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Banks, Insurance firms to remain open on Mar 30, 31. Here's all you need to know about what's operational

<h2>The income tax department has also decided to cancel the long weekend for its employees</h2>

The Reserve Bank of India (RBI) advised banks to keep its branches dealing with government business to remain open on March 31. The last day of the current financial year is a Sunday.
"The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself," the RBI said in a statement.
Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.&nbsp; &nbsp;Insurance companies to remain open on Mar 30, 31 To avoid any hardship to policyholders, insurance firms have been directed to keep their offices open as per normal working hours on March 30 and March 31, IRDAI said in a release on Friday.&nbsp; Tax department will be working too The income tax department has also decided to cancel the long weekend for its employees. This financial year 2023-24 ends on March 31, 2024 which is a Sunday and March 30 is a Saturday and March 29 is Good Friday, which is a public holiday; this makes the last week of the month a long weekend.&nbsp;

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

IBA's proposal: Banks consider transition to five-day workweek

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.
This proposed shift has sparked discussions and raised questions about its impending impact.
According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.
However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.
Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.
Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.
Also Watch: <a href="https://www.editorji.com/business-news/banks-may-soon-have-a-5-day-work-week-with-all-saturdays-off-1691398685692#google_vignette">Banks may soon have a 5 day work week with all Saturdays off</a>

RBI's UDGAM portal expands to 30 banks, covering 90% of unclaimed deposits. Launched in August 2023, the platform aids users in claiming dormant accounts, enhancing financial literacy

UDGAM portal expands: 30 more banks now covered under the scheme

RBI's UDGAM portal expands to 30 banks, covering 90% of unclaimed deposits. Launched in August 2023, the platform aids users in claiming dormant accounts, enhancing financial literacy

In a move toward financial transparency and public awareness, the Reserve Bank of India (RBI) has expanded the reach of its UDGAM portal, a centralized platform designed to assist individuals in locating and claiming their unclaimed deposits.
Search functionality was extended to include 30 banks, covering an impressive 90% of unclaimed deposits in terms of value within the Depositor Education and Awareness (DEA) Fund.
Initially, the portal featured search options for seven major banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank.
This expansion marks a significant step in the RBI's ongoing efforts to raise public awareness about unclaimed deposits. Yogesh Dayal, Chief General Manager at RBI, confirmed that this expansion was part of a phased approach, with the remaining banks set to be integrated by October 15, 2023.
The UDGAM portal, launched by the RBI in August 2023, empowers users to identify their unclaimed deposits and dormant accounts across multiple banks, allowing them to either claim the deposited amount or reactivate their accounts.
The need for such a platform became evident given the substantial volume of unclaimed deposits, totalling approximately ₹35,000 crore as of February 2023. Public sector banks, including SBI, PNB, Canara Bank, and Bank of Baroda, have transferred these unclaimed deposits to the RBI&rsquo;s DEA Fund for accounts left inactive for a decade or more.
The development of the UDGAM portal is a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology &amp; Allied Services (IFTAS), and participating banks.
With this user-friendly platform, the RBI aims to enhance financial literacy, ensuring that individuals are informed about and have access to their rightful deposits, promoting a more financially inclusive society. Also Watch: <a href="https://www.editorji.com/business-news/rbi-launches-udgam-portal-to-track-unclaimed-deposits-1692285853756">RBI launches UDGAM- portal to track unclaimed deposits</a>

Indian listed firms and banks are gearing up to raise over ₹18,000 crore through debt instruments on September 25-26, with a major surge in bond issuances driven by factors like credit growth, liquidity, and global index inclusion

Listed firms and banks gear up to raise ₹18,000 crore in two days

<h2>Indian listed firms and banks are gearing up to raise over ₹18,000 crore through debt instruments on September 25-26, with a major surge in bond issuances driven by factors like credit growth, liquidity, and global index inclusion</h2>

Listed firms and banks are gearing up to raise a sum of over ₹18,000 crore during the two-day span of September 25-26 through debt instruments. The bulk of this fundraising, approximately ₹4,671 crore, is slated to take place on Monday.
The financial sector has been buzzing with activity this September, with banks and corporations already having raised more than ₹31,000 crore by September 22. This upcoming round of fundraising will push the total amount raised in the month to a staggering ₹50,000 crore.
Notably, this marks the third instance of such substantial fundraising through the bond market this year, with April witnessing over ₹52,000 crore raised and a record-breaking ₹1 trillion in June.
<h3>REC plans to raise up to ₹2,000 crore</h3>
On September 25, Rural Electrification Corporation (REC) plans to secure up to ₹2,000 crore through perpetual bonds with a call option after a decade. Simultaneously, Shree Cement is set to raise ₹700 crore through seven-year and one-month bonds.
<h3>HDFC Ergo aims to raise ₹320 crore</h3>
HDFC Ergo aims to gather ₹320 crore via 10-year subordinated bonds, while Godrej Industries and NNP Constructions are gearing up to raise ₹500 crore and ₹551 crore, respectively, through bonds with varying tenures.
<h3>HDB Financial Services is set to raise ₹300 crore</h3>
HDB Financial Services, a subsidiary of HDFC Bank, is set to raise ₹300 crore through 21-month zero-coupon bonds and another ₹300 crore through the re-issue of bonds maturing in December 2026. These fundraising efforts will be facilitated through electronic bidding platforms on stock exchanges.
Experts attribute this surge in debt paper issuances to several factors, including credit growth outpacing deposit growth, negative liquidity in the banking system, and India's government securities (G-Sec) inclusion in the JP Morgan-emerging market bond index starting from June 2024, which is expected to lead to lower interest rates.
<h3>Major state-owned banks set to raise up to ₹3,000 crore</h3>
On Tuesday, major state-owned banks, including Punjab National Bank, are set to raise up to ₹3,000 crore through perpetual bonds. Canara Bank is also poised to secure ₹5,000 crore via 10-year infrastructure bonds, while NABARD plans to raise up to ₹3,000 crore through five-year social impact bonds.
In addition, India's largest lender, State Bank of India, recently completed its fourth issuance of infrastructure bonds, raising ₹10,000 crore at a 7.49% coupon rate. Remarkably, this offering attracted bids totalling ₹21,045 crore, oversubscribing by more than five times the initial base size of ₹4,000 crore, the bank reported.
Also Watch: <a href="https://www.editorji.com/business-news/bajaj-finance-prepares-for-1b-fundraise-amid-growth-surge-1695612781609">Bajaj Finance prepares for $1B fundraise amid growth surge</a>

Global banks in India are improving maternity benefits to attract and retain female talent amid low female workforce participation. Citigroup now offers one year of remote work for new mothers

Global banks in India expand maternity benefits retain talent, promote gender diversity

Global banks in India are improving maternity benefits to attract and retain female talent amid low female workforce participation. Citigroup now offers one year of remote work for new mothers

Global banks operating in India are stepping up their efforts to attract and retain female talent by expanding maternity benefits that go beyond the norm. In a country where female workforce participation remains below 25%, these initiatives aim to empower women and promote gender diversity in the workplace.
Citigroup Inc. recently announced a policy allowing new mothers to work from home for up to a year after their paid maternity leave concludes. Aditya Mittal, Chief Human Resources Officer of Citi India &amp; South Asia, stressed the importance of women's participation in India's development.
India already offers one of the most generous maternity leave policies among the G20 nations, mandating 26 weeks of full-pay leave for new mothers. Additionally, employers with over 50 employees are required to provide onsite or nearby daycare facilities.&nbsp;
This starkly contrasts with the United States, where there is no legal provision for paid parental leave. American banks, such as JPMorgan Chase &amp; Co., Bank of America Corp., and Goldman Sachs Group Inc., offer considerably shorter parental leave periods compared to their Indian counterparts.
The competition for talent in India is intense, with global banks increasingly drawn to the country's growing economy and expanding middle class. HSBC, for instance, is actively recruiting wealth bankers, while Citigroup has identified India as a key market for expansion.
To cater to the unique needs of female employees, HSBC India provides a monthly childcare allowance of up to $216, enabling parents to hire nannies to care for children up to the age of 6. The bank also offers flexible working hours and post-natal career development.
Morgan Stanley offers pregnant employees in Mumbai and Bangalore the opportunity to expense cab rides in their last trimester to avoid crowded public transportation. The bank also provides a phased return to work, coaching for expectant and new parents, and mentorship programs. Additionally, Morgan Stanley grants new fathers up to 16 weeks of leave, a substantial enhancement compared to the 15 days of paternity leave mandated for government employees in India.
Citigroup intends to expand its paternity leave benefits in the coming year, aligning them with maternity leave policies, and further emphasizing its commitment to fostering a diverse and inclusive work environment in India. These efforts by global banks represent significant strides toward gender equality in the Indian workforce.
Also Watch: <a href="https://www.editorji.com/business-news/ganesh-chaturthi-2023-banks-to-remain-shut-on-18th-19th-and-20th-september-in-these-cities-1694775951960">Ganesh Chaturthi 2023: Banks to remain shut on 18th, 19th, and 20th September in these cities</a>

India's private banks face soaring attrition as loans demand spikes; 1 in 3 entry-level staff quits. HDFC, Axis, Kotak, and Yes Bank hit by turnover. Focus on retention strategies, remuneration, and flexible work conditions

India's private banks battle attrition amid business boom

India's private banks face soaring attrition as loans demand spikes; 1 in 3 entry-level staff quits. HDFC, Axis, Kotak, and Yes Bank hit by turnover. Focus on retention strategies, remuneration, and flexible work conditions

Private banks in India are grappling with a surge in attrition rates, especially among young frontline staff, even as the industry experiences significant business growth. Reuters reported that one in three entry-level employees are quitting as the demand for loans skyrockets, driven by a rush to capture a larger share of the market.
HDFC Bank, the country's largest private lender, recorded an employee turnover rate of 34% in the last year, while Axis Bank saw a rate of nearly 35%. Kotak Mahindra Bank experienced a whopping 50% attrition rate, and Yes Bank reported a 43% attrition rate.
The rapid growth in the banking sector has put immense pressure on frontline staff. Axis Bank CEO, Amitabh Chaudhry, acknowledged the industry-wide issue during the bank's earnings call and mentioned exploring options like career progression and training to retain employees.
Yes Bank's CEO, Prashant Kumar, revealed that most attrition happens on the sales side and emphasized the need to control it, aiming for an overall attrition rate of not more than 25-30%.
While higher remuneration in the industry, with entry-level relationship managers earning between ₹30,000 and ₹35,000, makes it easier for employees to switch jobs, other factors like flexibility in working conditions also play a significant role. Most exits occur within the first six months of joining.
Kotak Mahindra Bank faced the steepest jump in attrition, particularly at the junior levels, with an alarming attrition rate of nearly 50%. The bank is now focusing on engagement, training, technology, and automation to address the issue.
&nbsp;

With reports of IDBI Bank fully recovering its dues from now-defunct&nbsp;Kingfisher Airlines, fugitive businessman Vijay Mallya on Thursday mocked banks for saying he still owed them money.
Posting on twitter a clipping of a news item that reported that IDBI Bank has recovered its entire dues totalling Rs 753 crore from the airlines, Mallya said, "And the Banks say I owe them money!".
His tweet comes after a British court on Monday granted a bankruptcy order against him, paving the way for a consortium of Indian banks led by the&nbsp;State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by Kingfisher Airlines.
&nbsp;

Bad Boy Billionaire bankrupt but has not lost his sense of humour! Mallya mocks banks on twitter

Mallya vs Banks

Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks.

With reports of IDBI Bank fully recovering its dues from now-defunct&nbsp;Kingfisher Airlines, fugitive businessman Vijay Mallya on Thursday mocked banks for saying he still owed them money.
Posting on twitter a clipping of a news item that reported that IDBI Bank has recovered its entire dues totalling Rs 753 crore from the airlines, Mallya said, "And the Banks say I owe them money!".
His tweet comes after a British court on Monday granted a bankruptcy order against him, paving the way for a consortium of Indian banks led by the&nbsp;State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by Kingfisher Airlines.
&nbsp;

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp;DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one.More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

RBI bans DHFL from taking deposits from customers, revokes status

RBI has banned bankrupt&nbsp;DHFL&nbsp;from taking any deposits even after the&nbsp;Piramal&nbsp;resolution.&nbsp;

<ul>
<li>RBI&nbsp;bans DHFL&nbsp;from taking deposits&nbsp;</li>
<li>RBI&nbsp;revokes&nbsp;deposit-taking status of DHFL</li>
<li>DHFL&nbsp;NCLT&nbsp;order: Piramal's&nbsp;to acquire firm for Rs 35,250 cr</li>
<li>DHFL&nbsp;lenders to take a 65% haircut&nbsp;</li>
<li>DHFL&nbsp;first financial firm to go bankrupt&nbsp;</li>
<li>DHFL&nbsp;now a non-deposit taking NBFC&nbsp;</li>
</ul>

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Get ready to be charged more for taking out cash from an ATM.The Reserve Bank of India on Thursday allowed banks to raise charges on automated teller machines to Rs 21 per transaction
This however is not applicable immediately, this will come into effect from January 1, 2022, post which you will be charged the amount after you exhaust your free transaction limit which is set at 3 in metro cities and 5 in non-metros.&nbsp;RBI&nbsp;has also hiked the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres, effective August 1, 2021.

Pay more to use ATM, RBI raises charges on ATM withdrawals

Get ready to be charged more for taking out cash from an ATM.The Reserve Bank of India on Thursday allowed banks to raise charges on ATM&nbsp;transactions.&nbsp;

Get ready to be charged more for taking out cash from an ATM.The Reserve Bank of India on Thursday allowed banks to raise charges on automated teller machines to Rs 21 per transaction
This however is not applicable immediately, this will come into effect from January 1, 2022, post which you will be charged the amount after you exhaust your free transaction limit which is set at 3 in metro cities and 5 in non-metros.&nbsp; RBI&nbsp;has also hiked the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres, effective August 1, 2021.

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