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  • USD/INR 68.24 SENSEX 26,210.68 (-2.76) NIFTY50 8,034.85 (+2.00) -#281216 (Compiled by Canara Bank Officers' Union- Team Kerala -Affiliated to All India Bank Officers' Association)
  • In a bid to tackle the call drop menace, Government has launched an Integrated Voice Response System (IVRS) system at multiple locations including Delhi and Mumbai to obtain direct feedback from subscribers on call quality. The feedback will be shared with operators so they can take corrective steps in the problem areas and address the issue of call drops. The IVRS system will be extended to the entire country shortly, an official release said. -NDTV
  • Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of Government's Nov 8 declaration, as much as Rs 14 lakh crore has been deposited in banks.  The value of scrapped currency exceeded the Government's expectation that as much as Rs 3 lakh crore will not be returned as this would be part of black money hoards. This also means that expectation that RBI will be able to give a substantial  dividend to the Government will be belied.  -Economic Times
  • The RBI has allowed foreign portfolio investors to transact in non-convertible debentures / bonds issued by Indian companies either directly or in any manner as per the prevalent/approved market practice. -Business Line
  • Nasscom, telecom operators, and NITI Aayog have come together in creating a dedicated helpline - 14444 - for addressing all queries on digitial payments, as Govt takes strides to push for more digital transactions post demonetisation. After the fourth meeting of the Committee of Chief Ministers on digital payments, Convenor and Andhra Pradesh CM Chandrababu Naidu said, plans are afoot to import one million PoS machines to enable cashless payments across India. NITI Aayog Vice-Chairman Arvind Panagariya said IT industry body Nasscom, telephone operators and the Govt thinktank are creating the helpline to address all queries of public regarding digital payments. The helpline number would be made operational soon. -Business Standard
  • Demonetisation has boosted the digital platforms for payment, which has helped National Payments Corporation's RuPay card usage at merchant terminals soar seven times since Nov 8, taking the daily volumes to over 2.1 million. "Usage of RuPay cards at points of sale and for e-commerce together that used to be about 3 lakh per day (before the demonetisation), is now about 2.1million, which is a 7-times jump,"  NPCI chief executive AP Hota said.  -Economic Times
  • The ED has arrested the manager of a Kotak Bank  branch in connection with its money laundering probe in a case of detection of 9 alleged fake accounts with deposits worth Rs 34 crore post demonetisation. Officials said the agency arrested the Manager of the bank's branch in the K G Marg area, identified as Ashish Kumar, late last night after questioning.
  • South Indian Bank has introduced a full-fledged NRI-focused mobile banking application called SIB Mirror+ across major mobile platforms. The new app was launched after the path-breaking 'E-Lock' feature that provided a single tap solution to fully secure all digital transaction from frauds. -Business Line
  • SBI  today rejected reports that Rs 1,300 crore cash have been deposited in its various branches in Arunachal Pradesh after demonetisation saying no such deposits were found after minutely verifying the relevant records.  -Economic Times
  • Twitter and ICICI Bank announced a partnership today that is aimed at integrating additional digital customer care support features to benefit customers  with direct online response to their queries and feedback in real-time, Twitter said in a statement. The social networking platform said ICICI Bank is the first bank in India to implement the new features to its Twitter account @ICICIBank_Care for social customer care.  -Economic Times
  • The RBI has further relaxed the norms for bad loans classification, providing further relief to small-time borrowers. It has now granted an additional 30 days' time to them to repay their loans. This additional time has been granted over and above the 60 days extended repayment period announced last month. -Business Standard
  • In order to strengthen the consumer protection mechanism, the Government has initiated an exercise to set up a unified body to address grievances of customers in the financial sector. Currently, there are separate grievance redressal mechanism for insurance, banking services, pension and securities market. Financial Redressal Agency design offers a simplified resolution process, allowing retail consumers in distant and remote locations to pursue effective remedies against financial service providers, without imposing significant costs on them, Finance Ministry said in a statement.  -NDTV
  • Finance Ministry today invited comments from stakeholders on the Watal committee report on promoting digital payments, which has suggested a separate regulator to deal with issues concerning payment, among others.
  • The report on Digital Payments, prepared by the committee headed by former Finance Secretary Ratan P. Watal, was put in public domain and suggests outsourcing electronic fund transfer systems like RTGS and NEFT and making the service available round the clock. "RBI should progressively increase their timings over due course. Upgrade payment systems like RTGS and NEFT to operate on 24x7 basis in due course of time. Consider outsourcing the function of operation of payment systems like RTGS and NEFT," the report said. -Business Standard
  • Easing rules on issuance of prepaid payments instruments, RBI today allowed banks to facilitate such devices to unlisted corporates, public entities like municipal corporations and urban local bodies to deepen digital transaction system. "In order to facilitate greater adoption of digital payments, banks may include other entities/employers such as unlisted corporates, partnership firms, sole proprietorship, public organisations like municipal corporations, urban local bodies (employers) for onward issuance to their staff or contract workers," the RBI said in a notification.  -Economic Times
  • Black money holders keen to avail of the new tax evasion amnesty scheme will have to first deposit 49.9% tax and park a quarter of their unaccounted cash in zero-interest deposit before being able to apply for it. The  Pradhan Mantri Garib Kalyan Yojana, 2016, which provides last chance to holders of undisclosed income in the form of old 500 and 1,000 rupee notes to come clean, will not be applicable to any person facing prosecution for corruption, holding benami property, money laundering, violation of foreign exchange or drug trafficking. In a clarification on Provisions of the Taxation and Investment Regime for PMGKY, CBDT said the scheme will not be applicable to anyone facing charges under the Foreign Black money Act.  -Economic Times
  • Over one crore rural citizens have enrolled for digital payments under the 'Digi Dhan Abhiyan' programme within 20 days of the start of the digital financial literacy campaign, surpassing initial targets, IT Minister Ravi Shankar Prasad said today.  -Business Standard
  • Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University, new Deputy Governor at the RBI. The Appointments Committee of the Cabinet cleared the appointment for 3 years. -Business Line
  • The Union Cabinet today promulgated an ordinance that would end the liability of the Government and the RBI to the scrapped ₹ 500 and ₹ 1,000 notes. It would also penalise people holding more than 10 of the demonetised notes beyond March 31, 2017 with a fine of ₹ 50,000 as well as a criminal liability. Under Government guidelines, the demonetised notes can be deposited in bank branches till Dec 30. Those holding the notes beyond the period will have to deposit it in the RBI office. -Business Line
  • At the call of AIBEA & AIBOA pls attend demonstrations before our HO today @ 2.30 hrs on the following issues and demands:
    • Ensure supply of adequate cash to all Banks and Branches
    • Restore all ATMs without further delay
    • Stop favouritism in supply of cash to Banks
    • Ensure transparency in supply of cash to Banks
    • If RBI is not able to supply adequate cash to Banks, then decision should be taken to suspend cash transactions in the bank branches till sufficient cash is supplied to Banks.
    • Announce CBI Enquiry on instances of huge new currency notes with some big persons when branches are starved of cash
    • Compensation to family of general public, bank customers and bank staff who lost their lives recently due to demonetisation episode
    • Ensure safety and protection of bank employees and officers by maintaining law and order in all bank branches to prevent harassment of bank staff.

    • Proper compensation to employees and officers for their extra work/late sitting done for more than a month
  • USD/INR 67.75 SENSEX 25,807.10 (-233.60) NIFTY50 7,908.25 (-77.50) -#261216 (Compiled by Canara Bank Officers' Union- Team Kerala -Affiliated to All India Bank Officers' Association)
  • The Tata-Mistry boardroom battle is a noodle soup of legal suits, with a whopping 140 cases, caveats and injunctions filed in various courts in Mumbai and New Delhi. The cases have been filed in the Bombay High Court, city civil courts, Delhi High Court and the National Company Law Tribunal (NCLT), both in Delhi and Mumbai. -Business Line
  • Problems caused by demonetisation are "easing out" and the move will eventually benefit the nation, Andhra Pradesh Chief Minister Chandrababu Naidu stressed here today.
  • Rahul Gandhi MP today again criticised the demonetisation process and said it had divided the country into two. He said the demonetisation was not against corruption but against the poor and other sections of society. -Business Standard
  • The incomplete recalibration of an ATM in Rajiv Gandhi International Airport in Shamshabad led to users getting an unexpected windfall, as the ATM disbursed new Rs 500 denomination notes instead of Rs 100 notes, on Saturday evening. As air travellers came to know that the ATM was providing Rs 500 instead of Rs 100 notes, they lined up at the ATM belonging to Kotak Mahindra Bank and in an hour as much as Rs 8 lakh was withdrawn from the machine. -Deccan Chronicle
  • The Delhi Government has asked all its departments to make electronic payments to suppliers, contractors and institutions if the order value exceeds Rs 5,000. The Finance Department of the Delhi Government has issued an office memorandum deciding to implement the recent order of the Union Finance Ministry in this regard to promote e-payments. -The Business Standard
  • ICICI Bank Ltd has filed an application in the National Company Law Tribunal (NCLT) against Innoventive Industries Ltd to initiate a corporate insolvency process under the new bankruptcy law. This is the first case in India filed under the Insolvency and Bankruptcy Code, 2016, and it will provide a primer on how the new law will help tackle the banking system’s nearly Rs6.7 trillion of bad loans. -Live Mint
  • The ED has written to 4 banks, accusing their officials of helping a bullion trader based at Zaveri Bazar of bringing in Rs 150 crore in demonetised currency into legal channels through fictitious transactions.  The cash was deposited into accounts of several shell companies (entities that exist only on paper) immediately after demonetisation and then transferred into the trader's account through RTGS to create a purportedly legitimate trail. He claimed the money was received from clients as payments for gold sales. The ED suspects the connivance of bank officials. An officer said the banks unquestioningly accepted huge deposits of demonetised currency into the shell accounts, which were part of an operation between hawala operators and the bullion trader.  -Economic Times
  • PM Modi has quietly plugged a tax loophole used by the wealthy to buy real estate in someone else's name as part of his campaign against corruption, a senior tax official said on Monday. While the focus of his administration was managing the fallout of a shock move last month to scrap old 500 and 1,000 rupee notes, the official told that the department expected to step up scrutiny of real estate assets with suspicious titles. -Economic Times
  • FM Arun Jaitley said today that the country needs to have a lower tax regime to be globally competitive, in comments that experts see as significant as they come just over a month before he presents the Union Budget. The presentation of the Budget for 2017-18 has been advanced to Feb 1 this time. -NDTV
  • PM Modi will take stock of the economy with experts at NITI Aayog tomorrow against the backdrop of currency crunch post demonetisation and discuss ways to speed up growth. There are 15 invitees who will make their presentations before the Prime Minister,” a senior Government official said. -Business Line
  • A mere 4 days before the demonetisation deadline of Dec 30, by when the pains of customers are supposed to allay -- as PM Modi said -- bankers seemed to nurse no hopes of any comfort and expected long queues to slither into the new year and into the months that follow. "The rush is still there and there's no hope of any respite. How can there be any when the RBI is providing only 20-30% of total cash required at the banks?" AIBEA General Secretary C.H. Venkatachalam told. "The situation has not improved much. We had written to even RBI Governor Urjit Patel, apprising him of the situation. But then this is India, you cannot expect a swift reply from anyone. There's no transperancy," he said. Venkatachalam expressed his anger also at the sorry state of bank employees who are being targets of disillusioned customers' wrath for no fault of theirs. He blamed RBI for eroding customers' confidence in the institution of banks by not coming up with any satisfactory answers for the instances of new currency being seized all over the country, while none of this is reaching the legitimate candidates. -Business Standard
  • All India Conference

    AIBOA 7th All India Conference was held at RTC Kalabhavan for four days from 16th to 19th December, 2016 with Youth Convention on 16th in which the young members of the Union enthusiastically participated and eminent personalities like Dr.Victor Louis Anthuwan on India and pre eminence, Sri Vittal Raj on Cyber Security, Digital Banking Environments and Com C H Venkatachalam on Relevance of Trade Union in our Industry - Past, Present and Future enlighted the gathering.

    Women convention

    On 17th Women convention took place in which the important personalities were Ms Vasanthi Devi, well known educationist, former vice chancellor of Manonmaniam sundaranar University (M S University) of Tamil Nadu and Mrs Ranjana Kumar, who was (from 2005) Vigilance Commissioner in Central Vigilance Commission, after her retirement as Chairperson of National Bank for Agriculture and Rural Development (NABARD) is a prominent Indian banker. When the Government of India appointed her as the Chairperson and managing Director of the Indian Bank, she became the first woman to become head of a public sector bank in India. At the time of her appointment, the Indian Bank was saddled with huge losses, and during her tenure she ensured the turnaround of the Indian Bank..She had begun her banking career in 1966 as a probationary officer in Bank of India, where she served in various capacities.

    Jeevan Reddy

    On 18th Justice Jeevan Reddy, who gave somany landmark judgements, Com Suravam Sudhakar Reddy, the leader of CPI have enlightened the gathering on various issues. Banking and Economic Seminar was conducted which was coordinated by Dr Victor Louis Anthuvan in which Ms Subhalakshmi Panse, former Chair Person of Allahabad Bank and Mr P Sainath, well known economist and K. Nageshwar is a former member of the Telangana Legislative Council and professor in the Department of Communication & Journalism, Osmania University have discussed on various points which are concerned with day today affairs.