Tag: hiring

Banking and finance firms on hiring spree across colleges, BFSI News, ET BFSI

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Top banking and financial services firms are on a hiring overdrive across the country’s leading undergraduate and engineering colleges and business schools on the back of growth across businesses and an increasing push for digitisation in a post-pandemic world.

Apart from jobs in finance, operations, treasury, risk, analytics, research, investment banking and corporate banking, the big focus this year is on technology roles, a post-covid phenomenon where organisations in the BFS space have begun placing much greater emphasis on the need to scale up their digital offerings.

Axis Bank plans to bring in 50% more campus hires than last year; Goldman Sachs’ India campus hiring for 2022 will increase by 27% with over 1,900 hires, including interns; for JP Morgan, the campus intake will go up by 23% for full-time analysts and 38% for interns. Others including Citi, Deutsche Bank and Mastercard are hiring aggressively as well, especially for digital skills.

“For 2022, our campus hires will increase by 43%, 24% and 6% across graduate colleges, engineering colleges and business schools, respectively. This is reflective of our growth across businesses and the availability of world-class talent in India,” says Deepika Banerjee, co-head of Goldman Sachs Services. A key element of the firm’s campus hiring strategy in India is to onboard talent through internship.

For JP Morgan, campus recruitment contributes significantly in meeting increased hiring numbers by bringing in entry-talent talent. “The increase this year is fuelled by growth in hiring requirement across all lines of businesses and primarily for technology and techno-functional roles,” said Gaurav Ahluwalia, head of HR, India Corporate Centers, JP Morgan.

“Citi is committed to staying ahead of digital transformation across geographies and our institutional and corporate banking businesses in India. Talent from India is key to supporting these focus areas,” says Aditya Mittal, interim CHRO for Citi India.

With India having cemented its status as a global technology hub, an additional factor driving the demand for talent is the continued flow of work from global corporations into their global service centres in India, says Madhavi Lall, head HR, Deutsche Bank India. They expect to onboard a few hundred graduates and interns from the class of 2022 from across target institutes.

“We are actively hiring for digital skills, which constitutes the majority of our intake, and we are seeing a fair level of competition for talent in this space,” adds Lall.

The intense competition for talent in this space is not just pushing up salaries, but most firms are adding new campuses this year to the existing ones to expand their hiring pipeline.

Axis Bank has added campuses both in its MBA and engineering hiring programmes as the acceleration of its digital agenda and the strategic transformation of the organisation have also been an impetus. “This year, we are doubling down and increasing our hiring. As we rebound from the pandemic, business demand for talent has increased across both core and new age skills,” says head-HR Rajkamal Vempati.

In the coming year, Mastercard plans to hire around 500 graduates from the batch of 2022 under the Launchers program to fill roles in software development engineering, data engineering, analytics consulting, artificial intelligence and other areas. Campuses such as IIM Ahmedabad are seeing a surge in the number of companies. During the recent summer placements, there was an uptick of 27% in the number of companies that offer investment banking, market research and asset & wealth management roles compared to last year, said Ankur Sinha, chairperson of the placement committee.



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NFRA to hire CAs as ‘professionals’ on contractual basis

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Audit regulator National Financial Reporting Authority (NFRA) has decided to engage chartered accountants as “professionals” purely on a contractual basis.

As many as nine positions could be filled for which applications have been invited, sources said.

The contractual engagement will be for one year, which may be extended for another year, usually up to a maximum period of three years from the initial engagement.

Tasks that may be assigned to the selected candidates will include preparation of inspection and training manuals, the conduct of audit quality reviews, review of company financial statements, an inspection of complaints, financial reporting quality review, database for NFRA, court cases etc.

Selected candidates cannot practice as Chartered Accountants during their engagement in NFRA and will be required to surrender certificate of practice before joining NFRA.

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Maveric Systems to hire 1,200

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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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Banks, HFCs on hiring spree amidst rising home loan demand

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Banks, housing finance companies and NBFCs are on a hiring spree amidst rising demand for home loans.

Industry experts and players say that hiring for home loan departments is up by at least 20 per cent to 25 per cent in recent months as players look to expand their home loan portfolios in smaller towns and attract more customers through lower home loan rates.

“Hiring has gone up by 22 per cent to 25 per cent by banks, NBFCs and HFCs. This is especially the case in the last three to four months, especially after the second wave of the pandemic. A small portion seasonal in nature but we expect it to be largely sustained for the next few years. The requirement for additional staff is equally in urban and rural markets,” said Amit Vadera, Vice President – Staffing, TeamLease Services.

About 90 per cent of the requirement is in the sales function with starting salaries in the range of ₹15,000 to ₹20,000 along with attractive variable incentives.

Amidst the pandemic and work from home, many people are now looking at their own homes as well as larger homes, leading to the demand for home loans. Banks, HFCs and NBFCs consider the home loan portfolio to perform better as typically borrowers do their best not to default on home loans. They have been offering interest rates as low as 6.4 per cent (such as Union Bank) and are also charting out aggressive expansion plans.

“There has been increased hiring as most small finance banks, HFCs and NBFCs in different segments are expanding their reach to newer locations and need people,” said the head of a housing finance company.

However, he noted that many employees as are moving from one company to leading to higher manpower costs.

“Every company is in a hiring spree. Everybody feels that there will be a huge uptick in housing and other credit demand,” he, however, noted.

Shriram Housing Finance had in September announced that it plans to hire 350 employees in Andhra Pradesh and Telangana as part of its expansion plans in the region. ICICI Home Finance had also announced in September that it would hire over 600 people by the end of this calendar year to meet the demand for home loans.

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RBI to call-back retired officers to improve efficiency

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Old is gold for the Reserve Bank of India (RBI) if one goes by its plan to engage the services of retired officers to strengthen its supervisory framework for both banking and non-banking sectors.

The central bank is planning to hire 29 officers, who retired from its services, on contractual basis as supervisory resource persons/analysts in the Department of Supervision (DoS).

This move comes in the backdrop of the steps taken by the central bank to improve the effectiveness of its supervision and monitoring of supervised entities resulting in supervisory action being taken against them.

In the last one year, RBI has imposed business restrictions on a large private sector bank; stopped a prominent card payment network from on-boarding new domestic customers onto its card network; slapped monetary penalties on a host of urban co-operative banks for non-compliance with its various master directions, among others.

Hiring plans

In view of the large-scale changes in the size, complexity, business model and risks in the operations of banks and non-banking finance companies (NBFCs), RBI is beefing up its supervisory workforce by engaging retired officers.

So, the central bank is planning to hire 26 retired officers in the supervisory examination division (SED) of DoS — 12 in NBFC SED; eight in the urban co-operative bank (UCB) SED; and six in the scheduled commercial banks (SCBs) SED. Further, three retired officers will be hired in the Information Technology (IT) Group.

The officers engaged in SED will undertake onsite supervision and off-site surveillance in a computerised environment and associated duties, including sharing of specialised skills with supervisory resources of RBI.

The officers in IT group will undertake onsite IT examination/ thematic study covering assessment of areas such as application, network and database security, resilience of IT infrastructure; analysis of cyber security/ IT incidents reported by regulated entities and follow-up action thereon, among others.

These officers will be initially engaged for two years, with provision of one-year extension based on review of performance and achievement of intended objectives, subject to a total period of five years.

The move to hire retired officers also comes in the backdrop of serving officers reportedly being reluctant to join the Unified Department of Supervision (for Banking, Non-Banking and Co-operative Bank), which was created in November 2019, due to issues around career progression.

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New locker rules to compensate for loss

Banking & Finance

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The Reserve Bank of India has asked banks to compensate customers an amount equivalent to 100 times the prevailing annual rent of the safe deposit locker in case of incidents such as fire, theft, burglary, dacoity, robbery, building collapse or fraud committed by bank employees.

At present, banks do not have any liability towards lockers. In February, the Supreme Court held that banks cannot wash their hands off, and gave the RBI six months to put in place guidelines for locker management.

On Wednesday, the RBI guidelines said it is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed.

It asked banks to clarify in their locker agreement that since they do not have a record of the content of the locker, they would not be under any liability to insure the contents against any risk.

Further, banks shall under no circumstances offer, directly or indirectly, any product to its locker-hirers for insurance of the content.

Locker rent

To deal with potential situations where the hirer neither operates the locker nor pays the rent, the RBI said banks can obtain a Term Deposit (TD), at the time of allotment, which would cover three years’ rent and the charges for breaking open the locker in case of such eventuality.

Banks, however, should not insist on such TDs from the existing locker holders or those who have satisfactory operative accounts.

Banks shall renew their locker agreements with existing locker customers by January 1, 2023.

Locker keys and alerts

The central bank asked banks to ensure that the identification code of the bank/branch is embossed on all locker keys to enable law enforcement agencies identify ownership.

Banks are to send an email and an SMS alert to the registered email ID and mobile number of the customer before the end of the day to confirm the date and time of the locker operation and the redress mechanism available in case of unauthorised locker access.

If the locker remains inoperative for seven years and the hirer cannot be located, even if rent is being paid regularly, the bank shall be at liberty to transfer the contentto the customer’s nominees/legal heir or dispose of the articles in a transparent manner.

 

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Survey, BFSI News, ET BFSI

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Overall recruitment activity witnessed an 11 per cent growth during April-June, as the job market began showing signs of recovery from the COVID-19 second wave, says a survey. According to the Indeed India Hiring Tracker, which maps quarterly job market activity to June 2021, hiring increased by 11 per cent over the previous quarter, with standout growth in Information Technology (61 per cent), financial services (48 per cent), and BPO/ITeS (47 per cent).

This survey was conducted by Valuvox on behalf of Indeed among 1,500 employees and 1,200 businesses across nine cities in the month of June 2021.

“As businesses continue to find a rhythm of working through multiple pandemic challenges, the tracker reflects the resilience of India’s labour market,” Sashi Kumar, head of sales, Indeed India said.

Kumar further noted that “with hiring activity seeing a month-on-month increase, it was interesting to see businesses pivot their hiring priorities from operation roles to sales roles. It’s also clear that paying attention to employee expectations will enable them to thrive, so ongoing conversations around wellbeing and hybrid work are vital.”

According to the survey, receding COVID cases and partial lockdowns in the first quarter of the financial year 2021-22 allowed businesses to operate, focussing employers on roles driving sales and revenue — a shift from the focus on operational roles to stabilise business operations in the fourth quarter of the financial year 2020-21.

The widespread impacts of the second wave resulted in understaffed teams and increased employee burnout.

As many as 76 per cent of the job seekers surveyed did not receive COVID-related benefits/compensation packages or mental health support.

Appraisal plans were also impacted. 70 per cent of employees said they did not receive any promotion or pay increase this quarter, with only 11 per cent of employers promoting or offering salary increases, the survey said.

Employers and employees aren’t on the same page when it comes to future work models. Employers preferred a hybrid work model (42 per cent) to remote work (35 per cent), while jobseekers favoured remote working (46 per cent) over a hybrid approach (29 per cent).

Moreover, 51 per cent of women compared to 29 per cent of men said they wanted to continue working from home, while 52 per cent of senior management preferred working from home, compared to 36 per cent of middle level and 31 per cent of junior level employees.

Jobseeker priorities also shifted, with 25 per cent saying salary was their primary focus, followed by career growth (19 per cent), learning opportunities/challenges/responsibilities (16 per cent), and company reputation (14 per cent), the survey said.



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Crypto startup CoinSwitch Kuber appoints Sarmad Nazki as CFO, to expand hiring, BFSI News, ET BFSI

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Cryptocurrency startup CoinSwitch Kuber has appointed Sarmad Nazki as its chief financial officer (CFO). The company’s chief executive officer (CEO) Ashish Singhal said that the company planned to add about a hundred and fifty new staff to its rolls in another six months’ time.

Nazki, the new CFO, was previously with mobility startup Bounce. He has also worked at Ola, Ernst & Young (EY) and KPMG earlier.

CoinSwitch Kuber is a cryptocurrency investment platform that lets users buy, sell and trade crypto coins like Bitcoin, Ethereum and Litecoin. The company claims to have 7.5 million users.

Singhal said that the company was also looking to fill in key senior leadership roles such as chief information security officer, chief legal officer and vice-presidents in data science, product and tech.

Singhal said that he would want staff to come to work for at least six months once things normalise so that they could build a better rapport with each other. “We have grown from a team of 20 to 120 in the pandemic.” he said. Once the team got to know each other, Singhal said that the employees could work remotely.

CoinSwitch Kuber in April this year raised $25mn from Tiger Global Management at a valuation of over $500mn, according to reports.

The company in May this year had hired Zeeshan Ramlan as director and head of human resources.

Singhal said that the company has grown at a rapid clip during the pandemic as more people, especially millennials and Gen Z, are now interested in investing in cryptocurrencies.



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Coinbase expanding India ops, several foreign exchanges looking to enter, BFSI News, ET BFSI

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The status of cryptocurrency in India is in a grey area, but that has not stopped foreign crypto exchanges to stay bullish on the country.

Nasdaq-listed crypto exchange Coinbase is looking to expand its India operations. Its co-founder & CEO tweeted: “Coinbase is building out an office in India! Amazing team already in place — come join us.”

The plan

In a blogpost, In a blog post, the company’s VP Engineering and Site Lead of India Pankaj Gupta said, it is early days for the India tech hub, but “it has already taken off with an incredible amount of interest in our open roles from across India.”

“We want to hire hundreds of world-class engineers in the near term…To support our ambitious growth plans in India, we are also exploring startup acquisitions and acqui-hires.” he said.

He said as a product-led company, it’s important that it’s new in India truly understand the products and services that they are helping to deliver.

“That’s why we’re introducing a new program called offering each new employee in India a one-time $1,000 in crypto when they start,” he said.

The talents will have the option to work across various locations as the company is hiring for employees to work remotely. ”Given our remote-first strategy, we offer a truly flexible and modern work environment. That means that we’re hiring from all parts of India in order to find the best talent wherever they are or choose to work from in the country. We plan to complement this with physical offices in key cities as well to have a hybrid, flexible environment,” Gupta added.

As per the open positions as mentioned on its website here, while almost all are remote job postings (design, engineering, machine learning, HR & Recruiting) as of now, one is based in Hyderabad, India.

Coinbase, which was founded in 2012, offers a platform for users to buy and sell several cryptocurrencies.

Foreign firms

US-based Kraken, Hong Kong-based Bitfinex and KuCoin are actively scouting the Indian market. One of the companies had begun due diligence on an Indian firm while the other two were weighing options that include setting up a subsidiary or buying an Indian firm.

The three exchanges are ranked in the world’s top ten.

In 2019, Binance acquired WazirX, which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway. US-based exchange, Coinbase, has announced plans for a back-office in India.



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BankBazaar to add 600 new hires to support growth and expansion in FY22

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BankBazaar.com, the free credit score provider and online financial product marketplace, plans to ramp up its 1,000-plus workforce with 600 new employees to support growth and business expansion in FY2022.

The company will hire across technology, product, operations and customer service domains as it looks to expand its digital KYC and analytics solutions, which are the key growth drivers for the company, to a much larger portfolio of unsecured credit products. Hiring will take place across all BankBazaar locations in Chennai, Bengaluru and Mumbai. In the last fiscal, BankBazaar had added 500 employees to its team.

“We are continuing to see an increase in the demand for innovative contactless solutions that make access to credit products easier and smoother. Given the growth momentum and the high resource utilisation we are seeing, we believe it is essential to shore up our strengths and build an even bigger team that is ready to meet every future challenge that comes our way,” Sriram V, CHRO, BankBazaar, told BusinessLine.

According to BankBazaar, the primary driver for growth last year was credit cards, and in less than a year since the start of digital KYC, 72 per cent of credit card issuances were contactless, indicating a dramatic shift in access to credit. Additionally, in the last quarter of FY21, there has been a resurgence in demand for personal loans for the first time after the pandemic. The company indicated that there has been a 2x growth in the number of applications between January and March 2021 as credit outlook improved and credit tightening normalised. Almost 88 per cent of personal loans disbursed were via contactless alternatives such as digital KYC.

Considering the present surge in Covid-19, BankBazaar announced that the company will be bearing the cost of vaccinating employees and their immediate family members who are eligible as per government guidelines. The company, which moved its corporate workforce work to an entirely remote working set-up last March, plans on continuing that way for the foreseeable future. Consequently, the Work From Home options for existing and potential employees have been extended, and employee engagement activities have been ramped up.

Adhil Shetty, co-founder and CEO, BankBazaar said, “In the last one year, BankBazaar’s technology and innovation withstood the test of an unprecedented global pandemic and the resultant economic downturn. This has been possible only due to the commendable commitment and enthusiasm shown by our employees in developing game-changing solutions that have positively impacted the financial sector. At this crucial time, this is our way of acknowledging their efforts and successes and doing our bit to contribute to our employees lives in a meaningful way.”

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