Leading private sector lenders are in top gear when it comes to expanding their headcount and just five of them, including ICICI Bank and HDFC Bank, added more than 15,000 employees to their payrolls in the last fiscal.
The expanded workforce also seems to be giving them rich dividends in terms of improvements in their employee productivity, shows an analysis of the annual staff details of ICICI Bank, HDFC Bank, Axis Bank, Yes Bank and Kotak Mahindra Bank. At the same time, the full-year staff costs also rose for all the five banks.
Together, the five banks saw their cumulative headcount rise by 15,823 persons in the latest fiscal, ended March 31, 2013, to close to two lakh employees. While HDFC Bank had the biggest workforce (69,065) among the five at the end of the fiscal, the highest increase (6,163 employees) was recorded by Axis Bank in absolute terms.
HDFC Bank's workforce rose by 2,989 employees, while that of ICICI Bank rose by 3,789 persons to 62,065 during the fiscal 2012-13, shows the details published in the banks' latest annual reports....
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01:07 PM, Jun 16, 2013
Mumbai: Axis Bank has reversed the amount withdrawn fraudulently from 37 accounts, including 12 being operated by Mumbai policemen. The accounts had been hacked and Rs 16 lakh withdrawn fraudulently through ATMs in Greece. Axis Bank spokesperson said, "A small number of our customers' accounts (less than 50) have been impacted through transactions at compromised ATMs in Mumbai belonging to multiple banks. We have reversed the impact in all such...
11:11 AM, Jun 15, 2013
Mumbai: The salary accounts of many Mumbai Police personnel have been hacked. The Mumbai Police has formed a team headed by a DCP to investigate the hacking of salary accounts. The bank has been asked to investigate and give a report to the team. The police are in the process of filing an FIR. It's a case of identity theft, where ATM withdrawals seem to have taken place in some...
01:01 PM, Jun 14, 2013
Mumbai: Three private banks, caught in the Cobrapost sting operation, have been let off the hook with paltry penalties. The Reserve Bank of India on Monday imposed penalties on Axis, ICICI and HDFC banks after a sting operation by online magazine Cobrapost exposed many loopholes. RBI imposed a penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank. The...
06:41 PM, Jun 10, 2013
Ahmedabad: There is "some truth" in Cobrapost's allegations of wrong doings by banks and RBI has issued notices to their managements, central bank Governor D Subbarao said on Thursday. "We have done study of those banks, investigated them ... We have done a larger study of those banks and we have issued notices to the bank managements and shall take appropriate actions," Subbarao said at a question answer session during...
11:20 PM, May 30, 2013
New Delhi: Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost. The department has asked these banks to produce documents for verification as part of its tax evasion probe. The notices have been issued under section 131 of the I-T Act (power regarding discovery,...
09:59 PM, May 28, 2013
New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks. The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips. Sources say the RBI probe into ICICI Bank...
01:14 PM, May 13, 2013
Mumbai/ New Delhi: Big banks say it will be difficult for them to pass on the benefit to customers even though the Reserve Bank of India (RBI) cut repo rate by 25 basis points on Friday even though the cash reserve ratio was left untouched. The banks say RBI's move is not enough to cut interest rates for customers. The State Bank of India (SBI) said there is not much...
03:03 PM, May 03, 2013
Coimbatore: A fire at Axis Bank in Avinashi near Coimbatore has left four people dead. All four dead were women employees of the bank. The bank was on the third floor and there was no emergency exit at the bank. The fire has been doused and the situation was brought under control. The cause of the fire is not known yet, but a short circuit is suspected. ...
12:52 PM, Apr 25, 2013
Deutsche Bank believes the recent investor pessimism in India is overdone and sticks to its BSE Sensex target of 22,500 by the end of December. Deutsche says the government may shift to executive decisions to pass its agenda, focusing on actions that do not require parliamentary approval, thus reducing concerns about its reform agenda after a key ally withdrew from the ruling coalition. ...
03:15 PM, Mar 25, 2013
Reserve Bank of India Deputy Governor KC Chakrabarty has given a clean chit to private banks named in the Cobrapost expose on money laundering. The Central bank said there was no systemic issue involved in the Cobrapost allegations. ...
08:30 PM, Mar 21, 2013
In more trouble for the banks that were indicted in a recent Cobrapost expose, which caught some of the employees of HDFC, ICICI and Axis banks offering money laundering services, sources now say that the Reserve Bank of India (RBI) has sent its teams to those branches of the banks for an audit. The results of the audit is expected in two to four weeks. ...
04:26 PM, Mar 18, 2013
Private banks are in damage control mode after their employees were shown aiding money laundering in a sting operation by online magazine Cobrapost. While ICICI Bank has suspended 18 employees pending an investigation, HDFC Bank says it has ordered a probe by independent agencies on the expose. ...
03:49 PM, Mar 16, 2013
A sting operation conducted by online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor Aniruddha Bahal has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this. He joined IBNLive readers for an interaction on the issue. ...
05:23 PM, Mar 15, 2013
A Cobrapost expose on Thursday revealed how employees at some private banks were brazenly carrying out money laundering operations. ...
11:27 PM, Mar 14, 2013
Every rule laid down by the Reserve Bank of India has a possible loophole - that's what the bankers exposed by the Cobrapost sting claimed. ...
10:09 PM, Mar 14, 2013
A sting operation conducted by Cobrapost across various branches of private financial institutions, including HDFC, ICICI and Axis banks showed how bank employees were helping customers convert black money into white. ...
08:36 PM, Mar 14, 2013
A sting operation by Cobrapost revealed how employees at some private banks were involved in money laundering operations. ...
07:01 PM, Mar 14, 2013
The Central Board of Direct Taxes (CBDT) on Thursday ordered a probe into the expose done by online magazine Cobrapost that revealed employees of private banks involved in money laundering operations. The sting operation conducted across various branches of private financial institutions like HDFC, ICICI and Axis banks revealed how their employees were accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation...
06:50 PM, Mar 14, 2013
The Reserve Bank of India (RBI) suspects some banks are involved in KYC violations, sources said. The RBI has sent showcause notice to one bank and a probe is on in the NCR region. ...
03:06 PM, Mar 14, 2013
