Tag: employees

Maveric Systems to hire 1,200

Banking & Finance

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Maveric Systems, a global banking technology transformation company, plans to hire around 1,200 employees over the next 12 months amidst a spike in digital adoption by banks and financial institutions since the onset of the Covid-19 pandemic.

“The scale up this year has been very intense. In March, we started with about 2,000 people (only delivery team) and we are likely to end up with 3,200 employees by March 2022. Out of this, 800 people have already been recruited in the first half and 400 people are likely to be recruited in the next half,” said Ranga Reddy, Global CEO, Maveric Systems.

“For the next financial year, we might need another 800-1,000 people. So, between now and September 2022, we would be adding 1,200 people,” he added.

Started in 2000, Maveric Systems is a banking-only focused technology transformation company with a specialisation on retail, corporate banking and wealth management segments.

Budget for IT

Reddy said banks typically have two types of budgets for IT : ‘Change the bank budget’ which are strategic in nature involving investments in technological transformation and ‘Run the bank budget’, which are investments in technology to run day-to-day operations. Currently, 75 per cent of Maveric’s revenue comes from the strategic side while ‘run the bank’ solutions account for the remaining.

“The major difference between large IT competitors and Maveric is that 75 per cent of our team is capable of doing transformation whereas in large IT firms, 75 per cent of people are capable of running the bank operations,” Reddy said.

The choice to focus on the strategic side of the bank paid off as the Covid-19 pandemic accelerated the pace of digital adoption by banks and financial institutions.

“Last financial year and this year, we have grown at 40 per cent CAGR. We have the potential to grow at a CAGR of 30 per cent year-on-year for the next 3 years organically without acquiring new customers,” Reddy said.

The company estimates to close the current fiscal with ₹520 crore in revenue and projects a revenue of about ₹640 crore for the next fiscal based on current projections and demand from customers.

Maveric categorises its customers into strategic accounts (comprising top 15 global banks), key accounts (regional banks) and fintechs with a revenue contribution of 50 per cent, 40 per cent and 10 per cent respectively.

Maveric Systems has presence across 15 countries with regional delivery capabilities in Bengaluru, Chennai, Dubai, London, Poland, Riyadh and Singapore. It plans to foray into the European market in March 2022.

“We are preparing for a new game to acquire more key accounts in Europe. Come March, we will enter Europe with client acquisition as a focus. We would like to add three more strategic accounts and six more key accounts all coming from Europe,” he added.

Currently, it has five strategic accounts, six key accounts and five fintechs.

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RBI officers, staff chalk out agitation plan to press wage revision

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Officers and employees of the Reserve Bank of India are on an agitational path from today (Tuesday) after their ‘several attempts’ to revive talks on long-pending issue of wage settlement have failed repeatedly.

“We have no option but to protest the inexplicable dilly-dallying on a highly sensitive matter such as wage revision pending for last four years and more,” said Samir Ghosh, Arun Samaddar, Gavin Coelho, and Jeet Pathak, who represent employees, workers and officers’ unions under the United Forum of Reserve Bank Officers and Employees.

‘Wait in vain’

The United Forum told the constituents in a circular that “we felt very strongly to embark on protest earlier, but in deference to the wishes of some well-meaning friends, collectively decided to hold on till this week. The Governor was reportedly scheduled to hold talks with the Human Resources Management Department and we were expecting a solution to emerge.”

“Our wait is in vain, unfortunately,” the circular said. Having exhausted all avenues of peaceful solution, it has been decided that delegations of joint office-bearers/executive committee meet with Regional Directors of the RBI during lunch recess today (Tuesday) demanding immediate resumption of the process of finalisation of wage talks.

Mass leave

Lunch-time gate demonstrations will be launched on Thursday and officers and employees will wear a badge during November 23 to 26. Lunch-time mass deputations will be taken out to the offices of the Regional Directors/Officers-in-charge on November 26.

All staff coming under the current wage settlement will go on mass casual leave on November 30, the circular said.

A senior retired RBI official said that although employees and staff have the goodwill of the RBI’s name, they have had to struggle at different times for either fair and respectable salary revisions or other service conditions.

Pensioners suffer worst

“Since September 2008, these struggles have been more marked, frequent and regrettable, as the independence of the Bank even in staff matters had been surrendered to outside authority,” he said on condition of anonymity.

It is an ironic coincidence that on a day the Prime Minister dedicated some of the functions of the RBI to the nation, the staff has had to announce an agitational programme for getting a fair and honourable wage settlement.

Pensioners and family pensioners have been worse sufferers since counterparts in the government institutions have benefited far more, the retired official said.

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Axis Bank introduces policies for employees and customers from LGBTQIA+ community, BFSI News, ET BFSI

Banking & Finance

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Private lender Axis Bank on Monday announced a charter of policies and practices for their employees and customers from the LGBTQIA+ community.

Under this policy all employees can list their partners for mediclaim benefits irrespective of gender, sex or marital status. It has also put in place a Human Rights Policy that offers redressal to challenges faced by employees from this community.

“We recognize that employees could have a gender or gender expression that’s different from their sex assigned at birth,” the bank said in a statement. “They can choose to dress in accordance with their gender/ gender expression.”

Employees can also choose to use the restroom of their choice in accordance with their gender expression or identity.

Axis Bank customers can now also open a Joint Savings Bank Account or a Term Deposit with their same sex partner.

“At Axis, we have put our focus on diversity, equity and inclusion that respects and recognizes the importance of distinctive life journeys and several identities that extend beyond the paradigms of gender,” said Rajesh Dahiya, Executive Director, Axis Bank. “This for us is as much about the invisible markers as it is about the visible ones. It is our belief that it fosters a culture of innovation and leverages the multiple talent pools that exist in a rich demography like ours.”



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IPO-bound Paytm seeks shareholders’ nod to double ESOP pool, BFSI News, ET BFSI

Personal Finance

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Fintech startup Paytm is planning to more than double its employee stock ownership plan (ESOP) pool, as per a letter sent to its shareholders for an extraordinary general meeting (EGM) scheduled for September 2, ahead of its much-anticipated IPO.

The Noida-based firm has proposed to its shareholders an increase in the existing ESOP pool to 61,094,280 equity options at a face value of Re 1 each from the current 24,094,280 equity options. The fintech company has also sought approval of founder and chief executive Vijay Shekhar Sharma’s revised employment agreement as the managing director and chief executive of the company.

Additionally, the company is formalising three appointments to the board of directors. These are Neeraj Arora, former chief business officer of WhatsApp and Ashit Ranjit Lilani, managing partner of Saama Capital, as non-executive independent directors; and Douglas Feagin, senior vice president, Ant Group, as a director.

The company has also put forth revised annual remuneration agreements for independent directors on the board for shareholders’ consideration. These include those of Mark Schwartz and Pallavi Shardul Shroff for Rs 1.85 crore and Ashit Ranjit Lilani and Neeraj Arora for Rs 1.48 crore.

ET has reviewed a copy of the letter.

In its previous EGM on July 12, the firm had passed several resolutions, including an IPO raise, and one declassifying Sharma as the promoter to list as a professionally managed company. Listing as a professionally run business could help smoothen Paytm’s IPO process as it reduces the compliance burden from investors and individuals that are considered promoters.

Also Read: Paytm founder to have protective rights after listing

Paytm’s ESOP expansion comes at a time when several leading tech and internet startups have offered lucrative buyback windows to help employees vest their options. In 2021, startups such as Zerodha, Razorpay, Cred, Acko, Udaan have given their employees windows to cash their stock options as valuations of India’s internet startups continue to rise rapidly.

ESOPs are an employee benefit plan that gives the firm’s employees ownership in the company in the first of stock options. Among growth-stage startups, ESOP plans are seen as an effective way to attract, retain and reward workers in a highly competitive talent market.

Paytm in July had filed a draft red herring prospectus with the markets regulator, the Securities and Exchange Board of India (Sebi), to raise Rs 16,600 crore ($2.2 billion) through a public issue in what will be one of the biggest Indian IPOs in at least a decade.

Also Read: Paytm and the art of going public

The stock offering will comprise a fresh issue worth Rs 8,300 crore ($1.1 billion) and a secondary issue or an offer for sale (OFS) of the same size, Paytm has told Sebi. The company may also consider a pre-IPO funding round of up to Rs 2,000 crore. If that happens the size of the fresh issue will be adjusted accordingly, the DRHP says.



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Kotak Mahindra introduces Pandemic Benevolent Policy for its 73,000 Employees

Banking & Finance

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Kotak Mahindra Group has announced the introduction of a Pandemic Benevolent Policy for its close to 73,000 employees.

Under this policy, family members or nominees of deceased employees from April 1, 2020 and subsequent cases up to March 31, 2022 will receive full monthly fixed salary for a two year period, starting June 2021.

“This policy is applicable to families or nominees of all deceased employees, irrespective of the cause of death – whether pertaining to Covid-19 or any other cause not related to the Covid-19 pandemic,” it said in a statement.

Family members or nominees of deceased employees eligible for annual bonus will also receive the annual year-end bonus for 2020-21. Additionally, Kotak’s Mediclaim Insurance will cover the spouse and minor children of the deceased employee for the current fiscal year.

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Banks roll out special schemes to protect, treat employees amidst Covid surge

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With bank employees continuing to service customers at branches amidst surging Covid-19 cases, banks have initiated special measures to ensure their safety and provide medical help.

With daily Covid -19 caseload at over three lakh, lenders have rolled out more measures this time around, than last year beyond, rostering of employees and limiting banking hours to 10 am to 2 pm.

“We are using a lot of analytics to identify containment areas, high risk areas and are using Artificial Intelligence and Machine Learning for rostering of employees. We are shifting transactions digitally. We have to understand that the number one priority is to keep everybody safe,” said Anup Bagchi, Executive Director, ICICI Bank.

HDFC Bank has converted three of its training centres based out of Bhubaneswar, Pune, and Gurugram into isolation facilities for Covid positive employees.

“These facilities have been equipped with first line assistance and will have round the clock nurses and visiting doctors. Immediate medical help from a nearby hospital will be made available if required,” it said in a recent statement.

Last week, Axis Bank released a detailed four-page document ‘With You’ that lists helpline numbers, resources, and confidential counselling services for employees and their dependents.

“Our current focus is on employee health and safety. At the start of the crisis last year, we had taken a call that we would transition to a hybrid work model. In regions we are calibrating presence in response to regulatory guidance and implementing rostering where WFH is not feasible,” said Rajkamal Vempati – EVP and Head, Human Resources, Axis Bank.

Bankers point out that while banking is an essential service, bank employees are not treated as frontline workers.

“It is an extremely unfortunate situation. Had bankers been able to get vaccinated, many of the deaths would have been prevented,” Soumya Datta, General Secretary, All India Bank Officers’ Confederation.

Industry estimates peg that there have been about 1,000 Covid-19 related deaths and lakhs bank employees being infected.

“We are an essential services… we are all exposed (to customers). We don’t have the luxury. But we are not allowed vaccinations, not allowed to board trains, not allowed to board buses. So, what kind of essential services we are? More push should be there,” Bagchi had told reporters in a media call on April 29.

The Indian Banks’ Association has advised banks to curtail working hours and also said that they should only carry out essential services at branches including cash deposits and withdrawals, clearing of cheques, remittances and government transactions.

But Datta said many states are yet to allow this move. He also pointed out that about 30 per cent bank branches in the country are single officer branches. In such branches, it is difficult to do rostering as there is no back up officer available.

Earlier this month, the Finance Ministry had written to the Ministries of Home Affair and Health and Family Welfare for vaccination against Covid-19 of employees of all banks and the National Payments Corporation of India, irrespective of their age, on an urgent basis.

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PhonePe launches ESOPs worth $200 m for its employees

Banking & Finance

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PhonePe to launch ESOPs for its 2,200 employees. The $200 million Stock Option Plan gives every PhonePe employee the chance to own a part of the company and benefit from its success. Mobile Premier League, Wakefit, ShareChat and Licious are some of the other start-ups which have recently announced ESOPs.

Manmeet Sandhu, Chief People Officer, PhonePe said, “The PhonePe Stock Option Plan is a core component of our compensation philosophy crafted to encourage collaboration, long-term focus and organisation-first thinking. PhonePe is on a mission to use technology as a transformational force that is making financial inclusion real for every Indian. We believe when money and services flow freely, everyone progresses.”

“By having ESOPs at a minimum of $5000 for all levels, we enable every employee in the organisation to participate in the wealth generation opportunity they have helped create — Karte Ja, Badhte Ja. As roles become more senior, ESOPs are a part of the annual compensation for employees, translating into a larger component of their compensation being tied to the organisation’s success. This encourages everyone to put the organisation first. The organisation’s success is their success,” Sandhu said.

PhonePe had just under 500 employees who were under the ESOPs plan as of December 2020. In an interaction with BusinessLine in December 2020, Sameer Nigam, founder and CEO of PhonePe said, back in the day, all employees were shareholders. My father worked at Larsen & Toubro and a significant part of the company was owned by the employees. In the start-up sector, young people have done really well for themselves but its been concentrated on the tech and business side of the functions. I think by ensuring that all our customer service agents and all our sales force last-mile employees will also get to participate in the wealth creation is a bit of a paradigm change in a good way as it is more participative. I’m excited about somebody in my sales team in Bhopal who has 3.5-4 lakhs worth of equity see it double in the next few years – that’s a game changer. With this, I hope attrition will go down on those functions.

 

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Kerala bank employees’ union oppose CSB’s plan to offer VRS to award employees

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The All Kerala Bank Employees’ Federation (AKBEF) has opposed CSB Bank’s plan to offer voluntary retirement scheme (VRS) to award staff.

The Board of the Thrissur- headquartered CSB Bank had approved the roll-out of VRS on January 19.

CD Josson, General Secretary, AKBEF, said that bringing exit-option for award staff was most inappropriate when the the bank needs to expand its services utilising the experience, expertise and local roots of the employees.

Also read: Kerala bank employees’ body opposes full-fledged functioning of branches

If the management’s plan was to replace permanent employees with contract and cost-to-company mode employees, that would be regressive and anti-labour, he alleged.

KS Krishna, Joint Secretary, All India Bank Employees’ Association, said at a time when the the government and private sector institutions should be ensuring stable employment, it is most intriguing that CSB Bank is going ahead with VRS in the current pandemic situation, even after it has announced better third quarter (October-December 2020) results.

CVR Rajendran, MD and CEO, CSB Bank, said that 223 employees are eligible for VRS and if all these employees opt for the scheme, the outgo for the bank will be around ₹80 crore.

Eligibility

As per the bank’s regulatory filing, VRS will be offered to the eligible award staff, who have completed 50 years of age and have a minimum of 10 years of service with the Bank. The scheme will be effective from January 25, 2021, for such period, as specified in the scheme.

Also read: Banks’ union urges Kerala CM to restrict bank timings, initiate rapid antigen test on employees

The implementation of the scheme will be beneficial to the bank in the long run, both in terms of financial and customer service point of view, said CSB Bank in the filing.

Rajendran said the average annual salary of the award staff is about ₹11-12 lakh.

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