The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
Congress President and Leader of the Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday questioned Union Finance Minister Nirmala Sitharaman over the Union Budget and claimed that the plates of all states except Bihar and Andhra Pradesh were empty in the budget allocation.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
India's gross tax revenue, comprising both direct and indirect taxes between April and July, reported a growth rate of merely 2.8 per cent to Rs 8.9 trillion compared to the same period a year ago, as shown by government data on Thursday. This growth was dampened by direct tax figures, offsetting the healthy growth in goods and services tax collections and Customs duties. While net tax revenue contracted by 12.6 per cent to Rs 5.8 trillion up to July, accounting for 25 per cent of the Rs 23.3 trillion full-year target, this could be attributed to the increased tax devolution to states during the period.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
The party was floated exactly two years after Kishor had embarked on a more than 3,000-km-long 'padayatra' of the state.
'Any finality in such matters requires political views. We will review it closer to the full Budget.'
Capital infusion of $30 bn over two years needed amid high dividend payouts and impairment ratios.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
A host of conspiracy theories followed, involving Indira Gandhi, her younger son Sanjay, his favourite small car project, secret funding of the Bangladesh Mukti Bahini and even the Central Intelligence Agency of the United States.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
First things first: For those wondering if they need to reapply, the answer is no.
PSU bank stocks held the market's attention in morning trades on Tuesday as there's much anticipation that the Union Budget for 2003-04 may bring about the raising of foreign holding ceiling in these banks.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
'The Budget needs to focus more on social welfare schemes.'
Keeping up his tradition of celebrating the festival with soldiers, Prime Minister Narendra Modi visited Sir Creek near the Indo-Pak border in Gujarat's Kutch district and offered sweets to jawans.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
Sarvjit Singh Samra's Capital Local Area Bank offers attractive features.
The conciliation talks between UFBU and Indian Banks Association held in Mumbai moved a step ahead positively after the IBA offered a 9.5 per cent hike on pay slip cost and hold another round of talks on January 27, UFBU national Convenor M V Murali told PTI in Tirupati over phone.
The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.
Department of financial services secretary Sanjay Malhotra held a meeting with heads of PSBs, insurance companies and financial institutions for identifying ways to support Agniveers on completion of their tenure of duty.
On Tuesday, Finance Minister P Chidambaram had more than adequately made clear that the government would be allocating Rs 14,000 crore through Budget, the Financial Services Secretary said.
No limit exists on the number of electoral bonds that a person (including corporate entities) can purchase.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
With over 3,000 species of plants, 26 interconnected lakes and the 250-year-old Great Banyan Tree -- the largest in the world -- the Indian Botanic Garden is a veritable treasure, discovers Payal Singh Mohanka.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
It will be a public sector bank and Rs 1,000 crore has been allocated to it.
For tapping high growth units in special economic zones, a host of Indian banks had established offshore banking units in 2003-04 in these duty free enclaves
Chief Minister K Chandrasekhar Rao-led Bharat Rashtra Samiti has pinned hopes on the development work his government undertook during the past ten years, while opposition Congress and BJP bank on anti-incumbency and the alleged failures of the incumbent.
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
The mergers will not involve any cash but only share swaps
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
The Budget proposals are expected to boost the fortunes of consumer goods and fast-moving consumer goods companies, which have been struggling with poor consumer demand for more than a year. The Budget announcements, such as the increase in standard deduction by Rs 25,000 for income-tax payers and slab revisions, will put more money in their hands, boosting consumer demand. Private consumption is also likely to benefit from a new scheme to offer internships to 10 million youths in the country's top 500 companies.
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