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Business Economy


Take measures to recover exposure of pension and PF in IL&FS, NBFCs: AIBEA appeals to FM

Take measures to recover exposure of pension and PF in IL&FS, NBFCs: AIBEA appeals to FM

Hyderabad, Jun 13 (UNI) All India Banks' Employees Association (AIBEA) has appealed to Finance Minister Nirmala Sitharaman to take measures to recover the exposure of Pension and Provident Funds in IL & FS and other debt-ridden NBFCs.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving suggestions and proposals for the ensuing budget said, Pension and Provident Funds have exposures to IL&FS and other NBFCs.

The exposure of Postal Life Insurance Fund is Rs.687 Crore, the National Pension Scheme (NPS) exposure is Rs.1270 Crore, SBI Employees’ Pension Fund exposure is Rs.425 Crore, SBI Employees’ Provident exposure is Rs.410 Crore, Rural Postal Life Insurance Fund exposure is Rs.318 Crores and CBT EPF exposure is Rs.575 Crore.

These funds are from the retirement corpus to be payable to the employees and workers.

Therefore, the Government of India should purchase these investments from the Pension and Provident Funds, which shall facilitate them to invest these huge funds in a profitable manner elsewhere.

An announcement to this effect and allocation of funds should be made in the ensuing budget, Mr Venkatachalam said.

UNI CS 1509

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India Cements overall Q2 profit at Rs 151 cr

India Cements overall Q2 profit at Rs 151 cr

11 Nov 2019 | 8:56 PM

Chennai, Nov 11 (UNI) India Cements Limited has reported a profit after tax of Rs 8.72 crore during the second quarter ending September 30, 2019 as against Rs 1.43 crore in the same quarter in the previous year.

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Gowda inaugurates summit on Petrochemicals Manufacturing hubs

Gowda inaugurates summit on Petrochemicals Manufacturing hubs

11 Nov 2019 | 8:31 PM

Mumbai, Nov 11 (UNI) Union Minister of Chemicals & Fertilizers D V Sadananda Gowda inaugurated the 'Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India 2019' here on Monday.

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Rubber Board starts rubber tapping skill development school

Rubber Board starts rubber tapping skill development school

11 Nov 2019 | 6:59 PM

Kottayam, Nov 11 (UNI) Rubber Board has started a rubber tapping skill development school for imparting training on Rubber Latex Harvesting and Processing at Amayannoor here on Monday.

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GeoSmart India at HICC from Dec 3

GeoSmart India at HICC from Dec 3

11 Nov 2019 | 6:56 PM

Hyderabad, Nov 11 ((UNI) The three-day 20th edition of GeoSmart India will be held at Hyderabad International Convention Centre (HICC) here from December 3.

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India has a huge appetite for energy: Pradhan

India has a huge appetite for energy: Pradhan

11 Nov 2019 | 6:50 PM

New Delhi, Nov 11 (UNI) Union Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan on Monday said India has a huge appetite for energy, and will be a driver of global energy demand in coming decades.

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