Page 9 - Banking Finance January 2018

BANK UPDATE

Bank of Baroda to hire IBA suggest steps to ease telecom firms burden
specialists, sales officers Indian Banks Association has sought to ease the financial
stress on telecom firms by suggesting to the government
Bank of Baroda, one of India's larg- that it refund to operators any excess upfront payment
est public made for surrendered spectrum and scrap deferred pay-
sector ment liabilities related to the airwaves. According to IBA
banks, is re- estimates, the total liability of the telecom sector was Rs7.75 trillion as of 31
cruiting 428 March.
specialist of-
ficers. The Axis Bank to raise $1.78 bn from Bain Capital, others
lender has advertised about 255 jobs
Axis Bank Ltd said that its board had approved raising
in the middle management grade
up to $1.78 billion (about Rs.11,600 crore) through a
(Scale II and III) in finance, credit, private placement of shares from a clutch of investors
trade finance and treasury areas.
led by Bain Capital. The private equity firm is picking
Candidates must be between the up a 4% stake, Axis Bank's stock-exchange filing showed.
ages of 25 and 35 years with an MBA Bain is investing Rs.5,179 crore for the stake and will have the right to nominate
or CA/ICWA qualification and have a director on the bank's board.
relevant post-qualification experi-
ence. The gross emoluments work State Bank changes names of around 1,300 branches
out to Rs.81,000 to Rs.1 lakh per State Bank of India (SBI) has changed names and In-
month on cost-to-company basis. Al- dian Financial System Code (IFSC) codes of nearly 1,300
lowances may vary based on place of of its branches. The country's largest lender has
posting. changed the names and IFSC codes of branches located
in major cities such as Mumbai, New Delhi, Bengaluru,
The bank also has 150 vacancies for
Chennai, Hyderabad, Kolkata and Lucknow, etc.
sales jobs in the junior management
grade (Scale I) where the gross SBI: Physical verification of Aadhaar at bank not must
emoluments may work out to
Bank customers will not be required to visit branches to link their Aadhaar num-
Rs.66,000 per month on cost-to-com- bers with bank accounts, SBI chief operating officer and deputy managing direc-
pany basis.
tor Neeraj Vyas said, ending confusion over the status of accounts belonging to
The age group for candidates is be- people who are unable to physically visit banks.
tween 21 and 30 years with an MBA "The only information that has to be provided to a bank official is the Aadhaar
and a year's experience. number and bank account number of the customer. The bank official will then
For Scale-I posts, there is an online access the Aadhaar server to verify four things: the customer's name, age, gen-
test. Online registrations com- der and address. If these sync with the in formation available with the bank,
menced last week and will go on till then the Aadhaar number gets linked to the account. Only in case of a mismatch
will the customer be required to visit the branch," said Vyas.
December 5. The tentative date for
the exam is January 7.
Maruti overtakes SBI, is sixth most valued BSE firm
For Scale-II and above, selection will
Shares Maruti Suzuki India Ltd jumped 2.11% to an
be on the basis of group discussion all-time high of Rs.9,072 apiece, making the
and interview of short-listed candi- automaker the sixth most valuable firm on BSE, ahead
dates. The bank may, however, of State Bank of India (SBI). The list of the five most
choose to hold an online test if there valuable companies on BSE is led by Reliance Indus-
are a large number of applications. tries Ltd, followed by TCS Ltd, HDFC Bank Ltd, ITC Ltd
More details are available on the and Hindustan Unilever Ltd. Maruti Suzuki's market
bank's website. capitalization stood at Rs.2.74 trillion, marginally ahead of SBI'S Rs2.71 trillion.

BANKING FINANCE | JANUARY | 2018 | 9

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