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Centre may tell IBA to set up 'bad bank' with financial support from banks

The IBA had proposed a national-level asset reconstruction company (ARC) owned by the government with its capital infusion worth Rs 10,000 crore

Govt aims to embrace 32 mn construction hands not yet covered under PMGKY

Only 18 million workers out of 50 million got cash transfer in their bank accounts under the Pradhan Mantri Garib Kalyan Yojana

RBI to gain regulatory control over co-operative banks in a phased manner

For now, the new Ordinance has been made effective from June 29 to cover multi-state co-operative banks, others will be covered at a later date

No cash benefits for ESIC subscribers without bank account details

The corporation will further encourage employers to update mobile numbers and bank account details of existing subscribers via an online portal

RBI can frame revival plan for all banks without imposing moratorium

The RBI has to impose restrictions on lending and withdrawal activities before it can frame a revival scheme for commercial and co-operative banks, according to the previous law

United Bank of India, OBC slipped into red before merger with PNB

While UBI posted a net loss of around Rs 6,700 crore in the quarter ending March 2020 (Q4FY20), OBC logged a net loss of around Rs 2,700 crore, an executive said, requesting anonymity.

Govt approves 2% interest subvention scheme for small Mudra borrowers

Benefit will be applicable for 12 months to all loan accounts under 'Sishu' category of Mudra scheme, provided they have not been classified as NPA as of March 31, 2020

Govt okays Ordinance to give more teeth to RBI over co-operative banks

The RBI will get more auditory and managerial powers over 1,482 urban co-operative banks and 58 multi-state co-operative banks after the Ordinance is approved by the President

Covid-19: Bihar, Chhattisgarh, Jharkhand yet to transfer cash to workers

So far, states have transferred around Rs 5,000 crore, which is merely 16 per cent of the total cess funds of Rs 31,000 crore accumulated through the collection of cess from employers.

Centre asks Gujarat and UP govts to specify labour laws they want repealed

In early May, both states had proposed suspending key labour laws for three years in a bid to attract investments flowing out of China due to the Covid-19 pandemic

Credit growth will come from retail, MSMEs: SS Mallikarjuna Rao, PNB MD

"MSMEs are working hard to come back to normalcy. We expect a robust comeback from them in October, particularly in some sectors"

Expect to post moderate profit in every quarter of this fiscal: PNB MD

The bank's prime goal in 2020-21 would be to strengthen its balance sheet so that it can create a better case for the amalgamated entity for the next fiscal, too, Rao said

Punjab National Bank reports a pre-tax loss of Rs 969 crore in Q4

The lender reported a net loss of Rs 697 crore in Q4FY20 before completing the amalgamation process, as it posted a second continuous quarterly loss.

Govt to provide jobs to 6.7 mn migrant workers by pooling official projects

Will frontload expenditure of Rs 50,000 crore in next 125 days towards 25 areas of work in 116 districts spread across six states

Covid-19: Cut costs, govt tells PSBs after PNB buys Audis for top bosses

The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities

India's contract labour laws are riddled with incentives for corruption

The migrant workers' crisis is also the tra­gedy of contract workers, who have been growing in numbers over the years

EPFO allows regional offices to settle PF claims from other centres

Since April 1, EPFO has been settling claims for withdrawal of special Covid-19-related advances within three days. It has settled over 80,000 claims amounting to Rs 270 cr on daily basis since April

Widen MSME scheme ambit: Private lenders to FM Nirmala Sitharaman

Govt likely to issue clarification to add more borrowers under ECLGS

After long stint, retrenched Raymond staff stare at tough legal battle

Company denies retrenching 'workers', says cost rationalisation has impacted some managerial positions

FM Nirmala Sitharaman tells banks to improve interest rate transmission

The FM told bankers that interest rate transmission is not happening as expected