Tuesday, Jun 18 2019 | Time 19:06 Hrs(IST)
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  • Eoin Morgan, Bairstow and Root power England to 397/6
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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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Rupee gains 20 paise against USD

Rupee gains 20 paise against USD

18 Jun 2019 | 6:36 PM

Mumbai, Jun 18 (UNI) The Rupee on Tuesday appreciated by 20 paise to 69.70 against the US Dollar, on renewed selling of US Dollars by bankers and exporters, dealer at Forex Market informed.

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Sensex recovers by 85 55 pts

Sensex recovers by 85 55 pts

18 Jun 2019 | 6:35 PM

Mumbai, Jun 18 (UNI) The benchmark index of Bombay Stock Exchange (BSE) on Tuesday recovered by 85.55 points to settle at 39,046.34 as buying is seen in OIl&Gas, IT, Teck, Power and metal stocks.

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Commerce Ministry, MeitY, RBI to realise full use of digitisation in trade: Piyush

18 Jun 2019 | 6:34 PM

New Delhi, Jun 18 (UNI) Commerce and Industry Minister Piyush Goyal has said his Ministry, MeitY and the RBI will work in synergy towards realising the full use of digital technology together with trade and investment and also be mindful of the national needs priorities and sensitivities.

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CCI conducts market study on e-commerce in India

CCI conducts market study on e-commerce in India

18 Jun 2019 | 6:34 PM

New Delhi, Jun 18 (UNI) In view of rapid growth of electronic commerce and the rising importance of online trade in a large number of goods and services in India, the Competition Commission of India (CCI) is conducting a market study on e-commerce.

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Cognizant agrees to acquire Zenith Technologies

Cognizant agrees to acquire Zenith Technologies

18 Jun 2019 | 6:33 PM

Chennai, June 18 (UNI) Cognizant on Tuesday gave its consent
to acquire Zenith Technologies, a privately-held life sciences
manufacturing technology services company headquartered in
Cork, Ireland.

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