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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:50 AM - Sep 18, 2017 ( ) Views: 110

The Government is commied
to labour reforms
and simplificaon
in the related laws to safeguard
workers' interest, Labour and Employment
Minister Santosh Kumar Gangwar said today.
Lisng a slew of steps to protect workers'
interest, the minister said provisions have been
made in the Employees' Compensaon
(Amendment) Act, 2017 to increase the penalty
for its contravenon from Rs 5,000 to Rs 50,000,
which is extendable to Rs 1 lakh.
‐Economic Times


SBI said it is reviewing charges for certain
categories of accounts for non‐maintenance of
monthly average balance aer
receiving feedback from customers.
“We have received feedback
from our customers on the issue and we are
reviewing those. The bank will take into account
those and make an informed decision,
” the banks MD Rajnish Kumar told.
‐Business Line


The board of Bank of India is examining the
possibility of merger with other banks, based on
the kind of synergy in business. According
Dinabandhu Mohapatra, MD & CEO, Bank of
India, the bank is in the process of strengthening
its systems and processes before exploring
merger possibilies.
‐Business Line


The board of Allahabad Bank will meet on
Wednesday to consider a dra
scheme oamalgamaon
of its wholly‐owned subsidiary
All Bank Finance. AllBank Finance (ABFL) is a
leading merchant banker and has been holding
licence for Debenture Trusteeship since Feb 2010.
“A meeng of Board of Directors is scheduled to
be held on Wednesday, the 20th September,
2017, inter‐alia, to consider Dra
Scheme of amalgamaon
of... AllBank Finance Ltd with the bank,
” the PSB said in a regulatory filing.
‐Business Line


Airtel Payments Bank today said it has become
the first payments bank in India to integrate the
Unified Payments Interface (UPI) on its digital
plaorm. This will add to customer choice and
convenience for making secure digital payments
to online/offline merchants and making instant
money transfers to any bank account in India, it
said.
‐Business Line


India is likely to overtake Japan and Germany to
become the third largest economy in the next 10
years but needs to be consistent in reforms and
focus more on the social sector, Brish
brokerage HSBC has said.
‐Economic Times


To check corrupon
and harassment, the tax
department will soon launch a pilot of
“jurisdicon‐free assessment” where a tax officer
will not get to know identy of the assessee as
allotment of cases will be done randomly by
computers rather than on the basis of area. The
success of the pilot, to be first carried out in New
Delhi and Mumbai, will determine if the plan has
to be expanded all over the country, a senior
revenue department official said.
‐Business Line


Oil Minister Dharmendra Pradhan said he has
requested the Ministry of Finance to bring
petroleum products under the ambit of lGST in
the interest of consumers. Jusfying
the move, he said there has to be a “uniform tax mechanism”
all over the country.
‐Business Line


The Railways is trying to put an end to those
resome quarrels that break out due to
oversleeping passengers on the middle and lower
berths by reducing official sleeping hours.
According to a circular issued by the railway
board, the passengers in the reserved coaches
can only sleep between 10 pm and 6 am to allow
others to sit on the seats for the rest of the time.
Unl the circular was issued, the exisng
permissible me
for sleeping was between 9 pm and 6 am.
‐Economic Times


Deposits of scrapped currency notes made by the
central government employees post
demonesaon will be probed by an‐corrupon
watchdog Central Vigilance Commission, its chief
K V Chowdary said today. He said the commission
has sought relevant data from income tax
authories in this regard.
‐Business Line




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