Merger negative for Vijaya Bank, BoB; don't rush to buy PSBs, say analysts

The three state-owned banks ‐ Bank of Baroda, Dena Bank and Vijaya Bank ‐ saw a mixed reaction at the bourses on Tuesday, a day after the government proposed to amalgamate them into a combined entity.

The largest of the three, Bank of Baroda, tanked over 10 per cent in intra-day deals to Rs 116 levels on the NSE, Dena Bank hit its upper circuit limit for the day of 20 per cent at Rs 19.05. Vijaya Bank, too, moved up over 2 per cent to hit an intra-day high of Rs 66 on the NSE. In comparison, the Nifty 50 was trading flat.

While calling it a step in the right direction, analysts say this merger could be a game changer for the PSU banking space and throws up the possibility of public sector banks (PSBs) being ultimately consolidated into seven large entities going ahead.

“The move is a step in the right direction. Vijaya Bank is concentrated in southern India where Bank of Baroda does not have much presence. Dena Bank has a focus in Maharashtra. Such a strategy would also minimise the need for retrenching a significant number of employees and also for shutting down of a large number of branches as the concentration of these three banks are largely unique in terms of geographies and they would complement each other,” says G Chokkalingam, founder and managing director at Equinomics Research.

'Excellent question': Rahul pokes Gadkari over 'where are the jobs' comment

Congress President Rahul Gandhi on Monday took a potshot at the Narendra Modi-led government over the unemployment issue after one of his cabinet ministers conceded that there is a job crunch.

"Excellent question (Nitin) Gadkariji. Every Indian is asking the same question. Where are the jobs," Gandhi tweeted attaching a news report in which the Union Road Transport and Shipping Minister questioned the rationality behind a job reservation stir when there were not enough jobs in the first place.

Gandhi's remarks came a day after Gadkari on Sunday told reporters in Maharashtra that reservation would not guarantee employment as jobs were shrinking.

"Let us assume the reservation is given. But there are no jobs. Because in banks, the jobs have shrunk because of IT. The government recruitment is frozen. Where are the jobs?" Gadkari asked.

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Child rapists: 76% people want death penalty for perpetrators, says Survey

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A day after President Ram Nath Kovind gave his nod to an ordinance on the death penalty for rapists who attack children, a citizen survey shows that 76 per cent of the people agree with it.

According to the survey conducted by LocalCircles, 18 per cent voted for life imprisonment without parole for convicted rapists while three per cent said it should be a seven-year jail term (which is the current law).

To catch the citizens' pulse on the Protection of Children from Sexual Offences (POCSO) Act, LocalCircles conducted six nation-wide polls which received more than 40,000 votes.

In the second poll, 89 per cent agreed that they want their states to pass a law that awards death penalty within six months. Madhya Pradesh, Rajasthan, Haryana and Arunachal Pradesh have also passed a law that awards death penalty for child rape.

In another poll, which was about engaging more women officers to register cases of sexual assault, it was found that 78 per cent citizens were in support of every district level police station to have at least one woman officer.

PMO was aware of the PNB scam almost two years ago: Congress

PNB Scam - The Congress on Thursday said that a whistleblower had alerted the government in 2016 about the Rs 115 billion banking fraud by fugitive diamond merchant Nirav Modi but Prime Minister Narendra Modi and Finance Minister Arun Jaitley ignored the tip.

Congress spokesperson Randeep Surjewala said whistleblower Hari Prasad had written to the Prime Minister's Office as early as July 2016, alerting the government about the "biggest bank loot scam in 70 years" in independent India.

"What does the Prime Minister do? Nothing. What does the Finance Ministry do? Nothing.

What does the Corporate Affairs Ministry do? Nothing. What does the Financial Intelligence Unit of the Finance Ministry do? Nothing," Surjewala told reporters on Thursday.

"You are in power, a fraud is happening under your nose. What were you doing and how did they let the accused escape? Face the truth and answer questions."

He also asked Prime Minister Modi what the fugitive billionaire was doing with him at the World Economic Forum in Davos in January.

Aadhaar database can be misused and abused: Edward Snowden

A day after the Unique Identification Authority of India (UIDAI) denied that there was any breach of the Aadhaar database, American whistleblower Edward Snowden said on Friday that the Aadhaar database conceived and introduced by the Indian government can also be misused and abused.

Retweeting CBS journalist Zack Whittaker's response on a BuzzFeed report on the breach of Aadhaar database in India, Snowden said, "It is the natural tendency of government to desire perfect records of private lives. History shows that no matter the laws, the result is abuse."

Whittaker had earlier said, "ICYMI. India has a national ID database with the private information of nearly 1.2 billion nationals. It's reportedly been breached. Admin accounts can be made and access can be sold to the database, reports BuzzFeed."

The UIDAI on Thursday said the Aadhaar data including biometric information is fully safe and secure.

It termed The Tribune report titled 'Rs 500, 10 minutes, and you have access to billion Aadhaar details' a case of misreporting.

"There has not been any Aadhaar data breach. The Aadhaar data including biometric information is fully safe and secure," the UIDAI said in a statement.

This development has come at a time when the Supreme Court is set to begin the final hearing of petitions challenging the legality of Aadhaar programme based on privacy concerns on January 17.

In August 2017, the Supreme Court held that privacy is a fundamental right under the Constitution of India.