Thursday, December 31, 1998
Unions cripple economy with show of might
The new year will start with a bang for trade unions. Bank unions are scheduled to go on a token strike on January 12, crippling the economy. The strike has been called to protest against Indian Banks' Association offer of a 8% wage hike.
Non-performing assets keep Reserve Bank on its toes
If slowing credit offtake deflated domestic banking's mood in 1997, non-performing assets (NPAs) took to the centrestage in 1998. Hammering of bank stocks, global credit rating downgrades and the crash of banking systems in Japan and southeast Asia laid out the pitch for NPAs.
Non-banking finance companies: One step forward, two backward
Barely 48 hours into the annus, the Reserve Bank announced a series of measures curbing finance companies' access to public deposits. The NBFC lobby, predictably, raised a shindig about this, and said that the move would leave the segment crippled, if not dead, in the long run.
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