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10th Bipartite settlement- Outcome of Talks held today

10th Bipartite settlement /Joint note dated 07.01.2015. Outcome of Talks held today at Mumbai. Discussions continued today with IBA. UFBU insisted on further increase over 12.5%. IBA wanted some more time. Sub committees formed to deal with other issues like medical scheme, 5day banking, regulated working hours, pension issue etc. Next meeting to be fixed…

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New MDs and CEOs for 4 state run banks

Centre has separated the posts of Chairman and Managing Director (CMD) in nationalised banks. It has also appointed Managing Directors (MD) for four banks, and they will also be designated as Chief Executive Officer (CEO).The four new MDs and CEOs are P Srinivas (United Bank of India), Animesh Chauhan (Oriental Bank of Commerce), R Koteeswaran…

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Jain community is notified as minority community

Ministry of Minority Affairs, Government of India, have notified the Jain Community as a minority community, vide notification No. S.O. 267(E) dated January 27, 2014. This is in addition to five communities already notified as minority communities, viz. Sikhs, Muslims, Christians, Zoroastrians and Buddhists. Accordingly, now onwards Jain community is eligible under credit facilities to…

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RBI issues amendments to Basel 3 norms.

The Reserve Bank of India has allowed banks to issue additional Tier 1 capital instruments, the principal amount of which would absorb losses, either through conversion into common shares or a write-down mechanism that allocates the losses to the instruments, either temporarily or permanently. The limits on admissibility of excess additional Tier 1 and Tier…

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RBI keeps rate unchanged as inflation remains concern

Mumbai, Aug 5 (PTI) Concerned over impact of weak monsoon on food price, Reserve Bank of India (RBI) Tuesday decided to keep the key policy rate unchanged but slashed statutory liquidity ratio (SLR) by 0.5 per cent to unlock about Rs 40,000 crore into the system. The revised SLR w.e.f 05.08.2014 is 22% , other rates…

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