Indian Banks

Bank of Maharashtra (A Government of India Undertaking) Human Resources Management Department invites on-line applications from Indian citizens for the following post of SPECIALIST OFFICERS in various grades.

Pay Scales: JMGS-I  14500 – 600/7 – 18700 – 700/2 – 20100 – 800/7 – 25700, MMGS – II  19400 – 700/1 – 20100 – 800/10 – 28100

Age Limit: 21 to 30 Years as on 31/12/2010.

Application Fee: Rs.50/- (as postal charges only for SC/ST/PWD candidates) and Rs.400/-per application (including Postal Charges) for other candidates.

How to Apply: Candidates are requested to apply on-line between 24.05.2011 to 14.06.2011 only through Bank‟s Website http://registration.sifyitest.com/maharashtraso/

Detailed Notification: http://www.bankofmaharashtra.in/downdocs/Advt_may11.pdf

Challan Format: http://www.bankofmaharashtra.in/downdocs/Challan_Voucher_Format_may11.pdf

Popularity: 1% [?]

The Reserve Bank of India (RBI) has asked banks to furnish details of the portfolio management services offered by them.

RBI had, earlier this week, sent mails to various chief executive officers of banks, asking for the details of their operations. It sought to know under what name various products were sold — whether they came under portfolio management, wealth management, private banking or investment advisory. RBI guidelines pertain to portfolio management services.

“RBI has asked us to furnish details of the various parameters of portfolio management services like nomenclature, the products offered and the disclosures we make to clients about risks and returns” said a senior official of a public sector bank. Most foreign and private banks, along with a few public sector banks, offer portfolio management services.

RBI also wanted to know if there was any actual, perceived or potential conflict of interest in offering such products and a bank’s responsibility or obligation towards its clients. It also asked whether the people selling these products were qualified and whether there was a proper criterion for employees offering such services. Banks would also have to provide information on the number of complaints and the performance of their grievance-redressal mechanism.

Portfolio management services offered by banks are classified into four categories — referral services, investment advisory, non-discretionary and discretionary. Sources said the current norms do not clearly distinguish between investment advisory and non-discretionary portfolio management services.

Currently, to offer portfolio management services, banks need RBI’s approval. They also have to be registered with Sebi. Registration with Sebi is also required to offer investment advisory services, which are non-discretionary in nature (the client’s approval is required for investment).

The RBI communique follows a fraud in Citibank’s branch in Gurgaon in December 2010. The fraud was allegedly committed by its employee, Shivraj Puri, who had siphoned off Rs 400 crore by selling financial products not authorised by the bank. The investment products were allegedly sold to high net-worth individuals, with a claim that these would generate very high returns.

(BS)

Popularity: 1% [?]

A working group of the Reserve Bank of India has recommended that derivative deals — both forward and swap — worth $1,00,000 or more should be reported to the agency working as repository.

The Clearing Corporation of India Ltd (CCIL) should be made a reporting platform for such over-the-counter (OTC) derivative deals in interest rates and foreign exchange for confidentiality, the RBI group said in its report. The report of RBI’s working group on interest rate and forex derivatives is available on RBI’s website. The group was headed by P Krishnamurthy, chief general manager, RBI.

Repository services under CCIL may come under a separate entity, subject to economic viability. This would help segregate the repository activity from clearing and settlement activity and ensure better governance and compliance with standards. All interbank forex forward transactions may be reported to CCIL, under the mandate of RBI, which already has a platform for the purpose.

The working group said the non-transparency of the OTC market led to risks in the system. This was widely believed to be one of the causes of the recent financial crisis. While India had arrangements for the reporting of various derivative transactions, there was a need to consolidate the reporting arrangement. Consolidated reporting would improve transparency, facilitate comprehensive monitoring and improve the efficiency of post-trade processing infrastructure. The current system of reporting interbank interest rate swaps (IRS) and forward rate agreements (FRA) transactions to CCIL may be formalised, by reporting to a trade repository. Reporting of client trades in FRA and IRS to CCIL may also be mandated, with the necessary safeguards.

(BS)

Popularity: 1% [?]

Bank of Baroda (BOB) India’s International bank Recruitment of Specialist Officers – Project 2011. BoB invites application for the following specialist officer posts.

How To Apply: Eligible and Interested candidates apply online through official websitewww.bankofbaroda.com from 26/05/2011 to 16/06/2011.

For Detailed Information click here : http://www.bankofbaroda.com/recruitment.asp

Popularity: 2% [?]

Andhra Bank a leading Public Sector Bank, A Government of India Undertaking invites applications from Indian citizens for the following Specialist Officers posts. Candidates are requested to apply on-line on or before 09/06/2011.

Pay Scale in Grade: Officers in JMGS-I: Rs 14500 -Rs.25700, Officers in MMGS-II: Rs.19400-28100, Officers in MMGS-III: Rs.25700-31500

Application Fee: Rs.400/- (Rs.75/- for SC/ST/PWD) should be paid by at the Andhra Bank branches in India though payment challan OR online through NEFT.

How To Apply: Eligible candidates required apply on-line through official website  www.andhrabank.in from 21/05/2011 to 09/06/2011.

Detailed Advertisement, Pay Challan and Apply Online: http://andhrabank.in/english/Recruitment.aspx



Popularity: 1% [?]

Centbank Financial Services Limited (CFS), the investment banking arm of Central Bank of India, invites applications from eligible candidates for appointment in various positions in the areas of Project Appraisal & Loan Syndication,  Corporate Advisory Services, Trustee Services,  as Assistant Vice President/ Manager/ Deputy Manager.

Last Date for receipt of application is 04/06/2011.

Detailed Info: https://www.centralbankofindia.co.in/site/MainSite.aspx?status=1&menu_id=17

Popularity: 2% [?]

HSBC Holdings Chief Executive Officer Stuart Gulliver on Thursday said the bank would do well to trim staff and cut less profitable operations outside Asia. This, he said, would help the bank meet its target of saving $3.5 billion.

Gulliver said the lender’s retail banking operations in China and India were still recording losses, but the bank would continue to run its business there, since it needed a substantial yuan and rupee deposit base. “Asia is not the problem,” Gulliver told a shareholders’ meeting in Hong Kong. “There are some parts of the world that need sorting out, and Asia is not one of them.” HSBC planned to increase the number of its employees in the region, while looking to cut costs in other non-staff expenses, Gulliver said.

The lender had, earlier this month, said it intended to cut back on its retail banking business and that it may sell its US credit card arm in a move that could cut $3.5 billion in costs and revive flagging profitability.

Many banks such as HSBC and Standard Chartered have seen their staff costs rise sharply in Asia, partly because of intense competition for talent in the fast-growing region.

HSBC also expects an interest rate rise in the United States by the end of June 2012, a move it said would have a positive pact on its net interest margin.

HSBC, which is currently headquartered in London, would look at where it is domiciled by the end of this year, a process it engages in once every three years, said Chairman Douglas Flint. Hong Kong was among the places suitable for a bank of HSBC’s size, he said. “We need to be in a location where we have a substantial presence, where the economy itself is substantial,” Flint said. “We would probably come down to no more than three or four or five cities, and Hong Kong is one of those cities.”

(BS)

Popularity: 1% [?]

Bangalore-based public sector lender Vijaya Bank plans to ramp up its merchant banking services by setting up a syndication unit in Mumbai.

The bank also plans to work as a co-syndicator with a consortium of banks in the near future. “We are taking some significant steps to ramp up our merchant banking business, which will increase the bank’s fee-based income. As the first step, we will open a syndication unit in Mumbai to cash in on emerging opportunities in this space,” said Chairman and Managing Director, H S Upendra Kamath.

Kamath, however, declined to give any earnings target from the merchant banking segment. “We are not looking at acquiring any brokerage firm for complementing this kind of a service. We want to provide these services on our own,” he added.

Currently, Vijaya Bank has a capital market service branch in Mumbai, which handles interest and dividend payments. However, after electronic fund clearing services were introduced, this business facility failed to record good growth.

Owing to their popularity, most banks across the country are increasingly offering merchant banking services. Under these services, financial institutions usually provide services like portfolio management, credit syndication and advice on mergers and acquisitions. This helps banks raise their fee-based income and boost net profit.

Vijaya Bank also plans to foray into the life insurance business. “Currently, we are planning to enter the life insurance business along with a few partners. However, anything concrete is yet to emerge in this regard,” Kamath said. The bank had earlier pulled out of its joint venture with Punjab National Bank in the life insurance space. Currently, as a corporate agent, it sells Life Insurance Corporation of India’s products. The public sector lender had reported a 58.5 per cent decline in its net profit at Rs 54.23 crore for the quarter ended march, owing primarily to provisions for wage revision.

(BS)

Popularity: 1% [?]