<ul><li><strong>Track the live updates underway right now on the <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a>.</strong></li><li><strong>Finance minister Nirmala Sitharaman will be presenting the annual budget 2020 to the Parliament on February 1, 2020.</strong></li><li><strong>The upcoming budget is one of the most challenging ones for the Narendra Modi government as it needs to address a long list of crucial economic concerns</strong><strong>.</strong></li></ul><strong><ul><li><strong>Find the <a href="https://www.businessinsider.in/budget/news/budget-2020-top-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/73828229.cms?src=hp_ts" data-type="tilCustomLink" target="_blank">highlights of the budget speech</a> here. </strong></li></ul></strong>The state of Indian economy changed drastically since the Modi government took charge last year. With all segments of the Indian economy eagerly waiting to see if their concerns are addressed, union budget 2020 is one of the most anticipated events this year.<br /><br />Some of the crucial issues the budget needs to address immediately are slowing GDP, low consumer confidence, discouraging rates of private consumption, increasing unemployment, lack of availability of credit, and dwindling growth in home incomes.<br /><br /><strong>Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity</strong><br /><br />
  <div type="Youtube" id="-80L-8QB_WQ" title="Budget 2020 | India’s ‘make or break’ budget 2020 | Business Insider India" thumbUrl="https://i.ytimg.com/vi/-80L-8QB_WQ/mqdefault.jpg"></div>


<br /><strong>Schedule of budget 2020<br /></strong><br />The Finance Minister Nirmala Sitharaman will present the budget at 11 am on February 1, 2020, which happens to be a Saturday. On January 31, Friday, a day in advance before the upcoming budget session, Krishnamurthy Subramanian, the chief economic advisor of the country presented the economic survey.<br /><br />After 2015-16, the budget will be presented on a Saturday for the first time. During the first tenure of the Modi government, it was decided that the union budget would be presented on the first working day of February instead of the last working day of February, which will mean the budget sessions have been advanced by a month. <br /><br />SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2020-must-make-way-for-socially-responsible-investing-in-india-heres-why/articleshow/73426606.cms" data-type="tilCustomLink" target="_blank">'Budget 2020 must make way for socially-responsible investing in India'⁠— here's why</a><br /><br /><strong>Here's a dedicated section for all you need to know about the Budget 2020: <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>.</strong><br /><br />Since the move, the tradition has continued till date through all the subsequent budgets of the Modi Sarkar. The advancing of the date of union budget was to ensure that the budgeting process starts in February will be completed before the end of March and the spending exercise for the next fiscal year could start on April 1.<br /><br /><strong>Where to watch the budget session 2020 live?<br /></strong><br />Here is a list of some channels where you can watch the budget session 2020 live at 11 hours on Saturday, February 1, 2020: <a href="https://loksabhatv.nic.in/">Lok Sabha Television</a>, <a href="https://webcast.gov.in/lstvlive/">Lok Sabha live webcast</a>, <a href="https://www.timesnownews.com/livetv/timesnow/video">Times Now</a>, <a href="https://www.timesnownews.com/livetv/etnow/video">ET Now</a>, <a href="https://aajtak.intoday.in/">Aaj Tak</a><br /><br />
  <div type="Article" hostid="261" msid="73753459" title="Exclusive: TCS CEO shares his hopes and fears from the budget 2020" mstype="2" mssubtype="0"></div>


<br /><br /><strong>What the budget on a Saturday can impact<br /></strong><br />The Parliament and stock exchanges which usually remain shut on two days of the weekend would be open on February 1, 2020 on Saturday due to the scheduling of the budget session on this day.<br /><br />As per the RBI regulations, banks are generally open on the first, third and fifth Saturdays of the month. Since unions have decided to go for a two-day bank strike on wage related demands, the banking services might be affected on Saturday, February 1, which happens to be the first Saturday of the month. <br /><br /><strong>Major concerns expected to be addressed in budget 2020<br /></strong><br />Leading economists believe that Budget 2020 will be highly focused on resurrecting the slumping economy and boosting up the private consumption rate. Some of the other other key issues expected to be addressed in the upcoming budget are tax cut on personal income, checking the consumer inflation, tax concessions on housing schemes, lowering the GST of FMCG and consumer durable products, increasing the interest rates, increase the deduction limits of Section 80 C, and DDT and LTCG relief. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank">Indian taxpayers' expectation from the budget 2020</a><br /><br /><a href="https://www.businessinsider.in/budget/news/cybersecurity-doesnt-have-any-specific-allocation-in-the-budget-but-the-government-knows-its-a-pressing-concern/articleshow/73771330.cms" data-type="tilCustomLink" target="_blank">Cybersecurity doesn't have any specific allocation in the budget but the government knows it's a pressing concern</a><br /><br /><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank">Budget 2020: Five charts that explain what you can expect from India’s defence expenditure this year</a>

Union Budget 2020 date, time, schedule ⁠— all you need to know

New Delhi, Jan 15 () Following are the top business stories at 1824 hours:
<p> 
DEL65 BIZ-LD AMAZON-BEZOS
Amazon founder Jeff Bezos commits USD 1 bn investment to digitise small businesses in India
New Delhi: Amazon.com Inc chief Jeff Bezos on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

DCM25 BIZ-EDELWEISS-ED
FEMA violation case: Edelweiss Group Chairman appears before ED
Mumbai: Financial services company Edelwesiss Group Chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation.</p><p> 
</p><p> 
DCM44 BIZ-GST-FAKE
Over 1,200 exporters untraceable; govt saves Rs 350 cr fake IGST refund
New Delhi: Revenue Department using its data analytics has discovered a fraud in GST refunds with as many as 1,200 exporters, who have have claimed Rs 350 crore refunds, are now untraceable.

DCM43 BIZ-BANK-STRIKE
Employees of govt-owned banks threaten two-day strike from Jan 31
New Delhi: Bank unions have threatened to go on a two-day nationwide strike beginning January 31 to press for early wage revision.
</p><p> 
DEL86 BIZ-LD STOCKS
Market pauses after four-day winning run; banking stocks slide on NPA woes
Mumbai: Benchmark indices Sensex and Nifty took a pause after a four-session record run on Wednesday, as higher bank NPAs in ongoing quarterly results weighed on banking stocks coupled with a caution ahead of US-China trade deal.
</p><p>
DCM28 BIZ-LD BHARTI AIRTEL
Airtel raises USD 3 billion dollars via QIP, FCCB offering
New Delhi: Bharti Airtel has raised USD 3 billion through QIP and FCCB route, completing a massive fund raising exercise for the firm, which has to pay billions of dollars in statutory dues.</p><p>  
</p><p> 
DEL85 BIZ-RUPEE-CLOSE
Rupee pares losses; settles 5 paise higher at 70.82 against US dollar
Mumbai: The rupee pared its early losses to settle 5 paise higher at 70.82 against the US dollar on Wednesday, ahead of the signing of phase 1 trade agreement between the US and China.
</p><p> 
DCM39 BIZ-IMPORTS RESTRICTIONS
Govt will put restrictions on imports of products under 'others' category: Goyal
New Delhi: Concerned over rise in imports in the 'others' category, Commerce and Industry Minister Piyush Goyal on Wednesday asked those importers to seek HSN or tariff code within 30 days from the foreign trade office, failing which the government would impose strong restrictions on their inbound shipments.
</p><p> 
DCM41 BIZ-CCI-ASIAN PAINTS
CCI orders probe against Asian Paints
New Delhi: The Competition Commission of India has ordered a probe against Asian Paints for allegedly hindering the entry of JSW Paints by virtue of its dominance in the market for manufacture and sale of decorative paints.</p><p> 

DEL70 BIZ-GOLD-PRICE
Gold rises Rs 256 on strong global trend
New Delhi: Gold prices rallied Rs 256 to Rs 40,441 per 10 gram in the national capital on Wednesday, led by strong buying in global markets, according to HDFC Securities. 
</p><p> 
</p><p> 
</p><p> 
</p>   SHW
SHW

Business highlights :

<img class="gwt-Image" src="/photo/45132840.cms" /><br />
Banking operations at public sector banks across the country were badly hit yesterday due to a nationwide strike by the employees. The employee unions are demanding a wage revision.<br />
<br /> The strike was called as the employee unions and the <keyword id="110491" type="ORGANIZATION" weightage="100" keywordseo="Indian-Bank-Association">Indian Bank Association</keyword> (IBA) failed to settle the wage dispute. While the unions are asking for a 23% hike, the IBA is ready to give just 11%. Unions have threatened to further intensify their agitation if their demands are not met.<br />
<br />
Banks had given prior information to customers about the inconvenience. "The United Forum of Bank Union (UFBU) has given a notice to IBA calling for nationwide bank strike on November 12 and All-India State Bank Officers’ Federation and All-India State Bank of India Staff Federation being a part of UFBU will also participate in the said strike," SBI had said.<br />


Banking Services And Markets Suffer
Due To Strike

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/569fa37fdd08956b228b4736-2667-2000/rtr2msqm.jpg" alt="pub" data-mce-source="REUTERS/Maxwell's" data-mce-caption="U.S. President Barack Obama toasts with first lady Michelle Obama in Ollie Hayes Pub in Obama's ancestral home in Moneygall May 23, 2011." /><p class="source"><span>REUTERS/Maxwell's</span></p><p class="caption">U.S. President Barack Obama toasts with first lady Michelle Obama in Ollie Hayes Pub in Obama's ancestral home in Moneygall May 23, 2011.</p></div><p></p></div></div></span></p><p><span>Banks are the focus of so-called systemic risk.</span></p><p><span>It's assumed, probably rightly, that the global economy would stop functioning if banks suffered losses heavy enough to shut them en masse.</span></p><p><span>But what's right for the global economy isn't necessarily right for an individual country.</span></p><p><span>As the Bank of England's <a href="http://bankunderground.co.uk/2016/01/20/the-cheque-republic-money-in-a-modern-economy-with-no-banks/">Bank Underground blog notes</a>, almost the entire banking system of Ireland went on strike after an industrial dispute in 1970. The strike lasted nearly six months, yet the economy escaped unscathed.</span></p><p><span>People used cheques to manage large payments and, while the banks were closed, risk of default on the cheques was shouldered by neighbourhood pubs. </span></p><p><span>Here's the Bank of England's Ben Norman and Peter Zimmerman:</span></p><p style="padding-left: 30px;"><span>How did payees manage this risk for such a prolonged period?  <strong>Notoriously, local publicans were well-placed to judge the creditworthiness of payers.</strong>  (They had an informed view of whether the liquid resources of would-be payers were stout or ailing!)  </span></p><p style="padding-left: 30px;"><span>For example, John Dempsey, a publican in Balbriggan, near Dublin, was "…</span><em>holding cheques for thousands of pounds, but I'm not worried.  The last bank strike went on for 12 weeks and I didn't have a single 'bouncer'. … <strong>I deal only with my regulars … I refuse strangers.  I suppose I've been able to keep a few local factories going</strong></em><strong>."</strong></p><p>Around £3 billion ($4.5 billion) changed hands this way while the banks were shut, according to the BoE figures, and not all of it went through the pubs. Some went through local retailers and other businesses.</p><p>But, despite the inconvenience, the whole affair didn't hurt the economy that much. In fact, quite the opposite going by these GDP figures:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/569fa37fdd08956b228b4737-864-560/ireland bank strike.png" alt="Ireland Bank Strike" data-mce-source="Bank of England" /><p class="source"><span>Bank of England</span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/volkswagen-brand-chief-apology-ces-scandal-vw-herbert-diess-2016-1">Volkswagen's brand chief gave an extended apology before their CES keynote</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z2OTcxMDE6jEOoKMTCYmvKW9Pm28yMpX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'Z2OTcxMDE6jEOoKMTCYmvKW9Pm28yMpX',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

You Searched For "bank strike" and got 4 results

Union Budget 2020 date, time, schedule ⁠— all you need to know

BI India Bureau

Business highlights :

PTI

Banking Services And Markets Suffer Due To Strike

BI India Bureau

Pubs replaced banks in Ireland in 1970 and the economy was fine

Ben Moshinsky