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Business Briefs

Govt may trim oil PSU staff

New Delhi, Sept. 16: The Cabinet is likely to consider on Wednesday introduction of voluntary retirement schemes (VRS) in Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Ltd (BPCL). It is aimed at shedding 450 employees in BPCL and about 5,000 workers in ONGC. The meeting will consider a VRS under which employees will be offered an ex-gratia payment equivalent to one-and-half month’s emoluments (pay plus dearness allowance) for each completed year of service or the monthly emolument at the time of retirement multiplied by the balance months of service left before normal date of retirement, whichever is less.

Rupee hardens

Mumbai, Sept. 16: The rupee climbed to a 7-1/2-month peak against the dollar today on the back of strong supplies accumulated over the weekend even as steady demand from state-run banks capped its gains.

PNB plan

New Delhi, Sept. 16: Punjab National Bank (PNB) today said it was “examining” taking over Kerala-based Nedungadi Bank as part of plans to strengthen its toe-hold in the southern part of the country.

BoB rate cut

Mumbai, Sept. 16: Bank of Baroda (BoB) has cut interest rates for domestic term and non-resident external rupee deposits by 25-50 basis points for various maturities with effect from today.

IDBI Bank

New Delhi, Sept. 16: IDBI Bank has taken over the retail portfolio of merchant acquiring business from BNP Paribas, as part of efforts to foray into the credit card business.


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