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IBA rejects bankers’ demand for five-day work week, sticks to 12% wage hike The unions have been demanding a five-day work week since a long time Current Affairs :The Indian Banks’ Association (IBA) has officially declined a solicitation from representative associations to keep bank offices open for five days per week, while likewise communicating failure to climb compensation by more than its proposition of 12 percent. It has not consented to the recommendation following perspectives on some “significant partners”, as indicated by a roundabout gave by the staff associations, under the umbrella of the United Forum of Bank Unions (UFBU). The associations need to consent to the IBA’s choice for it to be executed. The bank administrations, spoke to by the IBA, have told the associations that a 12 percent climb in wages will cost open segment banks (PSBs) more than Rs 6,300 crore yearly. “The bank administrations feel this isn’t a lucky time to actualize five-day working w...

Will ask firms to clear Rs 40,000-cr MSME dues fast: FM Nirmala Sitharaman NBFCs with a minimum rating of ‘AA’ are allowed to participate in the scheme. Current Affairs :The administration will ask huge corporates to facilitate clearing contribution worth Rs 40,000 crore to miniaturized scale, little and medium undertakings (MSMEs), Finance Minister Nirmala Sitharaman said on Monday. The legislature will likewise change a plan for giving a one-time credit assurance to open division banks (PSBs) for acquisition of pooled non-banking money related organizations’ (NBFC) resources for permit more NBFCs to take an interest in it. “The corporate issues service has a total rundown of organizations, which have expressed that they owe MSMEs almost Rs 40,000 crore. We are adopting a two dimensional strategy so that before Diwali, MSMEs will get the levy,” Sitharaman said. Corporate Affairs Secretary Injeti Srinivas will keep in touch with these huge corporates, who have announce...