A one-rank, one pension (OROP) kind of scheme is in the works for retired PSU bank employees. OROP was a longstanding demand of armed forces’ veterans, where the pension would be reworked so that everyone who retired in the same rank will get the same pension, irrespective of the date of retirement.
Tata Consultancy Services (TCS), India’s second-most valued company, agreed to acquire the technology services unit of Deutsche Bank for one euro on Monday. The move will save about 9% of the 18,000 jobs placed in jeopardy by the German giant’s decision to restructure operations and restore profitability.
Reserve Bank of India-appointed administrator of Punjab and Maharashtra Cooperative (PMC) Bank has come up with a revival strategy where private investors can take over and convert the failed cooperative into a small finance bank. Potential investors have to submit their expressions of interest (EoI) by December 15, 2020.
From top Japanese and Australian funds to those from Europe and the US, PM Modi will sell the India story to 20 global giants, with combined assets of $6 trillion, and pitch for long-term investments. The PM is scheduled to hold a round table with the CEOs and chief investment officers of top fund houses — ranging from Australian Super and Future Fund to Japan Post Bank and Ontario Pension — on Thursday.
Lee Kun-Hee had been hospitalized since May 2014 after suffering a heart attack and the younger Lee has run Samsung, the biggest company in South Korea. A Samsung statement said Lee died on Sunday with his family members, including his son and de facto company chief Lee Jae-yong, by his side.
The government is moving ahead with Air India strategic sale and is expected to ask suitors to bid based on the combined equity and debt value while turning down suggestions to either run the operations for next two-three years or shut down the national carrier. A panel of officers is also not in favour of reducing the debt by Rs 23,000 crore, sources told TOI.
The Supreme Court on Wednesday said it was a “welcome move” on the Centre's part to waive compound interest on instalments of loans up to Rs 2 crore payable during the six-month moratorium period of March 1 to August 31 but frowned upon the over one-month time it sought to implement the decision. Justice Shah said in a lighter vein, "Their (people's) Diwali is in your hands."
Annual premium on health covers have risen by 40%-70% for policyholders after insurance companies hiked rates following a regulatory diktat to widen coverage and standardise conditions with regard to exclusions.
