Connect with us

Business

EPFO directs field offices to timely credit pension to 65 lakh EPS beneficiaries

Published

on

Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees’ pension scheme (EPS) beneficiaries amid the coronavirus outbreak.

The Employees’ Provident Fund Organisation (EPFO) disburses monthly pension to over 65 lakh pensioners every month under the EPS.

“Due to the coronavirus pandemic, lockdown has been declared in various parts of the country. In order to ensure that no inconvenience is caused to the pensioners on account of the prevalent situation, the Central Provident Fund Commissioner (CPFC) has directed (over 120) field offices of the EPFO to generate and reconcile pensioners’ details and pension amount statements for the current month by 25th March, 2020,” a statement by the labour ministry said.

The CPFC has also directed that the pension should be forwarded to the banks in advance so that the monthly pension is credited into the account of the pensioners in time, during March itself.

The EPFO runs three social security schemes — EPS, Employee’ Provident Fund and Employees Deposit Linked Insurance. It has over six crore subscribers who get the benefit of provident fund, group insurance and pension.

source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

‘Economy likely to enter into technical recession for first time in history’: RBI

Published

on

In yet another setback for the struggling Indian economy, the Reserve Bank of India has projected that the economy is likely to enter into a technical recession for the first time in history at the end of the first half of 2020-21.

India has already witnessed a worrying decline of 23.9 per cent in the GDP for April-June quarter which was a result of nationwide lockdown induced due to the coronavirus pandemic.

However, before the pandemic too, the World Bank had projected India’s economy to grow a mere 4.5 per cent.

The RBI also said that the NSO estimates for the second quarter expected at the end of November 2020 will formally bear out the extent of improvement that occurred in the quarter gone by.

This decline in economy is an eyebrow-raiser for the nation as in the economic terms, when the GDP growth rate is negative for two consecutive quarters or more, it is termed recession.

Perhaps, the Reserve Bank has said that the economy will break out of contraction of the six months gone by and return to positive growth in the October-December quarter of 2020-21.

“With the momentum of September having been sustained, there is optimism that the revival of economic activity is stronger than the mere satiation of pent-up demand released by unlocks and the rebuilding of inventories. If this upturn is sustained in the ensuing two months, there is a strong likelihood that the Indian economy will break out of contraction of the six months gone by and return to positive growth in the third quarter (Q3) of 2020-21,” it said.

source

Continue Reading

Business

Bezos sells more than $3 billion of Amazon shares

Published

on

Amazon Founder and CEO Jeff Bezos this week has sold more than $3 billion worth of shares in his company, according to new filings with the US Securities and Exchange Commission (SEC).

This marks a significant jump from last year when Bezos sold $2.8 billion worth of shares, CNBC reported on Wednesday.

According to Forbes, Bezos now owns a 10.6 per cent stake in the e-commerce and cloud computing colossus Amazon.

This is the third time this year that the world’s richest person has sold Amazon shares worth billions of dollars. In August, he had sold Amazon shares worth $3.1 billion. Prior to that, he had offloaded shares worth $4.1 billion in February earlier this year.

The latest stock sales are part of a predetermined plan in accordance with insider trading laws, according to the filings with the SEC.

According to a Forbes report on Wednesday, the Amazon CEO remains the world’s richest person with an estimated net worth of $189.6 billion.

source

Continue Reading

Business

Yes Bank scales up Covid-related provisioning to Rs 1,918 Cr in Q2FY21

Published

on

Yes Bank has increased its covid-related provisioning to Rs 1,918 crore in the July-September quarter.

In its investor presentation, the bank said that the total aggregate Covid-related provision is 1.15 per cent of the total advances and provides for potential slippages from the above exposures including potential interest reversals.

In the July-September quarter, the bank made a covid-related provisioning of Rs 1,038 crore taking the cumulative provisioning for covid at Rs 1,918 crore.

The bank said that its balance sheet consolidation continues while improving granularity and liability profile.

It noted that its capital position significantly strengthened by the successful raising of Rs 15,000 crore through FPO. It further said that RBI special liquidity facility of Rs 50,000 crore has been fully repaid.

The bank also raised long term refinance borrowing in excess of Rs 5,500 crore.

On Friday, Yes Bank reported a net profit of Rs 129 crore for the July-September quarter.

During the corresponding quarter of the last financial year (2019-20), the bank had reported a loss of Rs 600 crore.

The net interest income of the restructured bank increased 3.4 per cent on quarter on quarter basis to Rs 1,973 crore.

As of September-end, the bank’s gross non-performing asset (GNPA) stood at 16.9 per cent, down from 17.3 per cent in the previous quarter. Its net NPA was 4.71 per cent against 4.96 per cent in the previous quarter.

source

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2019 Delhi Wire.