State Bank of India, HDFC Bank, Kotak Mahindra Bank, and IDFC Bank have filed a petition against the notice, in a last-ditch attempt by the banking system to keep the information confidential. The notice was given to the lenders under Section 11(1) of the RTI Act, seeking third-party disclosure requirements. While the apex court's original directive in 2015 applied to the full report, it was subsequently agreed that not the entire report but only relevant portions, such as those on bad debts and borrowers, would be made public.
The bank will offer shares to employees at a discount from market price.
"The bank strike is expected to be called off today. I am being told that talks are on between the bank associations and worker unions," he said replying to supplementaries during the Question Hour.
More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.
Banking operations across the country were affected on Friday as over six lakh employees went on a day-long token strike to protest Reserve Bank's decision to outsource banking activities to external agencies.
Edtech unicorn Vedantu has laid off 385 employees, nearly 11.6 per cent of the company workforce, according to sources. This move is being seen as part of a drive in the edtech sector towards profitability via cost-savings and consolidation, as funds dry up, they said. The Bengaluru-based firm has laid off over 1,100 employees (both full-time and contractual), so far, this year.
The strike call is over privatisation, mergers, and also due to write-off of corporate NPAs, criminalisation of willful default
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
Referring to the collapse of some financial institutions in the US, the finance minister said banks in India were insulated from the crisis and their financial position was quite strong.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees' Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.
Hundreds of Mumbaikars, draped in rainbow colours, participated and showed solidarity with the LGBTQIA+ community.
He said the Finance Minister assured the delegation that the Financial Services Secretary would look into the matter and the settlement process would be expedited.
FM has called for a tripartite meet to resolve the bank staff issue and avoid a strike.
The move is aimed at offering better compensation to mid-level employees in government-owned banks to not just retain talent but also attract specialists from outside. "We can hire specialists on contract, but there are a lot of issues with the compensation structure," said a bank chief. There are seven pay scales in public sector banks, but the difference between private and public sector compensation structure widens as employees move up the hierarchy.
Finance Minister P Chidambaram on Wednesday said public sector banks plan to hire 50,000 persons and open 10,000 branches in the current fiscal.
The nationwide bank strike scheduled on October 5-6 has been called off after Indian Banks Association agreed for fresh negotiations with bank unions on wage revision and other demands.
The employees associations of Industrial Finance Corporation of India have requested the government to merge it with a strong bank or financial institution.
While Dhanlaxmi Bank faces governance issues similar to those in Lakshmi Vilas Bank, the financial profile of the Kerala-based bank is better.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
HDFC Bank Q4 review: HDFC Bank's January-March quarter (Q4) results, for financial year 2022-23 (FY23), brought no cheer to investors as elevated costs, and merger-related uncertainties continue to dent the sentiment. Moreover, analysts fear that merger-related costs may put pressure on margins and cost to income ratio in the near-term, while the return on equity could moderate owing to low leverage of the parent. Analysts, therefore, opine that the stock's re-rating may be some time away. "While the risk of a de-rating on a standalone basis appears to be quite low given that the business performance is holding up well, we believe a re-rating in the stock would happen as and when more clarity emerges on the smooth transition (merger)," said a report by Sharekhan.
'A government whose policies are focused around making the life of ordinary citizens, specially the most deprived sections, richer; a government that prioritises education, health and transport, that doesn't treat its citizens as subjects who must come to it for everything, is rare in our country.' 'When such a government is thrown out, one is left stunned,' notes Jyoti Punwani.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
As the State Bank of India employees went on an indefinite strike across the country on Monday demanding hike in pension benefits, the Delhi High Court restrained them from interfering in the working of the bank.
The police received over 500 complaints alleging that many social media influencers and YouTubers promoted the HIBOX mobile application on their pages and lured people into investing through the app, the officer said.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
Gujarat State Co-operative Bank, the apex co-op bank in Gujarat, has already hiked salaries by 16 per cent, said Shailesh Shah, General Secreatary, Gujarat State Co-operative Banks' Employees' Federation. The bank has a workforce of 237 employees. Ahmedabad Co-operative Bank too has given Rs 1600 hike to their employees.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
Outgoing SBI chairman Dinesh Kumar Khara on Saturday said the country's largest lender's net profits in the past four years under him have been higher than the cumulative figures for 64 years before that. However, Khara rued that the bank having a huge network of over 22,000 branches, and ammunition in terms of reserves and product suite, is not getting the "right value".
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
With the merger between HDFC Bank and HDFC Ltd complete, analysts said the next key monitorable for the Street would be successful resolution of merger-related hiccups, including employee-related churn and roll out of complete banking services across branches. At the bourses, they expect the stock to perform in-line with the benchmark indices in the near-term. "There's usually an initial period of consolidation after a merger as the entities work towards integration.
The United Forum of Bank Unions, a body of nine bank unions, has announced a nationwide strike on September 12, after recent talks with the chief labour commissioner over the implementation of a memorandum of understanding failed.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'It is not that employee work is not happening if you don't see it.'
