BBB recommends 22 GMs for elevation as executive directors at PSU banks: Report

THE advisory body formed by the government for selection of candidates for top level board appointment, Banks Board Bureau (BBB), has recommended 22 general managers to be elevated as executive directors at the various public sector banks.
This is the first major exercise undertaken by the BBB, headed by newly appointed chairman BP Sharma, former Secretary, Department of Personnel and Training. Sharma was appointed head of the panel in April after completion of two-year term...

Who will be the next SBI chief? Govt, BBB set to start hunt

SBI chairman Bhattacharya 

THE government along with Banks Board Bureau will soon commence the selection process for the next chairman of the State Bank of India, the country’s largest bank, as Arundhati Bhattacharya’s term ends in October. A senior government official told a national daily that the government intends to start the process...

Govt to PSU bank chiefs: Finalise wage revision before Nov 1

TENS of millions of employees in state-run banks will be cheering this. The finance ministry has asked the heads of public sector banks to finalise the modalities for timely implementation of the next pay revision from November. There are 21 public sector banks, after merger of six subsidiary banks with SBI, in the country, with a total employees of about eight lakh people.
In a communication to CEOs and MDs of the state-owned banks, the ministry advised...

Public sector banks to have attractive pay packages: Report

THIS will be a New Year gift for tens of thousands public sector bank employees! Public sector banks (PSBs) will have far more attractive pay packages with increased bonus, Employee Stock Ownership Plans (ESOPs) and other performances-linked variables in 2017-18, Bank Board Bureau (BBB) chairman Vinod Rai said.
"By next fiscal we are looking at a far more attractive package for public sector banks with bonus, ESOPs, performance linked variables -- monetary or non-monetary...

Two large PSU banks may merge: BBB chief Vinod Rai

Vinod Rai, BBB chief 

THE Union Government may merge two large state-run banks in the coming financial year once a clean-up of bad assets has run its course, the official overseeing a turnaround of the sector told Reuters, days before a new process to resolve stressed assets goes live. Consolidation of India’s public-sector banks (PSBs) would represent a final step in rebuilding a financial system capable of underwriting credit growth and job-creating investment in Asia’s third-largest economy.
First, though, the state-run banks must cleanse...

PSU bank staff underpaid at top: RBI Governor Rajan

RBI Guv Rajan

PITCHING strongly for ending government role in top-level appointments at public sector banks, RBI Governor Raghuram Rajan has suggested empowering their boards to take all major governance decisions freely without having multiple "constituencies to satisfy".
The governor also called for levelling huge imbalances in pay scale of public sector bankers. He said that their top management should be paid higher instead of the present state of overpaying the bottom and underpaying the top which makes it difficult for them to attract...

SBI chief may get one year extension: Media report

SBI chairman Arundhati Bhattacharya

THE government is mulling a proposal to extend Arundhati Bhattacharya's term as chairman of State Bank of India by at least a year, a leading financial daily quoted senior officials as saying.
The report of her getting an extension for one year came at a time when she is being shorlisted as one of the four key people to replace current RBI Governor Raghuram Rajan.
The four were current RBI Deputy Governor Urjit Patel, former...

Will SBI chief Arundhati Bhattacharya get extension?

Will she get an extension?

STATE Bank of India (SBI) chairman Arundhati Bhattacharya may get an extension given her performance as the chief of the largest state-owned bank. The Bank Board Bureau (BBB) and the government may consider giving an extension to Bhattacharya who completes her three year tenure as the chief of the largest lender in September. Quoting sources Hindustan Times said the bank is going through a “crucial phase” and is gearing up to take over its subsidiaries and...

Head hunting: BBB begins selection of PSU bank MDs

NEWLY-constituted Bank Board Bureau (BBB) has started the process of selection process of managing directors and CEOs of public sector banks.
The bureau, set up by the Narendra Modi government, has conducted its maiden interviews for appointments of MDs and CEOs at three PSU banks and interviewed 10 candidates who are currently serving as executive directors in various state-run banks.
One of the candidates was earlier shunted out by the government from a large PSU bank in connection with a dubious loan to Atlas group, a Gulf-based jewellery chain, says the report.
Among the candidates who appeared for the...

SBI Associate banks set to merge with SBI; Union to go on strike on May 20

AFTER over five years of gap, associate banks of SBI including State Bank of Bikaner and Jaipur have proposed to merger with the parent lender. The respective boards have proposed merger with the State Bank of India (SBI) in a meeting, media reports said. The meeting of central board of SBI is going to consider the merger. However, a section of employee unions have registered protest against any such move and threatened to go...