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Business Economy


Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Hyderabad, Jun 13 (UNI) All India Bank Employees' Association (AIBEA) on Thursday urged Finance Minister Nirmala Sitharaman to exempt interest on Fixed Deposits (FDs) from purview of Income Tax in the budget to be presented in Parliament on July 5.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving suggestions and proposals from Banking Sector to the Minister said, Right to Banking should be made a fundamental right and the rate of interest on Savings Bank Deposits needs to be revised upwardly by atleast 2 basis points.

He said the Banks should extend agriculture loan at the rate of 2% per annum (simple). The Banks should extend education loan at concessional rate of interest to the poorer sections of the people, at the rate of 5% per annum (simple) with interest subvention.

Mr Venkatachalam said ll Private Sector Banks should be brought under the Public Sector. The Government should hold full control of public sector banks with 100% equity holding and shall not disinvest its shareholding.

Willful default of bank loans should be declared as a criminal offence through suitable amendment to law, Non-Performing Assets of the Banks have risen phenomenally and hence, the Government should institute more Debt Recovery Tribunals and Fast Track Courts to recover the bad loans, he added.

The AIBeA General Secretary said the Reserve Bank of India should publish the list of defaulters, who owe to the banks more than Rs.1 crore. This defaulters list should be published every six months with updates.

Section 45 of the RBI Act to be suitably amended to provide powers to RBI to publish the name of any defaulter in public interest, he said, adding Bank loan defaulters should be prohibited from contesting in any of the elections to local body, Legislative Assembly, Parliament or to hold any public office of profit. Such of those persons, who hold any such position at present should be made to relinquish their positions, Mr Venkatachalam said.

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TTD plans to adopt Iris tech in devotees darshan program

22 Aug 2019 | 6:57 PM

Tirupati, Aug 22 (UNI) Tirumala Tirupati Devasthanams (TTD) is planning to adopt Iris techniques along with the biometric technology in the devotees darshan program.

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NSE EMERGE achieves 200th SME listing milestone

NSE EMERGE achieves 200th SME listing milestone

22 Aug 2019 | 6:47 PM

Mumbai, Aug 22 (UNI) National Stock Exchange of India Limited (NSE) on Thursday achieved yet another milestone of 200 listings of SME companies on its NSE EMERGE platform, in the presence of Nitin Gadkari, Minister of Micro, Small and Medium Enterprises and Road Transport and Highways.

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WTO reforms must be taken up by all member countries: Piyush Goyal

22 Aug 2019 | 6:30 PM

New Delhi, Aug 22 (UNI) Union Commerce and Industry Minister Piyush Goyal said on Thursday that the time has come to take on the policies of protectionism and unilateral measures by some developed countries that are having an adverse effect on global free trade and if this continues there will be recession in the world and no country will escape it.

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Sensex tanks by 587 44 pts in single day on brisk sell-off amidst weaker global cues

22 Aug 2019 | 6:03 PM

Mumbai, Aug 22 (UNI) Extending the losing streak for the third day in a row on Thursday, the BSE Sensex tumbled by 587.

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Digit Insurance forays into Bancassurance with Karur Vysya Bank

22 Aug 2019 | 6:01 PM

Bengaluru, Aug 22 (UNI) Digit Insurance, one of the fastest-growing general insurance companies in the world, that is on a mission to make insurance simple, today announced its ‘First Bancassurance Tie-up’, with Karur Vysya Bank which has a legacy of 100 plus years with 750 plus branches spread across India.

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