Axis Bank to hire 30,000 employees in next 2 yrs; open 550 branches in FY21

Gross hiring till December FY20 has been of 28000 employees and attrition inched up by 2 per cent in FY20

Axis Bank to hire 30000 employees in next two years and subsidiaries. Gross hiring till December FY20 stood at 28000 employees compared to 14500 employees in December FY19. The net new hiring for the bank stood at 12800 employees till December FY20 compared to 3000 employees till December FY19. The bank plans to add another 4000 more employees in the last quarter of FY20 . Much of this is being hired in semi urban and tier 2/3 towns and rural India.

Axis bank has added additional unit which is working on intelligent automation across banking operations with use of artificial intelligence, machine learning, big data and RPA (Robotic Process Automation). Bank has added 800 employees in this vertical.

The bank has 75000 employees in total, which was 60000 in FY19. However, the bank has reported two per cent spike in its attrition. Till December FY20, bank has reported attrition of 19 per cent compared to 17 per cent of the same period. 15000 employees have exited the bank in nine months which the bank calls early morality i.e leaving their jobs in first six months due to different reasons. Bank says this attrition is mainly at the junior level such as assistant manager, manager and officer level…

Pramit Jhaveri, who brought scale to Citi’s India business, retires early

His resignation was announced by the Citi Asia Pacific chief executive Peter Babej over email to the employees

Pramit Jhaveri, the former country head of Citi India, has taken an early retirement after spending close to four decades at the bank in various capacities, sources said on Wednesday.

The 56-year-old Jhaveri had joined the Wall Street major as a management associate way back in 1987, and had a steady rise to become vice-chairman of banking, capital markets and advisory for Asia Pacific earlier this year, after heading the India operations for almost a decade between 2010 and 2019.

His retirement was announced by the Citi Asia Pacific chief executive Peter Babej over email to the employees, the sources said. Babej’s mail lists out the key milestones in City Jhaveri‘s 32-year-long association with Citi, including his leadership of India operations. “Jhaveri’s leadership, partnership and friendship will be missed across our firm,” the memo, which was reviewed by PTI, said.

A Citi spokesperson confirmed the development but without offering details. “Jhaveri has decided to retire from Citi. During his tenure, he built a strong team and established Citi as a market leader in the country,” the spokesperson said. Under his helm, the bank’s domestic assets almost doubled (95.48 percent to be precise) between FY10 and FY19, to Rs 1.86 lakh crore, while gross non-performing assets improved massively to 1.37 percent in March 2019 from 3.43 percent in March 2010....

Is Facebook a bank? US lawmakers push for answers on Libra cryptocurrency

Libra will likewise confront extra worries from universal controllers and administrators, which could further defer its encouraging

In the wake of enduring a two-day battering on Capitol Hill, presently comes the critical step for Facebook Inc: transforming its 12-page white paper into a genuine cryptographic money despite profound distrust from national banks, controllers and lawmakers everything being equal.

David Marcus, the Facebook official driving its blockchain endeavors, invested quite a bit of his energy at congressional hearings this week saying ‘sorry’ for the past errors of his boss. When he wasn’t guarding Facebook, Marcus attempted to clarify how Libra – the proposed money – would really work. He said over and over that he needs to work with Congress and controllers to get Libra off the ground, and has no designs to make a big appearance the new money before administrative bodies are fulfilled.

“Nothing is propelled and nothing will dispatch until all worries are tended to,” Marcus said Wednesday. He emphasized a form of that guarantee again and again during over six hours of declaration in Washington this prior week individuals from the House Financial Services Committee and the Senate Banking Committee.

All things considered, huge existential inquiries stay about the task, including who or what will control Libra. Marcus said it was not his place to choose who Libra’s controller would be, however he seemed to dismiss the possibility that Facebook ought to be dealt with like a bank. Marcus denied that the organization would offer financial administrations, and furthermore contended that he doesn’t trust Libra is a security that should fall under the Securities and Exchange Commission…

Deutsche Bank’s 18,000 job cuts tip of the iceberg for the finance industry

The supposed fintech insurgency, where pariahs are assuming control over the conventional exercises of built up players (like installments, loaning, vault) is the zenith of another money related request

Deutsche Bank caused an ongoing blend with the apparently unexpected declaration that it would eliminate 18,000 positions – one fifth of its worldwide staff. It is a piece of a redesign intended to restore the bank to its center business of corporate banking, private banking and resource the executives. The greater part of the activity misfortunes will be in the worldwide value brokers and venture banking division Deutsche Bank expressed in a declaration made on July 7.

Some may peruse the Deutsche bank’s issues as the consequence of a terrible procedure, awful execution, misfortune, or a blend of these three. I, in any case, believe that the German bank’s issues mirror the significant changes presently occurring in the money related industry by and large, and in speculation banking particularly.

Give me a chance to begin by saying that the estimation of the budgetary business isn’t anything but difficult to legitimize as far as social and monetary advantages. The facts confirm that banks play out a valuable capacity of redistributing money related hazard, assigning capital and giving credit. In any case, there are such a large number of banks, and what is far more detestable, there are an excessive number of brokers.

Taking a gander at the instance of Deutsche Bank, somewhere in the range of 2009 and 2018 the bank lost US$14.8 billion in market esteem (counting profits paid to investors). This is the all out worth misfortune, with some high points and low points. In 2016 the market estimation of Deutsche Bank dropped by nearly US$27 billion, while in 2017 it developed by US$21.5 billion.

Pensioners in Rajasthan duped into buying SBI Life Insurance Policies

Officials assured them it’s a better plan than fixed deposits and misrepresented their annual income in order to fulfil the eligibility criteria

Business Standard: Pensioners from Udaipur have registered complaints against SBI Life Insurance Company Limited for fraudulently selling them life insurance policies worth lakhs of rupees. They allege company’s officials assured them the policies work like a fixed deposit schemes but ensure higher returns, concealing payment of the premiums.

Bhopal Singh Ranawat, a retired forest guard from Gajpura village of Udaipur in his complaint letter to SBI Life in October this year narrates how the officials converted his entire savings to manage the SBI lIfeinsurance policy. Just a month after Ranawat’s retirement benefits worth Rs 800,000 were transferred to Udaipur’s treasury bank in August this year, the company officials approached and convinced him to invest in the ‘SBI life – Retire Smart’ plan – promising it would be more profitable than a fixed deposit (FD) scheme.

“They had repeatedly convinced me that I was investing in a better plan than a fixed deposit. Later, I found they had issued me an insurance policy worth Rs 200,000 without informing me the details,” his complaint letter, accessed by The Wire, reads. In an duplicitous manner, the officials also issued him three fixed deposits of the remaining Rs 600,000 – Rs 200,000 each – for a maturity period of one year, two years and three years respectively so that they could be used to arrange for the annual premiums..

Read Source: BS 

Jan Dhan deposits touch Rs 64,564 cr; Rs 300 cr added during demonetisation

PSBs account for Rs 50,800 cr, rural banks for Rs 11,683 cr, private banks for Rs 2,080 cr

 

Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetisation, according to government data.

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi's pet scheme, aims at bringing hitherto unbanked areas and people under a formal banking system. Bank accounts can be opened with a zero balance under the PMJDY.

Finance ministry data, accessed through a Right to Information (RTI) application filed by a PTI correspondent, show that there were about 28.9 crore PMJDY accounts on June 14 this year.(economy policy)

Of these, 23.27 crore accounts were with public sector banks, 4.7 crore with regional rural banks and 92.7 lakh with private ones.

These accounts together have deposits of Rs 64,564 crore, the Finance Ministry data show. Public sector banks account for Rs 50,800 crore, regional rural banks for Rs 11,683.42 crore and private banks, Rs 2,080.62 crore.

On November 16, 2016, there were 25.58 crore PMJDY accounts with an aggregate deposit of Rs 64,252.15 crore, Minister of State for Finance Santosh Kumar Gangwar had told the Lok Sabha.

Thus, between November 16 last year and June 14 this year, Rs 311.93 crore had been added to Jan Dhan accounts.

The PM had on November 8 last year announced the demonetisation of 500-rupee and 1,000-rupee notes.

Following reports of alleged misuse of Jan Dhan accounts to convert black money into white after the note ban, the government had warned people that they would be penalised if they indulged in such activities.

In a press release issued on November 18, the government had said, "There are some reports received that some people are using other persons' bank accounts to convert their black money into new denomination notes."

This, it had said, had also been reported in Jan Dhan accounts.

The government had said such activities could attract penalty if it was established that the amount deposited in the account did not belong to the account holder.

"Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under the Income Tax Act," it had said.

Alongside other facilities, PMJDY accounts also allow an overdraft facility of up to Rs 5,000 in one account per household, preferably held by a woman member.