PSUs join talent hunt with big hiring plans

After a hiatus of sorts on large-scale recruitments, and with several rounds of voluntary retirement schemes behind them, public sector companies are back to hiring like never before. The trend is more pronounced in the case of PSUs in the infrastructure and banking sectors, with new inductions happening mainly at the entry level. According to Indian Institute of Banking and Finance estimates, public sector is slated to recruit over 1.5 lakh employees across various levels over the next three years. State Bank of India, Oriental Bank of Commerce, Union Bank of India, Andhra Bank and Bank of Baroda are among those working on plans to increase headcount. According to IIBF, public sector banks in the country are likely to recruit over 1.5 lakh employees over the next three years. SBI is looking to hire nearly 3,000 employees, mainly for its associate banks including the State Bank of Hyderabad, while others such as Bank of Baroda, Union Bank of India and Andhra Bank are reportedly looking to expand their workforce by about 2,000 at various junior-and middle-management levels. Oriental Bank of Commerce is already in the market for recruiting around 200 Probationary officers in its first phase of officer-level recruitments.

Insurance investments, banking may need PAN

After the capital markets, the government is targeting the financial sector - banking and insurance segments - to make it mandatory quoting of permanent account number (PAN) for investment products. The government is vetting a proposal to make quoting of PAN as a requirement for investment in financial products such as fixed deposits and unitlinked insurance plans (Ulip) above a certain limit. Credit cards are also expected to be included in the new list. The monetary ceiling has been mooted at Rs 1 lakh initially. According to government officials, the finance ministry has started consultations on the front with the financial sector regulators.

IOB to accept tax payments

Tax payers may pay their taxes through the branches of Indian Overseas Bank. The only requirement is that the taxpayer has to open an account with any of their networked branches and register for E-See Banking (IOB’s Net Banking) with funds transfer facility. With this facility, income-tax, corporation tax, wealth tax, gift tax, fringe benefit tax, banking cash transaction tax can be paid through Internet. Customer needs to log-in to http://tin.tin.nsdl.com/etax or alternatively http://incometaxindia.gov.in and select “Pay Taxes Online” and fill up the requisite challan.

Srs. look ahead with reverse mortgage

Kolkata-based UCO Bank has, on Saturday, announced the launch of a reverse mortgage loan scheme for senior citizens. The scheme is targeted for supplementing pension and other monthly income for citizens over 60 years. The scheme, being new in India, will offer the seniors a regular fixed sum per month from banks and housing finance players, based on the value of their property that they live in. The owners will receive the sum for a period not more than 15 years. A dozen banks, including Allahabad Bank and Punjab National Bank, have already launched a reverse mortgage scheme.

Union Bank mulls rights issue

“We would be making the plans for the next financial year in February, and if we find there is a need for capital, we may look at a rights issue as an option,” Mr M.V. Nair, Chairman and Managing Director of Union Bank of India, told. The Government currently holds 55.43 per cent stake in the bank, with public institutions including mutual funds, financial institutions and banks, insurance companies and foreign institutional investors (FIIs) having 31.1 per cent stake. Union Bank, on Thursday, also raised a debt of Rs 600 crore, which includes Rs 200 crore in perpetual debt and Rs 400 crore in Tier-II bonds. The bank is targeting a total business of Rs 1,85,000 crore of which Rs 1,05,000 crore would be from deposits and Rs 80,000 crore from advances. Currently, the total business is at Rs 1,65,000 crore. Mr Nair also said that the capital adequacy ratio of the bank after the introduction of Basel II norms in April next year will be 11.5 per cent. “The net interest margin (NIM) of the bank is also expected to dip marginally to around 3 per cent for the current fiscal from 3.05 per cent last year.” he said.