Banking
10 lakh bank employees to participate in nationwide strike on Wednesday
Due to the strike call given by unions on 2 September 2015, banking activities including clearing operations will be affected besides hampering normal banking activities across the country
 
Almost 10 lakh bank employees and officers from public sector banks (PSBs), private sector banks, foreign banks, regional rural banks and co-operative banks would participate in the nation-wide strike called by trade unions on Wednesday. 
 
All India Bank Employees Association (AIBEA) and 13 other unions from banks would observe a strike on 2 September 2015, against the anti-labour, anti-people policies of the Central Government and in support of the call given by the Central Trade Unions in the country," says Vishwas Utagi, Vice President of AIBEA.
 
"Because of the bank strike on 2 September 2015, banking activities including clearing operations will be affected and normal banking activities will be hampered.  The strike has been forced on the Unions by the Government's adamant and anti-labour policies," he added
 
Mr Utagi said, there are increasing attacks on the workers on their rights and privileges and encouragement and concessions are being extended to the employers in our country.  There are open attempts to amend the various labour laws in favour of the employers and to the detriment of the workers. The neo-liberal economic policies are only aggravating the problems of the workers and common masses, he added.
 
According to the unions, in the banking industry, there are continuous attempts to push through the reforms agenda aimed at privatisation of banks, consolidation and merger of Banks. "More and more private capital and foreign direct investment (FDI) are being encouraged. Private sector companies are being allowed license to start banking business. Regional Rural Banks are sought to be privatised and the Bill has been passed by the Government in the Parliament despite protests by our Unions. Primary Agricultural Co-operative Societies (PACs) are under threat of winding up. Urban Co-operative Banks are under threat of delicensing. Private sector executives are imposed on the public sector banks.  All the Government schemes are being imposed on the Banks without proper infrastructure and manpower resulting harassment and problems faced by the bank staff.  Permanent and regular jobs are being outsourced on contract basis and contract employees are being exploited," Mr Utagi said in a release.
 

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COMMENTS

Meenal Mamdani

1 year ago

Bank employees will lose sympathy of the common man if they persist in putting their own rights and welfare ahead of those that they serve.

Maruti Suzuki's August sales up 6.4%
Leading automobile manufacturer Maruti Suzuki on Tuesday reported a 6.4 percent increase in its sales for August, 2015.
 
The company sold 117,864 units during the month under review from an off-take of 110,776 units in the corresponding month of 2014.
 
The automobile manufacturer's sales during July had risen by 20 percent with the company selling a total of 121,712 units.
 
Domestic sales during the month under review rose by 8.6 percent at 106,781 units from 98,304 units sold in August, 2014.
 
Exports plunged by 11.1 percent in the month under review with 11,083 units being shipped-out from 12,472 units being sold abroad during the corresponding month of 2014.
 
The exports during July had risen by a mere 0.2 percent at 11,307 units. 
 
The sales of passenger car segment surged 4.4 percent to 86,454 units being sold during last month from 82,823 units off-take in the like period of last year.
 
The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Dzire, Dzire Tour, SX4 and Ciaz.
 
The off-take of utility vehicles which comprises of brands like Gypsy, Ertiga and the new crossover S Cross rose by 42.7 percent at 7,836 units from sales of 5,491 units in Agust, 2014.
 
The sales of van segment, which includes Omni and Eeco, increased by 25 percent at 12,491 units from an off-take of 9,990 units in the corresponding month of previous year.
 
The company's scrip at the Bombay Stock Exchange (BSE) declined by 1.88 percent at Rs.4,089.25 around 2.00 p.m. from its previous close of Rs.4,167.50 on Monday.

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China slowdown historic opportunity for India: Arvind Subramanian
Pointing to investment from companies like Foxconn of Taiwan and Xiaomi of China, Chief Economic Adviser (CEA) Arvind Subramanian on Tuesday said the slowdown in China is a "historic opportunity" to relaunch growth in India.
 
"China slowdown is a historic opportunity for India as Chinese production becomes less
profitable, India could become profitable but not guaranteed," Subramanian said while delivering a talk at the Institute of Chinese Studies here.
 
"India is a net importer, so China slowdown is an opportunity to relaunch growth in India," he said, adding that companies based in China might now view India as a hedge against the slowdown.
 
In a move to deal with current economic weaknesses, the Chinese central bank lowered its daily reference rate by 1.9 percent last month, rocking currency markets globally and affecting the rupee.
 
Commodities, particularly oil, that was under pressure for several months, slumped following an 8.5 percent decline in the Shanghai Composite Index last week. China is the world's second-largest consumer of oil after the US.
 
Speaking about the recently devalued Chinese Renminbi, the CEA said India has an unambiguous interest in supporting China's currency become the part of Special Drawing Rights (SDR) basket, or the supplementary foreign exchange reserves maintained by the International Monetary Fund.
 
"On the Renminbi, I think we have an unambiguous interest in supporting the Renminbi
becoming the part of SDR basket, because essentially as the Chinese currency becomes more and more international, China will have to open up its economy which is good for the world, good for China," Subramanian said.
 
"And also China will be less able to manipulate its currency, keep it low, which could be disadvantageous for China. So we have a strong stake in that the Chinese currency becomes internationalised," he added.
 
He said China should be able to get the geo-political benefits issuing from its currency becoming more international because the concrete economic result would be both an opening up and a tighter linking of the Chinese economy.

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COMMENTS

Anil Agashe

1 year ago

Another case of optimism. I wish he and others in government please tell us what they are doing to make this happen. Indian industry supports "Make in India" in seminars organized by their own trade bodies and continue to import from China, saying but we have to protect our bottom lines!

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