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A search panel headed by Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> has shortlisted 10 names for appointing chairman and managing director (CMD) in eight public sector banks. 
 
According to a media report, Bank of Baroda Executive Directors (ED) B B Joshi and P Srinivas, Punjab &amp; Sind Bank’s EDs M K Jain and K K Sansi, and IDBI Bank Deputy Managing Director B K Batra have been shortlisted. 
 
The names have been forwarded to the Finance Ministry. Reports suggest that eight names are likely to get the final approval of the Appointments Committee of the Cabinet by the end of this month. The remaining candidates may be dropped or waitlisted. 
 In total, nineteen candidates had appeared for interview for the post of CMDs in Punjab National Bank, Bank of Baroda, <keyword id="6357132" type="CITY" weightage="100" keywordseo="Canara-Bank">Canara Bank</keyword>, Indian Overseas Bank, Oriental Bank of Commerce, United Bank of India, Vijaya Bank and Syndicate Bank.

RBI Shortlists 10 Candidates For The Post Of CMD In 8 PSU Banks

The Narendra Modi-led government has scrapped the appointment of six public sector bank CMDs selected by the United Progressive Alliance (UPA) government. The extreme step has been taken as some irregularities were found in the process of selection. 
 The <keyword id="26374" type="ORGANIZATION" weightage="60" keywordseo="UPA-government">UPA government</keyword> had shortlisted chairman and managing directors for Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank and Vijaya Bank. The names were forwarded to the Finance Ministry for ratification by the Appointments Committee of the Cabinet. 
 "After receipt of the report of the committee, the government has decided to cancel the current selection process of CMDs/EDs of public sector banks (PSBs). The government constituted a committee consisting of secretary, secretary and governor, <keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword> to examine the selection process adopted for the selections to the posts of CMDs/EDs for 2014-15," a Finance Ministry statement said. "...Eight posts of CMDs and 14 posts of EDs would require to be filled-up de novo," it added. 
 
A high-level committee comprising of expenditure secretary, RBI governor and secretary, school education was set up to examine the selections. The posts will now be filled through a fresh selection process. 
 
Images: indiatimes

Modi Govt Overturns UPA's Selection Of Six PSU Bank CMDs

New Delhi, May 16 () Banks are adopting different procedures while releasing pension or seeking certificates from pensioners at different periodicity, the Personnel Ministry has said. The ministry has issued consolidated guidelines to chairman and managing directors (CMDs) of pension disbursing banks to create awareness among Central Pension Processing Centre (CPPC)/ bank branches on updated rules and instructions in this regard. The move comes after an analysis of the grievances received by the Department of Pension and Pensioners' Welfare under the Personnel Ministry. "It has been observed that updated and consolidated instructions will help improve the processing of pensioner's requests by banks and others," the department said in an order issued on Friday. Hence, an attempt has been made herein, to consolidate relevant instructions issued by the Department of Pension and Pensioners' Welfare from time to time with regard to disbursement of pension, it said. "These banks are adopting different procedures, while releasing pension/ family pension or seeking declarations/certificates from pensioners / family pensioners at different periodicity," the department said while issuing the consolidated guidelines. There are 65.26 lakh central government pensioners. These integrated guidelines are on different matters, including the banks insisting spouses to open separate bank accounts for getting family pension, submissions of life certificate and disability certificate and on requirement of family pensioner to submit 'form 14' on death of a pensioner, among others. All banks have been advised to comply with these consolidated guidelines and to give wide publicity by putting up these instructions on their websites and also on the notice boards of the branches of the bank, etc. "On death of a pensioner, the spouse is not required to submit form 14, if he/she was having a joint account with the pensioner and authorisation for payment of family pension exists in the Pension Payment Order (PPO) in his/her favour," the guidelines said. "In such cases, a spouse will be required to provide only a copy of the death certificate to the pension paying branch in order to commence his/her family pension," they said. Pension disbursing bank will identify the family pensioners based on the information furnished in PPO and its own Know Your Customer procedure without insisting him/her to physically present himself/herself in the paying bank, the department said, citing its instructions issued in September 2013 in this regard. Banks will not insist on opening a new account when the spouse already has a joint account with the pensioner and authorisation for payment of family pension exists in the PPO in his/her favour, the consolidated guidelines said. Pension disbursing banks will also accept Aadhaar-enabled digital life certificate "Jeevan Pramaan", according to the guidelines. Pensioners who are 80 years and above can submit life certificates in the month of October also. Life certificate has to be submitted by every pensioner/family pensioners in the month of November every year. "No fresh certificate of disability would be required in the case of a child with permanent disability," the guidelines said. A disabled child will also be required to self-certify every year that he/she has not started earning his/her livelihood, according to the instructions. If family pension has been sanctioned to a disabled child and the disability is temporary, the guardian of such disabled child shall produce a disability certificate once in every five years to the effect that he/she continues to suffer from such disorder /disability in order to continue family pension, the guidelines said. "If the spouse is a recipient of family pension, no certificate of remarriage is required to be furnished by him/her," the consolidated guidelines said. "At the time of commencement of family pension, an undertaking will be obtained from him/her to the effect that in the event of his/her re marriage, he/she will report the fact to the pension disbursing bank promptly," they said. However, childless widow of deceased government servant and disabled child of a pensioner/government servant will continue to get family pension even if they get married/remarried, as per the guidelines. A family pensioner, other than spouse, has to submit a declaration of non-marriage/non re-marriage every six months. The family pension is discontinued if she/he gets married/re-married. The Department of Pension and Pensioners' Welfare has issued directions to all the pension disbursing banks to send SMS/emails to all their pensioners on October 24, November 1, November 15 and November 25 every year reminding them to submit their annual life certificates by November 30. "The department directed all pension disbursing banks to make an exception list as on 15 December every year of those pensioners who fail to submit their life certificate and issue another SMS/email to them for submitting the life certificate," the guidelines said. "The bank in addition will also ask such pensioners through SMS/email whether they are interested in submission of life certificate through a chargeable door-step service, on a nominal charge not exceeding Rs 60," they said. AKV SNESNE

Banks adopting different procedures while releasing pensions: Govt

If you are looking to work in a <keyword id="396311" type="UNKNOWN" weightage="80" keywordseo="public-sector-bank">Public Sector Bank</keyword>, be prepared to undergo two psychometric tests, which are a part of the selection process. 
 
The PSBs are taking these psychometric tests to ascertain that the aspirant would be able to head lenders reeling under bad loans. 
 
This is a part of the three-stage selection process that includes background check and personal interviews, executives familiar with the matter told Economic Times. 
 There are nearly 50 candidates in the fray. The <keyword id="6354335" type="CITY" weightage="80" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has engaged global management consulting firm Hay Group to shortlist managing director and CEOs for five PSBs including Punjab National Bank and Bank of Baroda, two senior executives told ET. 
 
One of the executives, on the condition of anonymity, said the psychometric tests are to analyse the leadership qualities, situational judgment capability and overall personality traits. 
 
Meanwhile, Hay Group and RBI refused to comment on the matter. 
 
The psychometric test, which lasts around four hours, includes questions such as the biggest setback in the candidate's life and how he or she dealt with it. 
"A group of five-six experts asks these questions, some are in-depth questions, the rest seek to ascertain the preference and style of an individual - whether you are impatient, risk averse and so on," one of the candidates who attended the session told the financial daily. 
 
Another executive told ET that the idea was to have an objective third-party view before the candidates are tested on their sector -specific knowledge. 
"I think this was the first time I listed my achievements and spoke about it for almost an hour," the candidate said. 
 
Earlier this year, the government had given a nod for new norms for selection of MD &amp; CEO for five PSBs, making way for appointment of private sector candidates on flexible salary packages. 
 
Canara Bank, Bank of India and IDBI Bank are the other lenders in the list. 
 
The government had relaxed eligibility criteria with regard to age and experience of applicants. The age limit was increased from 55 to 57 years and the mandatory board-level experience for the applicants was reduced to one year, from three years. 
 
In 2014, a panel was set up to examine the selection process to the posts of CMDs and executive directors of PSBs for 2014-15. 
 
ET reported that this was after the then Syndicate Bank chairman and managing director SK Jain was arrested by the Central Bureau of Investigation (CBI) for allegedly accepting bribes of Rs 50 lakh to enhance the credit limit of some companies. 
 
The government had then cancelled the appointments of eight CMDs and 14 executive directors of state-run banks made by the previous Congress-led Indian government. 
 
(Images: Reuters)

Now, your behaviour and mental ability will get you top post in public sector bank

The Chief Ministers' panel on digital payments has asked government to roll out from December 25 a more user friendly version of USSD or *99#, which is used on feature mobile phones for making cashless payments as cash crunch due to demonetisation continues, as per an agency news report. 
 
"Upgraded version of USSD (Unstructured Supplementary Service Data) should be rolled out by December 25, 2016," suggested the panel on adoption of digital payments in its recommendation submitted to the Finance Ministry. 
 
According to an official statement today, the panel, whose convener is Andhra Pradesh Chief Minister Chandrababu Naidu, has suggested that the procedure for simplified Know Your Customer (KYC) using Aadhaar needs to be adopted. 
 
The second meeting of the committee was held on Friday at NITI Aayog. 
 
The meeting followed the deliberations held by Naidu, Vice Chairman of NITI Aayog Arvind Panagariya with the Governor and senior management of RBI and CMDs of major private and public sector banks on Thursday in Mumbai. 
 
The Maharashtra government informed the meeting that it was introducing an Aadhaar Bill in the legislative assembly to give legal status to the use of Aadhaar number for various purposes. 
 
It also informed that it had launched a major campaign to promote digital transactions. 
 
Madhya Pradesh reported that it had initiated a major programme to digitise the transactions in state-owned mundies. 
 
Odisha pointed out that the state was deficient in financial infrastructure including bank branches, bank correspondent, Internpenetration and mobile phones. 
 
While noting that RBI and banks are largely supportive of the measures to promote digital transactions, the panel suggested steps including easing the digital payment operations at the level of merchant. 
 
It said that UIDAI would shortly roll out the common Android-based Aadhaar Enabled Payment System (AEPS) application developed in collaboration with TCS that can be downloaded by the merchants. 
 
In order to use this application for carrying out cashless transactions, merchants will need a smartphone and a fingerprint scanner. 
 
Transactions on this application can be done without any card or PIN. The application would be made available to all banks and the banks would encourage merchants in their vicinity to adopt this application, it said. 
 
The panel suggested that RBI should allow authentication through iris scanner and One Time Password (OTP) for AEPS and there should be no charge on AEPS transactions.

​ Chief Ministers' panel demands more user friendly version of cashless transactions

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Morgan Stanley boosted CEO James Gorman's pay by a third last year - the biggest raise reported so far on Wall Street.Gorman's compensation jumped to $16 million last year, according to the bank's annual <a href="https://www.morganstanley.com/about-us-2015ams/pdf/2015_Proxy_Statement.pdf">proxy statement</a> - up from <a href="https://www.morganstanley.com/2014ams/2014_MS_Proxy_Statement.pdf">$12 million the year before</a> - plus an additional $6.5 million in long-term incentive awards based on performance targets.The total $22.5 million pay package is up from 2013's total of $18 million.Here's the board's compensation committee on Gorman's performance:Our strong business results, strategic execution and shareholder returns are reflected in the 2014 pay decisions for the CEO and other NEOs. 2014 CEO compensation was based on the CMDS Committee's assessment of Morgan Stanley's performance and shareholder returns as strong, with room for continued progress, and Mr. Gorman's individual performance as exceeding expectations.Morgan Stanley CFO Ruth Porat, who recently announced she would be <a href="http://www.businessinsider.com/morgan-stanley-ruth-porat-new-google-cfo-2015-3">moving to Google in May</a>, was awarded $13 million last year, up from $12 million the year before.Colm Kelleher and Greg Fleming, who run the investment banking and trading divisions and the wealth and asset management division, respectively, received $16 million each, up from $14.5 million the year before.Not every bank has reported 2014 executive compensation yet, but Goldman Sachs CEO Lloyd Blankfein reportedly received $24 million (not including a long-term incentive award), <a href="http://www.bloomberg.com/news/articles/2015-04-01/morgan-stanley-boosts-gorman-s-pay-25-to-22-5-million-for-2014">Bloomberg reported</a> - up only slightly from the previous year's $23 million compensation. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/flexible-robot-2014-9">These Flexible, Fire Resistant Robots Are The Future Of Search And Rescue</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9qeWw5cDrMqsbv4QP2DSp93R_-RQaV9t" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Bank CMDs" and got 6 results

RBI Shortlists 10 Candidates For The Post Of CMD In 8 PSU Banks

BI India Bureau

Modi Govt Overturns UPA's Selection Of Six PSU Bank CMDs

BI India Bureau

Banks adopting different procedures while releasing pensions: Govt

PTI

Now, your behaviour and mental ability will get you top post in public sector bank

BI India Bureau

Chief Ministers' panel demands more user friendly version of cashless transactions

BI India Bureau

Morgan Stanley's James Gorman got the biggest pay hike of any Wall Street CEO last year

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You Searched For "Bank CMDs" and got 6 results

RBI Shortlists 10 Candidates For The Post Of CMD In 8 PSU Banks

BI India Bureau

Modi Govt Overturns UPA's Selection Of Six PSU Bank CMDs

BI India Bureau

Banks adopting different procedures while releasing pensions: Govt

PTI

Now, your behaviour and mental ability will get you top post in public sector bank

BI India Bureau

​ Chief Ministers' panel demands more user friendly version of cashless transactions

BI India Bureau

Morgan Stanley's James Gorman got the biggest pay hike of any Wall Street CEO last year

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Chief Ministers' panel demands more user friendly version of cashless transactions