India post the success of masala and green bonds on the LSE, Nikhil Rathi tells Rajesh Bhayani that there are many international investors interested in buying into the India story
India and Russia have agreed to encourage joint manufacturing of military hardware and spare parts in India, aiming to improve maintenance of Russian-origin defence equipment and boost overall bilateral defence cooperation.
The Gujarat Anti Terrorist Squad (ATS) has arrested a retired Army man and a woman for allegedly sharing sensitive information about military establishments and personnel with Pakistani agents.
United Forum of Bank Unions is seeking at least a 15-per cent hike, but the Indian Banks' Association has capped the raise at 12.25 per cent.
Manish Khera, chief executive officer, Fino, tells Shriya Bubna that the smart card technology platform of Fino can help banks cut operational costs by one-third and MFIs, but connectivity remains an issue.
A look at some of the major controversies in past World Cups.
Six nationalised banks, including Canara Bank and Bank of Baroda, on Wednesday signed an agreement with Indian Railways for setting up more than 700 ATMs at railway stations across the country.
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
