Government approves printing plastic notes
The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic Rs 10 denomination notes which will have a longer life span, Parliament was informed on Friday
 
"Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha in a written reply.
 
Substrate denotes the underlying substance or layer on which currency is printed.
 
The minister said the government had decided to conduct field trials at five locations of the country with plastic banknotes, which are expected to last longer than cotton substrate-based banknotes. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    UBI to get Rs 418-crore capital from government
    State-run United Bank of India on Friday said the central government will infuse Rs 418 crore capital in the bank as a part of turnaround-linked capital infusion plan.
     
    "The exchange (Bombay Stock Exchange) is hereby informed that the bank has received a communication from the central government...informing inter alia capital allocation of Rs 418 crore as a part of turnaround-linked capital infusion plan," the lender said in a filing to the BSE.
     
    Last September, the bank had received Rs 608 crore from the central government through preferential allotment of equity shares following the announcement of capital infusion of Rs 22,915 crore towards the recapitalisation of 13 public sector banks during 2016-17.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Notice of breach of privilege against SBI chief
    Mumbai, The opposition on Friday moved a notice of breach of privilege of the Maharashtra assembly against Arundhati Bhattacharya, Chairperson of State Bank Of India, for her comments on farm loans waiver.
     
    The Leader of Opposition in the assembly, Congress's Radhakrishna Vikhe Patil, moved the notice under the Maharashtra Legislature's Section 273, addressed to Speaker Haribhau Bagade.
     
    In the notice, Vikhe Patil said that in recent times there has been a spate of farmland suicides across the country and 8,000 farmers have ended their lives in the past two years in Maharashtra alone.
     
    "The people of Maharashtra have been demanding a complete farm loans waiver package and the issue has been repeatedly raised in the legislature in the past few days. In Uttar Pradesh, the BJP has assured it will take a decision on loans waiver in the very first cabinet meeting," Vikhe Patil said.
     
    Under these circumstances, he pointed out that Bhattacharya's public comments that such a measure "would disturb the credit discipline among the borrowers, they would keep expecting more such waivers in future and even those (future) loans would remain unpaid" was tantamount to rubbing salt in the farmers' wounds.
     
    Vikhe Patil said the SBI chief was "a public servant" and not "a policy-maker" for the country or the state.
     
    Besides, he said her comments were beyond her jurisdiction since any decision on waiving off farm loans can be taken only by the legislature and by her comments she had insulted the Maharashtra legislature.
     
    Keeping these aspects in view, he urged the Speaker to take further steps.
     
    Vikhe Patil's move came a day after the opposition parties trolled Bhattacharya for her comments and demonstrated outside the SBI headquarters.
     
    The opposition on Thursday demanded an apology to the farmers failing which they threatened to move a notice of breach of privilege against the SBI chief.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    GLN Prasad

    3 years ago

    What a democracy ? An expert in her field should not speak on an issue which she is the most competent person to express even to Hon PM and finance Minister. These waivers are not new, and what happened to Banks after all these waivers, every Banker is aware. In a democracy it is not time for expressing free and frank opinions basing on expertise, whereas demonetisation, without fundamental knowledge in Monetary policy was even criticised by those who are in no way connected. I can only bend my head with shame for such threats by our elected representatives.

    REPLY

    S BHASKARA NARAYANA

    In Reply to GLN Prasad 3 years ago

    I too agree with you.

    SRINIVAS SHENOY

    3 years ago

    I feel she has remarked a business policy decision, as a prudent banker would do. While the legislators take decisions mainly with a political angle, only to gain popularity translated into votes.

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