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Friday, April 19, 2024
43 RRB ALMOST GOT PROFIT WAITING FOR WAGE REVISION
Wednesday, April 17, 2024
5 PSU banks to reduce govt shareholding to meet MPS norms
"As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction.
Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent.
However, the regulator had given special forbearance to state-owned banks. They have time till August 2024 to meet the requirement of 25 per cent MPS.
Joshi said banks have various options to bring down the stake, including follow on public offering or Qualified Institutional Placement.
Depending on market condition, each of these banks will take a call in the best interest of shareholders, he added. Without giving a timeline, he said, efforts were on to meet the requirement.
Joshi said the finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government.
The Department of Financial Services (DFS) in a communication addressed to heads of PSBs has asked them to look at their system and processes related to gold loan.
A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts.
The letter flagged various concerns, including disbursement of gold loans without requisite gold collateral, anomalies regarding collection of fees and repayment in cash.
The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disbursed in compliance with regulatory requirements and internal policies of banks.
It is to be noted that the price of the yellow metal has surged to a record level. Price of 10 gm gold in the last one month jumped from Rs 63,365 to Rs 67,605.
According to the letter, the department has come across instances of non-compliance regarding the gold loan portfolio and hence issued the advisory.
The country's biggest lender, State Bank of India (SBI) alone has a gold loan portfolio of Rs 30,881 crore as of December 2023.
Punjab National Bank's gold loan exposure stood at Rs 5,315 crore while Bank of Baroda was at Rs 3,682 crore at the end of the third quarter.
Sunday, April 14, 2024
Banks can not force Lawyers to pay Court Fees from their own pockets
The Privilege Committee of the Bar Council of Punjab & Haryana has called for a meeting with the Chairpersons of HDFC, ICICI, and Axis Banks. The reason behind this is an allegation that these banks have been instructing their panel lawyers to pay the court fees for filing cases in the Debt Recovery Tribunal in Chandigarh.
According to the complaint made by the Debt Recovery Tribunal (DRT) Bar Association in Chandigarh, the court fees can amount to lakhs of rupees. It is claimed that the banks only reimburse the lawyers months later. The DRT Bar Association believes that this practice is unethical and unfair. They argue that the high court fees are unaffordable for ordinary lawyers, and it is not appropriate for the banks or their officers to ask panel lawyers to pay from their own pockets.
The DRT Bar Association argues that this practice goes against the rights, duties, and privileges of advocates as outlined in the Advocates Act, 1961, and the BCI Rules. The Privilege Committee, headed by Chairman Lekh Raj Sharma and Members Raja Gautama and Karanjit Singh, agrees with this view. They believe that if this practice is widespread, it violates the provisions of the Advocate Act 1961, particularly Section 30. They also believe it is detrimental to the interests of common advocates, especially young ones. They argue that this unethical practice would give wealthy advocates a monopoly over legal work, which would undermine the talent and opportunities for other advocates.
The Privilege Committee comprising Chairman Lekh Raj Sharma and Members Raja Gautama and Karanjit Singh opined that “Prima facie it appears that this kind of the practice if it is prevalent is certainly in violation of the provision of the Advocate Act 1961, particularly Section 30, against Privileges Rights and Duties of the Advocate and also against the interest of the common Advocates particularly young Advocates.“
In response to these concerns, the Committee has summoned the Chairpersons of HDFC, ICICI, and Axis Bank to appear before them at the Bar Council of Punjab & Haryana. The Committee warns that failure to cooperate with the order would be seen as an admission of the unethical practice, and further action will be taken accordingly, in accordance with the law.
What is CPI and WPI?
What is CPI and WPI?
Consumer Price Index (CPI): The Consumer Price Index measures changes in the average price level of goods and services purchased by households over time. It is used to measure inflation and indicates the cost of living for consumers. The CPI is calculated by selecting a basket of goods and services that represent typical consumer purchases and tracking the changes in their prices over time. This index is often used to adjust wages, pensions, and government benefits to account for changes in purchasing power.
Wholesale Price Index (WPI): The Wholesale Price Index measures changes in the average price level of goods traded in bulk or at the wholesale level. It primarily serves as an indicator of inflation in the production and distribution stages of the economy. WPI tracks the price changes of goods before they reach the retail level and includes commodities such as raw materials, intermediate goods, and finished goods. Policymakers, businesses, and analysts use WPI to monitor inflationary pressures within the economy and make decisions based on price trends in the wholesale market.
Last 10 years Inflation Rate in India
Now, let’s have a look at the Last 10 years Inflation Rate in India.
Year | Average Inflation Rate |
---|---|
2024 | 5.09 (February) |
2023 | 5.49 |
2022 | 6.7% |
2021 | 5.13% |
2020 | 6.62% |
2019 | 3.73% |
2018 | 3.94% |
2017 | 3.33% |
2016 | 4.95% |
2015 | 4.91% |
2014 | 6.67% |
2013 | 10.02% |
According to data released by the National Statistics Office (NSO), India’s retail inflation rate dropped to 5.09 percent in February 2024. This is the lowest it has been in the past four months. In January 2024, the inflation rate was slightly higher at 5.10 percent. It’s worth noting that the current inflation rate falls within the range set by the Reserve Bank of India (RBI), which is 2 to 6 percent. This means that the current inflation rate is considered acceptable by the RBI.
First let’s understand what is Inflation? Inflation is a term used to describe the general increase in prices of goods and services. It’s something that affects everyone, from the cost of groceries to the overall health of the economy. As India prepares for the upcoming general elections, it’s important to take a closer look at the country’s inflation rate to better understand its economic situation.
When we compare inflation in rural and urban areas, we find that the inflation rate in rural areas is slightly higher. In February, the rural inflation rate was 5.34 percent, which is 0.56 percent higher than the urban inflation rate of 4.78 percent. In December, the rural inflation rate was even lower at 4.34 percent
Saturday, April 13, 2024
Bournvita to be removed from ‘Health drinks’ category. Govt says ‘there is no
In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.
"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.
In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.
"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.
In the letter, dated 10 April, the Ministry of Commerce advised the e-commerce companies to remove Bournvita and other beverages from ‘health drinks’ category.
"National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the ministry said in a notification, dated April 10," said the Department for Promotion of Industry and Internal Trade in its letter.
A year ago, Bournvita, had entered into a controversy because of its high content of sugar levels. A few days later, the National Commission for Protection of Child Rights (NCPCR) asked the Mondelez India-owned brand to remove all “misleading" commercials claiming of several health benefits with the consumption of the drink, reported Economic Times, referring to PTI. The action by the child rights body came after a video threw light upon the high sugar content in the beverage, which was earlier often labelled as “health drink" in several ads.
In a notice to Bournvita, the NCPCR also asked the confectionary major to send a detailed explaination or report in the matter. The action by NCPCR came after it received a complaint alleging that Bournvita promotes itself as a health drink and make claims like improving children's growth and development regardless of its high percentage of sugar and other ingredients that may impact children's health.
43 RRB ALMOST GOT PROFIT WAITING FOR WAGE REVISION
Out of 43 RRB almost all got profit for FY 2023-24, still waiting for wage revision
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The 12 th Bipartite wage settlement is due on 01.11.2022. The salary and other wage components of public sector banks and some private se...
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12th BPS Expected Salary Calculator For Bank Employees – The 12thBipartite Wage Settlement is due on 1st Nov 2022 for all the employees of ...
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