The United Forum of Bank Employees Unions (UFBEU) representing about 9.5 lakh (950,000) bank employees across the country, has given a two-day nation-wide bank strike call on August 6 and 7 in support of their expedite settlement of wage revision demands.
Demands include 5-day banking, PF to be calculated on total salary and allowances, not only on basic
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
Less than a month after five financial institutions sold 20 per cent in the National Stock Exchange, a consortium of five stakeholders led by State Bank of India are looking to sell an 11 per cent stake in the exchange.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Thousands of public sector bank employees across the country now have reason to rejoice.
The index is currently trading at 149 per cent of its historical P/B valuation, surpassing its previous peak of 125 per cent made in 2020-21.
The next Census' findings will help identify the extent of India's ageing population and vulnerability levels.
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
A letter containing the demands had been given to the authorities including Indian Banks Association on March 26, but no decision was taken, United Forum of Bank Unions convenor A C Joseph told media on Tuesday.
10 largecaps stocks which stand to gain from the Budget.
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 'bad bank' -- which will help banks clear their balance sheets by transferring the NPAs to special purpose vehicles -- has been one of the most debated ideas for stressed asset resolution.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
'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.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
US Vice President J D Vance and his wife Usha arrived in Delhi on Monday for a four-day visit. They were welcomed by Union Minister Ashwini Vaishnaw. Vance's visit comes amid ongoing trade talks between India and the US. Prime Minister Narendra Modi will host a dinner for the Vances on Monday evening after holding talks with the US Vice President. Vance and his family will also travel to Jaipur and Agra during their trip.
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.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Job creation, improving farm productivity, and mobilising public funds for infrastructure development were some of the issues that figured during the interaction between Prime Minister Narendra Modi and economists ahead of the 2025-26 Union Budget. The prime minister on Tuesday met eminent economists and sectoral experts at NITI Aayog to hear their views and suggestions for the upcoming Budget. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the Lok Sabha on February 1, 2025.
Typically, those from the IIMs, Xavier Labour Relations Institute and Indian School of Business joined at Scale III, but graduates from other B-schools were recruited in scale II.
Bigger state-run banks such as Bank of Baroda, Punjab National Bank and Union Bank have also seen their bad loans rising in the December quarter.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
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.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
US Vice President JD Vance and his family began their four-day trip to India with a visit to the Swaminarayan Akshardham Temple in Delhi. The Vances, along with their three children dressed in Indian attire, spent an hour at the temple, admiring its intricate architecture and receiving a traditional welcome. The visit comes amid ongoing trade negotiations between the US and India.
Besides wage revision and compassionate appointment, the UFBU is also demanding provision of one more option for pension.
In an eventful week ahead, stock market investors will take cues from major events like the US Federal Reserve's interest rate decision, the upcoming Union Budget and Q3 earnings, analysts said.
The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India
The flag will be taken down on July 24, 2028, which will mark the conclusion of the Simhastha Kumbh Mela, which is held once in 12 years.
Four-time Odisha MP Pinaki Misra's wedding to firebrand TMC MP Mahua Moitra in a quiet, intimate ceremony that chose privacy and tradition over fanfare, was a reflection of his personal style.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
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.
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 Cabinet Committee on Security (CCS) met on Wednesday under the chairmanship of Prime Minister Narendra Modi and firmed up the responses to the terror attack.
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
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