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Showing posts with label Topic of the Week. Show all posts
Showing posts with label Topic of the Week. Show all posts

Monday, November 23, 2009

Topice of the Week - eVoting for Corporates



eVoting for Corporates

A new Product has launched in the Electronic World. This Product is known as eVoting for Corporates.

The product is launched by CDSL Ventures Ltd (CVL), a wholly owned subsidiary of Central Depository Services (India) Ltd (CDSL).

This product enables shareholders to participate in the decision making process of companies and cast their votes on resolutions electronically.

The eVoting Product will   permit a company or its registrar to set up the schedule on the e-Voting website www.evotingindia.com and upload the resolutions and register of shareholders.
CVL would then generate and print a password on a pin mailer for each shareholder, which would be communicated to them along with the Notices of the resolutions.
 Shareholders can then access the e-Voting website and cast their votes at any time during the voting period at a place of their convenience.
More about this new product can be accessed @
Is this Product legal in India?
Yes, this product is legal in India, as per Government of India, Ministry of Law, Justice and Company Affairs, Department of Company Affairs Notification No.G.S.R._337(E), Dated 10-05-2001.

This Notification can be accessed at

            As a promoter of Safe ePayments, I am excited about this new product, as it will enable the shareholders to familiarize themselves with an Electronic Product. This familiarization will enable the shareholders to try ePayments too.

This product might aid Companies to aim for ePayment of Dividends too, which is a far better method than conventional Dividend Payments mode.
For more on ePayments of Dividends, drop in @


Of course, this product is new, and am sure, in the next couple of years, any draw-backs in this product will be ironed out.

Tuesday, October 20, 2009

Topic of the Week-Champions League t20 viewership



Topic of the Week-Champions League t20 viewership


Too much of anything is bad, and the best example of this statement, is the current viewership interest in the ongoing Champions League t20          .
As per Media reports, the Spectators presence in the Stadiums is negligible, and the TV ratings are also low. I am wondering who are benefits in this whole show.


I feel only the Champions League t20  organizing committee is the real winner, no one else, including the spectators, crickters, sponsors or the TV Channels.


Too much of cricket is keeping away the spectators. Too much of cricket is tiring the cricket players.  


Think it is time for moderation in Cricket to be brought in. Otherwise, there is danger in spectators losing interest in Cricket itself!!!!!!!!

Thursday, September 24, 2009

Topic of the Week-Chandrayaan1, has hit the Water JACKPOT.



Chandrayaan1, has hit the Water JACKPOT.

The images/data transmitted by Chandrayaan1, have confirmed the presence of water on Moon.

Yes, it is early days and the world scientists have to initiate Optimal Monitored Time-Frame Studies, to measure the quantity/quality of water on Moon.

Parallel monitored options, will provide the best results in this Mission.

I am so happy, that words are failing me.


Jai Hind, Jai Jawan, Jai Vignyan

Sunday, August 30, 2009

Topic of the Week- Chandrayaan-1



Topic of the Week- Chandrayaan-1

Though according to numerous reports in Indian media, contact was lost with the lunar orbiter Chandrayaan-1 abruptly -- in the middle of a communications session with Earth -- at 1:30 Indian time on Friday (Thursday, August 27, at 20:00 UTC), it is not the end of the road.

According to ISRO has completed a majority of its objectives, and the data collected will be useful for C-II launch. By 2014, Indian Space Scientists plan to launch an Indian into space and onto Moon by 2020.

A very brief history of Indian Moon Mission

• The seeds for the Chandrayaan-1 was sown on during a lecture on May 11, 1999, by the than ISRO director, Dr.Krishnaswamy Kasturirangan.

• Originally called Somayana, the Moon mission was approved in 2003.
• It was in that year that then Prime Minister A B Vajpayee re-christened it Chandrayaan during the Independence Day address.
• October 2, 2008, the spacecraft was transported by road from Bangalore to Satish Dhawan Space Centre, Sriharikota Range, Andhra Pradesh.
• At 6-22 AM on October 22, 2008, it was hoisted into space onboard a PSLV rocket.
• It entered deep space (distance of 1,50,000 km from Earth) on October 26.
• The moon-craft reached the lunar orbit (100 km from Moon) on November 12.
• The Indian tricolour painted on a 30-kg instrument (Moon Impact Probe) landed on the lunar soil on November 14, birth anniversary of late Prime Minister Jawaharlal Nehru.
• May 20, 2009, a snag onboard star sensors forced scientists to raise it to a new orbit 200 km from lunar soil.
• August 21, a unique joint experiment conducted by Chandrayaan-1and Lunar Reconnaissance Orbiter (LRO), to search for water-ice on lunar soil.
• August 29, 2009, Chandrayaan-1lost radio contact with ground station (Deep Space Network, Byalalu).
• August 30, 2009, Indian Space Scientists are determined to arrive at the Root Cause Analysis for the lost radio contact.

The cost of the Chandrayaan-1 was around Rs400crs, far less compared with its counter-parts. In a magnanimous gesture, typical of Indans, ISRO Chief Madhavan Nair, offered world scientists a chance to put their instruments onboard Chandrayaan-1 for free!!!!!1


Cheers to ISRO and to our fellow country-men

Saturday, August 1, 2009

Topic of the Week - ePayments-An Alternate to Forged Notes

ePayments-An Alternate to Forged Notes

For the last couple of days, some newspapers have published articles on circulation of forged currency notes in India. The same news was picked up by other media providers viz: TV Channels, Net Sites, Blogs.

Hence, Reserve Bank of India, immediately issued a clarification vide a Press Release.
The Press Release can be accessed at
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21124


The same Media Providers, have published articles saying that consumers Rs500/- notes are being subjected to intense scrutiny by shop-owners/staff

My question to all of you is why you don’t use your credit/debit card, instead of a 500 /- Rupee Note.
In my view, Rs500/- is used most, at the following locations
01) Petrol Station
02) Restaurants
03) Hotels
04) Super Markets
05) Cloth Show rooms
06) Education Fees
07) Hospitals

Majority of the above locations, are equipped with POS for Credit/Debit Card Transactions. Hence using your Credit/Debit Cards, will save you the embarrassment of the shop-attendant closely, scrutinizing your Rs.500/- Note.
At the same time, you can experience the magic of ePayments.

However, the following are to be kept in mind

01) Always let the Credit/Debit Card be in your view.
02) Never reveal the Pin Number to anyone.
03) Preserve the Transaction Slip, till your Statement of Account arrives.


Folks, enter the thrilling world of ePayments







Sunday, July 19, 2009

Topic of the Week - 40th Anniversary of Bank’s Nationalization in our Country.

40th Anniversary of Bank’s Nationalization in our Country.

Today(19th July, 1969) is the 40th Anniversary of Bank’s Nationalization in our Country.

Banking System in India is split between by nationalised banks, private sector banks and foreign banks.

The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. The major objective behind nationalisation was to spread banking infrastructure in rural areas and make available cheap finance to Indian farmers. Fourteen banks were nationalised in 1969. 14 Banks were nationalized in the first wave of nationalization. The list of the 14 banks are

01) Central Bank of India

02) Bank of Maharashtra

03) Dena Bank

04) Punjab National Bank

05) Syndicate Bank

06) Canara Bank

07) Indian Bank

08) Indian Overseas Bank

09) Bank of Baroda

10) Union Bank

11) Allahabad Bank

12) United Bank of India

13) UCO Bank

14) Bank of India

Before 1969, State Bank of India (SBI) was the only public sector bank in
India. SBI was nationalised in 1955 under the SBI Act of 1955.
The second phase of nationalisation of Indian banks took place in the year 1980. Seven more banks were nationalised with deposits over 200 crores.

The above nationalization has had profound impact for our economy. As with every decision, there are pros and cons of nationlisation. But, in my view, the pros are more than the cons.

The early 90’s, with the advent of liberalization, private sector banks entered the banking scene.

ePayments as on date, are dominated by private/foreign banks, though the nationalized banks, are catching up.


ePayments-Easy and Efficient.

Friday, May 1, 2009

New Pension Scheme from 1st May,2009-Not ePayments friendly.TOPIC OF THE WEEK

 

 

 New Pension Scheme from 1st May,2009-Not ePayments friendly.

All citizens of the country will be able to avail of pension facility from tomorrow, with the interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) confirming the scheduled launch of the mega pension plan in a statement today.
"The necessary infrastructure for the rollout of New Pension System (NPS) is now ready and it will be available to all citizens of
India from May 1, 2009," PFRDA said.

 Tier-I of NPS constituting non-withdrawable pension account will become operational from tomorrow and Tier-II (withdrawable account) of the NPS account will become operational in about six months.

This is a big step towards financial security, in the twilight years. The Offer Document can be accessed at 

http://pfrda.org.in/writereaddata/linkimages/Offer%20Document957798914.pdf

The offer document is comprehensive, user-friendly and all the participants should stabilize in the next six months. To access the Scheme, PFRDA has appointed 22 Points Of Presence(POP’S), whose network i.e Service Points, will support this scheme. This 22 POP’s are mainly Banks and other financial intermediaries.

Bank of India is the trustee Bank, and detailed Service Level Agreement, between PFRDA and Bank of India is in place.

The contributions will be accepted in Cash/Pay-Order and Demand Draft, and also through ECS. Out Station Cheques will not be accepted.

The TAT for the first contribution to be credited is 15 days,and subsequent contributions is 7 days.

 However, it is surprising to note that PFRDA, has not explored the option of receipt of the contributions thru ePayments mode, especially NEFT.  Maybe, the Consultants have not briefed PFRDA, the benefits of NEFT.

 

As the scheme is just rolled out, PFRDA should also welcome contributions through NEFT. This will increase the comfort level for the subscribers, as well as reduce the TAT for the credit to the respective pension accounts.   

 

With a professional central record-keeping agency in place, National Pension Scheme, will be preferred choice for private sector.  The IT industry has already a preliminary meeting with PFRDA, to finalize the modalities. In fact, it would be a good idea, to insist a NPS Account, at the time of match-making!!

Trust PFRDA, will initiate steps to receive contributions through NEFT also.

 

  

Tuesday, April 14, 2009

India pull off a spectacular win at the 18th Edition of Sultan Azlan Shah Cup at Ipoh, Malaysia.

India pull off a spectacular win at the 18th Edition of Sultan Azlan Shah Cup at Ipoh, Malaysia.

 Making a superb display of speed and execution of planning on the field, the Indian hockey team on Sunday beat the host Malaysia team by 3-1 to lift the 18th Sultan Azlan Shah Cup at Ipoh, Malaysia.

With a display that underlined the efficacy and elegance of frontline forays, India regained the glittering Sultan Azlan Shah Cup after a hiatus of 13 years with a 3-1 victory over Malaysia amidst a festival ambience in the international hockey tournament here on Sunday. The winner led 2-1 at halftime.

This was India’s fourth cup win, the three others coming in 1985, 1991 and in 1995.

India, on a redemption journey after last year's Olympic debacle, is presently on a high after a recent run of success at home and Down Under, including the runners-up finish at the Punjab Gold Cup in Chandigarh.

This victory, should prove to be stepping stone to greater success, and take Indian Hockey, to its glorious place.

 The only sad thing was that we Indians did not turn in huge numbers, to welcome the victorious Hockey Team, on its return from Ipoh, Malaysia. For a change, the media was in full strength. However, the TV Coverage could have been more attractive. This would have also given the much needed break, from continuous Election Coverage.

 Cheers to India

Sunday, April 5, 2009

Topic of the Week-Bravo SV Sunil – A Superlative Hockey Player.

Topic of  the Week-Bravo SV Sunil – A Superlative Hockey Player.

            Today morning, was going through the Bangalore Edition of  today’s i.e5th April, 2009, Deccan Chronicle, and a small article on the last page attraced me.

It stated ‘SUNIL BRAVES PERSONAL TRAGEDY’.

A closer look at it, stated that SV Sunil’s( a star performer of the current Indian Hockey Team), father had expired in Kodagu, Karnatka. And, SV Sunil, preferred to stay back  with the Indian Hockey Team, currently in Malaysia, for the The Sultan Azlan Shah Cup. The main reason, was by the time, SV Sunil, reached Kodagu, Karnatka, the final rites would have been over. 

            BRAVO SUNIL, YOUR DAD WILL BE PROUD OF YOU, and I too Salute, your commitment to Indian Hockey.

            Indian Hockey fans, will be thankful, for your sacrifice.

 The Sultan Azlan Shah Cup is an annual field hockey tournament held in Malaysia. It began in 1983 as a biennial contest. The tournament became an annual event after 1998, following its growth and popularity. The tournament is named after the ninth Yang di-Pertuan Agong (King) of Malaysia, Sultan Azlan Shah, an avid fan of field hockey. 

The clan of Kodavas in the Indian state of Karnataka have a long history of association with the game of field hockey. The district of Kodagu which is the land of the Kodavas is considered as the cradle ofIndian hockey. More than 50 Kodavas have represented India in international hockey tournaments, out of which 7 have also participated in Olympics. B P Govinda, M P Ganesh, M M Somaiya, C S Poonacha and Arjun Halappa are some of the prominent Kodavas who have represented India. The passion for hockey in Kodagu is so much that more than 200 families participate in an annual hockey festival. This festival is recognised as one of the largest field hockey tournaments in the world and has been referred to the Guinness Book of RecordsThe Kodava hockey festival was started in the year 1997 and was the brainchild of 69 year old Pandanda Kuttappa who was a first division hockey referee and an ex-employee of State Bank of India. He conceived the idea of creating a platform in which the different Kodava families can get together. Realising the passion of hockey in Kodagu, he decided that a hockey festival would be a good event to bring Kodavas together. He also chose the hockey festival because he was disturbed about the growth of junior hockey players from Kodagu.

Tuesday, March 31, 2009

Topic of the Week-All ATM Transactions Pan-India to be free from April 1st, 2009

All ATM Transactions Pan-India to be free from April 1st, 2009

A revolution in ePayments is waiting to be unleashed from April 1st, 2009

Come April 1 and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money.

Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.

The relevant circular of Reserve Bank of India, is accessible at

http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=4076

However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India.

As the services will be free, customers will be tempted to make more small value transactions, rather than big-value transactions.

For Banks with a smaller ATM Network, this will directly impact their bottom-line, as the Interconnect Charges might be increased by Banks with a huge ATM Network.

Interconnect Charges are charges levied by banks when ATM Cards of other Banks are used on their network.

As the free services, will affect the bank’s bottom line, one way of shoring up revenue, will be the increase in Annual Maintenance Charge, levied on ATM cum Debit Cards.

The other way for Banks to minimize the outflow, due to interconnect charges, is to encourage customers to make use of the Debit Swipe facility, rather the cash withdrawal facility.

60% of the cash drawn from ATM’s, is used to transact at locations where Debit Card Swipe facility is obtainable. A 20% shift also, will benefit the banks. Maybe Banks, can think of a Reward Point Scheme, if the Debit Swipe facility, is preferred over Cash Withdrawal Facility.

However, it is yet to be seen, as to how Banks will respond to this free service.

Monday, March 9, 2009

Topic of the Week-YELLOW IS THE NEW GREEN






Urine might be one way forward for a greener planet. Before engineers scoff into their breakfast, consider that since at least 135,000 urine-diversion toilets are in use in Sweden and that a Swiss aquatic institute did a six-year study of urine separation that found in its favor. In Sweden, some of the collected urine — which contains 80 percent of the nutrients in excrement — is given to farmers, with little objection. “If they can use urine and it’s cheap, they’ll use it,” said Petter Jenssen, a professor at the Agricultural University of Norway.

Here is an fascinating article, on Urine, I found on The  New York Times.  Of course, we Indians, have for centuries, been aware of the wonders of URINE. Moreover, many progressive farmers, make use of Animal Urine, to formulate Biological Pesticides.
  


------------

Yellow Is the New Green ...
Excerpt from New York Times:

Yellow Is the New Green

27 February 2009

In the far reaches of Shaanxi Province in northern China, in an apple-producing village named Ganquanfang, I recently visited a house belonging to two cheery primary-school teachers, Zhang Min Shu and his wife, Wu Zhaoxian. Their house wasn’t exceptional — a spacious yard, several rooms — except for the bathroom. There, up a few steps on a tiled platform, sat a toilet unlike any I’d seen. Its pan was divided in two: solid waste went in the back, and the front compartment collected urine. The liquids and solids can, after a decent period of storage and composting, be applied to the fields as pathogen-free, expense-free fertilizer.

From being unsure of wanting a toilet near the house in the first place — which is why the bathroom is at the far end of their courtyard — the couple had become so delighted with it that they regretted not putting it next to the kitchen after all.

What does this have to do with you? Mr. Zhang and Ms. Wu’s weird toilet — known as a “urine diversion,” or NoMix (after a Swedish brand), toilet — may have things to teach us all.

In the industrialized world, most of us (except those who have septic tanks) rely on wastewater-treatment plants to remove our excrement from the drinking-water supply, in great volumes. (Toilets can use up to 30 percent of a household’s water supply.) This paradigm is rarely questioned, and I understand why: flush toilets, sewers and wastewater-treatment plants do a fine job of separating us from our potentially toxic waste, and eliminating cholera and other waterborne diseases. Without them, cities wouldn’t work.

But the paradigm is flawed. For a start, cleaning sewage guzzles energy. Sewage treatment in Britain uses a quarter of the energy generated by the country’s largest coal-fired power station.

Then there is the nutrient problem: Human excrement is rich in nitrogen, phosphorus and potassium, which is why it has been a good fertilizer for millenniums and until surprisingly recently. (A 19th-century “sewage farm” in Pasadena, Calif., was renowned for its tasty walnuts.) But when sewage is dumped in the seas in great quantity, these nutrients can unbalance and sometimes suffocate life, contributing to dead zones (405 worldwide and counting, according to a recent study). Sewage, according to the United Nations Environment Program, is the biggest marine pollutant there is. Wastewater-treatment plants work to extract the nutrients before discharging sewage into water courses, but they can’t remove them all.

And there’s also the urine problem. Urine, like any liquid, is a headache for wastewater managers, because most sewer systems take water from street drains along with the toilet, shower and kitchen kind. Population growth is already taxing sewers. (London’s great network was built in the late 19th century with 25 percent extra capacity, but a system designed for three million people must now serve more than twice as many.) When a rainstorm suddenly sends millions of gallons of water into an already overloaded system, the extra must be stored or — if storage is lacking — discharged, untreated, into the nearest river or harbor. Each week, New York City sends about 800 Olympic-size swimming pools’ worth of sewage-polluted water into nearby waters because there’s nowhere else for it to go.

This probably won’t kill us, but it’s not ideal. Environmental scientists in California have calculated that sewage discharged near 28 Southern California beaches has contributed to up to 1.5 million excess gastrointestinal illnesses, costing as much as $51 million in health care. We can do better.

Urine might be one way forward. Before engineers scoff into their breakfast, consider that since at least 135,000 urine-diversion toilets are in use in Sweden and that a Swiss aquatic institute did a six-year study of urine separation that found in its favor. In Sweden, some of the collected urine — which contains 80 percent of the nutrients in excrement — is given to farmers, with little objection. “If they can use urine and it’s cheap, they’ll use it,” said Petter Jenssen, a professor at the Agricultural University of Norway.

The price of phosphorus fertilizers rose 50 percent in the past year in some parts of the world, as phosphate reserves, the largest of which are in Morocco and China, dwindle. (The gloomiest predictions suggest they’ll be gone in 100 years.) Although half of sewage sludge in the United States is already turned into cheap fertilizer known as “biosolids,” urine contains hardly any of the pathogens or heavy metals that critics of biosolids claim remain in mixed sewage, despite treatment.

The rest of Sweden’s collected urine goes to municipal wastewater plants, but in much smaller volume so it’s easier to deal with. Research by Jac Wilsenach, now a civil engineer in South Africa, found that removing even half of the nutrient-rich urine enables the bacteria in the aeration tanks to munch all the nitrogen and phosphate matter in solid waste in a single day rather than the usual 30. Urine diversion also makes for richer sludge and produces more methane, which can be turned into gas or electricity, Mr. Wilsenach said. In short, separating urine turns a guzzler of energy into a net producer.

Putting urine to use is not new. A friend’s grandmother remembers the man coming round for the buckets 60 years ago in Yorkshire, which were then sold to the tanning industry. The flush toilet ended that, and no one — my friend’s nan included — wants outside privies again. “Any innovation in the toilet that increases owner responsibility is probably seen as downwardly mobile,” said Carol Steinfeld, of New Bedford, Mass., who imports NoMix toilets into the United States.

Then there’s the sitting problem: in most urine-diversion toilets, a man must empty his bladder sitting down. This wouldn’t be a problem in some countries — Germany recently introduced a toilet-seat alarm that admonishes standers to sit — but it has been in others. Professor Jenssen was flummoxed by one participant at a training workshop in Cuba who said firmly, “If a man sits, he is homosexual.”

For now, “ecological sanitation” — or more sustainable sewage disposal — thrives mostly in fast-industrializing countries like China and India, which have money to invest in alternatives but few sewers. A subculture of composting toilets exists in the United States, but only a few hundred urine-diversion toilets have been imported, Ms. Steinfeld said.

Necessity — whether occasioned by fertilizer prices, carbon footprints or crippling capital investments — could bring change. At a recent wastewater conference, I watched in astonishment as dour engineers rushed to question a speaker who had been talking about stabilization ponds, which clean sewage using water, flow control, bacteria and light. Normally, such things would be cast into the box of hippie-ish ecological sanitation. But to managers struggling with energy quotas and budget limitations, more sustainable, less energy-intensive sanitation may be starting to make sense.

As Mr. Zhang told me with a smile: “For me, whatever the toilet is, I use it. For example, here we eat wheat. When we go to the south of China, we eat rice. Otherwise we starve.”

It’s been more than 100 years since Teddy Roosevelt wondered aloud whether “civilized people ought to know how to dispose of the sewage in some other way than putting it into the drinking water.” The Zhang family toilet is not the perfect answer to Roosevelt, as it still uses some water, though 80 percent less than a regular flush toilet uses. But at least it’s the result of someone asking the right questions.

Rose George is the author of “The Big Necessity: The Unmentionable World of Human Waste and Why It Matters.”

Monday, March 2, 2009

Topic of the Week-Gujarat to set up Asia's first Deparment for Climate Change

              Climate Change is for real, though there are many versions, as to its causes and its impact  on mankind. I believe that Climate Change, is effecting us, for the simple reasons, that the Average temperatures this summer, in our country, are expected to be 3degrees more. 

       In this connection, the step of Gujarat Government to set up Asia’s first dedicated department for Climate Change is most welcome.  Only time will tell, if the Department will be able to strike  the right balance between conflicting economic and welfare demands.

                However, the beginning should be welcomed by us.

                 Please find enclosed, few articles on this subject:               

http://timesofindia.indiatimes.com/Ahmedabad/Gujarat_goes_California_way_on_climate/articleshow/4206117.cms

 

http://economictimes.indiatimes.com/Developmental-Issues/Guj-to-set-up-department-to-check-climate-change/articleshow/4183144.cms

 

 

http://www.business-standard.com/india/news/gujarat-to-setasias-first-dept-for-climate-change/18/00/350044/

 

 

 

             We folks can contribute a bit towards betterment of Climate, by switching over to environment friendly ePayments.  

Sunday, February 22, 2009

RBI staff stir hits Rs 50 lakh crore deals

Today’s Topic of Week, sheds some light on the effect of  strike/mass casual leave, by Reserve Bank of India Officials, on Indian Settlement Systems.         

In the last 3 months, Reserve Bank of India officials,  have gone on strike/mass casual leave twice.  This action by RBI Officials has affected RTGS-(Real Time Gross Settlement) apart from the Cheque Clearing Operations.

RBI employees had gone on strike for the same issue on October 21, 2008 and February 20, 2009.

As NEFT Settlement is dependant on RTGS-(Real Time Gross Settlement) , NEFT too got affected.

Due to the strike/mass casual leave on Friday, Saturday –half day, Sunday-Holiday, Monday-Mahasivarathri Holiday, there was a very heavy load on the RTGS Network on Saturday i.e February 21, 2009.

Transactions amounting to almost Rs 50,00,000 crore were stalled by the all-India strike by over 2,500 employees and officers of the Reserve Bank of India (RBI) On Friday, demanding update of the pension scheme.

Employees have proposed to approach Finance Minister Pranab Mukherjee for an early resolution of the matter, which has been a point of contention for five months now.

The strike affected real time settlement (RTGS) of transactions worth Rs 3,00,000 crore and clearing of around 18,00,000 cheques all over India, primarily in Mumbai (8,00,000 cheques) and metro centres, which amounted to approximately Rs 20,00,000 crore.

There were no settlements in the domestic money market, foreign exchange market and stock exchanges.

                RTGS-(Real Time Gross Settlement) was launched in March 2004, and since than has made rapid strides. The country’s economic capability is linked to the successful functioning of the RTGS, and there have been very few full-day failures in RTGS, either technical or man-made. Hence, it puts on an onerous responsibility, on all the stake-holders for the smooth functioning of RTGS - (Real Time Gross Settlement)

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