29 Thursday Oct 2015
Posted in PSU
Agreement has been reached between the Management of Coal India Limited (CIL) and the Central Trade Unions viz. INTUC, hms, BMS, AITUC and CITU for payment of Rs. 48,500 as Performance Linked Reward (PLR) for the year 2014-15 to the non-executive employees, considering the over all performance.
Congratulations to the Workers and unions of CIL!
15 Thursday Oct 2015
Posted in PSU
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The Cabinet, which met on 14th October 2015 has approved payment of Profit Related Pay (PRP) to the managerial staff, executives and supervisors (non-unionised) of Coal India Limited (CIL), the public sector coal company.
The Cabinet decision is based on the fact that the two loss making subsidiaries of CIL have improved and the loss is reduced and the performance has improved.
It is also reported that the PRP will result an expenditure of Rs. 500 crore to the CIL.
02 Friday Oct 2015
Posted in Neo-liberal policy, PSU
Tags
“The government is likely to register the postal bank by the end of the year while a pilot for payment services will be launched around January 2017.
According to sources, as per the timeline for setting up postal bank, approval from NITI Aayog will be secured by mid-October followed by public investment board’s nod by October-end and Cabinet approval in November.
“The registration for postal bank is planned be done in December and a pilot will be launched in January 2017,” said an official in the Communications and IT Ministry.
He said the bank will be an independent company with initial corpus of Rs. 300 crore and the new entity will enter into revenue sharing model with the Department of Posts (DoP).
The Reserve Bank had granted in-principle approval to 11 applicants, including DoP, in August to set up payments banks.” (Courtesy: Business Line)
30 Wednesday Sep 2015
Posted in PSU
30 Wednesday Sep 2015
According to reports, IDA for PSU employees is due to be increased by 5.3% with effect from 1st October 2015, an increase from 102.6% to 107.9%. BSNL Pensioners also will get the benefit.
Orders are expected shortly.
29 Tuesday Sep 2015
Posted in PSU
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The public sector Cochin Shipyard Limited has paid a dividend of Rs.16.99 crore to Union Government for the seventh consecutive year. The dividend cheque was handed over to Nitin Gadkari, Union Minister for Shipping, by K Subramaniam CMD, CSL.
In addition, the yard has also contributed Rs.190 crore to the exchequer by way of VAT, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during the year 2014-15 (Business Line).
Cochin Ship Yard is one more PSU, continuing in profit. Congratulations!
25 Friday Sep 2015
Posted in PSU
Indian Oil Corp will make an investment of Rs 1.5 lakh crore, including Rs 50,000 crore for expanding its existing brownfield refineries, in the next five to seven years, a top company official said today.
The company has planned expansion of 10 refineries, infrastructure and other facilities, considering the future demand for energy, IOCL Chairman B Ashok told while addressing a press conference here. (Courtesy: Economic Times)
23 Wednesday Sep 2015
The Air India Unions have been airing strong opposition to the proposals of the government for privatising the four profit making airports of Kolkata, Chennai, Jaipur and Ahmedabad, by investing some few crores from private companies in the name of modernisation. Already the Airport Authority had spent thousands of crores of rupees for modernisation of Chennai and Kolkata Airports.
It is reported today that due to the vehement opposition of the unions, the privatisation proposals have been set aside. Privatisation only increases the air charges as also for every thing in the airport to maximise the profit of the private companies. The government should completely stop privatisation of airports.
21 Monday Sep 2015
Posted in PSU
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Finally, BPCL, the PSU oil company, will start work at its Rs. 5,000 crore Petro Chemical Complex in Kochi. Best Wishes to the PSU and the Project!
16 Wednesday Sep 2015
The Public Sector Banks saved India from the 2007-08 recession which rocked US and European countries. They gave confidence and motivation to the customers that their money is safe in their hand. PSU Banks ensured the growth of the Nation. But the corporates, big businesses and MNCs are not happy with the growth of the PSU Banks. Now they want to destroy so that private banks can grow.
In order to weaken the Public Sector Banks, licences were given to Payment Banks. Department of Posts were denied first, but the discrimination by not giving licence to Post Office, which are already providing Savings Bank, Fixed Deposits services etc. was so exposed, the govt. gave it also. But all others were private companies, who got the licence.
Now the reserve bank has given small finance licence to 10 private companies to do banking. They are — Au Financiers (India) from Jaipur, Capital Local Area Bank, Disha Microfin Pvt Ltd from Ahmedabad, Equitas Holdings, ESAF Microfinance and Investments from Chennai, Janalakshmi Financial Services, Ujjivan Financial Services based in Bengaluru, RGVN (North East) Microfinance based in Guwahati, Suryoday Micro Finance from Navi Mumbai and Utkarsh Micro Finance based out of Varanasi.
This move is a licence for banking for looting the public. Neither the government will have any control, nor the Reserve Bank. It will be a jungle Raj. The nationalisation of the banks done in the 1960s which helped the country and the people are being destroyed.
It is just like the attack on the govt.telecom. First private entry was allowed, then weakening of BSNL/MTNL. Now so many bank licenses are given, Next step will be attack on the Public Sector Banks. I am sure the Bank Employees’ Organisations, which are united and strong will fight this brutal attack on their existence and defeat the government’s foul game.
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