Two-day nationwide bank strike from today, volumes may be hit

August 22, 2012

bank

New Delhi, August 22: Unions at Indian banks representing about one million employees have called for a nationwide two-day strike beginning Wednesday to protest against reform proposals that would ease mergers and allow more foreign and private capital into the sector.

Trading volumes may be lower than usual as not all dealers are expected to report to work, although banks will ensure that basic market operations, including treasury volumes and settlements will continue, according to staff at lenders.

The strike call will affect 70,000 bank branches across state-run and some private and foreign banks including the country's largest lender State Bank of India.

The third-largest economy in Asia has been unable to pass key reforms and liberalise banking, retail and insurance sectors due to opposition from political parties.

The United Forum of Bank Unions, which heads all nine bank employees and officers unions, have called the strike to oppose government proposals that would make bank mergers easier.

Other major measures, which the unions are protesting, include increasing the voting rights of shareholders and allowing more foreign and private capital into the banking sector.

"There is no question of calling off or reducing the number of days of strike unless the finance minister says that he will defer tabling the Banking Law (amendment) Bill," Viswas Utagi, secretary of All India Bank Employees Association told Reuters.

Not all employees will adhere to the strike, according to Reuters checks with staff at some of the major private and public lenders.

A previous bank strike on August 5 had hit branch operations across India, but trading in bonds, stocks and foreign exchange were largely unaffected.

"Since cash transactions are automated, there will be no problem in settlement. There has been no impact in previous instances as well," said a banker.

Cheque clearing facilities and the availability of cash at ATMs could be most impacted.

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News Network
March 23,2020

New Delhi, Mar 23: The total number of novel coronavirus cases in India rose to 415 on Monday including seven deaths.

"A total of 18,383 samples from 17,493 individuals have been tested for SARS-CoV2 as on March 23 at 10 am IST. A total of 415 individuals have been confirmed positive among suspected cases and contacts of known positive cases," ICMR said in a release.

According to the data released by the Ministry of Health and Family Welfare, Maharashtra is the worst affected state with 67 confirmed cases, including 64 Indian nationals.

Kerala also has 67 confirmed cases with 60 Indian nationals.

Next on the list with most coronavirus-affected patients is Delhi with 29 confirmed cases.

Uttar Pradesh and Rajasthan have 28 and 27 confirmed cases respectively. Telangana and Karnataka have reported 26 cases each. In Punjab, the number of COVID-19 affected patients stands at 21.

A total of 24 patients have been cured and discharged.

The Centre on Monday asked state governments to strictly enforce the lockdown imposed to prevent the spread of coronavirus and directed legal action against violators.

"States have been asked to strictly enforce the lockdown in the areas where it has been announced. Legal action will be taken against violators," a tweet by Principal Director General of PIB, KS Dhatwalia read.

A 'Janata curfew' was observed yesterday to contain the spread of the novel coronavirus pandemic, which has claimed and over 13,000 lives worldwide.

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News Network
May 25,2020

Raipur, May 25: A union minister was caught on camera issuing threats to district administration officials in Chhattisgarh saying that she “knows how to take people to a room and beat them with belts"

Officials were taken aback when Renuka Singh, Minister of State for Tribal Affairs, delivered this dialogue during her visit to the quarantine centre at Balrampur, around 400 km from Chhattisgarh capital Raipur on Sunday.

Dilip Gupta, a resident of Balarampur district in Chhattisgarh, had accused the chief executive officer and tehsildar of the district panchayat of assaulting him in a quarantine centre in the area following a quarrel over shoddy facilities. Renuka Singh took cognizance of the matter and reached the quarantine centre to speak to Dilip Gupta.

The minister, on reaching the quarantine centre, received details of the incident from Gupta and his family and lashed out at the officials for "beating him up".

In a video, Renuka Singh is seen cautioning the officials to not think of BJP workers as "weak".

"Ye bhagwadhaari BJP ke karyakartao ko kamzor mat samajhna. Janpad me baithke aur aap tehsil me baith ke jo bhed-bhaav kar rahe hain BJP ke karyakartao ke sazth, bhool jaiye (Don't think of saffron-wearing BJP workers as weak. Forget the discrimination that you are showing towards BJP workers)," Renuka Singh said, lambasting the officials.

However, the minister did not stop there and went on to threaten the officials saying she knows how to 'thrash people with a belt'. 

"Andheri kothri me le jaa ke na main belt khol ke thokna jaanti hu bohot acche se (I very well know how to lock people in a dark room and thrash them with a belt)," Renuka Singh can be heard saying in a video from the incident.

Dilip Gupta, who was put under quarantine after he recently arrived from Delhi, had reportedly complained about the quality of food and basic facilities in the centre and had even uploaded a video on social media over the same after officials failed to address his issues.

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News Network
July 10,2020

London, Jul 10: India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the US sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA.

Washington has exempted some Venezuelan oil trade from sanctions when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the US tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Washington aims to deprive Venezuelan socialist President Nicolas Maduro of his main source of revenue with the sanctions, which have driven Venezuelan oil exports to their lowest level since the 1940s.

Reliance gave the US State Department and the Office of Foreign Assets Control (OFAC) notice of the diesel swap and received word back that the policies that allowed the transaction were still in place, the Reliance source told Reuters.

Reliance has previously said that its supplies of fuel to PDVSA in exchange for crude were permitted under sanctions.

An oil tanker named Commodore would load the cargo of crude in Venezuela and ship it to India, the tanker's manager NGM Energy said.

"All details of the transaction and transportation were shared with US authorities, who confirmed that the U.S. policy authorizing such transactions remained in place," NGM Energy said in a statement to Reuters.

"The shipment is made in connection with the humanitarian exchange of oil for diesel fuel."

The Commodore is loading a 1.9-million barrel cargo of crude for Reliance at Venezuela's main oil port of Jose, according to an internal PDVSA cargo schedule seen by Reuters.

The Liberian-flagged Commodore was at the Jose Terminal on Thursday, ship tracking data on Refinitiv Eikon showed.

The US State Department, Treasury's enforcement arm OFAC, and PDVSA did not immediately respond to a request for comment.

Reliance has a swap deal to provide diesel to Venezuela in exchange for fuel but has not received a cargo of crude since April. Sources at Indian refiners told Reuters earlier this year they planned to wind down their purchases of Venezuelan oil to avoid any problems with supply due to sanctions.

Other long-time customers of PDVSA, including Italy's Eni and Spain's Repsol, have continued taking cargoes of Venezuelan crude this year under permission granted by the US Treasury Department to exchange the oil for diesel supply as part of debt repayment deals, according to sources from the companies.

NGM Energy also manages the Voyager I tanker, which the United States removed from its list of sanctioned vessels last week after NGM and the ship's owner Sanibel Shiptrade said they would increase measures to ensure vessels complied with international sanctions.

"Last month, NGM Energy SA adopted a firm policy of not allowing vessels under its commercial management to trade to Venezuela, or to carry Venezuelan petroleum cargoes, absent US government authorization," NGM said.

"NGM continues to stand by that pledge."

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