Thursday, March 30, 2017

Post merger 6,000 SBI employees may opt for VRS: Report

COUNTRY's largest lender State Bank of India is expecting to see 50 percent or about 6,000 employees opting for its voluntary retirement scheme (VRS).A senior SBI executive was quoted as telling a news agency, "The employees opting for VRS is on expected lines. We have estimated about half or 50 percent of the employees taking that option. You can say about 6,000 employees may opt to take it up."
The VRS has been offered to about 12,000 employees of the associate banks. SBI will be merging...

Wednesday, March 29, 2017

Worst performers among PSUs; SAIL, BSNL, Air India top the list: Survey

COAL India, ONGC and Indian Oil Corporation have emerged as star financial performers among PSUs in 2015-16, whereas steel giant SAIL, state-run telecom operator BSNL and national carrier Air India incurred most losses, a government survey has showed.
The annual report on the performance of Central Public Sector Enterprises has been released by the Ministry of Heavy Industries and Public Enterprises, Department of Public Enterprises.
The Public Enterprises (PE) Survey is a consolidated...

Tuesday, March 28, 2017

SBI likely to cut workforce 10% by 2019: Report

STATE Bank of India (SBI) may cut its total workforce by 10 per cent over the next two years, after the merger with six subsidiary banks. This is due to attrition, reduced hiring and digitisation, a top official told a news agency. "Manpower will go down with the period of time. Around 10 per cent reduction in two years may be a possibility," Rajnish Kumar, SBI Managing Director, told IANS in an interview.
The public lender currently has around 207,000 workforce and the merger of six entities -- SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad), Bharatiya Mahila Bank -- from April 1 will add...

Monday, March 27, 2017

Time is up: Govt asks HMT Watches to raise funds for salaries

TIME is almost up for HMT Watches as the once timekeeper of the nation has been asked by Centre to arrange funds on its own to clear pending salary dues of its employees.  
As many as eight central public sector enterprises under the Department of Heavy Industries (DHI) are under closure.  These include HMT Bearings, HMT Watches, HMT Chinar Watches, Tungabhadra Steel Products, Hindustan Cables, Hindustan Photo Films Mfg Co, HMT (Tractor Division) and Instrumentation Ltd's Kota unit. Giving details about three such entities -- HMT Bearings, HMT Watches and HMT Chinar Watches, Union Minister Anant Geete told Parliament recently...

Saturday, March 25, 2017

NTPC set to buy Miniratna SJVN: Report

NATIONAL Thermal Power Corporation (NTPC) is looking at buying stake in state-run Miniratna company – SJVN Ltd. This will strengthen the power giant's plan to become India’s biggest renewable energy producer. SJVN is a joint venture of government of India and government of Himachal Pradesh to generate clean...

Friday, March 24, 2017

NITI Aayog recommends disinvestment in 12 PSUs: Media report

GOVERNMENT thinktank NITI Aayog has recommended the stake sale in 12 central public sector enterprises (CPSEs). These PSUs include National Textile Corporation, Fertilisers and Chemicals Travancore, Hindustan Antibiotics, Scooters India and Hindustan Fluorocarbons.
A senior government official was quoted as telling a leading financial daily that this list of 12 PSUs has been sent to a core group of secretaries headed by the cabinet secretary. This group will...

Thursday, March 23, 2017

Crossing borders: NBCC to build social housing project in Mauritius

NBCC has signed an agreement with Mauritius government to develop a social housing project worth Rs 150 crore.
The state-owned construction firm will undertake construction of 700 duplex type houses with 50 square meter net floor area with two bedrooms, living and dining rooms, kitchen, bathrooms and toilets each in 18 months in Dagotiere and Mare Tabac.
"This is to inform that NBCC (India) Limited has signed an agreement with the...

Wednesday, March 22, 2017

Almost half of associate banks' offices will be shut down post-merger: Report

COUNTRY's largest lender State Bank of India (SBI), which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24.
"Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices...