Bank Strike on 10th and 11th

All Public Sector Bank employees will observe 2 days strike on 10th and 11th February 2014 as the Wage Settlement which is due from November 2012 has not been settled till now. The IBA has offered 10% hike which is duly rejected by the unions represented by UFBU.

HDFC Bank introduces Missed Call Banking

Private Sector Bank HDFC Bank has also started "missed call banking". The customer who intends to use this service has to register his mobile with the bank. Once his mobile number is linked to his account a customer can call any of the Toll Free number that the bank provides to get the services.

Karnataka court refuses to get in the way of banks for recovery of Mallya Debt

The Karnataka High Court refused to interfere with the proceedings initiated by a consortium of banks against industrialist Vijay Mallya and two of his companies — UB (Holdings) Ltd, Kingfisher Airlines Ltd — before the Debt Recovery Tribunal (DRT) in Bangalore to recover a due of Rs.6,200 Cr. Justice AS Bopanna passed the order asking UBHL, Kingfisher and Mallya to approach the Debt Recovery Appellate Tribunal (DRAT) at Chennai against the November 12, 2013, order of the DRT, which refused to reject the application filed by the banks seeking grant of recovery certificate. The banks had sought recovery certificate from the DRT under the Recovery of Debt Due to Banks and Financial Institutions Act, 1993. In his order, Justice Bopanna said it was not established that there is an inherent lack of jurisdiction to DRT or there is a statutory bar or any violation of statute… Also, proceedings or the action (before DRT) cannot be termed as arbitrary, unreasonable and unfair at this stage requiring the High Court’s interference.

SBBJ Q3

State Bank of Bikaner & Jaipur (SBBJ) has reported a 41% decline in net profit for the quarter ended December 31, 2013, at Rs.152 Cr (Rs.215 Cr). Total income for the quarter under review increased 10% to Rs.2,289 Cr (Rs.2,082 Cr). The bottom-line was weighed down by additional provisioning for bad loans, staff benefits and tax expense, B. Sriram, Managing Director, SBBJ, said. He expressed hope that the banks bottom-line this fiscal will come close to the Rs.730 Cr achieved last year. For the nine months ended December 31, 2013, SBBJ reported a net profit of Rs.494 Cr, lower than net profit of Rs.552 Cr in same period in the previous year.

New CMD of Punjab and Sind Bank an IAS officer

The Centre has appointed Jatinder Bir Singh, a 1983-batch IAS officer of Assam-Meghalaya cadre, as Chairman and Managing Director of Punjab & Sind Bank (PSB). He is expected to assume charge as CMD on Monday. Prior to this, Singh was an Additional Secretary in the Ministry of Water Resources. At PSB, Jatinder Bir Singh has come in the place of DP Singh who had superannuated recently.