BSNL Asks Circles To Cut Down On Contract Labour

NEW DELHI: State-run BSNL, which is trying to overcome liquidity crunch and financial squeeze, has undertaken fresh measures to cut avoidable expenditures on contract labour and do a cost-benefit analysis of the legacy landline and broadband exchanges as well as towers to achieve network optimisation.
“During the various review meetings with the higher management, the liquidity position and financial crunch in BSNL had been discussed and it was decided to issue necessary instructions/guidelines immediately to reduce the expenditure in the various items including outsourcing Contract Labour,” said a letter from BSNL’s corporate office on June 4 to all circle heads across the country.
These contract labours who are outsourced by BSNL are hired for administrative/operational activities in fields — housekeeping, security and data feeding.
The BSNL management has decided to review all outsourced labour contracts to reduce expenditures and generate savings and after the review the performance status report should be submitted by the circle heads by June 20.
“Hence, suitable measures may be taken to reduce expenditure on outsourcing in the administrative/operational activities in field — house keeping, security and data feeding. Thus a through review of all outsourcing contracts involving labour should be done with a view to reduce expenditure and obtain savings,” the letter said.
The letter further adds: “Next quarters payment may be released only after it is certified by the CGM that such a review has been done. The action may be taken in cases where revenue generation is minimal or less compared to expenditures incurred on the same other than salary expenditures.”
The corporate office which is the headquarter of the PSU (public sector undertaking) has also directed the circles taking austerity measures on network optimisation.
The PSU in the last past three months had instructed its circles to do a review of landline exchanges, broadband networks elements, and towers in the context of revenue earned from such exchanges or towers and the expenditure done on the same to achieve network performance optimisation.
“It has been directed that analysis may clearly point out exchanges which are critical to network or have potential for revenue increases to offset the losses due to high expenditure on such exchanges,” said the communication.
The PSU has sought performance status report by June 20.
BSNL is expecting normalcy in cash flows in the second quarter (July-September) of FY20, according to its Director (Finance) who had blamed the “predatory pricing” for the current crisis in the sector and in BSNL.
“The liquidity position of the company may start improving and normalcy could be restored in the next quarter,” SK Gupta, BSNL director (finance), had stated in a May 16 letter to the chief general managers and financial advisors of all its telecom circle heads and district maintenance regions.
BSNL has been incurring losses for the last many years and except in 2014-15 where it had got an operating profit of Rs. 672 crore. BSNL had registered a profit of Rs. 10,000 crore till 2004, but recorded a loss of Rs. 8,000 crore during the next ten years. Its 1.76 lakh employees consume 55 per cent of its revenue which is also falling due to hyper competition.

Air India, GoAir Offer Discount On Flight Tickets, Details Here (13)
Airlines such as Air India, GoAir and IndiGo have recently announced discounts on bookings and introduced new flights on international routes. The announcements from these airlines come at a time when suspension of flights by Jet Airways has led to additional demand in the country’s civil aviation market. The number of passengers flying domestic airlines dropped by 4.5 per cent to 109.95 lakh in April as compared to 115.13 lakh in the same month of the previous year, according to data from aviation regulator DGCA or Directorate General of Civil Aviation.
Here are key things to know about the announcements made by Air India, GoAir and IndiGo:
Air India
Air India is offering discounts on select flight tickets in a limited-period offer. Bookings under the sale – which is valid for travel till September 30, 2019 – can be made till June 15, according to the airline’s website, airindia.in. The discounted fares are available for travel on AI 911/AI912 Mumbai-Dubai-Mumbai and on AI 915/AI 916 Delhi-Dubai-Delhi flights.
GoAir
GoAir is offering domestic flight tickets at a starting all-inclusive price of Rs. 1,399. The scheme is applicable on travel between June 15 and July 31, according to the airline’s official website, goair.in. Under the offer, the cheapest flight ticket is being offered by GoAir on the Bagdogra-Guwahati route, starting at Rs. 1,399.

Fixed Deposit Interest Rates Paid By Banks On Deposits Below Rs. 2 Crore (14)
A fixed deposit (FDs) is a financial instrument which offers guaranteed return. Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say. One can invest money in fixed deposits for a specific period, ranging from seven days to 10 years. Senior citizens usually get a higher rate of interest on fixed deposits compared to general public. Fixed deposit interest rates are subject to change from time to time. Last week, private sector lenders HDFC Bank and Kotak Mahindra Bank revised their fixed deposit interest rates.
Here’s a comparison of fixed deposit (FD) interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), Kotak Mahindra Bank, HDFC Bank and ICICI Bank:
State Bank of India

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from May 9, 2019, according to sbi.co.in:
Period General public (% p.a.) Senior citizens (% p.a.)
7 days to 45 days 5.75 6.25
46 days to 179 days 6.25 6.75
180 days to 210 days 6.35 6.85
211 days to less than 1 year 6.4 6.9
1 year to less than 2 year 7 7.5
2 years to less than 3 years 6.75 7.25
3 years to less than 5 years 6.7 7.2
5 years and up to 10 years 6.6 7.1
Punjab National Bank
The following FD interest rates are applicable on deposits up to Rs. 2 crore with effect from May 1, 2019, according to pnbindia.in:
Period General public (% p.a.) Senior Citizen (% p.a.)
7 to 14 days 5.75 6.25
15 to 29 days 5.75 6.25
30 to 45 days 5.75 6.25
46 to 90 days 6.35 6.85
91 to 179 days 6.35 6.85
111 days 6.5 7
180 days to 270 Days 6.35 6.85
222 days 6.6 7.1
271 days to less than 1 year 6.35 6.85
333 days 6.95 7.45
1 year 7 7.5
555 days 6.85 7.35
above 1 year & up to 3 years 6.75 7.25
above 3 year & up to 5 years 6.25 6.75
above 5 years & up to 10 years 6.25 6.75
Kotak Mahindra Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to kotak.com:
Period General public (% p.a.) Senior Citizen (% p.a.)
7 – 14 days 3.50 4.00
15 – 30 days 4.00 4.50
31 – 45 days 5.00 5.50
46 – 90 days 5.50 6.00
91 – 120 days 6.00 6.50
121 – 179 days 6.25 6.75
180 days 6.40 6.90
181 days to 269 days 6.50 7.00
270 days 6.50 7.00
271 days to 363 days 6.75 7.25
364 days 7.00 7.50
365 days to 389 days 7.10 7.60
390 days (12 months 25 days) 7.20 7.70
391 days – less than 23 Months 7.20 7.70
23 months 7.20 7.70
23 months 1 day- less than 2 years 7.20 7.70
2 years- less than 3 years 7.10 7.60
3 years and above but less than 4 years 7.00 7.50
4 years and above but less than 5 years 6.75 7.25
5 years and above up to and inclusive of 10 years 6.50 7.00
HDFC Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019, according to hdfcbank.com:

Period General Public (% p.a.) Senior Citizen (% p.a.)
7 – 14 days 3.50 4.00
15 – 29 days 4.25 4.75
30 – 45 days 5.75 6.25
46 – 60 days 6.25 6.75
61 – 90 days 6.25 6.75
91 days – 6 months 6.25 6.75
6 months 1 day- 6 months 3 days 6.75 7.25
6 months 4 days 6.75 7.25
6 months 5 days- 9 months 6.75 7.25
9 months 1 day- 9 months 3 days 7.10 7.60
9 months 4 days 7.10 7.60
9 months 5 days – 9 months 15 days 7.10 7.60
9 months 16 days 7.10 7.60
9 months 17 days < 1 Year 7.10 7.60
1 year 7.30 7.80
1 year 1 day – 1 year 3 days 7.30 7.80
1 year 4 days 7.30 7.80
1 year 5 days – 1 year 15 days 7.30 7.80
1 Year 16 days 7.30 7.80
1 year 17 days – 2 years 7.30 7.80
2 years 1 day – 2 years 15 days 7.40 7.90
2 years 16 days 7.40 7.90
2 years 17 days – 3 years 7.40 7.90
3 years 1 day – 5 years 7.25 7.75
5 years 1 day – 8 years 6.50 7.00
8 years 1 day – 10 years 6.50 7.00
ICICI Bank
Period General public (% p.a.) Senior citizens (% p.a.)
7 days to 14 days 4 4.5
15 days to 29 days 4.25 4.75
30 days to 45 days 5.5 6
46 days to 60 days 6 6.5
61 days to 90 days 6.25 6.75
91 days to 120 days 6.25 6.75
121 days to 184 days 6.25 6.75
185 days to 289 days 6.5 7
290 days to less than 1 year 6.75 7.25
1 year to 389 days 6.9 7.4
390 days to 2 years 7.1 7.6
2 years 1 day up to 3 years 7.5 8
3 years 1 day up to 5 years 7.25 7.75
5 years 1 day up to 10 years 7 7.5
5 Years Tax saver FD (Max up to Rs. 1.50 lac) 7.25 7.75
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

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