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A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

Union Cabinet meets in Parliament ahead of Budget presentation

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

After the <keyword id="479174" type="General" weightage="20" keywordseo="Karnataka-cabinet" source="Orion">Karnataka cabinet</keyword> approved a bill that mandates 100% <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> for Kannadigas in Category C and D <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in all industries in the state, businessman and philanthropist TV <keyword id="20076594" type="General" weightage="20" keywordseo="Mohandas-Pai" source="keywords">Mohandas Pai</keyword> slammed the state government saying that <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> Kannadigas is the only way to promote them for jobs rather than giving them reservation. "If you want to promote Kannadigas for jobs, spend more money on higher education. Give training to them. Spend more money on skill development. Spend more money on internships, spend more money on apprenticeship programs. So they all become skilled. Not like this. What are you trying to achieve by this?," Pai said, speaking on Wednesday. Pai, the Chairman of <keyword id="22445179" type="General" weightage="20" keywordseo="Manipal-Global-Education-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Manipal Global Education Services" meta.hostid="261" meta.entityid="Manipal Global Education Services">Manipal Global Education Services</keyword> said that the Bill is "fascist" and also unconstitutional. "This bill should be junked. It is discriminatory, regressive and against the constitution @Jairam_Ramesh is govt to certify who we are? This is a fascist bill as in Animal Farm, unbelievable that @INCIndia can come up with a bill like this- a govt officer will sit on recruitment committees of the private sector? People have to take a language test?" he had earlier said in a post on 'X'. <keyword id="19896017" type="General" weightage="100" keywordseo="Karnataka" source="keywords">Karnataka</keyword> minister Priyank Kharge however, assuaged the fears of the industrialists saying that wide consultation will be held before the rules of the bill are formulated. "The bill has been brought in by the labour department. They are yet to consult with the industry, the Minister of Industry and the Department of Information Technology. I am sure that before coming up with the rules of the bill, they will have due consultations with the respective ministries and more importantly, a wider consultation with the industry. So there is no need to panic. We are going to safeguard the jobs for the state as well as encourage investments in the industries with their consultation," Kharge said. <keyword id="20582906" type="General" weightage="20" keywordseo="karnataka-industries" source="keywords">Karnataka Industries</keyword> Minister MB Patil said any apprehensions will be resolved in meetings with the Chief Minister "I have seen that many people have apprehension regarding this. We will resolve this confusion. We will sit with the CM and resolve this so that it does not have any adverse effect," Patil told ANI. On Tuesday, the Karnataka cabinet approved a Bill that seeks to reserve 50% of management jobs and 75% of non-management jobs for locals in the private sector. The bill also seeks 100% reservation for locals in "C&amp;D" grade government jobs. On Wednesday, several industry leaders in the state objected to the move saying that it is "discriminatory" and raised apprehensions that the tech industry may suffer.

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

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Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Union Cabinet meets in Parliament ahead of Budget presentation

ANI

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

ANI

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

ANI

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

PTI

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