Articles about Indian Banks Association

Across India, banking services are expected to be impacted greatly this weekend as bank unions go on strike from today (January 31, 2020).

Bank employee unions on Wednesday announced a two-day nationwide strike starting January 31.

Learning from the multi-crore PNB scam, involving jewelers Nirav Modi and Mehul Choksi, the Reserve Bank of India has decided to discontinue issuance of LoUs (letters of undertaking) and LoCs (letters of comfort) as trade credits for imports into the country.

The Reserve Bank of India (RBI) has set April 30 as the deadline for banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with Core Banking Solutions (CBS), as it looks to strengthen internal controls after the PNB fraud case.

Operations were severely hit as public sector banks remained shut and ATMs went dry during the one-day strike by United Forum of Bank Unions. Private banks functioned as usual.

Nine bank unions today held a day-long protest over several demands, including wage revision and accountability of top executives, in view of mounting bad loans in the banking sector.