Efforts by the Indian Banks’ Association and the Finance Ministry to dismantle the industry-wise wage settlements in favour of bank-wise settlements, have received a setback with several bank managements expressing reluctance to move away from the present system. Highly placed industry sources said the feedback received by the IBA suggested that a number of bank managements would want the present system of industry-wise negotiations extended for the next round of wage settlement.

Hughes Network gets LI for VSAT project of RBI

Hughes Network Systems (HNS) has been selected to implement the Rs. 300-crore VSAT network project of the Reserve Bank of India. HNS has been issued a letter of intent (LI) and is currently negotiating on the pricing of the network with the RBI. The initial order will be for 500 VSATs, the hub and other equipment. The finalisation of the deal will take place only after the allocation of transponder space on satellites which is expected by the end of this month. However, the network is not expected to become operational before the middle of next year as it takes at least five months to set up the network.

Govt seeks chambers’ views on EMU, Euro

The Government has sought the response of industry on what impact the creation of the European Monetary Union and a single European currency, Euro, would have on India. The EMU, which is to come into effect from January 1, 1999, is to lead to the creation of the Euro. The Commerce Ministry in a note to the apex chambers has said that as the EU is an important trading partner of India’s, the creation of the EMU is likely to have a wide-ranging impact on trade and economic relations with the 15-member EU countries.