The unions are opposing the government's move to take away the public debt management from the Reserve Bank and curtail its powers on the monetary policy.
The Reserve Bank of India (RBI) unions have decided to intensify their stir demanding revision of wages, pending since November 2017, and have called for mass casual leave of employees at the central bank on November 30. However, several sources in the RBI told Business Standard that the unions may not have to go on agitation, as the new contours of the wage pact have been almost finalised and could be announced any time. An email sent to the RBI was not answered. The United Forum of Reserve Bank Officers and Employees had deferred its agitation earlier after it was told that RBI Governor Shaktikanta Das was to hold talks with the human resource management department (HRMD).
The programme has been deferred following the terrorist attacks in Mumbai which the forum described as a 'great human tragedy and attack on the sovereignty of our country,'. The future course of action would be intimated soon, the forum said.
Reserve Bank employees, who observed a token sit-in protest on Tuesday, threatened to strike work if their demands for putting an end to outsourcing of jobs and continuation of revised pension scheme were not met.
The United Forum of Reserve Bank Officers and Employees has decided to defer tomorrow's proposed nationwide strike.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
Few proposals included in the Finance Bill would not help ease liquidity concerns in the economy, say RBI officials.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
PSB branches will work fulltime on the 1st and 3rd Saturday.
RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
Unions, which are protesting against FDI in the banking sector, are pressing for various demands.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
'The temptation of governments, to have a finger in the RBI pie will be just too great to resist, unless extensive amendments are carried out in the RBI Act treating it almost as the fourth branch of the government.'
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
India will welcome two trade missions in 2015 focused on meeting its infrastructure needs with US technology and services.
Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
The prime minister and president stated their intention to expand defence co-operation to bolster national, regional and global security.
Frosty Indo-Pak relations after the beheading of Indian soldiers by Pakistani troops were on full display in Yokohama, Japan.
Every year Fortune honours 10 innovators, groundbreakers and game changers as 'Most Powerful Women Entrepreneurs'.
Moving ahead with their new mantra -- Chalein Saath Saath: Forward Together We Go -- Prime Minister Narendra Modi and United States President Barack Obama on Tuesday vowed to deepen cooperation in every sector for the benefit of global stability and people's livelihoods over the next ten years.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
Contentious issues such as the construction of a Ram Temple in Ayodhya, abrogation of Art 370 giving special status to Jammu and Kashmir and enactment of Uniform Civil Code have been included in the Bharatiya Janata Party's election manifesto with the party making promises on them.
This is the joint statement issued by the ministry of external affairs on the visit of US President Barack Obama to India.
'I have never seen anybody disliked more as prime minister than Modi.' 'What is interesting is in his prime ministership, no matter whatever happens in any corner of India, Modi is blamed for it.' 'Modi has not suspended any Constitutional liberties. No Opposition leader has been put in jail... Modi is not Hitler.'
The full transcript of the exclusive interview with Prime Minister Narendra Modi.
With EU, it is part of the FTA that we will need to negotiate.
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