Money & Banking
INBEF, banking wing of INTUC, organises massive dharna at Jantar Mantar in New Delhi
Ramachandra Khuntia, working president of INBEF, criticised the policy of the government which is against the working class and seeking changes in the labour laws favouring corporates and industrialists, according to a release from INBEF
 
A massive dharna by INBEF (Indian National Bank Employees’ Federation), banking wing of INTUC  (Indian National Trade Union Congress) was held on Friday, 4 March 2016 at Jantar Mantar, New Delhi, according to a release from INBEF. The major issues raised at the dharna included re-structuring of agricultural loans of farmers, recovery of NPAs (non-performing assets), providing adequate capital for needy banks, implementation of transfer policy for female bank employees and update of pension for retired bank staff and criticising restructuring 5:25 policy of RBI (Reserve Bank of India) for corporate loans, victimisation of Union Office-bearers and non-framing of rules for fixing up accountability of EDs (executive directors)/CMDs (chairmen and managing directors) /CEOs(chief executive officers) of PSBs (public sector banks).
 
The dharna was inaugurated by Ramachandra Khuntia, working president of INBEF.  In his inaugural address he extended full support of INTUC and the Congress Party for the agitation. He criticised the policy of the government which is against the working class and seeking changes in the labour laws favouring the corporates and industrialists. He vehemently criticised the policy to impose tax on 60% of PF (provident fund) withdrawal, the INBEF release said.
 
Gajanan Kirtikar, Member of Parliament, Shivsena, assured the bank employees that he will raise the issues in Parliament.  He also opined that CMDs/EDs should be made accountable and accordingly dealt with for their wrong-doings.  
Prashant Bhushan, senior counsel at the Supreme Court congratulated INBEF for taking up the issue of the recovery of NPAs of banks.  He criticised the functioning of the government, particularly, in the banking sector.  He cited an example of how Adani and SBI (State Bank of India) Chairperson flew to Australia along with the Prime Minister, who was bent on extending the credit facility worth approximately  Rs6,000 crore. This was when six Australian banks had refused to do so by giving the reason that the project was without environmental clearance, Bhushan pointed out, according to the release.
 

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COMMENTS

Ashok m Rane

12 months ago

Subhash sawant has done a very good job by organising a Dharna on Banks' NPA issue at Delhi. The Banks and the Govt. should necessarily initiate criminal action against NPA Borrowers. Instead they are writting off huge amounts of NPAs in the name of Balance sheet clean up.Can any one provide the recovery data as to how much amount is recovered out of written off debts, by Banks? The hard earned deposits of small depositors are looted by Big Corporates in this loot.

Sister Lucy Kurien of Maher selected to receive the Nari Shakti Puraskar 2015
The award will be presented to Sister Lucy Kurien by the President of India in a ceremony at Rashtrapati Bhavan, New Delhi on 8 March 2016 on the occasion of International Women’s Day
 
Sister Lucy Kurien of Maher has been selected to receive the Nari Shakti Puraskar 2015 for her outstanding contribution to women's empowerment. The children of Maher come from the streets and slums, from begging communities, from parents unable to care for them, from other institutions that have rejected them. They come for short- or long-term stays, and for as long as they live at Maher, they receive schooling, tutoring, excellent nutrition and meditation.
 
Today, Maher operates 36 houses served by a veritable army of loving doctors, social workers, teachers, trustees, business people and volunteers, providing homes for close to 1,200 full-time residents (860 children, 300 women - including 120 mentally ill women and 31 mentally ill or aged and destitute men). Thousands more are reached by Maher’s community outreach programmes such as self-help groups, kindergarten schools, village libraries, street theatre performances and health and education initiatives. All are welcome at Maher—regardless of religion, gender, caste, colour, creed, or social status. Maher was founded by Sister Lucy Kurien in 1997 in Pune district in Maharashtra.
 
The award will be presented to Sister Lucy Kurien by the President of India in a ceremony at Rashtrapati Bhavan, New Delhi on 8 March 2016 on the occasion of International Women’s Day.
 
Moneylife magazine has done its little bit to make Maher well known to readers and donors by publishing an article about it in the Beyond Money page of the Issue dated 17 March 2016. You can read it online here.

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Nifty, Sensex headed higher subject to dips – Weekly closing report
Nifty has bounced off long-term support and may head towards 7,700
 
We had mentioned in last week’s closing report that Nifty, Sensex were not yet out of the woods and that a disappointing budget may push the market down again. The budget has disappointed many investors and the Sensex and Nifty briefly touched their 52-week lows during Monday’s trading, when the budget was presented in Parliament by the Finance Minister. However, post-budget, the likely reforms in government policy and the possibility of an interest rate cut from the Reserve Bank of India (RBI), along with favourable cues from global market pushed the market indices higher for three days on Tuesday, Wednesday and Thursday. On Friday, the major indices were range-bound and closed marginally higher than Thursday’s close. The weekly trends in the major indices of the Indian stock markets are given in the table below:
 
 
Union Budget announcements, combined with negative Asian cues, and a dip in the rupee value depressed the Indian equity markets during Monday’s trading. During the Union Budget announcements, the Sensex plunged to a fresh 52-week low of 22,494.61. However, recovered somewhat but still closed negative. Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) touched a fresh 52-week low of 6,825.80 points.
 
The Union Budget 2016-17 was tabled in parliament on Monday. Finance Minister Arun Jaitley disclosed the government's spending on the rural sector, infrastructure and agricultural credit. Market analysts observed that many investors were disappointed, as they expected some out-of-box reform measures. The budget did provide some measures, as well as healthy fiscal deficit targets. Roads and infrastructure sector were supported. There were some big negatives like the hike in securities transaction tax and lower bank recapitalisation levels. Big positives include the hike in rural spending and infrastructure sector.
 
Expectations of a rate cut, coupled with budgetary announcements and positive Asian cues, buoyed the Indian equity markets on Tuesday. The BSE market breadth was heavily tilted in favour of bulls -- with 1,903 advances and 573 declines. Initially, the key indices of the Indian equity markets opened on a positive note, in-sync with their Asian peers and expectations of a future rate cut. Short-coverings were triggered by heightened chances of a future rate cut by the RBI.  This pushed the prices higher, as investors expect the Union Budget's fiscal prudence measures will give room to the RBI to further ease its monetary policy. Presenting the Union Budget, Finance Minister Arun Jaitley on Monday announced that the government will adhere to a 3.9% fiscal deficit target. He also set a 3.5% target for the next fiscal. Buying in large caps like ITC, ICICI Bank, Hero MotoCorp and Maruti Suzuki lifted equity markets higher. Even positive macro-data that showed acceleration in India's manufacturing activity in February supported the equity markets upward movement.
 
The bull-run on Indian stock markets continued for the second straight day on Wednesday, with the mood also lifted by the strong showing in other Asian markets and overnight gains in the US and Europe. Analysts said the sentiments were also boosted by signs of a rate cut by the Reserve Bank of India (RBI), given that Finance Minister Arun Jaitley has decided to adhere to meeting the deficit target of 3.9% for this fiscal, and lowering it to 3.5% for the next year. Sector-wise, the S&P BSE realty index, bankex, finance index and basic materials index were the prominent gainers among indices.
 
On Thursday, the post-budget bull-run continued and the major indices of the Indian stock markets closed nearly 1.5% higher than Wednesday’s close, lifted by the perception that the national budget has some reforms push. Sector-wise, the S&P BSE metal index, capital goods index, industrials index and basic materials index were the prominent gainers among the BSE indices. Global cues from Tokyo and Singapore markets were also favourable. Shares of metal companies were in focus with the Nifty Metal index surging 4.81% on the NSE after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), hit its nearly four-month high on Wednesday. Jindal Steel & Power Limited (JSPL), Vedanta, Tata Steel, Hindalco Industries and NMDC rallied more than 5% each. Steel Authority of India (SAIL), Jindal Saw, JSW Steel, National Aluminium Company (Nalco) and Bhushan Steel were up 2%-3% on the NSE.
 
On Friday, the major indices were range-bound due to insufficient momentum in the bull-run and finally closed marginally higher than Thursday’s close. Sector-wise, the S&P BSE metal index, power index and basic materials index gained on the BSE, while IT index was among the losing indices.

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