News digest: PNB scam, contract jobs, salary hike, GST collection, and more

Check NPAs above Rs 500 mn for possible fraud, alert CBI: Govt tells banks

Jolted by the Punjab National Bank fraud, the finance ministry on Tuesday directed managing directors of public sector banks to examine non-performing asset (NPA) accounts of more than Rs 500 million for possible fraud and report any cases of wilful default to the Central Bureau of Investigation (CBI). 

The ministry also set a 15-day deadline for PSBs to put in place an effective system to address rising operational and technological risks. These directions are part of the reforms that the government had packaged with the recapitalisation plan for banks. Read more

Govt to ensure firms do not convert employees into contract workers

The Union government is planning to take measures to ensure companies do not convert their full-time workers into contract employees by misusing the proposed fixed-term contract framework. Read more

Sebi likely to accept Infosys consent plea in Rajiv Bansal case

The Securities and Exchange Board of India (Sebi) is likely to accept information technology major Infosys’ consent plea to settle charges of disclosure lapses pertaining to the severance package paid to former chief financial officer (CFO) Rajiv Bansal. Read more

Salaried class to carry home more with 9% hike, but engineers to lose out

Those expecting double-digit salary hikes in their annual appraisals are likely to be disappointed as Aon, a consulting firm, has projected average pay increases of about 9.4 per cent for 2018-19. The projection is close to the actual annual salary growth of 9.3 per cent in 2017-18. Read more

GST collection dips marginally to Rs 863.2 bn 

The collection of the goods and services tax (GST) slipped to Rs 863.18 billion in January from Rs 867.03 billion in December. “The total revenue received under the GST for the month of January 2018 (received in January/February up to February 25)  has been Rs 863.18 billion,” the finance ministry said. The ministry said 10.3 million taxpayers had been registered under the GST till February 25. Read more