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Business Standard
5 hours ago
- Business Standard
SBI to hire consultant for 10-year HR strategy on digital and talent growth
A generational shift in employees, along with their increasing expectations and the rapid rise of digital banking, is prompting the State Bank of India (SBI) to reassess its Human Resource (HR) management practices and build a "future-ready" organisation with a rich talent pool. India's largest lender plans to engage a management consultant to develop both a 5-year and 10-year HR strategy. The consultant will be tasked with advising on how to align the state-backed lender's HR policies and processes with its overall performance goals, as well as benchmarking these against industry best practices. According to a document soliciting the Request for Expression of Interest, the mandate for the management consultant includes reviewing SBI's current HR strategy, operating model, and technology landscape. The indicative timeline for completing the project is 18 months. As expectations grow for more inclusive, agile, and purpose-driven workplaces, there is a need to realign SBI's HR strategy. The goal is to create enhanced value through the Employee Life Cycle Management (ELCM) framework, which focuses on every stage of employee engagement—from talent attraction to post-retirement transition. 'At the bank, the aim has always been to introduce and promote policies that ensure employee satisfaction and enhanced productivity,' the company added. A senior SBI executive noted that, over the past decade, expectations have changed for individuals joining at entry levels, whether in clerical roles or as probationary officers. These new hires view their careers at the bank as offering more immediate opportunities rather than being a long-term career path. As a result, preparing career development plans has gained significance. There is also heightened competition in every banking segment—retail, industrial, and agricultural lending. The growing emphasis on digital and information technology has made it essential to impart new skills, while re-skilling existing staff has become crucial. The bank is hiring more professionals with domain-specific skills and experience, particularly in risk management and digital and cyber management. Many of these new hires come in at middle and senior levels, requiring special attention to their integration with the bank's systems, organisation, and ethos, according to an SBI executive. For SBI, which employs nearly 2.36 lakh people and has around three lakh pensioners and family pensioners, ELCM is critical for ensuring smooth HR operations across all stages—from hiring to retirement. 'It (HR Policy) is vital for operational success and employee satisfaction and offers several key benefits that contribute to the overall success of the organisation,' the lender said. The management consultant will identify skill gaps and assess capabilities through skill diagnostics, reviewing the existing talent management strategy, and evaluating the adequacy of processes and technology for future readiness. The transformation plan also includes a revamp and digitisation of recruitment processes. The consultancy will define digital and AI-enabled talent acquisition models—from screening to onboarding—by diagnosing existing processes. It will also benchmark talent acquisition and AI practices across peers to identify gaps and leverage points, SBI said.
Hans India
5 hours ago
- Hans India
LOC issued against Anil Ambani in Rs 17,000 crore loan fraud probe
New Delhi: A Look Out Circular (LOC) was issued on Friday against Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani, on the request of the Enforcement Directorate (ED), in connection with an alleged Rs 17,000-crore loan fraud case. Anil Ambani has been asked to appear at the ED headquarters in the national capital on August 5, according to people familiar with the matter. Last week, the agency carried out searches across 35 locations in Mumbai linked to Anil Ambani's Reliance Group, covering 50 companies and 25 individuals, under the Prevention of Money Laundering Act (PMLA). Investigators seized voluminous documents, hard drives, and other digital records from several locations across Mumbai and Delhi. The raids first began on Thursday in connection with a money laundering probe related to the Yes Bank loan fraud case. The probe is based on an FIR filed by the Economic Offences Wing (EOW) of Delhi Police on November 11, 2024. According to the ED, its investigation has uncovered links between ADAG companies and a fake bank guarantee worth Rs 68.2 crore submitted to the Solar Energy Corporation of India (SECI). The bogus guarantee was allegedly issued in the names of Reliance NU BESS Limited and Maharashtra Energy Generation Limited -- both affiliated with the group. Investigators say the guarantee was entirely fabricated and backed by forged documents meant to impersonate the State Bank of India (SBI). The fraud reportedly involved the use of a spoofed email domain, " which closely resembled SBI's official domain, " to make the forged guarantee appear genuine. The ED has also approached the National Internet Exchange of India (NIXI) to obtain domain registration records and trace the origin of the fraudulent email activity. In response, group firms Reliance Power and Reliance Infrastructure informed the stock exchanges that while they acknowledge the ED's actions, the searches have had "absolutely no impact" on their business operations, financial health, or stakeholder interests. "The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the companies had said.
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First Post
7 hours ago
- First Post
Official says Trump's 25% tariff could cut India's GDP by 0.2% — here's what analysts say
Even as the government has been guarded in its response to US President Donald Trump's tariffs so far, an official has said that the impact could be just 0.2% of the GDP. But independent analysts have projected a larger impact. read more Even as the government has been guarded in its response to US President Donald Trump's tariffs, an official has sought to paint a rather optimistic picture and said that the impact could be limited to just 0.2 per cent of the GDP. However, independent analysts have projected a larger impact. Trump on Thursday formally slapped 25 per cent tariff on India — the highest on a key strategic partner. He has threatened additional penalties over India's purchase of Russian oil and defence equipment. STORY CONTINUES BELOW THIS AD While the government has not gone into specifics, an official told India Today that the worst-case scenario could be a loss of 0.2 per cent to the GDP. 'There may be a marginal impact of the 25 per cent tariff, but this impact is not at all alarming on Indian markets. The worst-case scenario may lead to a GDP loss of less than 0.2 per cent, which is manageable,' the official said. Based on the GDP data of 2024-25 and the Reserve Bank of India's (RBI) GDP growth projection for 2025-26, the revised GDP growth projection for the year would be 6.3 per cent. But independent analysts have said that Trump's tariffs could drive Indian GDP growth to below the 6 percent-mark this year. ALSO READ: Trump's 25% tariff on India could drag down GDP growth by 50-60 basis points, say analysts The official further said that the impact on Indian exports will be minimal and agriculture, dairy, and micro, small, and medium enterprises (MSMEs) sectors will remain protected. Notably, India has made it clear that it will keep agriculture and dairy out of any trade deal with the United States, but Trump has not agreed to the condition — and that is one of the main reasons why the two sides have not yet reached a trade deal. What do independent analysts say about Trump's tariffs' impact? In sharp contrast to the official quoted by NDTV, independent analysts have said that Trump's tariff could deliver a hit of 50-60 basis points to the Indian GDP growth, driving it below the 6 per cent-mark. In an analysis published before the announcement of tariffs, the State Bank of India (SBI) had said that a 20 per cent tariff could slash as much as 50 basis points from India's GDP growth. At 25 per cent tariff, this would mean a cut of around 62 basis points, dragging down India's GDP growth to around 5.87 per cent. STORY CONTINUES BELOW THIS AD The SBI study further said that any 1 per cent rise in tariff may lead to a 0.5 per cent decline in export volumes. At 25 per cent tariff, this would mean 12.5 per cent decline in export volume. ANZ economists Dhiraj Nim and Sanjay Mathur projected that 25 per cent tariff could cut 40 basis point from GDP growth, according to The Indian Express.
