The government should go ahead with <keyword id="19907500" type="General" weightage="20" keywordseo="disinvestment" source="keywords">disinvestment</keyword> of public sector banks (<keyword id="20012926" type="General" weightage="20" keywordseo="PSBs" source="keywords">PSBs</keyword>) as they are in good condition, <keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword> said in its research report on Monday. The report also pitched for the consolidation of existing <keyword id="22332526" type="General" weightage="20" keywordseo="government-owned-banks" source="keywords">government-owned banks</keyword>. "As banks are in good condition, the government should take stance on disinvestment of PSBs," the report titled 'Prelude to Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25' said. With regard to the privatisation of <keyword id="19900484" type="General" weightage="20" keywordseo="IDBI-Bank" source="keywords">IDBI Bank</keyword>, it said the government and Life Insurance Corporation of India are selling an almost 61 per cent stake in the lender. "They invited bids from buyers in October 2022. In January 2023, the Department of Investment and Public Asset Management (DIPAM) received several expressions of interest for the IDBI Bank stake on offer. We expect the government to clarify this in the Budget," it said. Presently, the government owns over 45 per cent stake in IDBI Bank, and LIC has a 49.24 per cent shareholding. The report also recommended that the government should tweak the tax on deposit interest and make flat <keyword id="20658792" type="General" weightage="20" keywordseo="tax-treatment" source="keywords">tax treatment</keyword> across the maturity ladder in line with mutual fund and equity markets. "Household net <keyword id="21570022" type="General" weightage="20" keywordseo="financial-savings" source="keywords">financial savings</keyword> has declined to 5.3 per cent of GDP in FY23 and is expected to be 5.4 per cent in FY24. If we make deposit rate attractive in line with MFs, then this could push up household financial savings and CASA," it said. As this amount will be in the hands of depositors, the report said, it could unleash additional spending and thereby, more GST revenue to the government. "Increase in bank deposits will bring not only stability in core deposit base and financial system but also financial stability in household savings as the banking system is better regulated and having a superior trust as compared to other alternatives with high volatility/risk," it said. Deposits are taxed on an accrual basis and other asset classes only on redemption and there is also a need to remove this treatment, it added. The report by the Economic Research Department, <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="153" meta.entityid="State Bank of India">State Bank of India</keyword> (SBI), expressed expectation that the government will look into the concerns over the Insolvency and Bankruptcy Code (IBC) that must be improved and expediting cases under the IBC should be a key change. Recoveries through IBC in FY24 were 32 per cent, and financial creditors lost 68 per cent of their claims. The time taken to reach a resolution is 863 days instead of the stated 330 days, it said. "IBC is a crucial pillar for a vibrant secondary market for <keyword id="20005059" type="General" weightage="20" keywordseo="stressed-assets" source="keywords">stressed assets</keyword>. But for this market to take off, the pool of prospective resolution applicants needs to widen. In this regard, the introduction of the Special Situation Funds (SSFs) by Sebi has been a promising start," it added. Going forward, the report said, policymakers need to make the regulatory regime on SSFs more attractive for stressed asset investors. The opinion expressed in the report is of the research team and does not necessarily reflect those of the bank or its subsidiaries, according to the SBI report. In a separate Budget recommendation, Akshat Khetan, founder of AU Corporate and Legal Advisory Services made a case for enhancing budget allocations for promoting mediation, arbitration, and other ADR methods to reduce the burden on traditional courts. The Budget should also emphasise reforms related to commercial courts, insolvency and bankruptcy code, and other critical areas, he said. The Budget 2024-25 is expected to be presented in Parliament on July 23 by Finance Minister Nirmala Sitharaman.

Time to push divestment of state-owned banks, says SBI report

The government on Friday said the disinvestment of <keyword id="6357560" type="General" weightage="20" keywordseo="IDBI-Bank" source="Orion">IDBI Bank</keyword> is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (<keyword id="6470244" type="General" weightage="20" keywordseo="DIPAM" source="Orion">DIPAM</keyword>) said the stake sale is in the post-EoI stage. "The transaction continues to be on track as per the defined process in the post-EoI stage following receipts of multiple EoIs," DIPAM secretary Tuhin Kanta Pandey tweeted. The government and the <keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword> are together selling about 61 per cent stake in IDBI Bank and had in January received multiple Expressions of Interest (EoIs) for the same. DIPAM, which manages government holding in state-owned enterprises, in October last year invited EoIs for selling a 30.48 per cent stake in IDBI Bank, along with LIC's 30.24 per cent stake in the bank. The government and LIC together hold a 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale. Currently, the government and the <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> are in the process of vetting the bids received. Security clearance from Government and Fit and Proper clearance from the RBI would be necessary for the bidders to move to the second stage of the bidding process which is due diligence and subsequent invitation of financial bids. The investors who have put in EoI have already submitted the required information to secure fit and proper security clearance. Officials expect the transaction to get over in the second half of the next fiscal beginning April 2023. Pursuant to the transaction, the government will own a 15 per cent stake and LIC 19 per cent in IDBI Bank, taking their total holding to 34 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/less-than-1-in-5-bangladeshi-kids-could-learn-remotely-during-covid-unicef-report/articleshow/98725899.cms">Less than 1 in 5 Bangladeshi kids could learn remotely during Covid: Unicef report</a>

IDBI Bank privatisation on track says DIPAM secretary

The government on Friday invited bids from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake in the bank. The last date for submission of bids or <keyword id="162061" type="General" weightage="50" keywordseo="expression-of-interest" source="Orion">Expression of Interest</keyword> (EoI) is December 16. Currently, <keyword id="6365973" type="General" weightage="50" keywordseo="life-insurance-corporation" source="Orion">Life Insurance Corporation</keyword> (LIC) holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake. Of this, the government will sell 30.48 per cent and LIC will sell 30.24 per cent stake, aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank, Department of <keyword id="6355120" type="General" weightage="20" keywordseo="Investment" source="Orion">Investment</keyword> and Public Asset Management (DIPAM) said while inviting bids. Shares of IDBI Bank closed at Rs 42.70, up 0.71 per cent over the previous close on the BSE. At the current market price, the 60.72 per cent stake would be valued at over Rs 27,800 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/cbdc-rbi-to-soon-start-pilot-launch-of-e-rupee-for-specific-use-cases/articleshow/94708092.cms">CBDC: RBI to soon start pilot launch of e-rupee for specific use cases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/banks-to-reap-rewards-of-interest-rate-hikes-in-q2-earnings/articleshow/94706875.cms">Banks to reap rewards of interest rate hikes in Q2 earnings</a>

Govt invites bids for IDBI Bank privatisation; Govt, LIC to sell 60.72%

The <keyword id="47209" type="General" weightage="100" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the strategic sale of the companies for which the Cabinet approval is already in place," an official told PTI. This means that the government will go ahead with the privatisation of companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and RINL or <keyword id="221747" type="General" weightage="50" keywordseo="vizag-steel" source="Orion">Vizag Steel</keyword>, as well as the big ticket IDBI Bank. Considering that strategic sale or privatisation takes at least a year, and in some cases even more, to conclude, a high budgeted disinvestment target may not be achievable. Nangia Andersen LLP, Partner- Government and Public Sector Advisory, Suraj Nangia said: "The privatization process often takes time, depending on the type of privatization and the economic, social, and political context, emphasizing the importance of a medium-term plan, a solid regulatory framework, and competitive markets". "A multi-year strategic plan for privatisation can be formulated to ensure there is a concrete timeline and a well-designed sequencing and strategy for privatisation," Nangia said. EY India, <keyword id="665532" type="General" weightage="80" keywordseo="associate-partner" source="Orion">Associate Partner</keyword>, Tax and Economic Policy Group, Rajnish <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said the privatisation programme may see an uptick after the 2024 general elections. "Maybe this year's Budget is going to be a little muted and we may see announcements around disinvestment and sale of minority stakes. After 2024, we may see an acceleration in the privatisation programme again," Gupta said. In the past year, the government had called off a couple of strategic sales, including BPCL, due to a lack of investor interest. Experts feel that the private sector will be more keen on buying state-owned companies if their deal is sweetened with tax incentives and regulatory exemptions. Nangia said private sector participation is more likely to be successful when the required information is accurate, such as that of the operating performance, the condition of assets etc. "An important factor considered by investors as they decide on bidding in privatisation programme is a 'predictable regulatory environment and absence of undue administrative impediments to business in general'. Other relevant factors include sufficient and accessible resources, including the presence of relevant infrastructure and human capital, tax incentives, financial subsidies and regulatory exemptions," Nangia added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

Listing of <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. <div type="Youtube" id="WYbWln2KsuA" title="Budget 2020: LIC to get Privatised" thumbUrl="https://i.ytimg.com/vi/WYbWln2KsuA/mqdefault.jpg"></div> Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. The sources said, the government will have to cut down its expected realisation from stake dilution of both LIC and IDBI Bank even if the market condition improves. So, selling them at low valuation would be an imprudent decision, they added. Besides valuation, the sources said, listing of LIC involves a lot of regulatory clearances and more importantly amendment to the LIC Act itself. Market participants had already termed the listing of insurance behemoth LIC as IPO of the decade akin to the Saudi Aramco listing. The 60-year-old state-owned firm, LIC is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums. LIC has many subsidiaries, including IDBI Bank. Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period of last year. In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. The bank, which is under the Reserve Bank of India's prompt corrective action (PCA) framework, said it has achieved all PCA parameters for exit except return on asset. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a> <a href="https://www.businessinsider.in/business/news/nirmala-sitharaman-says-the-lic-ipo-will-benefit-retail-investors/articleshow/74008705.cms">Nirmala Sitharaman says the LIC IPO will benefit retail investors</a> <a href="https://www.businessinsider.in/business/news/govt-to-retain-management-control-in-lic-after-listing-sitharaman/articleshow/74459403.cms">Govt to retain management control in LIC after listing: Sitharaman</a>

India's largest-ever IPO may be shelved until next year

<ul><li><keyword id="6477319" type="UNKNOWN" weightage="20" keywordseo="bank-employees">Bank employees</keyword> are on strike today and tomorrow to protest the government’s proposal to privatise two more public sector banks this year.</li><li>Unlike past mergers, where one public sector bank was combined with another, divestment this time will mean a change of ownership from public to private.</li><li>Most branch-related services will be unavailable during the strike, but customers will still be able to operate their mobile and <keyword id="92298" type="ORGANIZATION" weightage="20" keywordseo="Net-banking">net banking</keyword> services or head to an ATM for cash. </li></ul>Over one million public sector bank employees are on strike today and tomorrow, March 15 and March 16, in protest of the government’s proposal of privatisation. <div type="Article" hostid="261" msid="81223572" title="EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme" mstype="2" mssubtype="0"></div> “The Government’s announcement to privatise our public sector banks is totally unfortunate and unwarranted. The need of the hour is to strengthen public sector Banks” said the strike notice by the All India Bank Officers' Confederation (AIBOC). Meanwhile, private sector banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank, which account for around one-third of the market share, are expected to operate as usual. Services that may be affected due to the stick at public sector banks: <ul><li>Deposit and withdrawal services at branches</li><li>Opening of new accounts</li><li>Cheque clearance</li><li>Loan approvals</li></ul>However, ATMs are expected to function normally during the course of the strike, provided they don’t run short on cash. Mobile and net banking services will operate as expected. Why are public sector <keyword id="3523785" type="PERSON" weightage="20" keywordseo="Bank-Employees-on-strike">bank employees on strike</keyword>? The main demand of the unions’ is that the government should withdraw its plan to privatise state-run banks. According to Finance Minister Sitharaman’s announcement, the government plans to privatise two more public sector banks this year — apart from the sale of IDBI Bank. <div type="Article" hostid="261" msid="80971254" title="Bank of India, Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra rally by over 19% on hopes of privatisation" mstype="2" mssubtype="0"></div> Top 10 Indian banks with the most government stake: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public sector bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of government shareholding </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Overseas Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93.29% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">88.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">81.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab and Sind Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">79.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67.34% </td></tr></tbody></table>Source: Centre for Financial Accountability (CFA) In the past when public sector banks went on strike, it was to oppose the merger of public sector banks — like Syndicate Bank with Canara Bank, Oriental Bank of Commerce with Punjab National Bank, and Dena Bank with Bank of Baroda. In the past four years, the government has merged 14 public sector banks. This time around, mergers will mean that public sector banks will no longer be ‘public’. With the government planning on outrightly reducing its stake, public sector banks will see a change in ownership with control being given to private investors. According to the unions, employment opportunities will shrink and jobs will be contractual rather than permanent, affecting job security. Moreover, the move would prove beneficial for whoever buys these banks but not for the depositors. “Private banks do not entertain loans to poor people and for the priority sectors. Their aim is only more and more profit. Service charges are more in private banks and common people will be affected. Rural branches may be closed in the name of non-viability,” said the strike notice. However, many are questioning whether or not going on strike will yield a different outcome than the numerous times the banks have travelled down this path — and failed. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a> <a href="https://www.businessinsider.in/finance/banks/news/bank-of-india-central-bank-of-india-indian-overseas-bank-and-bank-of-maharashtra-rally-by-over-10-on-hopes-of-privatisation/articleshow/80971254.cms">Bank of India, Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra rally by over 19% on hopes of privatisation</a> <a href="https://www.businessinsider.in/finance/banks/news/asset-quality-hdfc-bank-icici-bank-axis-bank-and-others-is-better-than-expected-according-to-moodys/articleshow/80706240.cms">Moody's sees better than expected recovery of asset quality in India's leading private banks</a>

Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief

<img class="gwt-Image" src="/photo/51496352.cms" />Thanks to the long weekend, <a href="http://www.businessinsider.in/searchresult.cms?query=banks">banks</a> will be closed from March 24, due to <a href="http://www.businessinsider.in/searchresult.cms?query=holi">Holi</a>, Good Friday and the weekend. 
 
All bank branches will be shut so customers won't be able to conduct bank transactions. 
 
Even though the banks will fully load <a href="http://www.businessinsider.in/searchresult.cms?query=atms">ATMs</a>, make sure you stock up enough cash to avoid last minute goof ups. 
 
Banks are closed on second and fourth Saturdays every month. Hence, 4 continuous offs for the bank employees. 
 
Banks are trying to ensure that ATMs remain operational during these days so that people don't have any cash problem, a senior public sector bank official said. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=idbi+bank">IDBI Bank</a> may be closed for an extra day if the strike call given by a section of officers and employees of the bank on March 28 (Monday) materialises. 
 The staffers, belonging to the All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA), have given the strike call to protest against the government move to privatise <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI Bank</keyword>.

Make sure you have enough cash as banks will be off for four days this week

<ul><li>Public sector banks across the country are planning to go on strike near the end of the month, on November 26.</li><li>This will be the 20th national-wide general strike since 1991.</li><li>One of the seven demands laid out by the Central Trade Unions (CTUs) is to increase the rate of interest that customers are currently offered on savings deposits and reduce bank charges levied on the common customer. </li></ul>Public sectors banks across India are planning to go on strike on November 26. While their protests range from the privatisation of banks to outsourcing of jobs — one of their demands includes increasing the rate of interest that customers are currently offered on deposits and reducing bank charges, which bodes well for the customer. However, this comes at a time when the <a href="https://www.businessinsider.in/personal-finance/news/savings-rates-in-banks-offer-higher-returns-than-fds-as-banks-continue-to-slash-fd-interest-rates/articleshow/76282346.cms">interest rate on saving deposits</a> is higher than what customers can get by locking their money into a fixed deposit. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank Name </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Interest Rate </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum Amount </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India (SBI) </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.70% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">NIL </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 0pt 2pt 0pt;overflow:hidden;overflow-wrap:break-word;">Average quarterly balance of ₹500 and ₹1,000 for Rural and Urban respectively </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank (PNB) </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹500 ₹1,000 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.10% - 3.60% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 Metro and Urban, ₹2,500 Semi Urban, ₹500 Rural </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Andhra Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹150 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% - 3.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹250 for non cheque operation and ₹500 for cheque operation </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.25% - 3.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 for Metro, Urban and Semi Urban branches and ₹500 for Rural branches </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.50% - 2.60% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average quarterly balance ranges between ₹250 and ₹1,000 </td></tr></tbody></table> The aim of the strike is to the “put up a resistance to the destructive approach of ruling government at the centre being manifested to the country and its people at large,” as per the Bank Employees Federation of India (<a href="https://www.befi.in/admin/UPL/77-2020-2020-11-10.pdf">BEFI</a>) notification. The All India Bank Employees’ Association (<a href="https://www.facebook.com/aibeazindabad/photos/pcb.645822202778977/645822069445657/?type=3&amp;theater">AIBEA</a>) further clarified that the nation-wide strike is against the “anti-economic policies, anti-worker labour policies and anti-farmer legislations in the country.” These are the seven demands laid out by the Central Trade Unions (CTUs): <ol><li>Stop moves to privatise public sector banks like the dilution of government equity and provide adequate recapitalisation </li><li>Strengthen public sector banks</li><li>Take stringent measures against willful loan defaulters and recover the huge corporate NPAs still pending</li><li>Increase interest rate of bank deposits and reduce bank charges levied on customers</li><li>Stop outsourcing of regular bank jobs and regularise casual workers engaged by different banks</li><li>Repeal Banking Regulation (amendment) Act 2020 and strengthen the cooperative banking sector</li><li>Scrap NPS for bank employees and extend defined pension scheme to all</li></ol>SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms"></a> <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus</a> <a href="https://www.businessinsider.in/india/news/psu-bank-employees-wage-revision-finalised-after-three-years-of-waiting-only-a-1500-increase-in-salary-for-officers/articleshow/79166497.cms">PSU bank employees wage revision finalised after three years of waiting — only a ₹1,500 increase in salary for officers</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-set-for-a-comeback-in-india-to-set-up-a-local-office-hire-100-employees-and-invest-100-million-in-the-indian-market/articleshow/79188814.cms">PUBG mobile game set for a comeback in India</a>

Public sector banks across India plan to strike on November 26 seeking higher savings interest rates and lower bank charges

<ul><li>The 24-hour bandh began at 6 am and is expected to observe participation from over 25 crore workers.</li><li>Banking operations across the country will be hit as some <keyword id="144835" type="ORGANIZATION" weightage="20" keywordseo="Bank-Unions">bank unions</keyword> would be joining the <keyword id="187037" type="PERSON" weightage="20" keywordseo="Nationwide-strike">nationwide strike</keyword>.</li><li>The union representatives say that Tamil Nadu and Kerala have been affected the most so far due to the agitation as unions began a nationwide strike across the country. </li><li>In many states, auto and taxi drivers have decided to keep off the roads.</li></ul><keyword id="418098" type="ORGANIZATION" weightage="20" keywordseo="central-trade-unions">Central trade unions</keyword> are on a nationwide strike today to protest against various policies of the central government, from privatisations of public sector banks to new labour and farm laws. An estimated 25 crore workers are participating in the day-long strike called by ten central trade unions. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ten central trade unions that are a part of the nationwide strike </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian National Trade Union Congress (INTUC) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">All India Trade Union Congress (AITUC) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hind Mazdoor Sabha (HMS) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Centre of Indian Trade Unions (CITU) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">All India United Trade Union Centre (AIUTUC) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trade Union Coordination Centre (TUCC) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Self-Employed Women’s Association (SEWA) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">All India Central Council of Trade Unions (AICCTU) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Labour Progressive Federation (LPF) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">United Trade Union Congress (UTUC) </td></tr></tbody></table> “The strike has begun. Kerala and Tamil Nadu are completely shut down. A similar situation is also developing in Odisha, Punjab, Haryana, Telangana and Goa. There is also a good response to the strike in Maharashtra,” AITUC General Secretary Amarjeet Kaur told PTI. What are they demanding? <ul><li>Unions have asked the Centre to provide 200 days’ work in a year at enhanced wages under the National Rural Employment Guarantee Act (MGNREGA) scheme.</li><li>Withdrawal of anti-farmer and anti-worker labour codes.</li><li>Scrapping of the National Pension System (NPS)</li><li>Restoration of the earlier pension scheme with improvement in EPS-95 </li></ul>They are also standing in solidarity with the farmers’ protest that has been gathering attention over the past few months. In a recent development, the Punjab farmers started assembling in large numbers as part of their ‘Delhi Chalo’ march to protest the Centre’s new farm laws. <div type="image" title="Bharat Bandh 2" msid="79423784" hostid="261"></div> Bracing overnight rains and chilly winds, thousands of protesting farmers on Thursday assembled at various places along the Haryana borders in Punjab. A huge contingent of police comprising the Rapid Action Force has been deployed to deal with any untoward situation. Banking operations hindered by the nationwide strike Banking operations across the country were impacted on Thursday with some bank unions joining the nationwide strike. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday, said their normal working could be affected at the branches and offices. The All India Bank Employees’ Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI) are participating in the strike. The association represents majority of the banks, except State Bank of India (SBI) and Indian Overseas Bank. It has four lakh bank employees from various public and old private sectors. Tamil Nadu and Kerala have been affected the most The union representatives said that Tamil Nadu and Kerala have been affected the most so far due to the agitation as unions began a nationwide strike across the country. <div type="image" title="Bharat Bandh 3" msid="79423793" hostid="261"></div> “Visakhapatnam steel plant is affected due to the strike. Besides, the majority of workers in coal mines are also on strike. The work at copper plants, port and dock area are also affected. Delhi industrial areas are closed down. Workers would protest at Jantar Mantar,” Kaur said. The strike affects everyday life in West Bengal Normal life was partially affected in parts of West Bengal as mostly activists of CPI(M)- affiliated outfits like CITU and DYFI, brought out rallies in Jadavpur, Garia, Kamalgazi, Lake Town and Dumdum areas in and around Kolkata; disrupting traffic and asking shopkeepers to pull down the shutters of their establishments. A large police contingent was deployed to ensure normal plying of vehicles. Bandh enforcers also blocked roads in Coochbehar and Jhargram districts, burning tyres and breaking the windscreen of buses. The members of the Communist Party of India Liberation, CPI(M), and Congress also blocked the railway tracks in Jadavpur. The strike affects normal life across the country In many states, auto and taxi drivers have decided to keep off the roads. The federations of railway and defence employees have decided to have large mobilisation on Thursday to express solidarity with the striking workers. Workers in the unorganised sector such as domestic workers, construction workers, beedi workers, hawkers, vendors, agricultural workers, self-employed in rural and urban areas have also decided to come on to the streets for ‘chakka jam’,<a href="https://newsgile.com/2020/11/25/trade-unions-to-go-on-nationwide-strike-on-nov-26-25-crore-workers-to-take-part/"> the joint forum</a> of Independent Sectoral Federations and Associations in the central and state government employees said. <div type="image" title="b03b7ab747085dc06477f97db9cdc1dc" msid="79423824" hostid="261"></div> Demonstration across Odisha The Members of Odisha Nirmana Sramik Federation, All India Central Council of Trade Unions and All Orissa Petrol and Diesel Pump Workers Union held demonstrations across Odisha against the centre's new labour laws. (with inputs from agencies) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/us-stocks-dip-from-record-levels-on-disappointing-economic-data-and-soaring-covid-19-cases/articleshow/79418413.cms" data-type="tilCustomLink">US stocks dip from record levels on disappointing economic data and soaring COVID-19 cases</a> <a href="https://www.businessinsider.in/sports/news/diego-maradona-one-of-the-greatest-stars-in-soccer-history-has-died-at-the-age-of-60/articleshow/79414628.cms" data-type="tilCustomLink">Diego Maradona, one of the greatest stars in soccer history, has died at the age of 60</a>

Bharat Bandh: Here’s how the nationwide strike by trade unions is affecting the daily life of citizens

The <keyword id="6380521" type="General" weightage="100" keywordseo="gmr" source="Orion">GMR</keyword> Group (co-owners of Delhi Capitals) and Microsoft chairman &amp; CEO <keyword id="276564" type="General" weightage="80" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> and GMR Group-led consortium have bagged the rights to own and operate a team in Major League Cricket (<keyword id="6382182" type="General" weightage="80" keywordseo="mlc" source="Orion">MLC</keyword>), a new T20 franchise league in the USA, which is scheduled to be launched this July. In a media release issued on Thursday night, the MLC confirmed that the franchise would be called <keyword id="64863" type="General" weightage="80" keywordseo="seattle" source="Orion">Seattle</keyword> Orcas. Notably, Orcas, killer whale native to the ocean waters around Seattle, is considered a symbol of power and strength. Other than <keyword id="2045946" type="General" weightage="80" keywordseo="nadella" source="Orion">Nadella</keyword> and GMR, the other investors in the Orcas franchise comprise Soma Somasegar (managing director of Madrona Ventures), Samir Bodas (co-founder and CEO, Icertis), Ashok Krishnamurthi (managing partner, GreatPoint Ventures) and Sanjay Parthasarathy (a former senior executive at Microsoft and Avalara). "We see America as the new frontier for cricket's growth globally, and the Pacific Northwest provides an incredible opportunity for us to bring the resources of GMR Sports to the region and help the Seattle Orcas build a team competing for championships," said Kiran Kumar Grandhi, Managing Director, and CEO of GMR Group, a Co-Owner of Delhi Capitals. The Pacific Northwest is a hotbed for American cricket, with a vibrant youth scene and the current reigning Minor League Cricket champions, the Seattle Thunderbolts, hailing from the area. It's going to be exciting to see the Seattle Orcas build on that platform and compete in the inaugural Major League Cricket championship this summer," said Justin Geale, MLC Tournament Director. Meanwhile, other IPL franchises Mumbai Indians and Chennai Super Kings have also bought stakes in MLC. MI, who also have teams in the SA20 and the ILT20 apart from the IPL, will run the New York franchise while Super Kings, who also owns a team in the SA20 will run the Dallas franchise in Texas along with local investors Anurag Jain and Ross Petrot Jr. Notably, Kolkata Knight Riders were the first IPL franchise to enter the MLC circuit, associating themselves with Los Angeles. The arrival of three others means four out of the six teams in MLC overall will be helmed by IPL franchises, The two other franchises in the league are based out of Washington DC and San Francisco. The Washington DC franchise -- to be called Washington Freedom -- is owned by local American investor Sanjay Govil, who has tied up with New South Wales Cricket, to provide the operational expertise including helping set up the squad and putting a cricketing structure in place. A similar strategic tie-up has been struck between the San Francisco franchise, owned by Anand Rajaraman and Venky Harinarayan, and Cricket Victoria. The inaugural season of MLC will be played between July 13 and 30 at the newly renovated facility in the Dallas suburb of Grand Prairie, Texas, with the player draft for local US players scheduled to be on March 19 at the NASA Johnson Space Center in Houston. The squad size will comprise a minimum of 15 and a maximum of 18 players, of which nine can be overseas players. At least six players in the playing XI will need to be from the USA. The overseas players will be direct signings by the franchises, not part of the draft. It is understood that teams will have a purse of USD 800,000 for overseas signings and USD 300,000 for the US-based players. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/idbi-bank-privatisation-on-track-says-dipam-secretary/articleshow/98726442.cms">IDBI Bank privatisation on track says DIPAM secretary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-introduces-ai-powered-copilot-for-word-outlook-and-more-heres-what-it-means/articleshow/98727634.cms">Microsoft introduces AI-powered 'Copilot' for Word, Outlook and more — here’s what it means</a>

Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

<ul><li><keyword id="71937" type="General" weightage="20" keywordseo="Retail-sector" source="Orion">Retail sector</keyword> witnessed a decline in the number of jobs in the last three years. </li><li>This was largely due to the Covid lockdown last year and work from home culture. </li><li>Bengaluru has the maximum number of retail and <keyword id="3732243" type="General" weightage="20" keywordseo="delivery-jobs" source="Orion">delivery jobs</keyword> in the country.</li></ul>The <keyword id="585270" type="General" weightage="20" keywordseo="Indian-job-market" source="Orion">Indian job market</keyword> rebounded after <keyword id="8763838" type="General" weightage="20" keywordseo="Covid-19" source="Orion">Covid-19</keyword> but it’s not true with the retail sector, as per an Indeed report. The sector, which was one of the worst hit sectors during the pandemic, witnessed a de-growth in the number of jobs, the report said. Jobs in the retail sector saw a decline by 5.5% in the past three years from August 2019 - August 2022. “Although jobs in retail saw an uptick of 27.7% in 2020-21 it again de-grew last year,” the report said. According to the report, this was largely due to the Covid lockdown last year and work from home culture also led people to choose offline shopping instead of physical shopping during festive seasons. “The festive months in India are usually a time where we see an increase in seasonal jobs to meet the increasing demand. Even though the percentage increase of jobs hasn't been on par with last year, that’s not to say a substantial number of jobs have not been created,” said Sashi Kumar, head of sales at Indeed India. <cmsannotation type="cmsannotation" annotationid="Bangalore has the most number of retail jobs" comment="subhead" text="Bangalore has the most number of retail jobs">Bangalore has the most number of <keyword id="1008591" type="General" weightage="20" keywordseo="Retail-jobs" source="Orion">retail jobs</keyword></cmsannotation> Bengaluru holds the largest share of jobs in the retail industry with 12.2%, followed by Mumbai at 8.2% and Chennai at 6%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of retail jobs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.26% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mysore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jalandhar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bhubaneswar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.33% </td></tr></tbody></table>Source: Indeed report Mysore, Jalandhar and Bhubaneswar hired the least number of people in the retail industry, according to the report. Bengaluru also has the maximum number of delivery jobs with 5.5% — out of the total percentage of delivery jobs in India. A similar trend is also observed in Chennai (4.9%), Mumbai (4%), Kolkata (3.7%) and Hyderabad (3.2%). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/govt-invites-bids-for-idbi-bank-privatisation-govt-lic-to-sell-60-72/articleshow/94708796.cms">Govt invites bids for IDBI Bank privatisation; Govt, LIC to sell 60.72%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tata-power-mulls-10000-mw-clean-energy-capacity-in-next-five-years-in-rajasthan/articleshow/94708117.cms">Tata Power mulls 10,000 MW clean energy capacity in next five years in Rajasthan</a>

Retail jobs have been slowing down due to WFH and online sales: report

<ul><li>With three months left until the end of the current financial year, the government has so far met only 5% of its <keyword id="787167" type="General" weightage="20" keywordseo="divestment-target" source="Orion">divestment target</keyword>.</li><li>Till now, it has raised ₹9,329 crore out of ₹1.75 lakh crore divestment target of FY22.</li><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is expected to fetch somewhere between ₹75,000 crore to ₹1.50 lakh crore to the government depending on how much stake it decides to sell.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>The union government might miss the divestment target for financial year 2022, which will be the third consecutive year where it fails to meet its ambitious numbers. Every year, the government sets a target amount it hopes to earn by selling stake in public sector enterprises, receiving dividends from owned companies, amount realised from exchange traded funds and so on. So far the government has only met merely 5% of its divestment target of ₹1.75 lakh crore and is short of ₹1.65 lakh crore more. The government has huge hopes of meeting its huge disinvestment target from the LIC IPO where it is reportedly expected to sell 5-10% of its stake. However, even after selling stake in the IPO, it would still not meet its divestment target, here’s how. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">How much will govt get from LIC IPO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds govt would receive </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Short of divestment target by… </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">If it sells 5% stake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹75,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90,671 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">If it sells 10% stake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.50 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,671 crore </td></tr></tbody></table><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-could-make-the-psu-indias-second-largest-company-after-reliance/articleshow/88850447.cms">Reportedly</a>, the government is pushing for a valuation of ₹15 lakh crore for the state-owned insurer that will soon file for the country’s biggest IPO before March 2022. So far the divestment proceeds of ₹9,329 crore came from the offer-for-sale of NMDC and the sale of some government-owned shares in Axis Bank. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government divestment so far from trimming stake in below companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Approximately ₹9,329 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank through Sutti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,994 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,654 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hudco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹726 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹742 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹219 crore </td></tr></tbody></table>In FY21, the government met 16% of its ambitious divestment target of ₹2.10 lakh crore due to unexpected pandemic that hit the country In the last 10 years, only twice has the government been able to meet and even exceed its divestment target. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divestment target </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of target met </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY11 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY13 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹58,425 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65^ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹56,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹72,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">118% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.05 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.10 lakh crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>In the February 2021 budget, Finance Minister Nirmala Sitharaman said the government would sell stake in Shipping Corp of India, Air India, Neelachal Ispat Nigam Ltd, Container Corp of India, IDBI Bank, BEML Ltd and Pawan Hans, among others. Adding to it, the government was to privatise two state owned banks and sell stake in one insurance firm. The government is yet to sell stake in these public sector companies, and they seem unlikely before March 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/tax-rates-and-rules-change-expected-from-budget-2022/articleshow/88899801.cms">Anomalies that need to be fixed in India’s startup regulations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a>

Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<ul><li>India’s central <keyword id="182472" type="CITY" weightage="20" keywordseo="Public-sector-enterprises">public sector enterprises</keyword> will exist only in ‘strategic sectors’ where the government role will be important.</li><li>The Narendra Modi government has decided to use the COVID-19 crisis to merge or privatise many of these and expose them to private competition. </li><li>There are 339 public sector enterprises in India.</li></ul>There are 339 public sector enterprises in India and often at the receiving end of the argument that the ‘government has no <keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">business</keyword> being in business’. However, the Narendra Modi government has decided to use the COVID-19 crisis to merge or privatise many of these and expose them to private competition. India’s central public sector enterprises will exist only in ‘strategic sectors’ where the government role will be important. But there will be two different sets. Here’s how it will work. <ol><li>In one set, there will be at least one central public sector company which will compete with private players. </li><li>In the second set, there won’t be more than four public sector enterprises and private players will be allowed. </li></ol>“If there are sectors where there are too many government companies, they will be brought together in such a way that there won't be more than four. A detailed policy will soon be issued,” Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said but stopped short of mentioning what these sectors will be. <a href="https://dpe.gov.in/about-us/divisions/list-maharatna-navratna-and-miniratna-cpses">Here’s the list of total of all the central public sector enterprises in India.</a> These are the list of Maharatna <keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword> in India <ul><li>Steel Authority of India Limited (SAIL)</li><li>National Thermal Power Corporation ( NTPC)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>Bharat Heavy Electricals Limited (BHEL) </li><li>Bharat Petroleum Corporation Limited (BPCL)</li><li>Hindustan Petroleum Corporation Limited (HPCL)</li><li>Indian Oil Corporation Limited (IOCL)</li><li>Power Grid Corporation of India (POWERGRID)</li><li>Gas Authority of India Limited (GAIL)</li><li>Coal India Limited (CIL)</li></ul>As of March, 2019 the net worth of all CPSEs in India stood at ₹12.08 lakh crore. The government has already begun the process of privatisation of several public companies. Air India – the government-owned airline – has been on the block for a while now. Aside from this, there are also pending proposals to sell the central government stake in companies like BPCL, Industrial Development Bank of India (IDBI), and Container Corporation of India (Concor). It is not clear as of now whether the new reforms will affect these decisions. During the budget announcements in February 2020, the Indian government had set a target of gaining ₹2.1 lakh crore from disinvestments by FY21. This is even after in the previous financial year, the government had to revise its targets from ₹1.05 lakh crore to ₹65,000 crore. An <a href="https://economictimes.indiatimes.com/news/economy/finance/dipam-may-look-at-sale-of-smaller-cpses-to-meet-fy21-disinvestment-target/articleshow/75323885.cms">ET report</a> had quoted an official from the Department of Investment and Public Asset Management (DIPAM) who said that the government is looking at the “option of strategic sale of smaller CPSEs to their sector counterparts.” See Also: <a href="https://www.businessinsider.in/education/news/top-100-universities-to-go-online-tv-channels-for-students-special-content-for-visually-and-hearing-impaired/articleshow/75785494.cms">100 universities to go online, TV channels for students, special content for visually and hearing impaired - India's big boost for education during Covid-19</a> <a href="https://www.businessinsider.in/finance/news/india-puts-a-pause-on-new-bankruptcy-cases-for-a-year-and-other-changes-that-will-cap-the-rise-in-bad-loans/articleshow/75785508.cms">India puts a pause on new bankruptcy cases for a year ⁠— and other changes that will cap the rise in bad loans</a> <a href="https://www.businessinsider.in/science/health/news/india-to-increase-expenditure-on-health-will-set-up-public-health-labs-at-block-levels-in-all-districts/articleshow/75785483.cms">India to increase expenditure on health — will set up public health labs at block levels in all districts</a>

You Searched For "IDBI Bank privatisation" and got 14 results

Time to push divestment of state-owned banks, says SBI report

PTI

IDBI Bank privatisation on track says DIPAM secretary

PTI

Govt invites bids for IDBI Bank privatisation; Govt, LIC to sell 60.72%

PTI

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

PTI

India's largest-ever IPO may be shelved until next year

PTI

Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief

Prabhjote Gill

Make sure you have enough cash as banks will be off for four days this week

BI India Bureau

Public sector banks across India plan to strike on November 26 seeking higher savings interest rates and lower bank charges

Prabhjote Gill

Bharat Bandh: Here’s how the nationwide strike by trade unions is affecting the daily life of citizens

Navdeep Yadav

Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

IANS

Retail jobs have been slowing down due to WFH and online sales: report

Vaamanaa Sethi

Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row

Bhakti Makwana

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

PTI

India will reduce the number of central government companies⁠— some of them will get bigger and some will be sold to private players

Sanchita Dash