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Nine PSU banks who are under the close surveillance by the central bank have submitted a recovery plan to the government. The PSU banks have been under the vigilance of the Reserve bank of India due to their poor financial health. They have reportedly submitted a two-year recovery plan to the government. The plan talks about the needed stake sale in the subsidiaries and also about the lessening of the corporate loan book.

Image Source – PSU Banks

It was the Finance Minister Piyush Goyal who had demanded these 11 PSU banks in the last month to offer them with a plan that can strengthen the current finances and also cater to the Reserve bank of India’s capital adequacy rules. Out of the 11 banks, 9 banks have already provided the required report to the Department of Financial Services, as per the latest news.

As on June 15th, Dena bank share price is Rs. 16.70, Allahabad bank share price is Rs. 44.15 and the UCO bank share price is Rs. 19.20

Those 11 banks which fall under the Prompt Corrective Action [PCA] are:

  • Dena Bank
  • Allahabad Bank
  • United Bank of India
  • Corporation Bank
  • IDBI Bank
  • UCO Bank
  • Bank of India
  • Central Bank of India
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Bank of Maharashtra.

Since they are under the PCA, these banks will have certain restrictions like on distributing dividends and remitting profits. It is possible that the owner may be asked to suffuse capital into the lender. Also, the lenders are not allowed to expand their branch networks and they will have to maintain higher provisions. Under PCA, the management compensation and director fees are also capped.

As per the recovery plan these banks have submitted, they will have to go for the cost cutting, reducing branches size, closing foreign branches, reducing the corporate loan book, and selling the risky assets to other lenders, as per the news.

It was suggested by none other than the Finance Ministry, in the meetings held with the PCA banks, that these banks must think about stake sale in subsidiaries, maintain capital adequacy and conservation buffer. Due to the poor financial state of the PSU banks and also the uncontrolled lending during the Congress rule, FM today said under the current NDA government, we can be hopeful for some real corrective measures which can actually put an end to the banking sector problems.

As per the tweet by the FM, it reads

During the Congress regime, PSU banks gave loans recklessly, which impacted their financial health. Those loans were also restructured to present a distorted picture. The present government has provided the true picture of the health of banks and is now making effort to improve their finances.

It was only in the last year October month that the government had declared its plan of a massive capital infusion of nearly Rs 2.11 Lakh crore which was going to be spread over two fiscals of the financial year of 2018 and the financial year of 2019.

Swiss startup iProPal offers a curated marketplace for connecting Swiss/European IT projects to the top talented Indian remote developers. iProPal launches its web platform for IT remote  developers in India who are seeking opportunities in the Swiss/European markets. The platform  enables remote job seekers & providers to post their profiles and requirements, and intelligently  matches the seeker’s requirement of skills, time and budget with the best IT developers.

Image Source

iProPal provides opportunities to work on niche IT technologies like Blockchain, Machine learning, Python and Java. They have set up a development centre in Hyderabad to handle sensitive projects and to train developers. Bangalore and California based startup, HackerEarth, is a platform partner for iProPal’s India launch venture. The profiles on iProPal are activated after successful completion of HackerEarth’s coding challenge and portfolio verification.

Speaking about the collaboration with iProPal, HackerEarth’s co-founder Vivek Prakash said

These are exciting times for developers across the globe. Bringing our local talent on this international platform will revolutionize the freelance marketplace for software developers. India’s large community of innovators are going to be at the center of all the action. HackerEarth
has always had a developer-first approach, and this collaboration will help thousands of developers find work with leading Swiss companies and fuel their careers.

As an Innosuisse [innovation agency of the government of Switzerland] startup, iProPal has been coached by swissnex India in its entry into the Indian market. swissnex India has also enabled iProPal in establishing a successful partnership with HackerEarth, who are, in turn, playing a key role in their expansion into the India market. The web platform will be  launched at swissnex India on 20 July 2019 where developers will be given an opportunity to network with the innovators and thought leaders from iPropal, Hackerearth and swissnex India.

Jakeer Mohammad, techpreneur at iProPal, on asked his thoughts on launching in India said

India has a vast pool of IT talent with diversified skills. Developers are seeking flexible and challenging projects, while Swiss companies have a huge shortage of IT talent. iProPal is bridging the gap by connecting the Swiss IT projects to Indian developers.The developer skills are curated through our strategic platform partner HackerEarth. This could be a game changer in scaling the Indian and global IT freelancing market.

In a major development, India’s leading B2B e-commerce platform Industrybuying announces the appointment of Ms. Manvinder Kaur as Vice President, Human Resource. In her current role, Ms. Kaur will lead the Human resource of the company and drive the core functions such as talent management, employee engagement and corporate trainings at Industrybuying.

IndustryBuying

Speaking on her appointment, Swati Gupta, Co-founder and CEO, Industrybuying said

I am confident that Manvinder will play an important role in enabling the team at Industrybuying to fulfill our long term mission of revolutionising B2B e-commerce in country through internet technology & Supply Chain. Having her on our management team will surely empower our prospects at hiring the finest talent in India.

IndustryBuying is currently eyeing to garner young untapped talent that lies across the length and breadth of India. It is looking forward to streamline the processes in various divisions such as operations, marketing, sales, product, technology, logistics, etc.

Manvinder Kaur, the newly appointed VP Human Resource for Industrybuying said

It is a privilege to be a part of a leading, vibrant & growing team of Industrybuying. I see immense potential in the goal of Industrybuying and look forward to HR being a strategic role as the company moves into its next stage of evolution.

Ms. Kaur, who holds an MBA from the ICFAI Business School, Hyderabad and an undergraduate degree in engineering from the Punjab Technical University, comes with more than a decade’s experience in Human Resource – strategy, planning, employee relations, management and policies redesign.

In her earlier stint, Manvinder has led HR function at Gap Inc and BT Global services. She also held the post of Assistant Vice President at IndusInd bank. Her years of experience in designing and setting systems that are nimble and efficient at each stage, building high performing teams and handling compliance and process are some of the key assets that she brings with herself.

About Industrybuying

Industrybuying is a leading Business e-commerce platform, selling a wide range of business and industrial products to SMEs as well as large businesses. It has over 4,000 registered sellers and more than 60,000 registered businesses – SMEs & large corporates that are procuring online from Industrybuying. Industrybuying offers over 1 million products across 45+ categories ranging from Safety and Security, Electrical and Lighting, Power and Solar, to MRO supplies and many more categories.

Industrybuying is backed by some of the leading Indian and global investors. Based out of Delhi NCR, the company has a Pan-India footprint with fulfillment centres in Mumbai, Pune, Ahmedabad & Bangalore. For more information, please visit IndustryBuying.com

Based out of Delhi NCR, the company has a Pan-India footprint with fulfillment centers in Mumbai,Pune, Ahmedabad and Bangalore. For more information, please visit IndustryBuying