The country's largest lender State Bank of India (SBI) has put in place new rules wherein a woman candidate with more than three months pregnancy will be considered "temporarily unfit" and can join the bank within four months after delivery. The move has elicited criticism from some quarters, including from the All India State Bank Of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
The Reserve Bank of India's rate-setting panel will go for a 0.35 per cent hike in the key repo rate at its meeting next week, an American brokerage said on Wednesday. The hike will be accompanied by a change in the policy stance to "calibrated tightening", Bofa Securities said in a report published ahead of the Monetary Policy Committee (MPC) resolution which is set to be announced on August 5. RBI has hiked the rate by a cumulative 0.90 per cent in two tightening moves in May and June, responding to the runaway headline inflation which has consistently overshot the upper end of the target set for the central bank for many months.
Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday. "The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
Reserve Bank Governor Raghuram Rajan today criticised multilateral institutions like the IMF and the World Bank saying "they are not immune to cognitive capture".
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
Delays in returning money for disputed transactions have also come under RBI's scanner.
The Reserve Bank of India's rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy amid expectations of at least a 35-basis-point hike in the interest rate to check high inflation. If raised, it will be the third consecutive hike in the repo rate -- the short-term rate at which the RBI lends money to banks. The central bank has already announced to gradually withdraw its accommodative monetary policy stance.
It is best to invest long-term surplus in stocks or equity mutual funds.
The jury is still out on the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding. As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
A recent KPMG survey highlights the huge potential for banks to grow their market with the rise in mobile phone subscribers in India. The most profound impact of mobile banking and payment services is that they provide the non-banking population with access to modern financial services, giving them tools to improve their living standards. Innovative m-banking services are fast arriving in the market.
Maria Sharapova's US Open preparations took a major blow with the Russian World No 2 forced to withdraw from next week's WTA event in Toronto.
'We have collected Rs 83,702 crore in deposits in five days.'
Reserve Bank of India (RBI) on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
Applicants have also in the past expressed fear about higher capital requirements, stringent priority sector lending norms and rules on promoter shareholding as key deterrents.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
It imposed a withdrawal ceiling of Rs 5,000 per account, making it the second bank after South Indian Co-operative Bank Ltd to face such a restriction within a week.
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
Branch additions for most major banks in the current financial year do not correspond to the number of the past two years.
The Election Commission has issued directions to banks across five states slated for assembly polls early next year to report names of persons withdrawing more than Rs 1 lakh in a day to the district election officer and the income tax officials associated with the election process.
The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
Three days after the World Bank decided to ban it for eight years, Satyam Computer Services today hit back and demanded an apology from the bank for "certain inappropriate statements" made by its representatives.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
The announcement came barely a day after the UNHRC condemned the Trump administration for its policy of separating children from the families at the US-Mexico border.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
How can you access the bank account of an incapacitated person?
