Banking News

BANKING NEWS 02 09 2020

Finance Minister Nirmala Sitharaman will hold a review meeting with heads of banks and NBFCs on Thursday for smooth and speedy implementation of the one-time debt recast for resolution of COVID-19 related stress in bank loans.

-Financial Express

Scheduled commercial banks can access information about individual assesses from the IT Dept, the CBDT has said. Experts feel such information sharing will help banks deduct tax precisely and also verify information on assessees. 

-Business Line

SBI has decided to introduce ‘Second Innings Tap – VRS –2020 (SITVRS - 2020) to optimise human resources and costs. It will be kept open for 3 months from Dec 1 to Feb-end every year. The scheme will be open to all permanent officers and award staff (including those from erstwhile associate banks and erstwhile Bharatiya Mahila Bank), who have put in 25 years of service and completed 55 years of age as on the date of application; officers who missed 3 or more promotion opportunity in present scale; on mobility ground/ mobility restriction for self or as care taker. Employees  opting for VRS will be paid an ex-gratia amounting to 50% of salary for the residual period of service (up to the date of superannuation), subject to a maximum of 18 months last drawn salary.

-Business Line

Indian Bank announced a cut of 5 basis points in its MCLR for 2-year tenure. The bank has decided to reduce the MCLR for 1-year tenure by 5 basis points to 7.30% effective from Sep 3, 2020, Indian Bank said in a regulatory filing.

-Business Standard

Canara HSBC Oriental Bank of Commerce Life Insurance expects “good growth” in its new business premium in FY21 backed by rising demand for insurance in Tier II, III and IV towns, and enhanced reach following the recent consolidation of PSBs, AnujMathur, MD & CEO said.

-Business Line

LIC Housing Finance today said it plans to raise as much as ₹50,500 crore by issuing Redeemable Non-Convertible Debentures or other hybrid instruments on a private placement basis. The proposal will be taken up at its annual general meeting on Sep 28 for approval from shareholders.

-Business Line

Regarding the SBI decision to introduce VRS scheme  (SITVRS- 2020), K S Krishna, General Secretary, All India SBI Employees Association, said: “At this juncture, we advise our members and also all our colleagues to decide not to fall prey to any measure that induce the Employees to leave their hard-earned, precious jobs. Trade Unions and workforce in SBI have a greater role to play in containing the ongoing unbridled outsourcing of jobs and processes, for ensuring jobs for the present and future generations.”, He said.

-Business Line

In continuation of banning Chinese apps, the Govt today has blocked 118 mobile apps, mainly gaming ones including top of the notch PUBG Mobile Nordic Map: Livik, PubG Mobile Lite, Knives Out-No rules, just fight!, Ludo World-Ludo Superstar and Chess Rush.

-Business Line

The AITUC  appealed to PM  Modi not to corporatise the over two centuries old Indian ordnance factories. In a letter to Modi as well as Defence Minister Rajnath Singh, AITUC urged them to reconsider the move. AITUC fully supports the decision jointly taken by the defence employees federations to go on an indefinite strike from Oct 12, it said.

-Business Standard