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Public Sector Banks union to go on one day strike tomorrow

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Banks, Public sector banks, Private Banks, Government banks, Strike, Holidays, Business news

New Delhi: A union of public sector banks has called for a strike on Friday, demanding immediate wage revision and protesting merger of the state-owned banks.

The strike call given by the All India Bank Officers’ Confederation (AIBOC) expected to hit banking operations across the country. However, private sector banks would continue their usual business as they are not part of the strike.

Most of the banks have already informed their customers about the strike and its impact on their normal banking operation.

 

Banks, Public sector banks, Private Banks, Government banks, Strike, Holidays, Business news

 

The United Forum of Bank Unions (UFBU), an umbrella body of the top nine bank unions, has also decided to observe a strike on December 26.

Taking into account these two days of unions’ strike and other holidays, banks would be closed for most of the extended Christmas weekend. So, most bank branches will be open only for a day between this Friday and next Wednesday. Till December 26, there are three holidays — fourth Saturday on December 22, then Sunday and then Christmas on Tuesday.

 

Public Sector Banks to observe one day strike nationwide tomorrow:

 

AIBOC joint general secretary Ravinder Gupta said, “We have demanded wage revision based on the minimum wages formula without linking to profits or paying capacity.”

Besides, the union has also opposed the proposed merger Bank of Baroda, Dena Bank and Vijaya Bank.

As of now many major banks have not given the mandate, few banks have given mandate to IBA for negotiating only upto Scale III officers, said Charanjit deputy general secretary Canara Bank Officers’ Association, an affiliate of AIBOC said.

 

Banks, Public sector banks, Private Banks, Government banks, Strike, Holidays, Business news

 

Such fractured mandate will be resulting in deep cut of allocated funds meant for distributing among the various heads of pay slip components, Gupta said.

As the allocated funds would be the agreed percentage of total pay slip components of up to scale III in respect of those banks which have given mandate and not the pay slip components of the entire industry of all the cadres including workmen, he added.

 

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Nifty, Bank Nifty gain for 5th straight week

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The NSE Nifty along with the broader market gained for the fifth week in a row and even the Bank Nifty recorded gains for the fifth straight week — surpassing the 30,000-level.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation. The overall accommodative stance of the RBI to support economic growth boosted sentiments. Nifty Auto and Metal also posted best week since June 7.

The Indian equity market touched another new high, led by gains in banking stocks after RBI`s policy outcome. Nifty rallied 125 points (+1.0 per cent) to close at 13,259 while Sensex surged 447 points higher (+1.0 per cent) at 45,080.

The broader market also ended in green with both Nifty Midcap 100 and Nifty Smallcap 100 up +0.4 per cent each. All the sectors closed in green except energy which ended with marginal loss of -0.1 per cent. Banks were the biggest gainers, up 2.1 per cent, following positive commentaries from the RBI. It was followed by FMCG, financials, metals, pharma, realty and infra which were up in the range 1-1.4 per cent.

“On the domestic side, Nifty along with the broader market gained for the fifth week in a row. Even Bank Nifty recorded gains for the fifth straight week – surpassing the 30,000-level, after the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation,” Khemka said.

Deepak Jasani, Head – Retail Research, HDFC Securities, said that Indian benchmark equity indices rallied and closed at another record high after the RBI kept rates on hold and did not announce steps to withdraw liquidity in the system. It raised the growth forecasts as well as inflation forecasts. At close, the Nifty was up 124.60 points or 0.95 per cent at 13,258.50. The Nifty rose for the fifth consecutive week, rising 2.23 per cent for the week.

Volumes on the NSE were higher than recent average. Among sectors, banks, metals, infra, realty, pharma and FMCG indices rose the most, while energy index ended in the negative.

“Nifty closed the week up for the fifth consecutive week. While the trigger of RBI policy is out of the way, markets globally now look forward to rising chances of an early US economic stimulus package. Post a good weekly close, we may see some more upside in the early part of next week,” Jasani said.

Vinod Nair, Head of Research at Geojit Financial Services, said that during the week, the markets have been testing new highs each day supported by better-than-expected GDP data, advancements in vaccine and RBI`s decision to keep its rates unchanged and maintain an accommodative stance. The banking and finance sector remained the focal point during the week due to major events like moratorium hearing, MPC meet and RBI`s curb on HDFC Bank.

The market has also witnessed a shift in investor preference to broader markets led by rally in mid and smallcap stocks.

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