PSU banks to recruit 85,000 staff in the next three years

New Delhi: Job seekers in the banking sector would have something to cheer about as public sector lenders are going to recruit around 85,000 people in the next three years to meet the manpower shortage, reports PTI.

"The public sector banks (PSBs) have a tentative plan of recruitment of around 34,000 officers and 51,000 clerks during the next three years for 2010-13," the government said in a background paper for Economic Editors' Conference prepared by the finance ministry.

The system of recruitment through the Institute of Banking Personnel Selection (IBPS) will be transparent, speedier and cost effective, it said.

The government also informed that it has been decided to entrust IBPS the responsibility to conduct the common recruitment examination for PSBs.

The IBPS, established in 1984, is an autonomous body engaged in recruitment of personnel and internal promotion in banks and financial institutions.

During the year 2009-10, IBPS conducted a test for around 60 lakh candidates at 125 centres across the country for recruitment in PSBs.

The Indian Banks' Association (IBA) had recommended to the government that a common recruitment programme in public sector banks should be conducted by the IBPS.

In order to professionalise the human resources of the state-run banks and align them with the new and ever changing requirements of the banking industry, the government had constituted a committee under the chairmanship of A K Khandelwal, former chairman, Bank of Baroda.

The committee presented its report to the government on 30th June this year, making a number of recommendations on the human resources (HR) issues.


No controls on FII inflows; RBI may check rupee appreciation: FM

New Delhi: The government today ruled out putting controls on foreign institutional investor (FII) inflows into the equity market as of now, but said that the Reserve Bank of India (RBI) may intervene to check the rupee appreciation if needed, reports PTI.

"At this time, I am not thinking of putting cap on FIIs (inflows in equity market)," finance minister Pranab Mukherjee told reporters at the annual Economic Editors Conference here.

This year, the FII inflows have already reached $24.48 billion. Of this, FIIs pumped in $6.11 billion, about 25% of the total inflow so far, in the month of October alone.

The current levels of capital inflows, which exceed financing requirements of the current account deficit, have put pressure on the rupee, resulting in its appreciation over the last few months.

Mr Mukherjee said the rising rupee has implications for exports.

The RBI is keeping an eye on it and will take action if needed, he added.

"We have faced similar situations in the past and have overcome it without taking recourse to some of the more stringent policy measures that are by now well known to discerning analysts," Mr Mukherjee said.

The upward movement of the rupee against the dollar was sharp in recent weeks as the Indian currency has climbed about 5.6% since the beginning of September due to sustained capital inflows.

Mr Mukherjee said high FII inflows help to finance current account deficit.

"I am confident that with FII inflows and forex reserves, we will be able to contain current account deficit at around 3% of the gross domestic product (GDP) (this fiscal)," he said.

The current account deficit is the gap between the amount the country pays to the external world against what it receives from abroad, barring capital movement. It was around 3.6% of GDP in the first quarter of 2010-11.

Mr Mukherjee attributed this to higher non-petroleum imports which reflected in robust customs duty collection.

In first six months of this fiscal, revenue collections from customs jumped 66.8% to Rs63,229 crore as against the year-ago period.


BSE makes changes in sectoral indices

Mumbai: The Bombay Stock Exchange (BSE), on Monday said that it has reviewed the composition of sectoral indices and the PSU index and excluded and included some scrips, reports PTI.

The exchange has excluded MRF (Auto), AIA Engineering and Jyoti Structures (Capital Goods) and Rolta India (IT), a press release issued here stated.

It has also excluded Mcleod Russel and Ruchi Soya (both FMCG) and Aban Offshore and Essar Oil (Oil & Gas).

Four other companies - DB Corp, Reliance MediaWorks, Sterlite Technologies and Rolta India (TECk) have also been excluded from the sectoral indices.

Among the scrips included are PTC India (BSE Power), United Breweries and Marico (FMCG), BGR Energy and Alstom Projects (Capital Goods) and Fortis Healthcare (Healthcare).

Two companies in oil & gas - Oil India and Petronet LNG and two in PSU - State Bank of Mysore and State Bank of Bikaner and Jaipur, Core Projects and Technologies (IT) and Bhushan Steel (Metal) have also been included, the release said.

Godrej Properties and Mahindra Lifespaces Developers (Realty) have also been included in the sectoral indices, it said.

In technology, five companies - Tulip Telecom, UTV Software Communications, ZEEL, IBN Broadcast 18 and JMD Telefilms Industries - have been included.

The revisions will come into effect from 6 December 2010, the exchange said.


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