“Seven bank unions of nine have given strike call for stringent and effective measures to recover bad loans of banks and unilateral imposition of Khandelwal Committee recommendations,” All India Bank Employees Association general secretary CH Venkatachalam told reporters
New Delhi: As many as seven employees’ unions of banks have given a call for strike on Tuesday, demanding stringent measures to recover bad loans and opposing outsourcing of non-core activities to the private sector, reports PTI.
“Seven bank unions of nine have given strike call for stringent and effective measures to recover bad loans of banks and unilateral imposition of Khandelwal Committee recommendations,” All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam told PTI.
Besides, the unions are opposing banking sector reforms and outsourcing of jobs, he said, claiming that about 8,00,000 employees and officers affiliated with these unions will participate in the strike.
There are about 87,000 branches of public sector banks across the country. The state-owned lenders control about 75% of banking business.
Meanwhile, many banks including, SBI, Corporation Bank, State Bank of Mysore have said that if the proposed strike materialises, normal services may have to be curtailed.
The Centre-appointed Khandelwal panel had suggested a slew of measures, including outsourcing more and more non-core activities in a time-bound manner.
The panel had also recommended raising the standard of recruitment, including the methodology and content for tests, besides making the testing of computer skills mandatory for both officers and clerks.
The Khandelwal Committee on human resources (HR) had also suggested that the minimum qualification for clerks and sub-staff should be graduation and class 10, respectively.
In a statement, Mr Venkatachalam said, "The government is insensitive to the problems of the workers and no steps are being taken to address issues, like exploitation of workers, disinvestment and privatation. About 15 unions of bank employees and eight unions from insurance sector will participate in the strike."
In the Banking Sector, the following Unions have given the call for strike.
1. All India Bank Employees Association - AIBEA
2. National Confederation of Bank Employees - NCBE
3. All India Bank Officers Association - AIBOA
4. Bank Employees Federation of India - BEFI
5. Indian National Bank Employees Federation - INBEF
6. National Organisation of Bank Workers - NOBW
7. National Organisation of Bank Officers - NOBO
8. Bank Karamchari Sena Mahasangh - BKSM
9. All India Reserve Employees Association - AIRBEA
10. All India Reserve Bank Workers Federation - AIRBWF
11. All India Co-op. Bank Employees Federation - AICBEF
12. All India NABARD Employees Association - AINBEA
13. All India Regional Rural Bank Employees Association - AIRRBEA
14. All India Gramin Bank Employees Association - AIGBEA
15. All India Gramin Bank Officers Association - AIGBOA
In the Insurance Sector the following unions have given the call for Strike:
1. All India Insurance Employees Association - AIIEA
2. General Insurance Employees All India Association - GIEAIA
3. All India LIC Employees Federation - AILICEF
4. General Insurance Employees Association - South Zone - GIEA(AIIEA)
5. National Organisation of Insurance Workers -NOIW
6. National Federation of Insurance Field Workers of India - NFIFWI
7. All India National Life Insurance Federation - ALNLIF
8. Bharatiya Vima Kamgar Sena - BVKS
Despite improvement in the March quarter, net profit of corporate India for the financial year 2012 as a whole will remain 9.5% lower than the year-ago level. The net profit margin too will drop to a decade low of 6%, CMIE said
Mumbai: Corporate India is expected to see a 9.4% rise in net profits in the three months period ending March, after suffering a steep fall for two consecutive quarters, Centre for Monitoring Indian Economy (CMIE) said in its monthly review here, reports PTI.
Indian corporates incurred huge forex losses in the September and the December 2011 quarters because of steep depreciation of the Indian rupee. However, we expect rupee to appreciate in the March 2012 quarter, CMIE said.
Absence of forex losses and a moderation in input price inflation are expected to push up corporate profits.
The main driver of growth is expected to be the banking industry, which is likely to see a robust 42.1% rise in net profits due to lower provisions and low base, it said.
Despite improvement in the March quarter, net profit of corporate India for the financial year 2012 as a whole will remain 9.5% lower than the year-ago level. The net profit margin too will drop to a decade low of 6%, it said.
“We expect the sales growth of corporate India for the FY11-12 to average at 22.2%. This growth will come on top of an equally strong growth of 20.2% in FY0-11. The growth will be mainly driven by high unit realisation,” CMIE report said.
High inflation in imported commodities like crude oil, LNG, natural rubber and gold prompted the user industries to hike prices of their offerings in the first half of FY11-12. The benefits of the same are expected to accrue in the second half of the year too.
The Reserve Bank of India’s (RBI) attempt to combat inflation through interest rates hikes provided a boost to the income growth of the banking industry in the first half. We expect the trend to continue in the second half as interest rates remain firm, the report said.
During the December quarter of 2011, corporate India reported robust growth in sales but witnessed fall in profits.
CMIE expects the growth in corporate sales to decelerate to 12.5% in FY12-13 from 22.2% in FY11-12. Unlike this year, the sales growth in the next year will be mainly volume driven, it said.
Property consultants and real estate developers have demanded industry status to the realty sector in the forthcoming Budget. They have also sought incentives to promote affordable housing segment and an increase in the tax exemption on home loans
New Delhi: Property consultants and real estate developers have demanded industry status to the realty sector in the forthcoming Budget, reports PTI.
They have also sought incentives to promote affordable housing segment and an increase in the tax exemption on home loans.
To boost supply, they have also asked for a single-window clearance for real estate development projects and foreign direct investment (FDI) in multi-brand retail to create demand for retail space in shopping malls.
“Grant industry status to real estate, since the sector is a major driver for economic growth and generates countless jobs across its various verticals and associated industries,” global property consultant Jones Lang LaSalle India chairman and country head Anuj Puri said.
He also pitched for relaxing norms for repatriation of FDI in real estate to attract more investment in the sector.
One per cent interest rate subsidy provided by the government for loans towards affordable housing should be “amplified and broadened” to include a wider price band of budget housing to benefit home buyers.
Expressing similar views, another property consultant DTZ said that the ceiling of housing loans eligible to priority sector lending should be raised in view of high property rate.
That apart, DTZ suggested increase in tax exemption on home loans to stimulate end user demand, particularly for mid-range housing.
“Principal repayments should be treated as a separate tax exemption entity and excluded from benefits under section 80C... Deductions towards the total interest payable on the home loan should also be increased from existing cap of Rs1.5 lakh,” it added.
Currently, an individual is entitled to claim both the interest and principal components of home loan repayments for tax benefits. The ceiling under tax benefits is capped at Rs1.5 lakh towards the total interest payable on the home loan and Rs1 lakh for principal paid.
Confederation of Real Estate Developers’ Associations of India (CREDAI) requested the government to incentivise affordable housing segment and address the issue of high land cost and taxation issues.
“The prices of houses in urban areas are becoming unaffordable by the day under the onslaught of high land prices, rising cost of construction and high taxation... We would like the FM to re-introduce some measure like the erstwhile 80I(B) to give tax exemption for affordable housing,” CREDAI NCR president Pankaj Bajaj said.
The National Real Estate Development Council (NAREDCO) has asked for creation of a dedicated fund.
“We are requesting the government to create a dedicated affordable housing fund, in line with infrastructure fund, only to develop housing for the weaker section of the society,” NAREDCO president Navin M Raheja said.
Royal Institution of Chartered Surveyors managing director (South Asia) Sachin Sandhir said the Budget should consider incentives and benefits for large scale residential townships and the definition of infrastructure should be broadened to include townships of 100 acres or more.
“To encourage private investment capital, the government should seek to catalyse private investment and operations into all infrastructure sectors through the participation of long term sources of capital such as insurance, pension funds and bond markets, which have investible surplus,” he added.
CHD Developers chief operating officer Ravi Saund asked the government to create a ‘Real Estate Regulatory Authority’ to introduce transparency in the sector and enact the Model Real Estate (Regulations & Development) Act.