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Good news waiting for central government employees in month of March!

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New Delhi: The National Democratic Alliance (NDA) led by Prime Minister Narendra Modi at the Centre might announce good news related to minimum pay of central government employees in the month of March.

The central government is likely to implement the recommendations of the Seventh Pay Commission in March month. In a recent meeting of the National Joint Council of Action (NCJA) in New Delhi some proposals related to enhancing the minimum grade pay of central employees were discussed during meeting.

Though many associations of the central government are not aware of any such a proposal but at present, central employees get a minimum wage of Rs 18,000.

They are demanding a hike of up to Rs 8,000 in the minimum pay and increase in the fitment factor from 2.57 times to 3.68 times.

 

Let month of March come and good news wait for central government employees!:

 

As we all know that Lok Sabha elections just a few months away, the Modi government is leaving no stone unturned to woo its employees. If the minimum wage of the central employees does not see an increase, then their Dearness Allowance (DA) will definitely be increased.

According to some news reports said the Modi government is keen to increase the minimum pay of central government employees, but it will increase the burden on the public exchequer.

However, it is expected that the much-awaited decision by the central government is likely to be announced in the month of March. The Modi government has also stepped in to provide travel-related benefits to its employees in election season.

Now the Central employees will be able to travel through private airlines to visit the home and other parts of the country (Jammu and Kashmir and Andaman and Nicobar) under the LTC benefit.

 

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SBI to auction NPA assets worth Rs 6,169 cr in March

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The State Bank of India will auction non-performing assets (NPAs) amounting to Rs 6,169 crore in the next 10 days to recover its dues from various defaulting business outfits.

The country’s largest lender carries out auctions of financial assets of those defaulters who have not paid their dues. From March 22-30, the bank, which has already put out a list of the assets, will auction these to asset reconstruction companies (ARCs), banks, non-banking financial companies (NBFCs) and FIs.

The accumulated value of assets on sale is Rs 6,169 crore and the actual realisation will happen depending on the reserve price and bids from the buyers.
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The assets include Jain Infraprojects Ltd, Kamachi Industries Ltd, Parenteral Drugs, which will go on sale on March 22. The total outstanding of this sale, which also includes a few minor properties, is Rs 1,300 crore.

On March 26, the bank has put on sale assets worth Rs 3,645 crore of some big accounts like the India Steel Corporation (Rs 929 crore) and Jai Balaji Industries (Rs 859 crore). There are other companies also on sale like Kohinoor Planet Construction (Rs 207.77 crore) and Mittal Corp (Rs 859.33 crore). The SBI will also auction assets worth Rs 1,748 crore of BMM Ispat Ltd.

On March 29, the bank will sell assets worth Rs 776 crore where Yashasvi Yarns, Sumita Tex Spin, Shekhawati Poly-yarn Ltd and Shakumbhari Straw NPAs stand at Rs 305 crore.

The NPA recovery mechanism has yielded results, with the SBI’s gross non-performing assets (GNPAs) declining by 18,099 crore to stand at 1,87,765 crore as on December-end 2018.

The GNPAs improved from 10.35 per cent of gross advances in December-end 2017 to 8.71 per cent in December-end 2018. Net NPAs improved from 5.61 per cent of gross advances in December-end 2017 to 3.85 per cent in December-end 2018.

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