Companies & Sectors
Indian pension regulator plans to have 75,000 trained people for NPS
Chennai : India's pension funds regulator plans to train around 75,000 people in around 600 district headquarters on National Pension System (NPS) as per its Request for Proposal (RFP) available on its website.
 
According to the Pension Fund Regulatory and Development Authority (PFRDA), the RFP is to select institutes for training of employees of points of presence (PoP) and other intermediaries to create a committed work force driving the implementation of NPS.
 
According to the RFP, the selected bidder shall be required to carry out the training programmes at one centre or different centres across the country on parallel basis.
 
The scope of the project is to design appropriate training programme on the basis of the content/material provided by PFRDA and then undertake the training programme on a dedicated basis within the training infrastructure and venue(s) being provided by the agency/institute.
 
According to the RFP, the applicant should have minimum three years experience in field of training on financial products.
 
The organisation should have experience in training employees of Indian public and private sector banks on banking, functional, theoretical, technological, behavioral, capacity building and/or marketing/sales areas. The institution should have adequately trained faculty having exposure in financial products.
 
As to the applicant's financial strength, PFRDA has stipulated that the organisations should have positive net worth in last three financial years 2012-13, 2013-14 and 2014-15.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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IDBI Bank's worker profile a factor in divestment, says union
Chennai : The government is seeking to reduce its stake in IDBI Bank to less than 50 percent as a test case owing to the institution's peculiar employee profile, said a leader of the trade union that is calling for a four-day strike in the bank.
 
"The reason for central government to take up IDBI Bank first to dilute its holding to less than 50 percent could be two. Firstly, the bank has more number of officers than clerks unlike in other nationalised banks," Amara Venkata Vithal Koteswara Rao, general secretary, All India IDBI Officers' Association (AIIDBIOA), told IANS on Sunday.
 
"The other reason is that the bank falls under the IDBI Repeal Act -- or Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 -- and not the law under which the private banks were nationalised in 1969," he added.
 
Rao is the convenor for United Platform of IDBI Bank Unions (UPIDU) that has called for a four-day strike from March 28 to 31 in IDBI Bank.
 
The UPIDU consists of AIIDBIOA and IDBI Employees Association-Eastern Zone.
 
The four-day strike should mean that the IDBI Bank would be shut for nine days from March 24 to April 1. March 24 was Holi, March 25 was Good Friday, March 26 being fourth Saturday was a closed day, and April 1 being the beginning of the new financial year is a closed day too. 
 
Rao, however, said it would not be an unbroken nine-day off because the bank was open on March 26.
 
"There is no closure of bank for nine consecutive days. We had worked on March 26, which was the fourth Saturday of this month. Normally second and fourth Saturdays are bank holidays."
 
Though the IDBI Bank has far more number of officers as compared to clerical and other cadres, they cannot remain silent when the survival of the bank and its employees are threatened, Rao said.
 
"Many people have joined IDBI Bank recently, leaving their jobs in other nationalised banks," Rao said.
 
Earlier, All India Bank Employees Association (AIBEA) clarified that it has called for only a day's strike in IDBI Bank - i.e. on Monday. 
 
Employees of only IDBI Bank would strike work to protest the government's proposal to reduce its equity in the bank to less than 50 per cent, AIBEA said.
 
Rao acknowledged that AIBEA -- as well as All India Bank Officers Association (AIBOA) -- has called for only a day's strike on Monday while United Platform of IDBI Bank Unions has called for a four-day strike.
 
"There is no conflict with AIBEA and AIBOA, nor is there any split in the IDBI Bank officers association," Rao said.
 
"We will change our agitation programme if there is positive news from the government side," Rao added.
 
According to him, the union is reaching out to all its members to make the strike a total success.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Most firms expect to spend more on CSR next fiscal: FICCI
New Delhi : A majority of Indian industry expects to spend more on social welfare activities in the next fiscal with corporate social responsibility (CSR) increasingly becoming part of corporate strategic decision-making, industry chamber FICCI said on Sunday citing its survey.
 
"There is a discernible trend in CSR activity becoming more a part of strategic decision- making for companies. It clearly brings to the fore how companies are complying with the Companies Act 2013 and how they are integrating CSR reporting into their main business practices," the Federation of Indian Chambers of Commerce and Industry said in a statement here.
 
The Companies Act, 2013, mandates that a category of profitable firms spend at least 2 percent of their three-year average annual net profit towards CSR activities.
 
FICCI said while 83 percent of the survey participants anticipate an increase in their CSR spending in 2016-17, 77 percent reported an increase in their CSR budget in 2014-15, compared with the 2013-14 period.
 
"While 6 percent participants expected a decline, another 9 percent cited no change. The remaining 2 percent of the companies said that they have made a CSR allocation in their budget for the first time," it said.
 
The survey was conducted between January and February this year covering 150 respondents, which include public sector undertakings, private firms and foreign multinational companies with a turnover ranging between Rs.1.7 crore and Rs.75,000 crore.
 
However, the survey also found that "inadequate clarity on laws and tax related regulations", among others, was seen as an obstacle by firms in implementing CSR.
 
The majority of the respondents noted ethical considerations as the primary motivating factor behind adoption of CSR activities.
 
"Companies are increasingly looking at integrating their businesses with the community to create shared value. About 49 percent of the respondents stated creation of shared value as a motivation factor, followed by social good compliance," said FICCI.
 
"It is encouraging to note that companies have continued to base their CSR programmes according to community needs aligning with the national development agenda, especially those impacting women and children," said Ficci-Aditya Birla CSR Centre for Excellence chairperson Rajashree Birla.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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