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<ul><li>The festive-season momentum of increased hiring in retail, e-commerce, and BFSI sectors will likely spill over into 2023. </li><li>A similar trend is expected in the services-oriented industries of hospitality, and airline sectors as people continue to travel more to make up for the Covid-time isolation. </li><li>A survey by <a href="https://economictimes.indiatimes.com/epaper/delhicapital/2022/dec/15/et-corp/indian-it-hiring-to-buck-global-trend-may-pick-up-in-23/articleshow/96235151.cms">Randstad</a> says that hiring in the Indian IT sector is likely to rise in the first quarter of 2023 as seven out of 10 companies plan to increase their headcount in the period. </li><li>Data science, analytics, and other technology-related job roles are likely to continue to be in demand in the new year.</li></ul>Specialised IT, telecom and service-oriented jobs will be on the upswing in 2023 as increased digitalisation, 5G expansion and a claw back by service sectors to pre-Covid levels of growth — will necessitate increased hiring in these sectors.Also, the momentum from the festive season-driven hiring growth in retail, e-commerce and BFSI (banking, financial services and insurance) sectors witnessed in the last quarter of 2022 will likely spill over into the next year, industry players say. <cmsannotation type="cmsannotation" annotationid="High-skilled IT jobs, telecom sector to drive growth" comment="subhead" text="High-skilled IT jobs, telecom sector to drive growth">High-skilled IT jobs, telecom sector to drive growth</cmsannotation> Despite the large-scale job cuts and hiring freeze affected by global technology players, the Indian IT sector is likely to defy the global trends and see hiring next year – especially for specialised digital skills. A survey by staffing and recruiting services firm <a href="https://economictimes.indiatimes.com/epaper/delhicapital/2022/dec/15/et-corp/indian-it-hiring-to-buck-global-trend-may-pick-up-in-23/articleshow/96235151.cms">Randstad</a> says that hiring in the Indian IT sector is likely to pick up in the first quarter of 2023 as seven out of 10 companies plan to increase their headcount during the period. And the country’s big push for 5G expansion in 2023 will see a surge in hiring in the telecom sector as well. “Sectors such as IT, healthcare, e-commerce will continue to grow and with the advent of 5G, we will see a sharp rise in telcom jobs as well in the next few quarters. With the rising job market and ever-evolving concept of job, it will be interesting to see how India defines the future of work,” Sashi Kumar, head of sales at Indeed India, told Business Insider India. To be sure, the hiring pace in the Indian IT sector slowed down this year and this was particularly seen in the case of freshers. However, experts say that the demand for IT digital skills like SAP, salesforce developers, dot net, data analytics, java, full stack, devOps, and cloud infra will continue to remain strong in 2023. “We do see an upswing in demand for digital skills as the services sector continues to hire,” Nitin Dave, CEO – Quess Staffing Solutions told Business Insider India. According to a recent Indeed survey, around 71% of companies recruited people with IT abilities and skills this year. Data science, analytics, and other technology-related job roles are likely to continue to be in demand next year as well, according to Kumar of Indeed India. “High-skilled engineering employees who have prowess for futuristic tech are in demand and they have multiple opportunities, hence we see that employability is positive,” Kumar added. Crypto roles - which had the biggest share of hires in overall technology job roles, increasing from 41.22% in 2019-20 to 67.48% in 2021-22 – will continue its upward growth with high demand for application developers, data engineers and full-stack developers. Another big source of demand for human resources will be from global capability centres (GCCs). “We also expect to see an increase in job demand from the growing number of GCCs in India,” Dave added. GCCs will create over 3.64 lakh new jobs over the next 12 months, a 38% rise from last year, according to a <a href="https://www.livemint.com/technology/tech-news/gccs-to-ramp-up-india-hiring-11670426280595.html">report</a> by staffing firm NLB Services. <cmsannotation type="cmsannotation" annotationid="Tier 1 cities to dominate IT hiring, Tier 2,3 will also join the party" comment="subhead" text="Tier 1 cities to dominate IT hiring, Tier 2,3 will also join the party">Tier 1 cities to dominate IT hiring, Tier 2,3 will also join the party</cmsannotation> Bengaluru will continue to lead in hiring of IT professionals. As per Quess data, the overall tech hiring is expected to be dominated by Tier 1 and Tier 2 cities like Hyderabad, Chennai, Mumbai, Pune, NCR, Ahmedabad, Kolkata, Jaipur and others. “We are seeing a positive growth of product and engineering roles in India, which will grow exponentially in the coming years. As a result of the pandemic’s digital push, there is a rise in jobs in engineering and R&amp;D being made available in Tier 2 and 3 cities as well,” Kumar said. Cities like Ahmedabad, Vadodara, Kochi, Indore, Jaipur, Surat and others are expected to contribute over 6.5% of total R&amp;D jobs in 2023, according to data by Indeed. <cmsannotation type="cmsannotation" annotationid="Jobs in the services industry on the upswing" comment="subhead" text="Jobs in the services industry on the upswing">Jobs in the services industry on the upswing</cmsannotation> Hospitality industry will be a key employer as people have started travelling again with a vengeance and this trend is not likely to slow down despite high inflation and interest rates, industry players added. “We are also optimistic that the hospitality, aviation and retail sectors will soon return to pre-pandemic levels,” said Dave. The aviation industry – one of the most affected industries due to the pandemic lockdowns – had to cut <a href="https://www.businesstoday.in/industry/aviation/story/covid-19-impact-10-jobs-in-aviation-sector-lost-between-apr-2020-and-dec-2021-says-govt-327667-2022-03-28">10% or 19,200 jobs</a> between April 2020 and December 2021 due to the Covid-19 pandemic, VK Singh, Minister of State for Civil Aviation said in March this year. However, the ministry in August <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/indias-aviation-sector-likely-to-employ-1-lakh-more-people-in-next-two-years/articleshow/93432356.cms">said</a> the Indian aviation industry would employ over 1 lakh people in the next two years. A growing regulatory push for ESG (environment, social and governance) compliance will drive demand for professionals in this space next year. “We are also seeing more roles in the sustainability and ESG space ranging from engineers, and research analysts to consultants,” Kumar said. Besides growth in regular jobs, g<a href="https://www.businessinsider.in/careers/news/india-to-add-9-million-gig-jobs-by-2025-says-indeed-report/articleshow/96060459.cms">ig jobs</a> in the retail and e-commerce sectors – which saw a steep growth this year – will continue to rise in 2023, experts say. As per Indeed, 9 million gig workers will be added to the Indian workforce in the next three years. “Companies have also begun to invest in platforms and procedures for gig labour, underscoring how crucial they are to India's future job growth,” said Kumar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fintech-player-zaggle-files-ipo-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96367455.cms">Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/tirupati-lucknow-madurai-and-other-non-metros-that-transacted-the-most-for-movies-as-per-bookmyshow/slidelist/96366956.cms">Tirupati, Lucknow, Madurai and other non-metros that transacted the most for movies, as per BookMyShow</a>

Jobs market outlook 2023: Specialised IT, telecom and service-oriented sectors to drive hiring

Just like any other citizen, Prime Minister<a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate"> Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Modi</a>'s 97-year-old mother <keyword id="3077014" type="UNKNOWN" weightage="100" keywordseo="Heeraben-Modi">Heeraben Modi</keyword> too visited a bank at her village in <keyword id="6356847" type="CITY" weightage="100" keywordseo="gandhinagar">Gandhinagar</keyword> to exchange old notes in view of the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> of the high currency notes to curb <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a>. 
 The frail lady reached a branch of the <keyword id="111832" type="CITY" weightage="100" keywordseo="Oriental-Bank-of-Commerce">Oriental Bank of Commerce</keyword> in a wheelchair to exchange currency worth Rs 4500 this morning. She was accompanied by relatives. 
 
After coming to the bank with 500 notes, she filled the mandatory form, put her thumb impression on it and successfully exchanged her money. 
 
After receiving the new Rs 2,000 note, she also displayed it in front of the media. In the process, Heeraben also unknowingly set an example for the rest of the citizens, with many on the internet applauding her simplicity. 
 
Image credit: ANI

Prime Minister Narendra Modi's mother sets an example by exchanging old notes at Gandhinagar bank

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> has ordered a forensic audit following reports of scams to the tune of Rs 436 crore at the branches of <keyword id="6359442" type="CITY" weightage="100" keywordseo="Dena-Bank">Dena Bank</keyword> and the <keyword id="111832" type="CITY" weightage="100" keywordseo="Oriental-Bank-of-Commerce">Oriental Bank of Commerce</keyword>. 
 
GS Sandhu, secretary, Ministry of Finance, said, “These are instances which have happened at the lower/branch level because of lack of due diligence and non-adherance to the norms or procedures…So (it is) not fair to term the entire banking system or the individual bank going in that direction. 
 
“The persons who are responsible are being taken to task, some disciplinary action is being taken and there are also some suspensions, some transfers…The investigation is on and further action will be taken based on that.” 
 
Following a rise in scams in public sector banks, the Finance Ministry is considering various steps like strengthening of risk management, appointment of bank chiefs for longer tenures, etc. 
 
According to Sandhu, “The most important part is strengthening of risk management. We are going to make it mandatory for all the senior officers in banks for officers of DGM (deputy general manager) or GM levels to undergo a compulsory risk management course before they are considered for their promotions for higher posts…We have already started work on this through some expert agencies.”

Forensic Audit Of Dena Bank, OBC Ordered After Reports Of Scam

<ul class="summary-list"><li>Prepare for a "bumpy ride" in stocks, longtime angel investor Mike Ghaffary told CNBC on Thursday. </li><li><keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> had a "false sense of hope" that the Federal Reserve wouldn't embark on an aggressive rate-hike cycle, he said. </li></ul><keyword id="11906584" type="UNKNOWN" weightage="60" keywordseo="tech-stocks" source="Orion">Tech stocks</keyword> are leading Thursday's market rout, and investors should brace for more volatility as the Federal Reserve's hawkish push in raising interest rates leads to repricing, Canvas Ventures' general partner <a href="https://www.cnbc.com/video/2022/05/05/shortayou-have-to-buckle-up-for-a-bumpy-ride-aheada-in-equity-markets-says-mike-ghaffary.html">Mike Ghaffary said on CNBC</a> on Thursday. The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a> tumbled by more than 5%, and the <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a> slid by more than 3%. <a href="https://markets.businessinsider.com/news/stocks/shopify-etsy-ebay-amazon-wayfair-ecommerce-stocks-1q-earnings-guidance-2022-5">E-commerce stocks</a> including eBay, Shopify, and Etsy and Wayfair were part of the selloff after the companies reported mixed financial results that often included weaker-than-expected forecasts. The rout erased <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-dow-fed-meeting-powell-bigger-rate-hikes-2022-5">Wednesday's rally</a> that took place after Fed Chairman Jerome Powell said the central bank wasn't actively considering a rate hike of 75 basis points that would follow its half-point increase to the benchmark lending rate to a range of 0.75% to 1%. "Yesterday, there was a false sense of hope that surrounded this idea that there wouldn't be an aggressive rate hike in the future. But I think the reality set in that we're in the middle of a long deleveraging cycle that's going to continue to be painful," Ghaffary said in an interview on CNBC's "TechCheck" show. "In addition to that, you've got obviously inflation and labor issues. So I think you've got to buckle up for a bumpy ride ahead," said Ghaffary, who co-founded podcast distributor Stitcher and was a <a href="https://markets.businessinsider.com/stocks/yelp-stock">Yelp</a> executive before joining Canvas Ventures in 2019. Growth-oriented tech stocks in particular are vulnerable as bond yields climb alongside the Fed's tightening cycle. On Thursday, the 10-year Treasury yield soared as much as 17 basis points to 3.09%, the highest since 2018.And more hawkishness is expected. Economists widely consider the Fed as being behind the curve in taming inflation which in March had <a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4">accelerated to 8.5%</a>, the fastest increase since December 1981. <a href="https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html">Fed funds futures</a> investors on Thursday priced in an 82.9% chance the central bank will raise its key rate by 75 basis points at the June 14-15 meeting. Still, Ghaffary was upbeat that some stocks will eventually come out of the current turbulence."For example, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> is a long-term hold," he said. "They face a lot of headwinds now. They are priced very aggressively. But it's hard for me to imagine a future five years from now where Amazon isn't a really valuable company and continuing to increase market share."There are <keyword id="11911182" type="UNKNOWN" weightage="60" keywordseo="stock" source="Orion">stock</keyword> bargains to be had in the e-commerce space but that space is facing a difficult interest rate environment and increasing inflation that will put pressure on consumer spending. "If you're trying to day trade and if you're trying to call the bottom market, that's notoriously difficult. If you have a long-term view, you can build a case around a few specific companies if you have a reason to think they've got a defensible long-term moat that will give them an advantage," Ghaffary said.

Prepare for a 'bumpy ride' ahead in tech stocks as e-commerce keeps getting pressured, says a venture investor who thinks you should own Amazon

Kolkata, Apr 1 () The 155-year-old Allahabad Bankceased to exist as it got merged with Indian Bank onWednesday.All branches of the Kolkata-headquartered lenderstarted functioning as units of Chennai-based Indian Bank fromApril 1, 2020, an official said."We warmly welcome the employees and customers ofAllahabad Bank to Indian Bank fold," Indian Bank MD and CEOPadmaja Chunduru said.The integration offered the lender a host of revenueand cost synergies, she said.The merger makes the Indian Bank stronger with abusiness of Rs 8 lakh crore, 6,000 plus branches, 4,800 ATMsand 43,000 employees serving 120 million customers, theofficial said.Chunduru said a chief general manager will bedesignated in Kolkata, when total business of the bank willcross Rs 10 lakh crore.Speaking about preparedness, Chunduru saidharmonisation of products -- both on the loan and depositsides -- were completed and the same products will be offeredto all customers.She also said all the deposit and loan products,including access to Indian Bank's emergency credit lineslaunched in the wake of COVID-19 crisis would be madeavailable to the customers of Allahabad Bank.The 113-year-old Indian bank and the Allahabad Bankwill create a "lender with sound financial strength", theofficial said.The amalgamation is part of the mega merger decisionof the government.Apart from Allahabad Bank, five other public sectorbanks (PSBs) namely Oriental Bank of Commerce, United Bank ofIndia, Syndicate Bank, Andhra Bank and Corporation Bank losttheir individual identity as they were merged into threebigger lenders with the objective to make them globallycompetitive. BSMBDC BDC

Allahabad Bank into sunset after getting merged with Indian Bank

New Delhi, Mar 17 () Indian Bank will issue 115 shares for every 1,000 shares of Allahabad Bank for merging the latter with itself, according to an exchange filing. As per the fair equity share exchange ratio approved by the board of directors of the bank, 115 equity share of Indian Bank are to be exchanged for every 1,000 shares of Allahabad Bank, Indian Bank said in a regulatory filing.In a separate filing, Union Bank said it has set March 23, 2020, as the record date for issuing and allotting equity shares of Union Bank of India to the shareholders of Andhra Bank and Corporation Bank.In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four mega mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.As per this plan, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. KPM MRMR

Indian Bank board approves share swap for Allahabad Bank merger

New Delhi, Apr 1 () The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. Six public sector banks (PSBs) namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank lost their individual identity as they were merged into four bigger lenders with the objective to make them globally competitive. "PSBs' amalgamation today will mark a new dawn for #IndianBanking. Bigger &amp; stronger PSBs to to offer faster loan processing, banking @ home, need-driven credit &amp; specialized products for customers," the Department of Financial Services, which comes under the Ministry of Finance, said in a tweet. The exercise assumed significance as it took place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day nation-wide lockdown. Earlier in the day, Punjab National Bank said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The merger has created the second largest nationalised bank of the country - both in terms of business and branch network after the State Bank of India (SBI). The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. "The bigger geographical footprint will help us serve our customers more effectively and efficiently," said PNB managing director S S Mallikarjuna Rao said. Experts were of the opinion that merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks exuded confidence. "We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation we have done so that there is no disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told . The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown. "For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation, we will be continuing old system till the situation comes under control," he said. With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added. As per the mega consolidation plan announced in August last year, Oriental Bank of Commerce and United Bank of India is merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following the consolidation, there will be now seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. The total number of public sector banks in the country has come down to 12. The merger has resulted in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. These banks now have scale comparable to global banks and capable of competing effectively in India and globally. In addition, the consolidation is expected to provide impetus to the merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank. These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP MKJMKJ

Mega bank merger marks new dawn for Indian banking space: FinMin

(Eds: Adding more info) New Delhi, Mar 31 () The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence."We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation. We have done so that there is not any disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told .The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown."For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation we will be continuing old system till the situation comes under control," he said.With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added.As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones.There were as many as 27 PSBs in 2017. The total number of public sector banks in the country will come down from 18 to 12 beginning next financial year.Speaking on preparedness, Indian Bank MD Padmaja Chunduru said harmonisation of products -- both on the loan and deposit sides -- has been completed and the same products will be offered to all customers.She also said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19 would be made available to the customers of Allahabad Bank."We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration to the extent of product harmonization and rolling out of the same products has happened," she said.She expects the entire IT integration to be completed by December 2020.Following this merger, PNB will become second largest after the State Bank of India (SBI), Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.Commenting on the consolidation, Canara Bank MD L V Prabhakar said, "We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services".The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction, Prabhakar said.The merger will result in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.In addition, consolidation would also provide impetus to merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank.These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP HV RS BAL

Mega-merger of PSU banks to be effective from Wednesday; 6 banks cease to exist

Mumbai, Mar 31 () State-run Indian Bank, which is merging Allahabad Bank with itself from April 1, on Tuesday assured customers of both lenders that they will not face any disruption in services. Harmonisation of products, both on the loan and deposit sides, has been completed and the same products will be offered to all customers, Indian Bank Managing Director and CEO Padmaja Chunduru said. Following the merger, Indian Bank will become the seventh largest public sector lender. The merger is part of the government's mega consolidation plan to amalgamate 10 state-run banks to create four global-sized lenders, beginning next financial year. "Tomorrow is day one and the initial processes are complete. The main thing is about the customer service and there won't be any disruption for customers of both the banks," Chunduru told in an interview. She said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19, would be made available to the customers of Allahabad Bank. Chunduru said amalgamation consists of integration of products and processes, information technology and human resources. "We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration, to the extent of product harmonization and rolling out of the same products, has happened," she said. She expects the entire IT integration to be completed by December 2020. Integration of HR is an ongoing process and will take another three to four months, she explained. The combined entity will have 6,060 branches, a network of 2,870 ATMs and banking correspondent network of 9,000. She said none of the branches will be closed and about 150 to 200 branches have been identified that would either be merged or shifted in terms of location. "As a combined entity, Indian Bank's balance sheet is much stronger. We can offer higher amount of loans to the corporate segment, and will be able to invest in the required skill sets, whether it is credit management or recovery or risk management, to bring in more differentiated products and more value added services and also on the digital front," she said. Post-merger, the bank will not require capital on an immediate basis, she added. Chunduru further said the merged entity will retain Allahabad Bank's stakes in two firms -- a general insurance firm and an asset reconstruction company. "Indian Bank is going to inherit both the subsidiaries. After tomorrow, we will have a look at the whole thing and then see how to take it forward," she said. Allahabad Bank holds 28.52 per cent in Universal Sompo General Insurance Company. Other investors include Indian Overseas Bank, Karnataka Bank, Dabur Investment and Japanese insurance major Sompo Japan Nipponkoa Insurance Inc. It also holds 27.04 per cent equity stake in asset management company ASREC (India) Ltd, along with other banks/ institutions. There are three other mergers of public sector banks under the government's mega consolidation plan. Punjab National Bank will take over Oriental Bank of Commerce and United Bank of India to form the nation's second-largest lender; Syndicate Bank will merge with Canara Bank; and Andhra Bank and Corporation Bank will get amalgamated into Union Bank of India. Following the consolidation, there will be seven large public sector banks, and five smaller ones. There were as many as 27 state-run banks in 2017 when SBI took over five of its associates and Bharatiya Mahila Bank. In 2019, Vijaya Bank and Dena Bank got merged with Bank of Baroda, making it the third largest state-run bank. HV SHW ABMABM

Customers won't face any disruption post Allahabad Bank merger: Indian Bank

New Delhi, Nov 19 () Allahabad Bank on Tuesday said the government has given in-principle approval to its amalgamation into Indian Bank.
Indian Bank is the acquiror while Allahabad Bank is the transferor.
"The Bank has received a communication from the Government, Ministry of Finance, Department of Financial Services communicating that the Alternate Mechanism has accorded in-principle approval to proposed amalgamation of Allahabad Bank into Indian Bank," Allahabad Bank said in a regulatory filing.
The government in August had announced four major mergers of public sector banks, a move aimed at making state-owned lenders global sized banks.
Following this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank.
Syndicate Bank will be merged with Canara Bank and Allahabad Bank will be merged with Indian Bank. Andhra Bank and Corporation Bank are to be merged into Union Bank of India.
In January this year, the Union Cabinet approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merger came into effect from April 1.
On Monday, Punjab National Bank and Union Bank of India informed exchanges about getting in-principle nod from the government to go ahead with the planned mergers.
With these mergers, the number of public sector banks will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India, which came into effect from April 2017.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and Bharatiya Mahila Bank. 
In January this year, the government approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda, which came into effect from April 1, 2019. KPM KPM ANU
ANU

Allahabad Bank gets govt's in-principle nod for merger with Indian Bank

ButtonThe affiliate industry has long been seen as a thing of the past, but its business model, where businesses are paid for driving transactions, is unequivocally the model of the future.This was my reaction to the news in November <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/455dad3498ac2076eddadcc24336609b/www.businessinsider.com/paypal-to-acquire-shopping-rewards-platform-honey-4-billion-2019-11" target="_blank" rel="noopener">that PayPal was paying $4 billion for Honey</a>, a company that generates revenue by helping consumers earn rewards and find savings for their online purchases. The reality is that PayPal didn't spend $4 billion on a browser extension, the company's primary product that over 17 million consumers have adopted; it spent $4 billion on a company that generates revenue from driving commerce. That's the affiliate business model, and it's what's given Honey tremendous influence over what people buy and where they buy from. Now with PayPal, we'll see them begin to influence how people pay.More, that influence is also what's going to give PayPal a valuable foothold at the start of the commerce journey - all the way through to the end of it. Any bank, card issuer, wallet, or business with payment ambitions should take note. <h2 dir="ltr">Why so many companies are obsessed with "stored value"</h2>Honey isn't just in the affiliate business; it's also a loyalty company. Honey helps its customers earn rewards for everyday shopping, and, in return, those customers come back to Honey day after day. It's hard to overvalue the power of this kind of relationship. When it comes to loyalty, every company, from multi-billion-dollar businesses like Amazon to your favorite mom-and-pop coffee shop, wants to do the same thing: Convince you to come to them first - and not their competitors - as frequently as possible.One way companies do that is by creating their own currencies, which take the form of credit card points, miles, cash-back rewards, or stamps on a loyalty card that you can redeem for a free latte. This is a concept called "stored value," and it's being embraced by more and more internet titans every day.AppleApple's Daily Cash rewards for its recently launched Apple Card.Consider initiatives like Uber Cash, Apple Cash, or Amazon's Prime Rewards program, which are all designed to build user loyalty by rewarding them for taking a desired action. All these businesses have created a stored value - a loyalty currency - that is core to their future digital strategy. What these stored values offer companies is influence, and influence translates to dollars (just look at how effective this has been in more mature loyalty programs at airlines, hotels, credit card companies, and coalition programs like Nectar and Qantas Frequent Flyer). Now, these companies are fostering loyalty and developing an opportunity to influence spend outside of their core offerings. With Apple Cash, I earn 3% on Uber. With Samsung, I can now order a car or dinner, rather than just using Samsung Pay to checkout.<h2 dir="ltr">PayPal's battle for the starting point </h2>Since the web's early days, every big battle between the tech giants fundamentally has been about becoming the starting point. Microsoft and Netscape battled to be the place where users started to browse. Google, Yahoo, and Microsoft sparred over search. Being the default, the starting point, is a powerful thing.ButtonThese days, the battleground has shifted. For companies today, the new frontier isn't a battle for browsing or search - it's a battle to be the starting point for commerce. Just look at Google versus Amazon. Google may dominate search overall, but the data shows that, when it comes to product searches, it's <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/dbc457c01ddfb0e2f5c0087cbff31699/www.retaildive.com/news/amazon-now-dominates-google-in-product-search/531822/" target="_blank" rel="noopener">Amazon that's winning, not Google.</a> Google is obviously aware of this problem, which is why they just hired PayPal's former COO <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/57d46f0298f607f372ce151cfb555af1/techcrunch.com/2019/12/11/paypals-exiting-coo-bill-ready-to-join-google-as-its-new-president-of-commerce/" target="_blank" rel="noopener">to be its new president of commerce,</a> another indication that the official start of the "commerce era" is here.ButtonEvery big company with traffic is launching a dedicated commerce initiative because it's clear that ad-based models are going to be replaced in many ways by commerce - and by actions - a format much more representative of the behaviors we've all established in this era's dominant platform, mobile. Those who act now will win (to see just a few examples, look at the commerce efforts from <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/7ad4f4017740ba764c19328daaa07af1/blog.usebutton.com/facebook-launches-shopping-on-instagram-and-introduces-a-dilemma-for-retailers-16fa1696bea6?source=user_profile---------1-----------------------" target="_blank" rel="noopener">Facebook</a>, <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/a41cebb19840dcbba73e3a0ddf229075/digiday.com/retail/google-pitching-retailers-looks-grow-commerce-business/" target="_blank" rel="noopener">Google</a>, and most recently <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/009c675c52c93c18321791680c6859e8/www.mobilepaymentstoday.com/news/verizon-rakuten-offer-rewards-to-yahoo-ecommerce-shoppers/" target="_blank" rel="noopener">Yahoo</a>).Why is this such a powerful position? Because companies that control the start of the buyer journey can influence what people buy, where they buy from, and how they pay. Each of these positions, in turn, results in a different and uniquely powerful revenue stream.Prior to buying Honey, PayPal was able to influence the final leg of the consumer journey - the payments part - but missed out on everything else. Honey changes that in a big way. By knowing what products users are interested in, PayPal can influence where and what they buy via personalized offers. They can wield that power and leverage over brand manufacturers and retailers to drive higher revenue and perhaps one day follow in Amazon's footsteps and create an auction to yield even more value. The leverage that's created by owning the starting point has always been valued, but nothing rivals the power of owning the starting point of commerce. And that battle is just heating up.<h2 dir="ltr">Thinking beyond checkout </h2>Which brings us back to affiliate, the model being used to create these new starting points.One of the big, underreported stories over the past few years is the success of the loyalty category. These brands haven't been in the headlines nearly as much, but they have the fundamentals to forge incredibly valuable businesses. Consider Honey at $4 billion, Ibotta (<a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/94bea8ce27b847c5dc452be065be4b06/venturebeat.com/2019/08/06/cashback-and-rebate-startup-ibotta-secures-funding-at-a-1-billion-valuation/" target="_blank" rel="noopener">currently valued at $1 billion</a>), and <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/d5ab65dc7a205a677ff290f0375a2fe5/www.bloomberg.com/news/articles/2018-06-14/goldman-sachs-pe-unit-buys-slickdeals-from-warburg-pincus" target="_blank" rel="noopener">Slickdeals at $500m+</a> in its exit to Goldman Sachs, and Ebates (<a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/9613ebf32e8cfb9a49c8574e52265961/techcrunch.com/2014/09/09/rakuten-buys-ebates-for-1-billion/" target="_blank" rel="noopener">acquired by Rakuten for $1 billion</a>) and now one of the largest drivers of transactions in the United States. The takeaway here is clear: an industry that's lived with a stained reputation for years, is entering a new era, one propelled by mobile's increasing status as a lean-in, action-oriented platform (versus the browsing-first mindset of the desktop era) and a growing fatigue towards intrusive and interruptive ads. Loyalty, the largest category of affiliate, I argue, may be cool now, too.This wave of growth in loyalty, stored value, and alternative currencies, are the first shots in the battle for the starting point for commerce. To catch up to Amazon and to outflank Google's perpetual strides further into the shopping intent funnel, more companies realize they need to build their own loyalty models - and fast. For companies contemplating this strategy, take note of those who've done it before and know that with the economic infrastructure of the internet morphing into something new right under our feet, the opportunity to forge your starting point isn't something you should think about tomorrow - it's today.Mike Jaconi is the co-founder and CEO of <a href="https://t.yesware.com/tt/42f523f14dedbdf207d8e807a05cc9207d739e40/1bcc7b2a6ae1f9746f61a2dca214df79/cff85f14def80a33a8c252c228c5b904/www.usebutton.com/?utm_source=Business-insider&amp;utm_medium=Author-bio&amp;utm_campaign=Honey-dec19" target="_blank" rel="noopener">Button.</a> He formerly served as the CEO of Rakuten Loyalty and executive officer of parent company Rakuten, and helped lead Rakuten's $100 million investment in Pinterest.<a href="https://www.businessinsider.com/intelligence/payments-and-commerce-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=paypal&amp;itm_campaign=payments-and-commerce-pro-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-airplane-takeoff-landing-are-dangerous-flight-2019-12">Why airplane takeoffs and landings are so dangerous</a></h3>

Why Honey's massive $4 billion PayPal deal marks the official start of the commerce era

New Delhi, Mar 10 () Finance Minister Nirmala Sitharaman will hold meeting with chief executives of amalgamating banks on Thursday to review preparedness for the merger beginning April 1. Earlier this month, the Union Cabinet headed by Prime Minister Narendra Modi approved consolidation of 10 state-owned banks into four. According to sources, the finance minister will review planning and preparedness of merging banks on March 12. Agenda of the high-profile meeting includes readiness of anchor banks to minimise disruption to customers and ensuring credit flow to productive sectors of the economy, sources said. The meeting will also review preparedness of delivery of banking services and products to customers after the mergers. It will also discuss business and financial plans, including credit and deposits growth, and year-wise synergy realisation after the mergers. The mergers are scheduled to come into effect from April 1. As per the proposal, Oriental Bank of Commerce (OBC) and United Bank of India (UBI) would be merged into Punjab National Bank (PNB). The move will make PNB India's second-biggest public sector bank after State Bank of India (SBI). Syndicate Bank will be merged with Canara Bank, creating India's fourth-largest public sector bank. Union Bank of India, Andhra Bank and Corporation Bank will be merged together to create fifth-largest public sector bank. Indian Bank and Allahabad Bank will be merged to form India's seventh-largest public sector bank. The mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with SBI. Citing an example of the merger of Dena Bank and Vijaya Bank with Bank of Baroda, Sitharaman after the Cabinet meeting had said the operating profit of the resulting lender has improved and retail loans are now sanctioned in 11 days on an average as compared to 23 days earlier. DP HRS

FM to meet heads of merging banks on Thursday

New Delhi, Feb 11 () Punjab National Bank (PNB) on Tuesday said there is no proposal to change the name of the bank following the merger of two other public sector lenders Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with itself. This statement comes days after a UBI official said that the government is expected to announce the new name and logo of the merged bank which will become operational from April 1, 2020. "Punjab National Bank hereby clarifies that there is no proposal to change the name of the Bank," the bank said in a tweet. Last year, Finance Minister Nirmala Sitharaman had announced the merger of OBC and UBI with PNB, making the proposed entity the second largest public sector bank. Also, it was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India. Last week, OBC Chief Executive Officer and Managing Director Mukesh Kumar Jain had said this was an amalgamation of equals. "We have requested Finance Minister that the name of the new bank to be created after amalgamation is either different from the three banks or it should reflect the old identity of the three banks, so that a sense of equal participation appeared in the name," he had said. The only precedent for such a process is the three-way merger of Bank of Baroda, Vijaya Bank and Dena Bank, where the merged entity has been named Bank of Baroda, the largest among the three. DP MKJ

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