ORIENTAL BANK OF COMMERCE POSTED NET PROFIT 301 CR IN THIS QUATER

Today ORIENTAL BANK OF COMMERCE Bank's Board has reviewed the Audited Financial Results for the Quarter/Half Year ended 30th September 2015----Q2 Financial Results 2015-16: Deposit - 199201 Cr.
Advance- 
150082 Cr.
Total Business- 349283 Cr.
CASA- %. 24.96%
RAM Credit- 68252 Cr.
Operating Profit- 992.49Cr.
Net Profit- 301.31Cr.
NII- 1383.05Cr.
NIM- 2.76%
ROA- 0.54%
Gross NPA- 5.70% 8557.96Cr.
Net NPA- 3.55% 5189.10Cr.
CRAR- 10.84%
PCR- 61.53%
Business per Employee- 16.41Cr.

Business per Branch- 152.73Cr.-

Indian Overseas Bank yesterday reported a net loss of Rs 550.83 crore

Indian Overseas Bank yesterday reported a net loss of Rs 

550.83 crore for the second quarter ending September 30, 

2015.The Chennai-based bank had registered a net loss of 

245.51 crore during the corresponding period of the previous 

year, Indian Overseas Bank said in a BSE filing. For the half 

year period ending September 30, 2015, net loss stood at 

Rs 536.07 crore as against net profit of Rs 26.21 crore 

registered during the year ago period.Total income for the 

July-September, 2015 quarter increased to Rs 6,769.94 

 crore from Rs 6,440.77 crore registered during the same 

period of 

the previous year. For the six month period ending 

September 30, 2015, total income rose to Rs 13,442.05 

crore 

from Rs 12,725.46 crore registered during same period of 

the 

previous year.The bank said "increased provisions for 

domestic and overseas advances resulted in the net loss for 

the quarter ending September 30, 2015. Total business for 

the quarter ending September 30, 2015stood at Rs 4,09,542 

crore while total deposits stood at Rs 2,33,026 crore. Gross 

NPA (Non-Performing Asset) as on September 30, 2015 

stood at Rs 19,424 crore with NPA ratio of 11 percent. Net 

NPA as on September 30, 2015 stood at Rs 12,539 crore 

with Net NPA ratio of 7.41 percent.

Do not share personal data over phone, email: I-T dept to taxpayers

The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt.

The advisory has come at a time when income tax returns (ITRs) filing season has concluded and it is an opportune time for hackers and other fraudsters to launch phishing attempts to compromise users' vital data for their illegal benefits by dishing out false promises about pending refunds or ITR authentications.

Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as bank account details, passwords, one-time password etc purported to be from the Income Tax department. The Income Tax department does not seek any such information through email or any other mode of communication from the taxpayers," the advisory said.

The department also asked the taxpayers that they should register a complaint if they receive such fake communication over email or phone.

"If you have received any such fraud mails, kindly do not respond and register a complaint by forwarding the actual phishing email as per procedure and details given in http://www.incometaxindia.gov.in/pages/report-phishing.aspx (the official web-link of the department's complaint box)," it said.

"With the popularity of e-filing and other Internet-based income tax applications growing, there is always a challenge to counter phishing and hacking attempts that can be perpetrated on a taxpayers' bonafide account and they can be falsely convinced to share their vital information and tax details," it said.

"The attempt to issue the advisory is a step in making aware the taxpayers about such instances and attempts," a senior I-T official said.

IDBI Bank on Wednesday reported a flat net profit at Rs 120 crore in the three months to September on account of higher provisioning for bad loans

State-run lender IDBI Bank on Wednesday reported a flat net profit at Rs 120 crore in the three months to September on account of higher provisioning for bad loans.

The bank had posted a net profit of Rs 118 crore in the same period last year.

"Despite a rise in other income and operating profit, our profit is flat because we had higher provisioning," Deputy Managing Director BK Batra said in Mumbai.

Its provisions increased to Rs 1,399 crore from Rs 1,078 crore last year.

The operating profit grew by 27 per cent to Rs 1,519 crore from Rs 1,197 crore last year. Net interest margins increased to 2.06 per cent from 1.93 per cent, while the core net interest income rose 15 per cent to Rs 1,612 crore from Rs 1,406 crore.

Gross non-performing loans rose to 6.92 per cent from 5.72 per cent, while net NPA, too, rose to 3.16 per cent from 2.79 per cent.

"There are certain accounts which have slipped, but if you look at the incremental slippages or the incremental NPAs, the rate has actually come down from March onwards. Those accounts which we are trying to save all these days were getting saved or were on the brink of becoming NPAs, this quarter they have slipped and therefore the provisioning has increased," Managing Director and CEO Kishor Piraji Kharat said.

He said with higher sanctions done in the second quarter, the bank is hopeful of having good growth in the loan book.

"It will help us reduce our percentages of stressed assets," Kharat said.

Fresh slippages rose to Rs 1,373 crore, while it recovered Rs 118 crore and upgraded Rs 189 crore of loans.

The bank didn't sell any bad loans to asset reconstruction firms in this fiscal so far.

Justifying the decision, Kharat said, "We've not done any sale to ARCs, but are working on it.

Unless we get better price, we will not sell as our assets are backed by securities and that is the reason when we think about giving to an ARC we normally do not compromise for the lesser values."

The bank rebalanced its portfolio, which yielded good results showing an increase of 5 per cent in retail advances at 32 per cent in Q2 as against 27 per cent previous year.

The share of corporate or wholesale advances dropped from 73 to 68 per cent. Total business (deposits and advances) rose to Rs 4,43,943 crore from Rs 4,33,063 crore.

Casa deposits increased to Rs 57,887 crore from Rs 52,433 crore, reflecting a growth of 10 per cent, while advances also increased 5 per cent to Rs 2,04,661 crore.

Capital adequacy ratio (without considering half yearly profits) stood at 11.66 per cent under Basel III norms.

The bank is planning to raise $500 million through green bonds by end if this fiscal, Kharat said.

When asked about the government plan to reduce stake in the bank and transform it in the similar lines of Axis Bank, he said there has been no formal communication so far.

"There is no official communication from the government to us so far as whether it is divestment or they want to reduce their stake," he said.

Shares of the bank ended 0.24 per cent up at Rs 84.80 on BSE, which closed 0.14 per cent down.

I-T dept employees suspend 2-month long agitation

New Delhi,  (PTI) Two major employees' associations of the Income Tax Department today said they would suspend their two-month long agitation from tomorrow after the Finance Ministry assured them of resolving their demands by March next year.

The two groups - Income Tax Employees Federation (ITEF) and Income Tax Gazetted Officers Association (ITGOA) - represent about 97 per cent of the department's workforce and comprise about 50,000 employees.
"A meeting was convened by the Revenue Secretary (Hasmukh Adhia) with the members of joint council action today and it was assured that the CBDT would take immediate efforts to fill up vacant posts in the cadre of Assistant Commissioner of Income Tax.

"The other issues were also discussed in the meeting and the CBDT was directed to initiate process for redressing the issues. The Revenue Secretary expressed concern over the issue of stagnation in the cadre of Income Tax Officer and assured to reduce the same within March 31, 2016," the two associations said in a late evening statement.

"In view of assurances given by the Revenue Secretary, the joint council has decided to suspend the agitation from November 4 in order to create an amicable atmosphere to enable the CBDT to fulfil the directions issued by the Revenue Secretary," the statement said.

The associations have begun their agitation, including non-cooperation in the crucial search and raid operations, in September in support of their demands of timely promotions and providing better infrastructure for their cadres to work.

Recent media report suggests minimum 30% hike in Basic salary after 7th pay commission

The print and web media is being flooded with possibilities and rumors of which most of them are baseless. But Govt. employees are desperately looking for any information about the possible recommendations of the seventh pay commission. They have been patiently waiting for the last eighteen months, after the pay commission set up. The tenure has been extended and so the waiting period.
The recent media report published in India Today has emphasized on some key points of seventh pay commission which is reproduced below. Please note that, it is not exactly the view of the publisher of this blog, especially about the retirement age factor as described below. As per our information, seventh CPC is not going to suggest any reduction of retirement age.
Following are the key points as per media report :

"1. Around 48 lakh central government employees and 55 lakh pensioners will benefit from the Seventh Pay Commission.

2. The Pay Commission was set up by the UPA government during its regime. The recent changes have come under the influence of the NDA government.

3. Former IAS officer Vivek Rae, economist Rathin Roy and Commission secretary Meena Agarwal are members of the commission among others.

4. The salaries of IPS and IRS officers will get at par with that of IAS officers under the new commission.

5. In order to cut down parity, the number of pay bands will be reduced. At present, there are 32 pay bands, which will reduce to 13.

6. The central government's salary bill will rise by 9.5 percent to Rs 1,00,619 crore after the commission takes effect.

7. Under the pay commission, the government can cut down salaries of the 'underperforming' central government by 5 to 6 percent.

8. The duration of service will also be reduced to 55 years of age or 33 years of service.

9. The Seventh Pay Commission is said to increase basic salaries by 30 to 40 percent. The basic salary set in the First Pay Commission was Rs 35 per month."

Source : India Today & paycommission update

IAS officers lobbying hard against pay parity with allied services

The Indian Administrative Service has begun a campaign to ensure that its historically privileged position over other central services remains in place, with top bureaucrats writing protest letters to the Department of Personnel and Training ahead of the Seventh Central Pay Commission’s recommendations, documents available with The Indian Express reveal.

The campaign kicked off last week, when a WhatsApp group run by serving IAS officers posted a message that other services, like the Indian Revenue Service and Indian Police Service, had successfully lobbied “to bring in pay parity, and do away with the edge enjoyed by the IAS which has been successively upheld by every pay commission till date”.

“Please burn some midnight oil and pour your heart out,” the message continued. “You deserve what you deserve. Young officers with 20-30 years of service have everything to lose if we don’t stand up now… Huge noises of anguish and dissent should be heard in the power corridors.”

Sanjay Bhoosreddy, the head of the central IAS Association, said more than 200 officers had so far written protest letters. “There is a great deal of frustration among young officers. The status of the IAS was greatly eroded by the 5th CPC (Central Pay Commission), and has fallen further since. Fine young minds will not be drawn to the IAS if this trend continues,” he says, adding, “We are discussing the issue, and will decide on a course of action.” IAS officers are typically promoted two years earlier than their counterparts in other services, receive two additional increments, and are empanelled for positions in Central ministries far earlier in their careers. The other services are seeking parity, saying they have specialist skills the IAS does not. IRS officers have launched a counter-campaign in their own closed WhatsApp group, with one message released on Thursday saying that the IAS’s proximity to politicians had allowed it to “not only influence the political system, but also to hijack the developmental narrative. It is amply clear that a systemic chaos is created to create a kind of oligarchy.” “Winning a gold medal once does not entitle anyone to an automatic gold medal in every competition in their life,” the message stated, a reference to IAS officers’ claims that their higher grade in examinations demonstrates their merit.
The non-IAS services have argued before the Pay Commission for positions to be assigned on the basis of domain competence, rather than service alone. Bhoosreddy disagrees. “Look, IAS officers acquire very specialised skills. An auditor might be an excellent auditor, but that doesn’t mean they’re competent to execute projects… And the fact is marks matter. If I only got the marks to become a physiotherapist, I can’t demand the same pay and privileges as someone who qualified to become a surgeon.” Letters — many bearing near-identical text — have been pouring into the DoPT since the call went out for IAS officers to make their “anguish” known. Bureaucrat Sanjeev Kaushik, writing on the IAS Association’s members-only page, said, “The combined might of every other service is beginning to tell in the unconfirmed reports we are receiving — which are likely to not only be blatantly unfair to us but are also completely beyond the purview/remit of the CPC.” “For far too long we have held the view that we in the IAS are the decision makers and therefore cannot behave like unions of other services’ employees,” Kaushik’s post added. “But it’s best to be aggressive and protective of our turf.” In one letter, Lower Dibang Valley Deputy Commissioner Ravi Dhawan argued that IAS officers have skill-sets “incomparable to a person with a desk-job in an office that is insulated from public interaction”. “A case in point,” he went on, “can be the IRS (IT) service wherein the entire gamut of interaction can only be with tax assesses, a number that is less than 4% of India’s population — one of the lowest tax bases in the world, something that also speaks about the efficacy of our tax administration.” Danish Ashraf, a Sub-Divisional Magistrate in Chandigarh, whose letter replicates several portions of Dhawan’s letter, conceded that “the importance of specialist knowledge… in select situations is undeniable”. However, he added, “the combination of field experience and subject-specific posts equips an IAS officer with a superior understanding”. Narmada district’s District Development Officer Sajalkumar Mayatra, in a letter which also shares its opening paragraph and several subsequent passages with the other letters, took an emotional tone, voicing concern for “the future paradigm of a service that I deeply love”. G Parthasarathy, a former Indian Foreign Service officer, said the campaign reflected “the steady decline in the dignity and self-respect which traditionally characterised the higher echelons of the civil services”. “While it would be entirely appropriate for a service association to make representations on behalf of its members, this individual campaigning is very distasteful.”
Source : Indian Express