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<ul class="summary-list"><li><keyword id="12506848" type="UNKNOWN" weightage="60" keywordseo="baltimore" source="Orion">Baltimore</keyword> will give out $1,000 no-strings-attached monthly checks to 200 young parents.</li><li>The program, which starts this summer, will last for two years. It's currently accepting applications.</li></ul>If you're a young parent in Baltimore, the city wants to give you $1,000 a month for two years.Baltimore is the latest city to establish a guaranteed-income program, joining a wave of areas handing out no-strings-attached checks. "We know that folks have been struggling in Baltimore for far too long, but even more so after COVID-19," Baltimore Mayor Brandon Scott told Insider, adding: "Our lower income residents, particularly our young parents, have faced the worst of the pandemic and the economic fallout, and they really need this now more than ever." To qualify, parents need to be between the ages of 18 and 24 when they apply, and live in Baltimore City. They need to have incomes 300% or less of the federal poverty level, which <a href="https://static1.squarespace.com/static/5f2823f04941a22b9876e21d/t/625ed984def2f541fa3c44d0/1650383236163/MicrosoftTeams-image+%288%29.png">works out</a> to $69,090 for a family of three. The program will give out direct payments to 200 young parents beginning this summer, and is accepting applications <a href="https://www.bmorechildren.com/guaranteed-income">through May 9</a>. Researchers will track outcomes like recipients' mental health, employment, and their food security. "When you are a city that has the deep health disparities that we have here in Baltimore — and you know that a lot of that is driven from the stress of not being able to provide for your family, not being to afford healthier options and food — we would be doing this the incorrect way if we weren't thinking about this from a health and mental health perspective," Scott said.The program specifically wants to help increase the time that parents are able to spend with their children."We want to help folks meet rent and prevent eviction," Scott said. "We want them to secure transportation so they can obtain employment, get their children to and from school, and spend more time with their children because they don't have to spend three or four hours on the bus. We wanna be able to help them pay for childcare."<div type="image" title="Baltimore mayor Brandon Scott" height="3484" width="4645" msid="91401270" hostid="261"></div>Scott said that there's been a "great" response so far. On the day applications opened, he said, a young woman came into their youth opportunity center, walked up to him, and asked him about the payments. He walked her to the computer lab to go apply.Recipients will have several choices for how to receive their funds, according to Adam Roseman, the CEO of Steady, the platform that Baltimore will use to distribute the funds. That includes everything from a bank account to PayPal or Venmo."The administrative burden for the recipient is that they don't have to do anything, right," Roseman said. "Once they set it, it's set and then the money comes every month and there's nothing else that they need to do."<h2>Similar programs have popped up across the country — and have helped recipients' financial and physical health</h2>Basic-income programs like Baltimore's have been growing in popularity over the past few years, especially as the pandemic <a href="https://www.businessinsider.com/capital-one-study-varying-financial-situations-of-americans-during-pandemic-2021-9">caused</a> financial strain for many low-income households. Scott said he started considering <keyword id="12403626" type="UNKNOWN" weightage="60" keywordseo="guaranteed-income" source="Orion">guaranteed income</keyword> through the Mayors for Guaranteed Income movement, a network of mayors launched by former Stockton, California mayor <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">Michael Tubbs</a>. Insider <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">reported</a> last year that there are at least 33 active or recently active basic-income programs across the US. Those differ from traditional welfare programs in that they come with no strings attached — participants can spend the money however they want. Some basic income programs specifically target groups of people that are more likely to face financial hardship, several of them — such as Baltimore's — assisting low-income parents in particular. California's <a href="https://www.abc10.com/article/news/local/california/californias-basic-income-need-to-know/103-21f50629-49d8-4446-b78a-0f79da79d365">basic-income program</a> prioritizes cash for foster youth aging out of the system and pregnant people, and Jackson, Mississippi, currently <a href="https://everychildthrives.com/cash-with-no-strings-attached-changing-the-narrative-of-black-mothers-and-the-social-safety-net/">gives funds</a> to 100 low-income Black mothers living in subsidized housing.Scott said that he wanted Baltimore's program to be unique and focused, especially on longer-term impacts, which is why he opted for two years at a higher amount of money than similar programs.The common thread of these programs: no-strings-attached cash to help people facing financial straits. And basic income programs like Baltimore's have been <a href="https://capitalandmain.com/guaranteed-income-programs-are-triggering-health-benefits-across-the-country">shown</a> to improve the physical and mental well-being of their participants, as well as long-term <a href="https://www.stocktondemonstration.org/income-volatility">financial health</a>. By the end of the program, Scott said, "I want Baltimore to be looked at as a innovator, a city that decided to invest in its people — the most in need folks in the most in need neighborhoods and families — and be a part of the growing example of why this should be done at the national level."

Baltimore will give out $1,000 monthly no-strings-attached checks to young parents for 2 years

<ul class="summary-list"><li>Rachel, a mother of two, moved back in with her mom after her husband died eight years ago. </li><li>A <keyword id="12403626" type="UNKNOWN" weightage="60" keywordseo="guaranteed-income" source="Orion">guaranteed income</keyword> program started giving her $500 a month in September, and will through next March. </li></ul>When Rachel's husband died in a motorcycle accident eight years ago, her life was uprooted. After emptying her bank account to pay for the funeral, Rachel — now 42 — and her two young kids moved out of Boston, Massachusetts, where her husband had worked as a paramedic. Her best friend bought her out of the small business they'd co-founded, and Rachel moved in with her mother in Cambridge, in an apartment three blocks away from where she grew up. Rachel, whose last name is known to Insider but omitted here for privacy reasons, told Insider that she suffered from depression for a long time after her husband died. When the time came for her to look for a full-time job, however, she realized that she wanted to focus all of her time and energy on being a parent. "I wanted to be the mom who brings home pizza on Fridays, goes to PTA meetings, brings supplies to school functions and shows up to every event," she said. She mostly pays the bills with income from remodeling work she does during the summers, various side gigs, and her late husband's life insurance and social security payments. But finances are still not where they used to be when her husband was alive. Rachel's mother is retired. A program helping low-income families in Cambridge opened up options for Rachel and her kids. Her mother came home last year with a flier she'd found advertising <a href="https://www.cambridgerise.org/">Cambridge Recurring Income for Success + Empowerment</a>, known as Cambridge RISE, a guaranteed income pilot giving 130 single caretakers $500 a month for 18 months. The payments are no-strings-attached, meaning recipients can do whatever they want with the <keyword id="11918408" type="UNKNOWN" weightage="60" keywordseo="money" source="Orion">money</keyword>. Recipients do, however, need an income below 80% of Cambridge's Area Median Income (AMI), which <a href="https://www.cambridgerise.org/eligibility">ranges</a> between $70,750 for a one person household and $133,400 for one of eight. Guaranteed income programs like Cambridge RISE have been growing in popularity in recent years, especially as the pandemic has exacerbated financial problems for low-income households. As of last December, there were 33 active, or recently active, <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">guaranteed income programs in the US</a>. Research shows that cash from guaranteed income programs improves long-term financial stability and health for its participants. Insider has reported on recipients who were able to find <a href="https://www.businessinsider.com/guaranteed-income-homeless-teacher-cancer-evicted-ubi-california-bay-area-2022-3">permanent housing</a> through guaranteed income funds, <a href="https://www.businessinsider.com/meet-mississippi-magnolia-guaranteed-basic-income-program-ubi-monthly-2022-1">reduce medical debt</a>, and <a href="https://www.businessinsider.com/how-ubi-helps-woman-went-from-homeless-guaranteed-income-funding-2021-11">help others</a> in their communities. "Through my check-ins with residents many shared now having some 'breathing room' month to month, and being able to pay back debt, take their children to outings, and even save a bit," Jackie Dabo, Cambridge RISE's Project Director, told Insider. Rachel, for instance, has been receiving regular payments since September. She says that it's allowed her to invest in her children's academic interests, fix her car, and pay for supplies that she says improves her family's quality of life. "We know single caretaker families in Cambridge are struggling, are well below the Cambridge <keyword id="11964087" type="UNKNOWN" weightage="60" keywordseo="poverty" source="Orion">poverty</keyword> line, and the impact to single mothers and women of color are even higher," Sumbul Siddiqui, Cambridge's mayor, said upon <a href="https://www.cambridgema.gov/Departments/mayorsoffice/News/2021/09/cambridgerise">launching</a> the program in September. "We need a financial vaccine for Cambridge's most vulnerable residents." <h2>More money means more freedom for her kids to explore their passions </h2>Rachel splits the rent with her mom, so she has the bulk of her RISE stipends to spend on her kids, she said. Using the money to fix her car means she can take them to doctor's appointments and school. It's also meant that she has more breathing room when grocery shopping, and can buy stuff for her kids' rooms: two beds from IKEA, a bookcase for her daughter, and even materials to make her room look like a fantasy version of outer space. They bought cardboard boxes, then affixed cotton balls and string lights on them to set the scene. They also play rainstorm sounds through a speaker to make it feel like they're in nature. "My son is really interested in coding and computer science," she said. "So we're looking to get him in a boot camp in the area this summer at MIT." She said that during the pandemic, remote learning was difficult for her son, and his grades suffered, but she's hoping that programs such as the boot camp will be intellectually stimulating for him. Her daughter, who is eight, wants to be a pediatrician, and so Rachel also uses the funds to buy books that foster an interest in science. And of course with kids there are always miscellaneous costs like soccer equipment for after-school programs. The RISE funds mean there's no hard choice between cleats for her daughter one week and a winter jacket the next. "Whatever people do with their money from the program, I hope it's positive," Rachel said. "It might not seem like a lot, but it does so much."

Meet a mom of 2 who got $500 for 18 months through a guaranteed income program after her husband died

<div type="image" title="Andrew Yang" height="3840" width="5120" msid="79944637" hostid="261"></div><ul class="summary-list"><li>The press secretary for <keyword id="739187" type="PERSON" weightage="60" keywordseo="Andrew-Yang">Andrew Yang</keyword>'s Humanity Forward organization told Insider that the group has discussed potential recurring economic relief with the incoming Biden administration.</li><li>Yang has long been a proponent for <keyword id="3625814" type="PERSON" weightage="60" keywordseo="Universal-Basic-Income">universal basic income</keyword> (<keyword id="72269" type="COMPANY" weightage="60" keywordseo="UBI">UBI</keyword>), making it a key plank of his presidential campaign.</li><li>Humanity Forward was created to, among other missions, support candidates who back UBI and implement UBI for some Americans.</li><li>Press Secretary Greg Nasif says the new administration is a "group open to new ideas."</li></ul>Former presidential candidate Andrew Yang's nonprofit, Humanity Forward, has spoken to the incoming administration of President-elect Joe Biden about recurring checks for Americans, according to Press Secretary Greg Nasif."I don't want to give away too many details, but we have discussed with them our support for direct recurring economic relief," Nasif told Insider.The ideas behind universal basic income (UBI), that every member of society deserves a minimum income, <a href="https://www.businessinsider.com/what-is-basic-income-2016-8">are centuries old</a>, but have gained traction in recent years in no small part thanks to Yang, who made the "<a href="https://www.businessinsider.com/andrew-yang-white-house-about-direct-cash-payment-plan-coronavirus-2020-3">Freedom Dividend</a>" a key plank of his presidential campaign. That dividend would have given every American $1,000 a month.Congress endorsed a UBI of a sort in March with the passage of the <a href="https://www.businessinsider.com/senate-passes-coronavirus-economic-relief-bill-payments-small-business-loans-2020-3">CARES Act</a>, which included $1,200 checks for every American under a certain income threshold - but for one time only. Against the backdrop of rising coronavirus cases in the winter, another such measure - this time for $600 checks - <a href="https://www.businessinsider.com/stimulus-deal-new-600-checks-unemployment-benefits-mconnell-pelosi-schumer-2020-12">passed in December</a> by bipartisan vote in congress, only to be held up by <a href="https://www.businessinsider.com/trump-threatening-to-destroy-stimulus-in-retaliation-to-gop-lawmakers-2020-12">President Trump's refusal to sign it</a>. Trump says he wants $2,000 checks this time.It's unclear if the Biden administration would support any recurring relief beyond another <a href="https://www.businessinsider.com/biden-promises-third-round-of-stimulus-checks-after-taking-office-2020-12">round of stimulus checks</a>, but Nasif said the new administration is a "group open to new ideas." The Biden transition team did not immediately respond to Insider's request for comment.Yang launched Humanity Forward just days before the coronavirus pandemic took hold in the US. It has a few different aims: backing candidates who are in favor of UBI, increasing voter turnout, and even distributing cash directly to some Americans. "I think our mission right now is to demonstrate to lawmakers that this is a really popular idea and it has bipartisan appeal, and it can really help our economy, starting with the people who need it most," Nasif said. "And I think if the Biden administration sees that, then I think we're going to keep moving the ball forward on economic relief for the American people. "<h2>Yang's group and the battle for a (bigger) UBI</h2>Nasif told Insider that while the <a href="https://www.businessinsider.com/personal-finance/stimulus-check-amount-second-round-2020-12">$600 checks</a> negotiated for the latest <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> package aren't necessarily enough, he said it's significant that a strong bipartisan coalition agreed on an opportunity to help Americans with direct cash relief. And, of course, the group is now turning its attention towards the possibility of $2,000 stimulus checks <a href="https://www.businessinsider.com/lose-lose-mcconnell-as-trump-dems-support-2000-stimulus-checks-2020-12">after President Donald Trump expressed his support for a larger direct payment</a>. They <a href="https://twitter.com/HumanityForward/status/1341794976708091905">tweeted</a>: "Humanity Forward is working diligently with our allies in Congress to build support for these direct stimulus checks and maximize the chance that as much relief as possible gets to the American people." In early March, the organization and Yang sprang into action, <a href="https://www.businessinsider.com/andrew-yang-white-house-about-direct-cash-payment-plan-coronavirus-2020-3">Insider's Grace Panetta reported</a>. Yang said at the time that he had been in touch with the Trump White House regarding direct cash assistance for Americans.Yang has also taken matters into his hands in at least one instance. In May, <a href="https://www.businessinsider.com/andrew-yang-universal-basic-income-cash-experiment-upstate-new-york-2020-5">he announced a UBI pilot program in Hudson, New York</a>, in which 20 residents making less than $35,000 would receive $500 a month for five years. Yang's Humanity Forward will foot half of the $600,000 price tag, and partner group <a href="https://www.sparkofhudson.org/blog/the-spark-launches-ubi-pilot-hudsonupnbsp">Spark of Hudson</a> will cover the rest of the cost. WAMC <a href="https://www.wamc.org/post/city-hudson-advances-universal-basic-income-trial-andrew-yang-s-backing">reports that applications for the program closed in September</a>.Yang may soon have a bigger platform to advocate for UBI, if not a bigger city in New York state that could serve as a laboratory for further implementation of the policy. A native of upstate New York and longtime resident, Yang took the "next step" toward running for mayor of New York City by filing paperwork with the city's Board of Elections and opening a campaign bank account, a source with direct knowledge of the decision confirmed to <a href="https://www.businessinsider.com/andrew-yang-files-paperwork-for-possible-nyc-mayoral-run-2020-12">Insider's Jake Lahut</a> in late December. In a seeming nod to his potential mayoral run, <a href="https://twitter.com/AndrewYang/status/1342109690470215680">Yang tweeted today</a>: "Thanks for the love #yanggang." With incumbent Mayor Bill de Blasio term-limited from running in the 2021 mayoral race, 19 candidates have already declared in a wide open field. The election is seen as pivotal for the future of New York City, given how many wealthy residents may have moved away for good and continued uncertainty over the city's economic future, and deep-pocketed New Yorkers such as Stephen Ross have <a href="https://www.businessinsider.com/stephen-ross-net-worth-fortune-hudson-yards-equinox-trump-2019-8">reportedly gotten involved</a> in the race already.Since ending his presidential campaign, Yang has been campaigning for other Democrats, including Biden and down ballot candidates such as Raphael Warnock and Jon Ossoff in the Georgia Senate runoffs.[This headline and article have been amended to clarify that Humanity Forward discussed recurring economic relief for Americans with the Biden administration, and to remove a reference to universal basic income.]

Joe Biden's administration has discussed recurring checks for Americans with Andrew Yang's 'Humanity Forward' nonprofit

<ul class="summary-list"><li>Nobel Prize-winning economist <keyword id="46139" type="PERSON" weightage="60" keywordseo="Joseph-Stiglitz">Joseph Stiglitz</keyword> said in an interview with CNBC that US <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> programmes have "failed, and we have to admit that."</li><li>The US has launched $2 trillion worth of stimulus, and another $3 trillion package is set to be voted on by the Senate.</li><li>Stiglitz, who won a Nobel Memorial Prize in Economic Sciences in 2001, fears for the US economy, saying: "The worst case scenario for the economy is another Great Depression."</li><li>He said the US should also consider giving some benefits to those who are still in high school or recent graduates who don't usually qualify for unemployment insurance. </li><li>Failure to do this could lead to a "lost generation" of workers, Stiglitz said.</li></ul>Stimulus programs have failed to help the Americans in most dire need, according to famed Nobel Prize-winning economist Joseph Stiglitz. Stiglitz told CNBC in an <a href="https://www.cnbc.com/2020/06/02/joseph-stiglitz-government-stimulus-programs-have-failed-americans.html?__source=twitter%7Cmain">interview</a> published Tuesday: "The problem wasn't just the amount of money. It was how the programs were designed," Stiglitz said."Our programs have failed, and we have to admit that," Stiglitz added. The Treasury Department announced last month it would <a href="https://www.businessinsider.com/treasury-department-borrow-trillions-2nd-quarter-cover-virus-stimulus-debt-2020-5">borrow $2.99 trillion in the second quarter</a> to foot the bill for the government's economic rescue response to the coronavirus pandemic. The US has already launched one $2 trillion stimulus programme, and another worth $3 trillion is currently before the Senate. It is unlikely to pass, however, as it was proposed by the Democratic Party and the Senate is controlled by Republicans.Stiglitz said the Paycheck Protection Programme was "particularly badly designed."Stiglitz, a professor at Columbia University and a winner of the Nobel Memorial Prize in Economic Sciences in 2001, noted: "The businesses with the best connections with the banks, the best customers, got at the head of the line, and those weren't the smallest businesses, they weren't the people who needed it most."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-upside-recommendations-goldman-sachs-2020-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels</a>The Nobel Memorial Prize in Economic Sciences is not technically a Nobel Prize as it was not established by Alfred Nobel, but it is widely considered the most prestigious prize in economics, and many consider it equivalent to a Nobel Prize.Stiglitz downplayed the notion that the US economy will bounce back in a V-shaped recovery once the pandemic subsides. "Even after pandemic is put under control, economic recovery is not going to be easy.""The worst case scenario for the economy is another Great Depression. We are already at the levels of unemployment associated with the Great Depression," he added. <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-coronavirus-labor-market-layoffs-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Some 40.7 million citizens have filed for unemployment </a>in the past 10 weeks.<h2>What the US can learn from other countries policies </h2>Stiglitz cited a number of other countries he believes have handled the pandemic better than the US."What is happening in the US compared to other countries is that Denmark and New Zealand did design the [stimulus] programmes in the way I would have recommended." Some of these countries have paid companies to continue listing their workers on their payrolls, an approach which Stiglitz would have preferred the US to implement in tackling unemployment. Stiglitz said the US needs to particularly focus on younger generations including recent graduates and those still completing high school. Read more: <a href="https://www.businessinsider.com/stock-market-crash-why-current-rally-is-trap-david-rosenberg-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Famed economist David Rosenberg says investors are falling into a classic market trap that's historically preceded a further meltdown — and warns 'there's not going to be much of a recovery'</a>He said: "In our bailouts we didn't help the universities, we gave money to some dieing industries, but not to the industries of the future, including higher education.""Those graduating from college or high right now are facing a very tough job market. They are not eligible for unemployment insurance, they are caught in between."Stiglitz added that those who are in school or training are usually eligible for some form of benefits in Europe, something the US could implement. He also thinks the US would have to at some point reduce the burden of student debt."Australia has a very good system based on Income Contingent Loans where the amount paid is related to your income and even after 20 years if you made the choice to go into [low paid sector] then they forgive the loan," he said. Stiglitz added: "These are valuable years which you shouldn't be wasting feeling disconnected or resentful, I would put a high priority on that type of a programme."Read more: <a href="https://www.businessinsider.com/value-investing-strategy-warren-buffett-3-stock-picks-john-buckingham-2020-6" target="_blank" rel="noopener">A portfolio manager at a $4.6 billion shop breaks down his Warren Buffett-inspired approach to investing — and shares 3 stocks he loaded up on in a 'really attractive' market upended by the coronavirus</a>Read the original article on <a href="https://www.businessinsider.com/us-stimulus-failed-nobel-prize-winning-economist-joseph-stiglitz-2020-6">Business Insider</a>

Nobel Prize-winning economist Joseph Stiglitz says US stimulus programmes have 'failed' — and that policymakers should now focus on preventing a 'lost generation' of workers

Kolkata, Mar 9 () United Bank of India's low networth led to a poor swap ratio for its merger with PunjabNational Bank (PNB) as compared to Oriental Bank of Commerce(OBC), an industry official said on Monday.PNB, in a regulatory filing, had announced the shareexchange ratio in accordance with the scheme of amalgamation,as it is set to merge OBC and UBI into itself with effect fromApril 1.According to the swap ratio, 1,150 equity shares ofPNB are to be exchanged for every 1,000 equity shares of OBC,while 121 equity shares of PNB are to be swapped for every1,000 equity shares of UBI.PNB will be the anchor bank post the merger.The merged entity will be second largest PSU bank inIndia, and March 25 has been fixed as the record date for theshare allotment.The official told that UBI had been running intolosses for some time, except for the last four quarters."However, OBC got capital infusion from the governmentwhich UBI did not. This capital infusion helped OBC to providefor the losses which resulted in a higher net worth unlikeUBI," he said."UBI shareholders will have to keep their holding forat least two years, after which they can make some money," headded.The official said that post the amalgamation, theentity will be named Punjab National Bank and have a new non-executive chairman, which will be appointed by the government.The Union Cabinet had approved the merger on March 4. DCRBT RBT

UBI low net worth led to poor swap ratio: Official

Mumbai, Jun 10 () State-run lenders Bank of Baroda (BoB) and Union Bank of India (UBI) on Wednesday announced cut in their marginal cost of funds-based lending rates (MCLR) across all tenors. While the BoB's MCLR cut of 15 basis points (bps) is effective from June 12, the 10 bps revision in UBI's rates would come into force on June 11. Bank of Baroda has revised its one-year MCLR to 7.65 per cent from 7.80 per cent, a release said. Its six-month MCLR has been revised downwards to 7.50 per cent from 7.65 per cent earlier. In a separate release, UBI said its one-year MCLR has been reduced to 7.60 per cent from 7.70 per cent. The six months, three months and one-month MCLR of UBI have been cut to 7.45 per cent 7.30 per cent and 7.15 per cent respectively. The country's largest lender State Bank of India (SBI) has reduced its MCLR by 25 basis points across all tenors from Wednesday. Private sector lender HDFC Bank and state-run Bank of Maharashtra (BoM) have also slashed their MCLRs by 5 bps and 20 basis points respectively, from June 8. Last week, the second-largest state-run lender Punjab National Bank (PNB) had cut its MCLR by 15 basis points across all tenors. The recent cuts in MCLR by banks have come after the Reserve Bank of India (RBI) slashed repo rate by 40 basis points to 4 per cent on May 22. Most of the banks have also reduced their lending rates linked to repo rate by 40 basis points. HV MR MR

Bank of Baroda, Union Bank of India reduce lending rates

After United Bank of India’s suit, now state run financial company <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI Bank</keyword>, will declare defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and its promoter <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and its three directors as willful defaulters. 
	“Last week, IDBI too had sent a letter to the management regarding their outstanding debts. Vijay Mallya was summoned for a meeting with the senior officials of the bank today morning. But he skipped it,” disclosed a senior airline official. 

	 
	When BI India contacted the airline for a response, company spokesperson Prakash Mirpuri confirmed that IDBI Bank had sent them a letter. The spokesperson also added that the management has taken all necessary action and replied as appropriate. 

	 
	“It is not possible for a bank to simply declare anybody as a wilful defaulter without following the due process. The RBI circular is clear in this regard. We have robust and comprehensive answers backed by documentation to challenge any such move”, said Mirpuri sometime back. 
	 

	Interestingly, BI India yesterday reported that State Bank of India had sent a letter to KFA last week, demanding a response within a fortnight. And recently United Bank of India (UBI) declared the defunct airline and Mallya as wilful defaulters and becomes the first state-owned bank to do so. The airline plans to "vigorously challenge the UBI’s decision".

Increasing Troubles for Vijay Mallya: After UBI, IDBI To Declare Him As Wilful Defaulter

New Delhi, Mar 10 () Finance Minister Nirmala Sitharaman will hold meeting with chief executives of amalgamating banks on Thursday to review preparedness for the merger beginning April 1. Earlier this month, the Union Cabinet headed by Prime Minister Narendra Modi approved consolidation of 10 state-owned banks into four. According to sources, the finance minister will review planning and preparedness of merging banks on March 12. Agenda of the high-profile meeting includes readiness of anchor banks to minimise disruption to customers and ensuring credit flow to productive sectors of the economy, sources said. The meeting will also review preparedness of delivery of banking services and products to customers after the mergers. It will also discuss business and financial plans, including credit and deposits growth, and year-wise synergy realisation after the mergers. The mergers are scheduled to come into effect from April 1. As per the proposal, Oriental Bank of Commerce (OBC) and United Bank of India (UBI) would be merged into Punjab National Bank (PNB). The move will make PNB India's second-biggest public sector bank after State Bank of India (SBI). Syndicate Bank will be merged with Canara Bank, creating India's fourth-largest public sector bank. Union Bank of India, Andhra Bank and Corporation Bank will be merged together to create fifth-largest public sector bank. Indian Bank and Allahabad Bank will be merged to form India's seventh-largest public sector bank. The mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with SBI. Citing an example of the merger of Dena Bank and Vijaya Bank with Bank of Baroda, Sitharaman after the Cabinet meeting had said the operating profit of the resulting lender has improved and retail loans are now sanctioned in 11 days on an average as compared to 23 days earlier. DP HRS

FM to meet heads of merging banks on Thursday

New Delhi, Feb 11 () Punjab National Bank (PNB) on Tuesday said there is no proposal to change the name of the bank following the merger of two other public sector lenders Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with itself. This statement comes days after a UBI official said that the government is expected to announce the new name and logo of the merged bank which will become operational from April 1, 2020. "Punjab National Bank hereby clarifies that there is no proposal to change the name of the Bank," the bank said in a tweet. Last year, Finance Minister Nirmala Sitharaman had announced the merger of OBC and UBI with PNB, making the proposed entity the second largest public sector bank. Also, it was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India. Last week, OBC Chief Executive Officer and Managing Director Mukesh Kumar Jain had said this was an amalgamation of equals. "We have requested Finance Minister that the name of the new bank to be created after amalgamation is either different from the three banks or it should reflect the old identity of the three banks, so that a sense of equal participation appeared in the name," he had said. The only precedent for such a process is the three-way merger of Bank of Baroda, Vijaya Bank and Dena Bank, where the merged entity has been named Bank of Baroda, the largest among the three. DP MKJ

PNB says no proposal for changing bank's name

Kolkata, Mar 24 () Banks are likely to facesignificant defaults in payment and miss internal targets asmore and more states announce lockdowns in the wake of thecoronavirus pandemic, senior officials of a number of lenderssaid on Tuesday.Bankers are also expecting the Reserve Bank of India(RBI) to come out with a forbearance package so that accountsare not classified as NPAs for the next few years."There should be some forbearance on account of cashflow mismatch. There will be many defaults in the MSME, retailand related sectors," a senior United Bank of India officialtold ."We are expecting the RBI to come out with such apackage so that accounts are not categorised as NPAs for atleast the next two years," he said.Prior to the virus outbreak, the state-run lender,which is set to be merged with Punjab National Bank (PNB), wasin profits."We wanted to close the financial year with a businessfigure of Rs 2.18 lakh crore. But because of this development,there will be a shortfall," the official said.On UBI's realisation from the resolution processthrough the Insolvency and Bankruptcy Code (IBC), he said thebank's exposure to Bhushan Power was Rs 800 crore."But going by the current trends, that amount is notimmediately forthcoming and it is a big blow to the bank," headded.An official of city-based UCO Bank said that due tothe virus scare, pace of work in all its branches has taken amajor hit."This is a very tough quarter. Some recoveries aretypically realised in the last few days of the March quarter.That will be impacted," he said.For UCO Bank, cases admitted before the NationalCompany Law Tribunal (NCLT) total to Rs 15,811 crore, out ofwhich the bank has realised around Rs 3,000 crore, theofficial said. DCRBT RBT

Coronavirus: Banks brace for payment defaults, missed targets

New Delhi, May 10 () At a time when the spread of COVID-19 has made social distancing a buzzword, banks have increased their reliance on social media to engage with their customers -- may it be for disseminating information or for dispelling their boredom. The government imposed a 21-day countrywide lockdown beginning March 25 to check the spread of coronavirus, and extended it twice, prompting business entities including banks to get innovative on social media. Among the noteworthy initiatives by banks during the lockdown, HDFC Bank came out with a scheme to help its customers find their hidden artistic talent. "Tired of staying home and having nothing to do? HDFC Bank Fingage presents The Art Project, to give you a #BreakFromBoredom! Unlock your creativity during the lockdown &amp; stand a chance to win exciting prizes!," tweeted the bank, trying to engage its customers during the lockdown. Punjab National Bank (PNB) has come up with a contest on the Mother's Day with a catchy slogan, "For her, you will always remain a child." Since the lockdown has made online banking more vulnerable to fraudsters, several banks are regularly warning their customers against possible frauds. "Beware of fraudsters who pose as bank officials and scam people by gaining remote access to their mobile phone screens through an app. Inform us when you identify a scamster through e-mail: epg.cms@sbi.co.in &amp; report.phishing@sbi.co.in," tweeted SBI. Similar warnings were issued by a few other lenders. "Fraudsters find new ways to target innocent people. And this time, they are targeting through banking and other payments apps to steal your hard-earned money. Be careful and keep following the #PNBKaFunda to learn the ways to avoid them," PNB tweeted. Another public sector major Canara Bank warned its customers in a tweet, "Don't get hooked by #Phishing! Always check before you click on any links. Be cautious about opening any attachments or downloading files received via email/sms , if source is unknown." A few banks have also come up with 'lockdown offers' for their customers. HDFC Bank offered discount on purchase of jewellery on Akshaya Tritya with a promise that part of the money would go to PM Cares Fund. "This Akshaya Tritya, buy jewellery from the safety of your home, with HDFC Bank Credit Cards! With every purchase above Rs.10,000, we will contribute Rs. 100 to the PM Cares Fund and you earn 5X Reward Points," HDFC Bank tweeted. Union Bank of India has offered discount on purchase of medicine. "In this difficult time, it's easy to save some cash on your pharmacy bill. Just use #UnionBankofIndia cards at your nearest Apollo Pharmacy Store to get up to 15% off," UBI said in a tweet. SBI gave a similar offer to its customers: "Get a health check from the comfort of your home with Apollo 24/7. Earn great discounts on key lab tests via YONO SBI app." Some banks are telling customers how they are tweaking services to suit the times. Union Bank of India informed its customers that for the time being there would be no charge on withdrawal of funds from ATMs of other banks. "To ease the lockdown burden, Debit card ATM withdrawals from any other bank ATMs will be free of charge till 30th June 2020," the bank said in a tweet. Banks are also making sure people in rural areas do not crowd the branches for direct benefit transfers. The country's largest lender SBI informed that the second installment of Rs 500 had been deposited in the accounts of female Pradhan Mantri Jan Dhan Yojana account holders under Pradhan Mantri Garib Kalyan Yojana. It also provided a schedule for withdrawal of funds by them so that social distancing norms are not breached. NKD CS RVK

Banks find new ways to amuse and inform during lockdown

Kolkata, Mar 23 () Following the lockdown in mostparts of West Bengal in view of the coronavirus outbreak,banking transactions in the state will be reduced by two hourstill 2 pm instead of 4 pm from Tuesday, an official of theState Level Banker's Committee (SLBC) said here.The decision was taken at an SLBC meeting on Monday.Ashok Pradhan, MD &amp; CEO of the United Bank of India(UBI), the convenor of SLBC in West Bengal, told thatbanks will carry out basic four operations -- deposits,withdrawals, remittances and government transactions."For the time being, banking transactions will be heldtill 2 pm. To observe social distancing, we will ask customersnot to come to the bank for passbook printing. It is beingsuspended for the time being," he said.All rural branches will remain open, and in the metroswhere branches are concentrated within a certain area,services will be provided in a truncated manner as all of themare in CBS platform, an official of the UCO Bank said.At the SLBC meeting, discussions were also held on howemployees will reach the office during banking hours due tothe lockdown when no public transport will be available, hesaid.Banking services were exempted from the purview of thelockdown which will continue till March 27. dc BDCNN NN

COVID-19: Banks in Bengal to transact till 2 pm

(Eds: Adding more inputs) New Delhi, Mar 5 () With the March-end deadline for the biggest-ever amalgamation scheme is approaching, ten state-owned banks on Thursday announced swap ratios for the proposed mergers.Punjab National Bank (PNB) in a regulatory filing announced the share exchange ratio in accordance with the scheme of amalgamation, as it is set to merge Oriental Bank of Commerce (OBC) and United Bank of India (UBI) into itself with effect from April 1.PNB's board in its meeting on Thursday has approved for amalgamation of OBC and UBI, Punjab National Bank said in a BSE filing.According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 equity shares of Oriental Bank of Commerce, while 121 equity shares of PNB are to be swapped for every 1,000 equity shares of UBI.A Grievance Redressal Committee headed by Vijay Kumar Vyas, retired judge of Rajasthan High Court, has been set up to address the grievances of shareholders. The committee is intended to address those shareholders who either individually or collectively hold at least 1 per cent of the equity capital of any of PNB, OBC or UBI; or 100 shareholders acting collectively, of any of PNB, OBC or UBI."The board of directors of the bank...have fixed Wednesday, March 25, 2020, as record date for issuing and allotting equity shares of the PNB to the shareholders of OBC and UBI as per the share exchange ratio," PNB said in the filing.Meanwhile, Andhra Bank on Thursday also announced the swap ratio for its merger, it said in a filing. Andhra Bank and Corporation Bank are to be amalgamated into Union Bank of India with effect from April 1, 2020.Andhra Bank said, "Further, the board of directors of the bank at its meeting held on March 5, 2020, has approved the equity share exchange ratio for amalgamation of Andhra Bank into Union Bank of India for 325 equity shares in Union Bank of India for every 1,000 equity shares in Andhra Bank."Union Bank in a separate exchange filing said its board at its meeting on Thursday has also approved the equity share exchange ratio. It includes 325 equity shares of Union Bank of India for every 1,000 shares in Andhra Bank and 330 shares in Union Bank for every 1,000 equity shares in Corporation Bank.Also, for Syndicate Bank's merger into Canara Bank, the share swap is 158 equity shares of Canara Bank for every 1,000 equity shares of Syndicate Bank.The lenders in their respective filings to the exchange said their boards have approved the amalgamation of Syndicate Bank into Canara Bank.For these two banks, an expert committee (Grievance Redressal Committee ) is to be headed by K N Keshavanarayana, former judge of the High Court of Karnataka, to address the grievances of minority shareholders.Meanwhile, Allahabad Bank on Thursday also said that as per the its amalgamation into Indian Bank, its board of directors approved the swap ratio.It said, "115 equity shares of Rs 10.00 each of Indian Bank (transferee bank) for every 1,000 (one thousand) equity shares of Rs 10.00 each of Allahabad Bank (transferor bank)." The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from April 1, 2020.According to the mega consolidation plan, OBC and UBI will merge into PNB; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.After the mergers, there will be seven large public sector banks (PSBs) and five smaller ones.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India.The anchor bank Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore.Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank.The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank.Stock of PNB on Thursday closed at Rs 44.90 on the BSE, up 1.01 per cent from the previous close, while Union Bank of India's shares jumped 8.25 per cent to Rs 39.35 apiece. Canara Bank rose marginally by 0.40 per cent to close at 139.45 apiece. KPM CS KRH KRH BALBAL

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