Name: Mergers lack logic, will further destabilise economy: Bank unions
Uploaded: 2019-08-30T10:24:50.fff+05:30
Duration: T00M41S
Channel: editorji

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the m

Mergers lack logic, will further destabilise economy: Bank unions

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the merger said the move to create fewer but stronger global-sized banks was towards building a $5 trillion economy. The All-India Bank Employees Association in a statement said, the govt's proposals has no rationale and will destabilise the economy further. The statement added, that on one side the government wants to implement Jan Dhan, but asked how it is possible by closing down the branches?. Bank Unions will observe a black day on Saturday and threatened to launch more protests.

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the merger said the move to create fewer but stronger global-sized banks was towards building a $5 trillion economy. The All-India Bank Employees Association in a statement said, the govt's proposals has no rationale and will destabilise the economy further. The statement added, that on one side the government wants to implement Jan Dhan, but asked how it is possible by closing down the branches?. Bank Unions will observe a black day on Saturday and threatened to launch more protests.

The Govt has again extended the deadline for filing declaration and making payments under ‘Vivad Se Vishwas’ scheme . The deadline for declaration has been

The Govt has extended the deadline for filing declaration and making payments under &lsquo;Vivad Se Vishwas&rsquo; scheme . The deadline for declaration has been pushed March 31, 2021, and the due date for payment without additional amount under the scheme has been&nbsp;extended to 30th April, 2021.
The Direct Tax Vivad se Vishwas Act, 2020 was implemented in March 2020 and 1.2 lakh cases amounting to&nbsp;Rs 97,000 cr&nbsp;have so far opted for the scheme.

Aviation regulator DGCA has extended the suspension of international commercial flights to and from India till March 31. In a circular posted the regulator also states

Aviation regulator DGCA has extended the suspension of international commercial flights to and from India till March 31.
In a circular posted the regulator also states that scheduled International flights may be allowed to fly in the given period but the decision will be made on a case to case basis. The allowance pertains to the 27 countries where India has bilateral air bubble agreements.
International commercial passenger flights were suspended on March 23, 2020 due to the pandemic.&nbsp;
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Bears took control the equity markets across the globe on the last day of trade. After sparking hope and starting trade positively Wall Street saw volatile moves pushin

Bears took control of the equity markets across the globe on the last day of trade for the week. After sparking hope and starting trade positively Wall Street saw volatile moves pushing the 30 stock Dow Jones end at the day low shedding 460 points.&nbsp;
All three major averages posted weekly losses on Wall Street, the second weekly downtick for the same. The jitters were sparked again as personal expenditure reading was higher&nbsp;than anticipated ,raising inflationary concerns.&nbsp;&nbsp;
 But equities were not the only this suffering. Crypto currency also had a tough week as Bitcoin slid&nbsp;further 5% in Friday&rsquo;s trade extending its losses to 20% for the week. Bitcoin has recorded&nbsp;it&rsquo;s&nbsp;worst weekly decline in&nbsp;atleast&nbsp;a year.&nbsp;&nbsp; &nbsp; Even&nbsp;commodities&nbsp;that have been the shining spot for traders saw profit booking.&nbsp;A gauge tracking&nbsp;23 commodities&nbsp;dropped by the most since April 2020 as&nbsp;the dollar strengthened making the commodity play less attractive&nbsp; &nbsp;

Mukesh Ambani has become Asia’s wealthiest person again after Zhong Shanshan’s bottled-water company tanked a record 20% this week. The Bloomberg Billionair

Mukesh Ambani has become Asia&rsquo;s wealthiest person again after Zhong Shanshan&rsquo;s bottled-water company tanked a record 20% this week. The Bloomberg Billionaires Index said, RIL chairman's net worth is $80 billion and the Chinese tycoon is now worth $76.6 billion, down more than $22 billion from a peak just last week, In September, Shanshan had become Asia&rsquo;s richest person, beating Chinese tech titans like Jack Ma. His company had raised nearly $1.1 billion in its initial public offering. Zhong is also the chairman of Beijing Wantai Biological Pharmacy Co. Ltd., a vaccine manufacturer which surged as much as 3,757% in December. The firm is now developing a Covid-19 vaccine nasal spray in collaboration with a prominent Chinese university.

The National Stock Exchange has released yet another statement explaining events that led to the longest ever shut down of the exchange on Wednesday but this communicat

The National Stock Exchange has released yet another statement explaining events that led to the longest ever shut down of the exchange on Wednesday but this communication still alludes to give an answer to why the&nbsp;backup site was not made active.&nbsp;&nbsp;
After the trading halt rival bourse BSE was&nbsp;accused NSE of&nbsp;not taking a decision in the benefit of the&nbsp;brokers,&nbsp;BSE was quoted to say&nbsp; &ldquo;It was anti-competitive and unethical on the part of NSE Clearing Ltd (NCL) to stop its operations to preserve NSE&rsquo;s monopoly and hold the market to ransom&rdquo;.&nbsp;
NSE&nbsp;has clarified again that even though it was considered to migrate trade to the disaster recovery site it was internally decided to work&nbsp;towards&nbsp;resolving the issues on the primary site and halt trading.&nbsp;NSE is yet to submit a detailed report to&nbsp;SEBI post the technical analysis of the glitch.

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-Decembe

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-December period is now pegged at 0.4% , the first expansion after the pandemic hit.&nbsp;India is now one of the few economies that saw growth expand in the quarter gone by.&nbsp;&nbsp;
Though technically the recession may be over but it is not all good news the govt has&nbsp;revised&nbsp;&nbsp;the&nbsp;full year GDP to reflect a contraction of 8% vs &ndash;7.7% earlier. Some of the&nbsp;internal indicators&nbsp;are also not very encouraging&nbsp;for example spending from the govt&nbsp;as well private spending have shown a contraction on a&nbsp;year on year&nbsp;basis.&nbsp;&nbsp;
It is&nbsp;definitely&nbsp;too&nbsp;early to celebrate the recovery as International ratings agency Moody&rsquo;s warns that the risk to growth forecast for India is tilted to the downside. Even JPMorgan&nbsp;has raised an alarm that&nbsp;&nbsp;a&nbsp;consumer credit crisis could derail India&rsquo;s economic recovery . For the weekend however economy watchers can enjoy the headline that India has exited recession.&nbsp;

After contracting for two quarters in a row, the Indian economy grew by 0.4% in the October-December quarter amid the coronavirus pandemic, data from the Ministry of St

After contracting for two quarters in a row, the Indian economy grew by 0.4% in the October-December quarter amid the coronavirus pandemic, data from the Ministry of Statistics and Programme Implementation on Friday showed.
The GDP had expanded by 3.3% in the corresponding period of 2019-20, according to data released by the National Statistical Office (NSO).
In its second advance estimates of national accounts, the NSO has projected an 8% contraction in 2020-21. In its first advance estimates released in January, it had projected a contraction of 7.7% for the current fiscal as against a growth of 4% cent in 2019-20.
The economy had shrunk by an unprecedented 24.4% in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns. In the second quarter, the GDP declined 7.3% due to a perk up in economic activities.

It was a sea of red for the markets led by global cues and surging bond yields. Sensex and Nifty ended 4% Friday as the weakness wiped out the week

It was a sea of red for the markets led by global cues and surging bond yields.&nbsp;Sensex and Nifty ended 4%&nbsp;Friday as the weakness&nbsp;wiped out the weekly gains.&nbsp;Sensex lost the 50,000 mark at close while Nifty managed to hold onto the 14500 mark.&nbsp;All 50 stocks in the Nifty ended in the red and financials were the main drag.&nbsp;
Rising bond yields were the culprit that sent jitters across the globe.&nbsp;Bond yields in the US have now surged back to the pre-pandemic levels and even though it indicates higher growth it signals possible inflation and cost of money rising. The Indian bond markets are also signaling the same adding to the nervousness.&nbsp;&nbsp;
It was not just the equity markets rupee hit Rs 73.5/$ in intraday trade, the lowest level in over two months. For the week the currency is lower by 1%, which would mark its biggest weekly fall in 10 months.&nbsp;

Good news for startups and FinTechs as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highli

Good news for startups and&nbsp;FinTechs&nbsp;as the Prime Minister has made a big pitch for larger credit flows to head their way. Speaking at a webinar PM Modi highlighted that&nbsp;financial products will have to be tailor-made for fintech and startups.&nbsp;He expects&nbsp;India's fintech market to grow to Rs 6 lakh cr.
Addressing a webinar&nbsp;on&nbsp;the implementation of Budget in the Financial Services sector&nbsp;the Prime Minister assured the audience that the government is committed to strengthening the banking sector and the focus remains on&nbsp;taking steps to make the financial services sector vibrant, proactive and strong. PM&nbsp;Modi said that investors, depositor&rsquo;s trust and transparency is the top priority of his government.&nbsp;

Rising yields is giving traders an unpleasant déjà vu of the 2013 ‘taper tantrum’ where markets sold off aggressively as the money market

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy.&nbsp;&nbsp; So why&nbsp;do stock markets get rattled by rising bond yields.&nbsp;&nbsp;
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

Domestic flight tickets may get cheaper for those who opt to travel with no baggage or only with cabin baggage within the permissible weight limit. Flight operators are

Domestic flight tickets may get cheaper for those who opt to travel with no baggage or only with cabin baggage within the permissible weight limit. Flight operators are allowed to give concessions in ticket prices to passengers who carry no baggage or only cabin baggage, aviation watchdog Directorate General of Civil Aviation (DGCA) has said in a circular. A passenger can carry up to 7 kilograms of cabin baggage and 15 kilograms of check-in baggage. Any additional weight is chargeable.

Nirav Modi Extradition: Mumbai's Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.

With a UK court ruling in favour of the<a href="https://www.editorji.com/story/uk-court-orders-extradition-of-fugitive-diamantaire-nirav-modi-to-india-1614250940422" target="_blank" rel="noopener"> extradition of fugitive Nirav Modi</a>,&nbsp;Mumbai's Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.
The jail official said that once Nirav Modi is brought to Mumbai, he will be kept in one of the high-security barracks.&nbsp;
The state government had submitted a letter of assurance to the Centre about the facilities, which they can provide inside the prison.
The prison department had also assured that Modi will be kept in a cell with fewer detainees. If lodged in the barrack, Modi&nbsp;is likely to get three square meters of personal space.
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Also Read: <a href="https://www.editorji.com/story/nirav-modi-extradition-a-timeline-of-his-arrest-in-2-billion-pnb-fraud-case-1614270800011" target="_blank" rel="noopener">Nirav Modi extradition: A timeline of his arrest in $2 billion PNB fraud case</a>

Twitter has said that it is planning to offer a subscription service, in which users will have to pay for special content from high-profile accounts, as part of an econ

Twitter has said that it is planning to offer a subscription service, in which users will have to pay for special content from high-profile accounts, as part of an economic model. The social media giant announced the potential new 'Super Follows' service at its annual investor meeting, as it is looking out for ways to generate revenue apart from targeted advertisements. However, no timeline has been given for when Super Follows might become a feature, but it is expected to roll-out in the coming months.

Dalal Street is feeling the global jitters of rising yields indicating cheap money bets are lowering and inflationary bets rise. Wall Street saw t

Dalal Street is feeling the global jitters of rising yields, indicating cheap money bets are lowering&nbsp;and inflationary bets rise. Wall Street saw the biggest fall since October and the&nbsp;nervousness has spread to Dalal Street as well with the Sensex and Nifty both trading much lower on the final day of trade of the week.&nbsp;&nbsp; &nbsp; Bond yields in the US have now surged back to the pre-pandemic levels and even though it indicates higher growth it signals possible inflation and cost of money rising. The Indian bond markets are also&nbsp;signaling&nbsp;the&nbsp;same.&nbsp;The rupee continues to trade significantly lower to the greenback&nbsp;while brokerages&nbsp;are raising their&nbsp;year-end&nbsp;target for the&nbsp;10-year&nbsp;yield as well.&nbsp;
Financial and technology continuing to be the sore point on Dalal Street, mirroring global&nbsp;weakness in&nbsp;sectors.

Rising momentum in business activity led by public spending has helped the Indian economy take the much-needed exit track from recession in the Oct-Dec quarte

Rising momentum in business activity led by public spending has helped the Indian economy take the&nbsp;much-needed&nbsp;exit track from recession in the Oct-Dec quarter last year.&nbsp;&nbsp;Economists&nbsp;surveyed expect&nbsp;the economy to show a modest 0.8% expansion in the final quarter of 2020. Government will release the data on late evening on Friday.&nbsp;&nbsp;Public spending took the lead in accelerating activity as disbursements rose 29% in October to December vs a contraction of 12% in the previous quarter.&nbsp;&nbsp; &nbsp;The RBI Governor also reiterates that growth had become very dependent on public expenditure even before the pandemic hit. In&nbsp;fact, spending analysis shows that every rupee spent by the govt results in a growth of Rs 3 in the economy.&nbsp;Consumption activity was aided by the festive season and it was noticeable in the sales of consumer durables and&nbsp;non-durables&nbsp;in the final quarter of the calendar year. Auto sales numbers indicated a big recovery in sentiment seeing the biggest single quarter jump in the last 2&nbsp;years,&nbsp;though the low base also helped.&nbsp;&nbsp;This is definitely light at the end of the tunnel and not an aberration as indicators in January are holding onto the turnaround during the festive period. Markit India PMI has been above the&nbsp;50 mark&nbsp;indicating an expansion since&nbsp;September.&nbsp;But will this growth hold that&rsquo;s the real question and the market remains divided on the response for now.&nbsp;&nbsp; &nbsp;

Global markets under pressure as Wall Street saw the worst sell-off since October.

Global markets under pressure as Wall Street saw the worst sell-off since October. The 500 stock gauge S&amp;P saw the biggest drop in a month sliding&nbsp;2.5%.&nbsp; The tech tumble exaggerated it's losses with the Nasdaq&nbsp;Composite&nbsp;slid 3.5%, this marks it's biggest sell-off since Oct. 28. Marquee names like&nbsp;Alphabet, Facebook, and Apple all fell more than 3%, while Tesla sunk another 8%.
Traders were spooked as the 10 year yield sky rocketed to the highest level since Feb 2020 in what many traders called a flash spike.&nbsp; Higher rates on the yield signal bad news for corporates&nbsp;especially tech companies that bank of them for lower borrowing rates.&nbsp;

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated act

As resentment grows against the govt due to the hike in fuel prices, the Finance Ministry and the Reserve Bank of India are in agreement on the need for coordinated action between the Centre and the states to reduce fuel prices.
Finance Minister Nirmala Sitharaman&nbsp;in a tweet said, that there is no hiding from the fact that the fuel is an important revenue source and in order to reduce prices for the consumer, the Centre and States will have to talk.
RBI Governor Shaktikanta Das emphasised that a calibrated reduction of taxes on petrol and diesel was important, as it affects the cost of manufacturing and production which in turn impacts inflation.&nbsp;

SEBI responding to the trading halt has questioned by India’s largest bourse NSE on why trading did not migrate to the disaster recovery site. The

SEBI responding to the trading halt has questioned by India&rsquo;s largest bourse NSE on why&nbsp;trading did not migrate to the disaster recovery site.&nbsp;&nbsp;The DR site is a&nbsp;backup&nbsp;site which is located in another city and is a replica of the main production site in Mumbai&nbsp;
In&nbsp;fact, the National Stock Exchange had informed brokers in October that for two complete trading&nbsp;days,&nbsp;September 28 &amp; 29 the bourse had operated entirely out of the disaster recovery site, notably without any issues.&nbsp;&nbsp;Ironically the next round of testing is due end of March.
SEBI has sought a complete report including the details of internal assessments which led to the 4-hour trading halt&nbsp;on Wednesday.&nbsp;SEBI however reassured investors that&nbsp;the market regulator&nbsp;would take&nbsp;all necessary measures to ensure rectification of the underlying causes&nbsp;including addressing institutional deficiencies.&nbsp;

The shine for the yellow metal seems to be dulling with gold prices falling nearly ₹10,000 from the peak it scaled in August 2020. In fact, gold is now h

The shine for the yellow metal seems to be dulling with gold&nbsp;prices&nbsp;falling nearly ₹10,000&nbsp;from the peak it scaled in August 2020. In fact, gold is now headed for a second&nbsp;monthly decline as it sinks towards an&nbsp;8 month&nbsp;low.&nbsp;&nbsp;
Stronger returns in the US bond market&nbsp;with global central banks continuing to support growth has dulled demand for gold. Meanwhile, Goldman Sachs has cut its gold forecast, citing&nbsp;rising risk appetite for assets&nbsp;as a&nbsp;factor&nbsp;for the&nbsp;price&nbsp;underperformance.&nbsp;
Rising bond yields have always led to lower gold prices and with US yields hovering near 1 year high the demand for gold and thus the prices have seen a consistent correction. In fact, reports&nbsp;indicate&nbsp;&nbsp;holdings&nbsp;of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, have&nbsp;fallen&nbsp;to their lowest since May 2020

Private hospitals across the nation are gearing for the vaccine rush as they await more details from the government. India’s largest healthcare chain Apollo

Private hospitals across the nation are gearing for the vaccine rush as they await more details from the government. India&rsquo;s largest healthcare chain&nbsp;Apollo Hospitals was quoted saying that&nbsp;500 million vaccinations&nbsp;in 60 days&nbsp;is an achievable aim. They also&nbsp;said they expect&nbsp;over 25,000 private&nbsp;centers&nbsp;to be carrying out the vaccine rollout from March 1.&nbsp;&nbsp;
The price still remains a question, reports in digital media indicate the govt is looking at ₹400/dose which&nbsp;translates&nbsp;to ₹800 for the full vaccination schedule.&nbsp;Most private hospitals have reiterated that if the procurement price for the hospitals is the same as the govt then pricing of ₹400/dose will be adequate to cover the costs.&nbsp;&nbsp; &nbsp;

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