Page 2 - Indian Banks Association

FinMin asks IBA to finalise wage revision of bankers of PSU banks by Dec 1

The government has asked the Indian Banks' Association (IBA) to initiate the process of negotiations for the 12th Bi-partite settlement in a time-bound manner and to finalise it by December 1, 2023, said a senior official. The wage revision for employees and officers of the public sector banks is due from November 1, 2022. The early wage revision would help improve working conditions and incentivise the banking sector employees, the official said. Further, the official said, the finance ministry has asked IBA to ensure that all future wage negotiations should be finalised before the beginning of the subsequent period so that the wage revision could be implemented from the due date itself. As a part of the settlement, the IBA is expected to engage in dialogues with the employees' Unions/ Associations and work out to arrive at a mutually agreeable wage settlement. The government has stressed the importance of fairness and equity in the revision, ensuring that the compensation struct

Restore transaction fee on RuPay cards: Banks request finance ministry

MDR is a fee charged to a merchant for the payment processing of debit and credit card transactions. It is also referred to as the transaction discount rate (TDR)

Russian firms investing rupee surplus in Indian govt debt: IBA chief

IBA chief Sunil Mehta is the first senior official to confirm that Russian funds in Indian banks were being invested into government securities as it gives them the advantage of easy liquidity

Demand for 5 days of work at banks hits speed bumps, likely to take time

Public sector banks will have to see that their business is not affected in case private banks decide to work on Saturdays

Bank of India plans to raise Rs 6,500 crore through various means in FY24

State-owned Bank of India plans to raise Rs 6,500 crore from various means including share sale to fund business growth in 2023-24. The proposal in this regard would come before the board in its meeting scheduled on April 18, Bank of India said in a regulatory filing. The board would be considering, at their meeting proposed on April 18, the proposal of raising capital for the FY 2023-24 aggregating up to Rs 6,500 crore, it said. The board would decide on the proposal of raising fund by issue of fresh equity capital in the form of qualified institutional placement or rights issue or preferential issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) up to an amount of Rs 4,500 crore, it said. Remaining Rs 2,000 crore is planned to be raised by issue of Basel III compliant Tier-2 bonds, it said.

Top headlines: Tata- Bisleri talks, IBA mulls 5-day week for bank employees

Business Standard brings you the top headlines at this hour

Indian Banks Association considers 5-day work week for bank employees

If the proposal gets IBA's nod, it will be sent to the finance ministry and subsequently to the Reserve Bank of India's (RBI) for approval

Bank unions defer two-day strike; next round of talks on January 31

Another round of talks is scheduled to be held on January 31 between the Indian Banks Association (IBA) and the bank unions to iron out the issues

RBI proposal on loan loss provisions to raise bank capital needs: Analysts

The Indian central bank's discussion paper suggesting banks make provisions on bad loans using an expected credit loss (ECL) method could raise capital requirements for lenders, analysts said

Remove rule that calls for TDS on cash withdrawal: Banks in Budget wishlist

Tax is to be debited from the account of the customer and cannot be adjusted against the cash withdrawn

Is it time for state-run banks to end industry-wide wage pacts?

While there is still a large talent pool in state-run banks, the reality is that it may not walk in as in the past

BS BFSI Insight Summit: Top pvt bank execs to take part in panel discussion

From Amitabh Chaudhry, MD & CEO, Axis Bank to Rakesh Sharma, MD & CEO, IDBI Bank here is the list of panelists from private sector banks of India at BSFI Insight Summit

Digital lenders seek cap on default loss guarantee models from RBI

They suggested that the central bank could look at a reasonable cap to the FLDG models, given RBI's concerns of around build-up of systemic risk and 100% risk transfer rather than banning it outright

MFI recovery, credit cost moderation key triggers for Bandhan Bank

Stock has sharply underperformed peers and is available at reasonable levels

Suryoday SFB reports Rs 13-cr Q2 net against Rs 1.92-cr loss a year ago

On a sequential basis, the bank's net profit rose 67.7 per cent from Rs 7.75 crore in April-June

Bank of Baroda slashes home loan rates by 25 bps for limited period

New rate is 8.25%, applicable for fresh home loans and take over of existing home loans from other lenders

Chief labour commissioner to meet bank unions on proposed Nov 10 strike

Banks notices say normal services could get affected but they are taking action to keep work going

DBS Bank India seeks three-fold jump in gold loan portfolio in 5 yrs: Exec

Lender's amalgamation with Lakshmi Vilas Bank expanded its reach in South India

RBI reviewing regulation for governing non-core business of banks

The modifications in relation to banks' non-core business could be made by amending the Banking Regulation Act

Indian Banks' Association meeting on Friday to elect its new chairman

The Indian Banks' Association (IBA), an industry body consisting of all the banks including foreign lenders with branches in India, will meet on Friday to elect its new chairman. As per convention, sources said, the senior most managing director of a public sector bank is elected as chairman for a period of one year. Currently, Punjab National Bank (PNB) Managing Director A K Goel is the chairman of the lobby group. Usually, the chairman does not get a second term. Considering the ensuing wage revision talks and other crucial issues in the banking industry, it is being keenly watched who will take over the mantle from Goel. Formed in 1946 with 22 members, IBA now has 237 members and associates, according to its website.