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Recruitment for Punjab and Sind Bank

2010-10-10T12:01:00.003+05:30

Government Sector bank, Punjab & Sind Bank has called applications to fill various vacancies for its offices all over India. Clerks : 300 posts in various states (UR-158,OBC-70, SC-56, ST-10), Pay Scale : Rs. 6200 – 23900, Age : 18-28years Probationary Officer : 450 posts, Pay Scale : Rs. 14500 – 25700, Age : 30 years Hindi Officer : 10 posts, Pay Scale : Rs. 14500 – 25700, Age : 30 years Security Officer : 25 posts, Pay Scale : Rs. 14500 – 25700, Age : 30 years Agriculture Field Officer : 100 posts, Pay Scale : Rs. 14500 – 25700, Age : 30 years Chartered Accountant : 30 posts, Pay Scale : Rs. 19400-28100, 32 years EDP Officer : 50 posts, Pay Scale : Rs. 19400-28100, 32 years Forex Officer : 25 posts, Pay Scale : Rs. 19400-28100, 32 years Forex Officer : 10 posts, Pay Scale : Rs. 25700 - 31500, 35 years EDP Officer : 10 posts, Pay Scale : Rs. 25700 - 31500, Age : 35 year Start of the reciept Online applications : 09/10/2010 Last date for Receipt of Application : 08/11/2010 for more details kindly visit the link below;

How do banks calculate interest on your savings bank account ?

2009-04-18T22:57:00.010+05:30

The Annual Review of RBI Monetary Policy on 21st April 2009 touched one important aspect that is calculation of Interest on amount kept by you in your Savings Bank account with the Bank. The RBI has directed the banks to calculate the interest on daily balance. Now the banks are offering 3.50% interest on your balances kept in your Savings Bank account. But the calculation of interest reduces the effective interest paid by the bank to you. The banks calculate interest on the minimum balance between 10th and last day of the month. And this interest is paid to you twice in a year once in February (for the period from August to January) and in August ( for the period from February to July). The example below tells you how the banks calculate the interest; Bank: ABC Bank Account Holder : Mr.X Account Number : 12345 Date Balance 01.08.08 Rs.5000 08.08.08 Rs.25000 12.08.08 Rs.200000 19.08.08 Rs.150000 21.08.08 Rs.50000 28.08.08 Rs.3000 So for the month of August interest will be Minimum balance between 10th and 31st will be Rs.3000 So, Principle X Rate of Interest X Days -------------------------------------------------- Days in a year X 100 = 3000 X 3.50 X 31 ------------------------ 36500 = Rs.8.91 If the interest is calculated on daily balance as directed by RBI, interest will be 01.08.08 tl 07.08.08 = 6 days X Rs.5000 =30000 08.08.08 to 11.08.08= 4 days X Rs.25000 = 100000 12.08.08 to 18.08.08= 6 days X 200000 = 1200000 19.08.08 to 20.08.08 = 2 days X 150000 = 300000 21.08.08 to 28.08.08 = 7 days X 50000 = 350000 29.08.08 to 31.08.08 = 3 days X 3000 = 9000 Total Product 1989000 for 31 days So, 1989000 X 3.50 -------------------------- 36500 = Rs.190.72 See the huge difference for just one month. The major beneficiary will be the customer as he will get interest for variations in balance through out the month. Earlier, banks were taking the minimum balance between 10th and last day, whatever the large amounts you have deposited between 10th and withdrawn subsequently before last day was not earning you anything. But now you get interest on that balance also. But the bankers will be worried as they have to fork out high interest on your deposit

Guidelines soon on pre-paid payment instruments

2009-04-18T22:57:00.009+05:30

The Reserve Bank of India plans to permit scheduled commercial banks with the eligibility criteria to issue all categories of pre-paid payment instruments and eligible non-bank entities, including NBFCs, to issue semi-closed instruments. The move is to promote cashless transactions. The Reserve Bank had earlier placed the draft guidelines for issuance and operation of such instruments in public domain for wider dissemination and feedback. Instruments such as smart card, Internet account, mobile account and mobile wallet could be some of the pre-paid payment instruments, the RBI Deputy Governor, Ms Shyamala Gopinath, said.

‘No prior approval needed to set up offsite ATMs’

2009-04-18T22:57:00.008+05:30

In a move that would allow banks to expand their ATM networks more easily, the Reserve Bank of India has done away with the requirement of prior regulatory approval for setting up offsite ATMs. RBI had earlier dispensed with the requirement of obtaining regulator permission for onsite ATMs (ATMs at branch premises).

ICICI Bank cuts lending, deposit rates

2009-04-18T22:57:00.007+05:30

ICICI Bank on Tuesday announced a 50 basis points cut in its corporate and retail lending rates with immediate effect. The bank also said it is cutting fixed deposit rates across various tenors by 25 to 50 basis points, with effect from April 24. ICICI Bank cut its Floating Reference Rate (FRR) for consumer loans, including home loans to 13.25 per cent from 13.75 per cent. All existing floating rate customers will be benefited by the reduction in the FRR. The bank also cut its Benchmark Advanced Rate, for its corporate customers, to 16.25 per cent from 16.75 per cent

RBI's Annual Policy Statement - 2009-10

2009-04-18T22:57:00.005+05:30

Consistent with the current assessment of macroeconomic and monetary conditions, the Reserve Bank has decided to: 1) reduce the repo rate under the LAF by 25 basis points from 5.0% to 4.75% with immediate effect. 2) reduce the reverse repo rate under the LAF by 25 basis points from 3.5% to 3.25% with immediate effect. 3)keep the CRR unchanged at 5.0% of net demand and time liabilities (NDTL).

SIB exceeds NPA recovery target by 50%

2009-04-18T22:57:00.004+05:30

South Indian Bank has not only managed to contain fresh NPAs but has exceeded its NPA recovery target by 50 per cent. The bank has recovered Rs 150.95 crore, against its annual recovery target of Rs 100 crore Stating that the bank had managed it at a time when serious concerns were voiced about the asset quality in banks, its Managing Director and Chief Executive, Dr V.A. Joseph, said “it is a real challenge at times such as this. Dun & Bradstreet has identified us as the ‘Best Bank’ in asset quality (in the private sector category) and we are determined to maintain the title”. The bank’s gross NPA declined to 1.85 per cent at the end of the third quarter of the just ended fiscal compared with 2.53 per cent a year ago. Its net NPA fell by 0.1 per cent to 0.39 per cent as at end December 2008 compared with 0.49 per cent during the corresponding period of the earlier fiscal.

OBC cuts deposit rates

2009-04-18T22:57:00.003+05:30

Oriental Bank of Commerce has reduced its term deposit rates by 25-100 basis points across various maturities. The revised rates will be applicable from April 21. For bulk deposits (Rs 1 crore & above) with maturity of 1 year & above, the interest rate has been reduced from 7.5 per cent to 6.5 per cent per annum. In case of deposits less than Rs 1 crore, the interest rate has been reduced to 8 per cent from 8.25 per cent for the time bucket of 1 to less than 2 years.

Shikha Sharma is new MD and CEO of Axis Bank

2009-04-18T22:57:00.002+05:30

The board of Axis Bank on Monday appointed Ms Shikha Sharma, Managing Director, ICICI Prudential Life Insurance Company, as the bank’s new Managing Director & CEO. The appointment, however, did not find favour with the current Chairman & CEO, Dr P.J. Nayak, who quit in protest. Ms Sharma’s appointment, which will be for a period of 5 years, beginning August 1, 2009, is subject to RBI clearance and shareholders approval. Dr Nayak, who has been at the helm of Axis Bank for close to a decade, reportedly wanted an experienced internal candidate to take charge of the bank. He had three more months to go before retirement. Besides Ms Sharma, the other contender for the top position at India’s third largest private sector bank was Mr Hemant Kaul, Executive Director, Axis Bank. Mr V. Vaidyanathan, Executive Director, ICICI Bank, is tipped to take over from Ms Shikha Sharma as the Managing Director of ICICI Prudential Life Insurance Company. Axis Bank reported a growth of 61 per cent in net profit at Rs 581 crore for the fourth quarter ended March 31, 2009, against Rs 361 crore in the same quarter last year, aided by growth in its fee income and trading profits.

RBI defers foreign bank liberalization

2009-04-18T22:57:00.001+05:30

The Reserve Bank of India (RBI) has decided to put on hold a proposal to allow foreign banks to operate in the domestic market and buy private banks in the wake of the global financial turmoil that fell some banking giants. The central bank is expected to announce this when the annual monetary policy review is to be unveiled. The RBI was expected to allow foreign banks to acquire stakes in Indian banks from April 2009 as part of the second phase of the banking sector’s opening up plan, termed ‘Roadmap for presence of foreign banks in India.'

BoB to finance Nano loan

2009-04-18T22:57:00.000+05:30

State-owned lender, Bank of Baroda, has launched a scheme for financing of Nano car booking advance, under which any one can book a Nano car by availing 100% finance for booking amount from the bank. Upfront charges for a loan of Rs 95000 required for booking of smallest variant of the car is kept at a bare minimal of Rs 2999 which also includes interest for 90 days on the financed amount of Rs 95000.

RBI widens scope of unsecured loans

2009-04-18T22:52:00.000+05:30

The RBI tightened the prudential norms for unsecured loans and asked banks to treat the value of all rights, licences and authorisations as unsecured advances and not as tangible securities. Starting April 2009, the RBI has asked banks to disclose the amount of such advances for which intangible securities such as charge over the rights, licences, and authorisations have been taken along with the estimated value of the collateral. Separate disclosures also need to be made in the notes to accounts, the RBI said. The move would result in higher risk weight and increase the provisioning requirement for banks.

SBI mulls further cut in lending rate

2009-04-15T22:20:00.002+05:30

State Bank of India (SBI) said that it was examining the possibility of another round of reduction in its benchmark prime lending rate (BPLR), while adding that it was offering the cheapest rates across loan categories. At the same time, the bank’s chairman OP Bhatt told that funds mopped up at higher rates between October and December, and lower credit demand, were putting pressure on SBI’s net interest margins. “In the fourth quarter, NIM (net interest margin) would have dropped to around 3 per cent, from 3.16-3.17 per cent earlier. But we are hoping to keep it at around 3 per cent during the current financial year… Any small variation in margins has a large impact on the balance sheet,” he said.

Bank of India cuts deposit rates

2009-04-15T22:20:00.001+05:30

Bank of India has cut deposit rates on domestic rupee term deposits by 25 to 100 basis points, across various maturities, with immediate effect. The revised interest rates will be applicable only on fresh deposits and on renewal of maturing deposits with effect from April 15. The bank also waived the penalty on premature withdrawal of all domestic rupee term deposits with effect from December, 2008, irrespective of date of deposit and amount

Debar loan defaulters from contesting elections: AIBEA

2009-04-15T22:20:00.000+05:30

Should wilful defaulters of bank loans be barred from contesting Parliamentary elections? All India Bank Employees Association (AIBEA) has moved the Election Commission of India (ECI) to debar such candidates from contesting the general elections. It underscored the fact that the raw material for making loans to borrowers comes from depositors (public money) and it is important that recalcitrant borrowers who are in the fray be reined-in. Pointing out that banks and notified financial institutions report the details of wilful defaulters with outstandings of Rs 25 lakh and above to the Reserve Bank of India on a quarterly basis, Mr Vishwas Utagi, Secretary, AIBEA, said the Election Commission can easily filter out candidates who have been declared wilful defaulters by banks, by referring to the RBI’s list.

Rating agencies, banks differ over loan defaults

2009-04-15T22:18:00.000+05:30

Bank loan rating, as per Basel II norms, is proving to be a bone of contention between rating agencies and banks. While credit rating agencies do not brook even a day’s delay in loan repayment, it is normal practise for banks to give companies the long rope of 90 days after the expiry of the due date when it comes to recognising a default The issue has come to the fore with Basel II norms on capital adequacy for banks kicking in from April 1. Under these norms, all corporates with borrowing of more than Rs 10 crore must be rated. As per RBI guidelines, from April 1, 2009 onwards all fresh sanctions or renewals in respect of unrated corporates that have bank loans of more than Rs 50 crore, will attract a risk weight of 150 per cent. This would push up capital costs for banks. On the other hand, exposures to corporates that have quality ratings would entail much lower risk weights, between 20 and 100 per cent, depending on the rating. This would result in ‘capital relief’ for banks.

RBI for ramps at ATMs, banks

2009-04-15T22:11:00.000+05:30

In a move to make bank ATMs more disabled-friendly, the Reserve Bank of India has asked banks to provide ramps at ATMs and bank branches so that they can be accessed easily by the handicapped RBI has also asked banks to ensure that the height of the ATM should be such that it can be accessed by a wheelchair user. The central bank has also asked the banks to ensure that at least one-third of the new ATMs installed are talking ATMs with Braille keypads. It has advised banks to place the ATMs in consultation with other banks to ensure one such ATM is available in each locality.

PNB ties up with SMC, Networth Stock Broking for online trading

2009-04-15T21:17:00.000+05:30

Punjab National Bank (PNB) on Monday entered into a tie-up with SMC and Networth Stock Broking Ltd, two brokerage houses, to provide online trading services in equities, commodities and mutual funds among others to its customersThis alliance would give a “3-in-1 account offering” comprising of savings account, demat and trading account together. PNB Chairman & Managing Director, Dr K.C. Chakrabarty, said the bank aims to have 15 crore customers in the next five years from the current level of about 3.8 crore. “Of this 15 crore customers, we hope at least 20 per cent of them would trade in equities through our e-trading facility. We want more of our customers to invest in equities and hence this alliance.”

IOB to absorb 75% employees of Shree Suvarna Sahakari Bank

2009-04-13T21:16:00.000+05:30

The Indian Overseas Bank will absorb 75% of the 340 employees of the failed Shree Suvarna Sahakari Bank (SSSB), an urban cooperative bank, once the takeover is completed on April 15. The rest have either taken voluntary retirement or have been denied absorption as they are facing criminal investigations. All the employees will be inducted at the base level that is the level of the fresh recruits. IOB chairman and managing director SA Bhat said the public sector bank will open branches at the 12 existing locations of SSSB’s branches, nine of which are in Pune.

National Award For Canara Bank

2009-04-13T21:13:00.000+05:30

Canara bank has won three national awards at the PRCI Awards 2009. Bank's House Journal won the gold Corporate Collateral Award. Bank has also won two silver Corporate Collateral Awards for best corporate ad and best corporate film

Recruitment in United Bank of India

2009-04-12T20:06:00.003+05:30

Recruitment for Officer's post in United Bank of India United Bank of India, a premier Public Sector Bank, invites ONLINE applications from Indian citizens for the posts of Probationary Officer / Specialist Officer as indicated herein below: 1) SCHEDULE Opening Date for ON-LINE Application 30.3.2009 30.3.2009 Closing Date for ON-LINE Application. 27.4.2009 27.4.2009(For all applicants including those from Far-Flung areas)* Last date for receipt of “Print out of the System Generated Applications” 4.5.2009 4.5.2009 Last date for receipt of “Print out of the System Generated Application 11.5.2009 11.5.2009 ” from Far Flung areas. Date of written Test for Probationary Officers / Specialist Officers 21.6.2009 14.6.2009 * For candidates staying abroad and for those posting applications from Andaman & Nicobar Islands, Lakshdweep,Assam, Meghalaya, Arunachal Pradesh, Mizoram, Manipur, Nagaland, Tripura, Sikkim, Ladakh Division of J & K State, Lahaul and Spiti district and Pangi Sub Division of Chamba District of Himachal Pradesh. 2)NAME OF THE POST /VACANCIES : Total 1000 01 Probationary Officers JMGS I vacancy 900 age 21- 30 SPECIALIST OFFICERS : 02 Company Secretary SMGS-IV vacancy 1 age21- 40 03 Economist MMGS-III vacancy1 age21- 40 04 Statistician MMGS-III vacany 1 age 21- 40 05 Forex/Treasury MMGS-III vacancy 10 age21- 40 06 Chartered Accountant /CWA/CFA MMGS-II vacany 40 age 21- 35 07 Law Officer MMGS-II vacancy 15 age 21- 35 08 Risk Management MMGS-II vacancy 5 age 21- 35 09 Personnel / HR MMGS-II vacancy 15 age 21- 35 10 Official Language JMGS-I vacancy 12 age 21- 30 3)Pay Scale, Allowances and Perquisites as applicable: Scale Pay Scale (Rs.)* SMGS - IV 20480 - 24140 MMGS - III 18240 - 22280 MMGS - II 13820 - 19920 JMGS - I 10000 -18240*In addition, DA, HRA, CCA, Medical Aid, Hospitalization expenses, conveyance expenses LFC and retirement benefits are admissible as per the rules of the Bank. Perquisites like Quarter, Furniture etc shall be provided as per rules. 4. ELIGIBILITY CRITERIA: NATIONALITY/ CITIZENSHIP: A candidate must be either i) a Citizen of India or ii) a subject of Nepal or iii) subject of Bhutan or iv) a Tibetan refugee who came over to India before 1st January, 1962 with the intention of permanently settling in India or v) a person of Indian origin who has migrated from Pakistan, Burma, Sri Lanka, East African countries of Kenya, Uganda, the United Republic of Tanzania (formerly Tanganyika and Zanzibar), Zambia, Malawi, Zaire, Ethiopia and Vietnam with the intention of permanently settling in India. Provided that a candidate belonging to categories (ii), (iii), (iv) & (v) above shall be a person in whose favour a certificate of eligibility has been issued by the Government of India. A candidate in whose case a certificate of eligibility is necessary may be admitted to the interview conducted by the Bank but on final selection the offer of appointment may be given only after the Government of India has issued the necessary eligibility certificate to him/her. 5. RELAXATION IN UPPER AGE LIMIT: (In case of candidates belonging to the following categories) S No. Categories Relaxation by number of years 1. SC/ST by 5 years 2. OBC by 3 years 3. Physically Challenged by 10 years 4. Ex-Servicemen by 5 years 5. Persons domiciled in the state of J & K during the by 5 years. period from 01.01.80 to 31.12.89. 1. The relaxation in upper age limit is cumulative as per Govt. of India guidelines. 2. An ex- serviceman who has once joined a Government job on civil side after availing of the benefits given to him as an Ex-Serviceman for his re-employment, including a job in the Public Sector Undertaking ceases to enjoy exserviceman status for further employment. 3. All persons eligible for age relaxation under 5 above must produce the domicile certificate at the time of interview, from the District Magistrate in the Kashmir Division within whose jurisdiction he/ she had ordinarily resided or any other authority designated in this regard by the Govt. of Jammu & Kashmir, to the effect that the candidate had ordinarily been domiciled in the Kashmir Division of the state of Jammu & Kashmir during 1st January 1980 to 31st December 1989. 4. Above relaxations are available only if the candidates fulfill the various conditions prescribed in the Govt. of India orders and instructions in this regard. To claim age relaxation, reserved category candidates should submit a copy of the Community Certificate. 6). Minimum Educational Qualification, Post Qualification Work Experience as on 01-01-2009 Post Code/Name of Post 01 - Probationary Officers A graduate or Post graduate in any discipline from the recognized University with a minimum mark of 55% in either Graduation orPost graduation. 5% relaxation available tocandidates belonging to the SC / ST / OBC /PWD Category. Candidate must have successfully completed a computer course of at least 6 months' duration from any Institute recognized by Central/State Govt. / AICTE. 02 - Company Secretary Degree from a recognised University with ACS from the Institute of Company Secretary of India. LLB./LLM is desirable 03 - Economist Master Degree in Economics / Econometrics from a University / Institution recognized by UGC 04 - Statistician Post Graduation in statistics with minimum 55% marks from a recognized University / Institution (not correspondence course)by UGC 05 - Forex /Treasury 55% marks or its equivalent Grade in Graduation and CA / CFA / MBA (Finance) 06 - Chartered Accountant Qualified Chartered Accountant / Cost Accountant / CFA 07 - Law Officer Graduate Degree in Law (3 years or 5 years integrated course from a recognized University) 08 - Risk Management 55% marks or its equivalent grade in Graduation in Maths / Staistics / Economics or MBA 09 - Personnel /HR Full time MBA / Post Graduate Degree (HR /Personnel Management / Industrial Relations / Labour Welfare / Labour Law from a recognized University/ Institution 10 - Official Language Post Graduate Degree in Hindi and with English as a subject at Degree level or Post Graduate Degree in Sanskrit and with Hindi and English as subjects at Degree level. 7)Post Selection Process 01 Probationary Officers Written Test + Interview 06 Chartered Accountant Interview only. 02 Company Secretary Interview only. 07 Law Officer Written test + Interview/Group discussion 03 Economist +Interview/Group Discussion 08 Risk Management Written Test + Interview/Group Discussion 04 Statistician Written test+interview / Group Discussion 09 Personnel /HR Written test + Interview/Group Discussion 05 Forex/Treasury Interview only. 10 Official Language Written test + Interview/Group Discussion 8). Written Test : (i) The Written test will comprise of Objective tests consisting of Reasoning Ability, Quantitative Aptitude, General Awareness and English Language and also a Descriptive Paper on Professional Knowledge/Subject for Specialist Officers and General Topics for Probationary Officers. For further information visit www.unitedbankofindia.com

Lenders to have final say in NPA classification: HC

2009-04-11T22:30:00.000+05:30

In what would provide a major relief to banks who are plagued with fears of rising defaults and bad debt, the Bombay High Court has ruled that the decision of a bank in assessing a debt as bad is the final word for writing it off and claiming deduction on income tax (I-T). The high court delivered the judgement after hearing an appeal filed by the I-T department against deductions claimed by Oman International Bank. The court ruled in favour of the bank stating that the classification of bad debt is a commercial decision of the assessee (bank in this case) and once an entry is made in its accounts, it would be established as bad debt. The judgement was delivered in February this year. The onus is on the department to show that the debt is not bad if it is not satisfied with the reasoning of the assessee.

Banks may go slow on issue of debit-cum-ATM cards

2009-04-11T22:28:00.000+05:30

The free use of any ATMs for cash withdrawal (since April 1) may have led to an unanticipated casualty: Banks are likely to go slow on the issue of debit-cum-ATM cards. According to top officials of different banks, a bank would end up paying anything between Rs 12 and Rs 18 for every transaction conducted on another bank’s ATM by its customer “This will mean a big hit on the banks as they cannot be passed on to the customers now. Even abroad, free transactions across ATMs are not offered for the same reason. I don’t see any reason for RBI’s rush to implement this from April 1,” the head of a public sector bank told. While big banks like SBI and large private banks may have lesser outgo, smaller banks with fewer ATMs may find it difficult to bear the cost of ‘foreign’ ATM transactions by their customers. As a way out, some banks may eventually become cautious about the number of new cards to be issued. “We are planning to discontinue giving ATM-debit cards to students and other categories who open loan accounts to cut costs,” an official said. The ATMs of many private sector banks - ICICI Bank, HDFC and Axis Bank, among some others - still continue to turn down transaction requests from customers of other banks, though they deny it officially. At present, a new ATM costs about Rs 8 lakh for installation and Rs 60,000-80,000 towards monthly maintenance expenses. This may go up depending on rentals or real estate prices going up.

State Bank of Hyderabad to recruit 2,000

2009-04-11T22:26:00.000+05:30

State Bank of Hyderabad will recruit over 2,000 clerical and supervisory staff soon to support its expansion plans. The bank has written to its parent bank, SBI, to conduct the recruitment, Ms Renu Challu, Managing Director, SBH, told.About 1,500 vacancies are for clerical staff and the rest, officers. The bank, which crossed the landmark of Rs 1 lakh crore in its total business recently, will add 170 new branches. “Out of this, 100 would be in rural and semi-urban areas,” Ms Challu said. The bank’s credit grew by 21 per cent last year against the industry average of 17.28 per cent with a 34 basis point growth in the net interest margin at 2.77 per cent. The deposits were up 24 per cent in 2008-09. “We have restructured Rs 123 crore from 2,800 SME accounts by extending repayment and book date periods. Loans to the tune of Rs 201 crore are currently being restructured,” she said.

Private banks likely to quit auto loan business

2009-04-11T22:23:00.000+05:30

Private banks have told the government that they will not finance purchases of commercial and passenger vehicles, as absence of clear guidelines from the Reserve Bank of India prevents them from repossessing vehicles from defaulting borrowers. This was conveyed by bankers at a recent meeting with RBI and finance ministry officials in the presence of auto industry representatives. Industry estimates auto loan portfolio of all banks put together at around Rs 1,00,000 crore.