Consumer Issues
No decision on limiting free ATM transaction yet

Namo Narain Meena clarified in Lok Sabha that although RBI received a proposal from IBA to limit free transaction on ATMs, no decision has been taken so far

The Reserve Bank of India (RBI) is yet to take a decision on limiting the number of free transactions at ATMs, as proposed by Indian Banks' Association (IBA), Parliament was informed on Friday.

 

In a written reply to the Lok Sabha minister of state for finance Namo Narain Meena said, "The RBI has received a proposal from IBA to limit free transaction on ATMs and also to increase the ATM charges. No decision on the proposal has been taken".

 

In November 2013, the government advised banks to review the existing security arrangements at their ATMs in terms of instructions issued by RBI on security measures in branches and ATMs, the minister said in a separate reply.

 

To improve asset quality of banks and reduced non-performing assets (NPAs), Meena said, the government has also advised public sector banks (PSBs) to take a number of new initiatives to increase the pace of recovery.

 

It includes appointment of nodal officers for recovery, to conduct special drives for recovery of loss assets and to constitute a board level committee for monitoring of recovery.

 

To ensure effective and expeditious recovery of defaulted loans of banks and financial institutions, the Enforcement of Security interest and Recovery of Debt Laws (Amendment) Act 2012 has been enacted, he said.

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Sun TV Network Q3 net profit declines to Rs186 crore

During the December quarter, Sun TV Network’s net profit fell marginally on higher costs while its total revenues increased 5% on better income from D2H business

Sun TV Network Ltd, a media and broadcasting company, reported a 2% decline in its third quarter net profit mainly due to 13% higher costs even as its total revenues increased 5%.
 

For the quarter to end-December, Sun TV Network said, its net profit fell 2% to Rs185.79 crore from Rs189.88 crore a year ago, while its total revenues increased 5% to Rs508.34 crore from Rs485.86 crore, a year ago period.
 

During the December quarter, the broadcasting company’s total expenditure increased 13% to Rs242.38 crore from Rs213.90 crore last year.
 

“Subscription revenues from cable and Direct-to Home (D2H) continued to maintain the digitization momentum with a sustained growth of over 27% on a year-on-year (y-o-y) basis at Rs167.12 crore from Rs131.27 crore a year ago period. International subscription grew by 29% over the same period last year,” the company said in a regulatory filing.
 

Sun TV Network declared an interim dividend of 50% or Rs2.50 per share. 
 

Sun TV Network closed Friday marginally down at Rs362.55 on the BSE, while the 30-share Sensex ended the day flat at 20,376.
 

For more stock results, check out this page

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Bank employees to go on strike on 10-11 February

Employees from over 47 banks are planning to go on strike on 10-11 February to protest the proposed reforms in the banking sector and immediate revision in wage settlement
 

Around 10 lakh bank employees and officers working in 27 public sector banks including State Bank of India (SBI) and 12 old generation private sector banks and eight foreign banks will resort to two days nationwide strike on 10-11 February, says United Forum of Bank Unions (UFBU).

 

UFBU, the umbrella organisation of five employee unions and four officer unions of state-run banks in the country, is demanding immediate wage revision settlement and protesting against the ongoing banking sector reforms.

 

UFBU had called for a strike on 20-21st January this year. At that time, the Indian Bank's Association (IBA) increased its offer to 9.5% from 5% with a promise to improve it further. However, during the discussions on 27th January, the IBA increased its offer by just 0.5% to 10%, which was rejected by UFBU representatives. The Union has been seeking an increase of 30% as their wage revision is pending since November 2012.

 

According to UFBU, the last wage settlement in the banking sector expired in October 2012 and hence a revised settlement was due from November 2012. However, since the last one year, the discussions have been very tardy and UFBU gave a call for strike.  On 14 December 2013, the IBA called the Unions for talks and made their offer, which was found to be too low and hence was not acceptable to the Unions and hence UFBU decided to go ahead with the strike, the statement said.

                                                                                               

Nine unions, AIBEA, All India Bank Officers Confederation (AIBOC), National Confederation Of Bank Employees (NCBE), All India Bank Officers Association (AIBOA), Bank Employees Federation Of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation Of Bank Workers (NOBW) and National Organisation Of Bank Officers (NOBO) have given the call for strike under the UBFU umbrella.

 

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COMMENTS

PRADIPTA KUMAR PAL

3 years ago

THE TIME HAS COME FOR INDEFINITE STRIKE BY BANK EMPLOYEES TO TEACH ADAMANT CHIDAMBARAM AND THE CONGRESS A GOOD LESSON.THE STRIKE SHOULD BE ON SUCH DAY AND MONTH SO THAT THE GOVERNMENT WILL BE AWAKE FROM SLUMBER.IT MUST BE IN THE FIRST WEEK OF THE MONTH.

S BHASKARA NARAYANA

3 years ago

FM commented that not all the profits meant for the staff!

The UFBU leaders asks whether the profits meant for 1.5 lac crore NPAs of Corporates?

P C Pandey

3 years ago

even a one day bank strike always paralysed people's and an economy's economic life- p c pandey

MOHAN

3 years ago

Annual ritual.

PRADIPTA KUMAR PAL

3 years ago

THE GOVERNMENT MUST LISTEN TO THE GENUINE DEMANDS OF BANK EMPLOYEES.

Gopalakrishnan T V

3 years ago

The demand of Bank employees to enhance wages and perks is very genuine. Unlike the politicians and Bureaucrats, ordinary employees have to meet all their expenditures from their earnings which unfortunately have eroded due to high inflation and all imaginable taxes literally speaking from Cradle to Grave. Retired bank officials life is still pathetic and many find it hard to make both ends meet, leave alone finding some means to take care of even the very essential medical treatment.Politicians and Bureaucrats will never understand the pains masses undergo as they have seldom spend from their personal earnings through right means.

REPLY

Hemant

In Reply to Gopalakrishnan T V 3 years ago

Demands are genuine or not,but does govt or politicians care ?The answer is NO,then why harass the general public?That to always keeping strikes on monday/Tue or friday/sat.This shows that most just wants to enjoy long holidays.Any way no point in prolonging the endless discussion.Period.

RENJITH A V

In Reply to Gopalakrishnan T V 3 years ago

Dear Gopal,
I do understand the reason and scenario behind this strike.Its happening every year as usual.We are still using the traditional mode of protest.But I dont belive this will bring any kind of change apart from common people will struggle slightly atleast for meeting their emergency financial needs for coming 2 days.

PRADIPTA KUMAR PAL

In Reply to Gopalakrishnan T V 3 years ago

nationwide strike on 10-11 February, says United Forum of Bank Unions (UFBU).

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