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PSB unions threaten strike on Dec 20

Four bank employees unions have threatened to go on strike on Thursday to protest against the proposed Banking Laws (Amendment) Bill and mergers of the banks. "If the strike materialises, a section of the bank's employees may take part in the proposed strike on the said date (December 20), in which case, the normal functioning of the branches or offices of the bank may get affected," Indian Bank said in a filing on the BSE. The All India Bank Employees Association, Bank Employees Federation of India, All India Bank Officers' Association (AIBOA) and National Union of Bank Employees (NUBE) have given a call for one day country-wide strike.

India's US debt dips to $59 bn

India's holding of US government debt securities has declined for the second consecutive month, even as many other countries including China, Japan, Brazil and Russia hiked their exposure to American treasury bonds. As per the latest data released by the US department of treasury, India's holding of treasury securities stood at $58.9 billion (over R3,20,000 crore) at the end of October 2012 — marking the second straight month of decline after an uptrend for seven continuous months. However, the holdings of countries like China, Japan, Brazil, Switzerland, Russia, France and Canada rose during October.

NIC provisioning for IMC losses

State-owned non-life insurer National Insurance Company will have to make a provision of around R1,500 crore to write off the total accumulated loss of the Indian Motor Commercial third party pool, which was dismantled last year. "Total provisioning has to be close to R1,500 crore. Last year, we had provided for R300 crore and in the current fiscal and 2013-14 we will have to provide around R600 crore each on the account of the TP (third party) motor losses," said AV Girijakumar, the general manager at National Insurance Co at a CII organised insurance meet. "These are basically carry forward losses which we incurred till 2011-12," Girijakumar said.

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