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The Reserve Bank of India has allowed retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents. This has pushed banks to hire over 200,000 people over the next few years to make financial inclusion initiatives. Till now, only a few banks have finalised the number of correspondents they would hire. While the State Bank of India is expected to hire at least 40,000 persons, Punjab National is looking at an additional 75,000. On the other hand, Union Bank intends to hire 50,000 business correspondents over the next two to three years. Canara Bank and Andhra Bank are yet to finalise the number they would hire. These correspondents would be basically involved in collecting deposits, helping account holders withdraw cash and also sell other financial products such as life insurance.
Source: 19-01-10 rediff.comCompiled by Amresh Anjan
PPP Model To Get Extended To Rural Job Generation
The rural job generation will soon get a public-private partnership model. The initial success of the flagship National Rural Livelihood Mission has encouraged the rural development ministry to seek a four-fold increase in Budget allocation for the project. The new mission has been expanded from the government's Swarnajayanti Gram Swarozgar Yojana, which had a budget of Rs 2,350 crore in 2009-10. "This time, we have asked for Rs 10,500 crore from the finance ministry," said Ms Rita Sharma, secretary in the rural development ministry. The scheme allows private enterprises and non-government organisations to develop various skills among the people living in rural, with a guarantee of a job afterwards.
Source: 19-01-10 Business Standard Compiled by Amresh Anjan
TCS Is Likely To Hire 11,000 This Quarter
Tata Consultancy Services (TCS) is planning to hire close to 11,000 employees in the January-March 2010 quarter. The company is expected to hire about 8,300 freshers and 3,000 experienced professionals. For the financial year 2010-11, it has already made 5,625 offers and visited 77 institutes. These students will join TCS in the second quarter (July-September) of the financial year.
Source: 19-01-10 rediff.comCompiled by Amresh Anjan
IT Firms To Give Moderate Wage Hikes
Though Indian information technology companies are back on campuses to hire in big numbers, they plan to give moderate wage hikes for the financial year 2010-2011. "The general benchmark that we are getting to hear is in the range of 5-15 per cent. Clearly, the 30-40 per cent hike days are behind us. Along with the slowdown in the US markets, there is a general mismatch in demand and supply. I think firms are being cautious before announcing huge hikes," says Mr Shiv Aggarwal, CEO of ABC Consultants. Mr T Muralidharan, executive chairman of TMI Networks, concurs: "There are three bands -- multinationals, Indian large corporates and small IT firms. Among the MNCs, wage hikes will be in the range of 15-20 per cent. Infosys Technologies, Tata Consultancy Services and Cognizant and other large IT companies will give a hike of 8-15 per cent. Among the smaller firms (with headcount of 200-250), the quantum of salary hikes will be higher, at 30-35 per cent, as they will have to retain the experienced people," he adds. According to human resource analysts, going ahead, the 5-15 per cent wage hike range would be the benchmark for the IT services sector for a few more quarters, even though the economy is picking up.
Source: 20-01-10 Business Standard Compiled by Amresh Anjan
LG To Increase Its Headcount By 4,000 In 3 Months
To enhance its after-sales services in the air conditioner segment, LG Electronics said it will hire around 4,000 people in India in next three months. The company is targeting to achieve 50 per cent sales growth in the AC segment to Rs 2,500 crore (Rs 25 billion) this year. "This year, our focus will be improving our aftersales services. We plan to expand our centres as well as open 24 hour service centres in the metros. So, we will be hiring another 4,000 people by March for the purpose," LG Electronics India (business head - air conditioners) Mr Ajay Bajaj said.
Source: 21-01-10 rediff.comCompiled by Amresh Anjan
ISB Placements Flying High This Season
The placement scenario looks much better in Hyderabad-based Indian School of Business (ISB). As per a consulting firm, Citi Group has offered an analyst investment banker's position with so far the highest offer of Rs 40 lakh per annum, followed by a Rs 33-lakh offer by Parthenon Group. The highest offer during the boom in 2007 was Rs 43.91 lakh. The B-School has 579 students to place this year, as against 440 last year.
Source: 16-01-10 Business Standard Compiled by Amresh Anjan
CEO Of Dubai World's Istithmar Unit Resigns
The chief executive of Dubai World's Istitmar unit has been replaced with its chief investment officer, as the group focuses on managing its investments rather than making new acquisitions. Istithmar is one of the flagship companies of state-owned Dubai World, which has been hit hard by the global financial crisis. Mr David Jackson, who used to spearhead Istithmar's aggressive overseas expansion strategy, has been replaced by Mr Andy Watson, Dubai World said.
Source: 20-01-10 DNA Compiled by Amresh Anjan
HDFC Standard Life Appoints Mr Amitabh Chaudhry As CEO
HDFC Standard Life has named Mr Amitabh Chaudhry, former Infosys head of business process outsourcing, as its CEO. He belongs to the famed club of having an undergraduate engineering degree from BITS Pilani and an MBA from IIM Ahmedabad. Besides serving Infosys, he has also been a part of Bank of America and Credit Lyonnais Securities.
Source: 19-01-10 DNA Compiled by Amresh Anjan
Citi Group To Give Bonuses At 2008 Levels
Citigroup is likely to pay commercial and investment banking bonuses for 2009 that are similar to 2008 levels. The company may cap individual cash payouts at about $60, 000.
Source: 16-01-10 Hindustan Times Compiled by Amresh Anjan
Bosch Plant Closure To Take Away 900 UK Jobs
A Welsh car parts plant is going to be closed next year at the cost of 900 jobs as production is moved to Hungary, Bosch said in a statement.
Source: 16-01-10 Hindustan Times Compiled by Amresh Anjan
Nokia India Workers Go On A Strike
Nokia India workers went on strike after 55 employees were suspended earlier this week. "The strike started Tuesday after the management suspended 35 employees. On Wednesday, another 20 employees were suspended," an official of the Nokia India Employees Progressive Union said.
Source: 21-01-10 Hindustan Times Compiled by Amresh Anjan
Civic Body To Crosscheck Claims Of 'Diabetic' Employees
The Municipal Corporation of Delhi (MCD) has decided to carry out medical examination on those employees who said that they could not register for the biometric system because of diabetes. This move came a day after it was reported that 6,000 employees had not registered for the system that was introduced to check punctuality and regularity of MCD staff. Mr Deep Mathur, director press and information, MCD, said "We have consulted medical experts of different disciplines of MCD hospitals who have confirmed that the fingerprints of the persons having diabetes do not wear off." The civic agency also claimed that there was no possibility of non-registration of their attendance through biometric system of attendance.
Source: 19-01-10 Hindustan Times Compiled by Amresh Anjan
Citi Appoints Former Morgan Stanley Asia CEO
Citigroup named Mr Alasdair Morrison as an Asia senior adviser. Prior to this, he held roles of CEO and Chairman at Morgan Stanley Asia.
Source: 18-01-10 Business Standard Compiled by Amresh Anjan
HDFC's MD Gets Three-Year Extension
The board of HDFC decided to give a three-year extension to Managing Director, Mr Aditya Puri. He has been with bank since its inception. The bank said that the appointment was subject to shareholder and regulatory approvals.
Source: 18-01-10 Business Standard Compiled by Amresh Anjan
Axis Bank Appoints New Chairman
Mr. Adarsh Kishore has joined as non-executive chairman with Axis Bank. He has just returned to India after completing his term as executive director at the International Monetary Fund.
Source: 18-01-10 Business Standard Compiled by Amresh Anjan
Premier Schools Gear Up For The Placement Season Next Month
Premier business schools of the country are gearing up for the placement season next month amid much anticipation that the class of 2010 is going to fetch higher salaries than offered in 2009. A survey by market research firm The Nielsen Company says that the average salary expectation this year in the country's major business schools is about Rs 14.6 lakh per annum. This is 13 per cent higher than average salary of Rs 13 lakh per annum for a domestic offer made to the 2009 batch in the Indian Institutes of Management (IIM). Big companies such as BNP Paribas, Barclays Bank, TCS, Citibank, Infosys, and Procter and Gamble have already confirmed participation in this year's campus placement programmes of the leading business schools.
Source: 21-01-10 Hindustan Times Compiled by Amresh Anjan
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