CA Placement : Top Salary zooms to 70 lakh
Mar 7, 2010 Chartered Accountant
Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year. Earlier, a record salary of Rs 38.25 lakh was offered in 2007.
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Tags: axis bank, Delloite, GE Capital, HCL Technology, ICAI campus interview, ioc, itc, L&T, morgan stanley, Olam International, rec, S R Batliboy, Tolaram, Vedant, YES Bank
ICAI Exam forms for IPCE, PE-II, PCE and Final Examinations thru AXIS Banks to be available from 8th February 2010
Feb 6, 2010 Others
5th February, 2010
The next Chartered Accountants Examinations of the Institute will be held from 4th to 17th May, 2010. The sale of Examination Application forms for IPCE, PE-II, PCE and Final Examinations would commence from 08th February, 2010. The last date for sale and receipt of filled in application is 26th February, 2010 (without late fee) and 5th March, 2010 (with late fee of Rs. 500/- ).
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Tags: axis bank, Chartered Accountants Examinations, Final Examinations, ipce, PCE, PE-II
List of Banks which can accept Applications Supported by Blocked Amount (ASBAs) from investors in issues w.e.f January 1, 2010
Jan 5, 2010 SEBI
PR No.422/2009, Dated; December 31, 2009
SEBI, vide its press release dated December 10, 2009 had informed that ASBA facility shall be extended to all investors other than QIBs, in all public issues with effect from January 1, 2010. It was also informed that SEBI would be displaying names and other relevant details of banks (Self Certified Syndicate Banks (SCSBs) which will be authorized to accept ASBAs w.e.f. January 1, 2010, on the website www.sebi.gov.in .
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Tags: axis bank, bank of baroda, bank of india, bikaner, deutsche bank, hdfc bank ltd, idbi bank ltd, punjab national bank, SEBI, state bank, state bank of bikaner and jaipur, state bank of india, state bank of travancore, union bank, union bank of india, vijaya
RBI will ask banks to provide details of their direct and indirect exposure to Dubai
Nov 30, 2009 RBI
The Reserve Bank of India (RBI) on Friday said it would ask banks to furnish details of their direct and indirect exposure to Dubai World, the beleaguered Dubai government-owned holding company which asked for more time to repay its debt.
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Tags: axis bank, bank executive, bank of baroda, bank of india, banks, bombay stock exchange, dubai government, holding company, icici bank, indian clients, indian overseas bank, indirect exposure, real estate developer, reserve bank of india, united arab emirates, west asia
926 Branches of Public and Private sector bank authorised to receive advance income tax in Mumbai
Nov 20, 2009 Income Tax
Reserve Bank of India (RBI) and 926 computerized branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai, apex bank said in a statement.These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches.
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Tags: axis bank, hdfc bank, icici bank branches, Income Tax, navi mumbai, private sector bank, private sector banks, public sector bank, RBI, reserve bank of india
Examination form for PCC, PCE and Final Examinations would be available from 17th August, 2009
Aug 11, 2009 ICAI
The next Chartered Accountants Examinations of the Institute will be held from 5st to 19th November, 2009. The sale of Examination Application forms for IPCE, PCE and Final Examinations would commence from 17th August, 2009. The last date for sale and receipt of filled in application is 7th September, 2009 (without late fee) and 14th September, 2009 (with late fee of Rs. 500/-).
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Tags: application form, application forms, axis bank, CA Examination, CA Examiniation Dates, CA Exams, CA Final, chartered accountants, examination application, Examinations, PCC, PCE
RBI ask to cut salary of CEO of ING Vysya Bank, Axis Bank and DCB
Jun 6, 2009 RBI
The Reserve Bank of India, citing its powers as banking regulator, has put on hold the salaries of Chief Executive Officers of three private sector banks, ING Vysya Bank, Axis Bank and Development Credit Bank, arguing that these are inflated and not in sync with the market.
Incidentally, all three banks have recently hired CEOs from outside their ranks. Shikha Sharma, for instance, joined Axis Bank, the third largest private bank in India, as its Managing Director and CEO from ICICI Prudential Life Insurance Company where she was the Managing Director and CEO.
Murali Natrajan has joined as CEO of Development Credit Bank from Standard Chartered Bank where he was the global head for SME (Small and Medium Enterprise) banking. Gautam Vir is yet to join ING Vysya Bank following the RBI’s objection. He was CEO of Development Credit Bank earlier.
The RBI derives its powers to intervene on issues such as compensation of bank CEOs from the Banking Regulation Act. In fact, the Act empowers the RBI to even issue directions to banks to fix salaries at certain levels.
In the case of Shikha Sharma, the central bank did not find her new compensation package justifiable. It has written back to the bank suggesting an alternate and “acceptable” package. Sharma refused to comment but confirmed that the RBI did not agree with the package originally offered to her by Axis Bank. Vir and Natrajan were unavailable for comment.
When contacted, an RBI spokesperson said the central bank would respond only tomorrow.
The salaries of the CEOs, decided by their boards, are not known. But Sharma, who joined Axis Bank yesterday, had an annual salary package of about Rs 2.03 crore in her previous job at ICICI Pru Life Insurance Company, according to an ICICI bank executive. Vaughn Richtor, who retired as ING Vysya’s CEO recently, had an annual salary of Rs 1.1 crore.
At ICICI Pru, Sharma was in the same salary bracket as Chanda D Kochhar, the new MD and CEO of ICICI Bank, the latter’s annual cost to company being Rs 2.05 crore, which was approved by the RBI in February this year.
Kochhar’s predecessor KV Kamath had an annual salary of Rs 2.8 crore. Now he gets an honorarium of Rs 20 lakh a year as ICICI Bank’s non-executive Chairman.
Though the RBI does not have clear guidelines or parameters on CEO compensation in banks, it is said to be guided by the size of the banks. Multinational banks, though under RBI’s regulatory framework, escape such strictures. In India, according to a banker in a top private bank, the CEO salaries can be broadly categorized thus: Rs 1 crore for public sector banks; Rs 2-3.5 crore for private sector banks and Rs 8-9 crore for foreign banks.
Sources said the RBI cites the public outrage in the US against banking CEOs’ salaries and subsequent moves on salary caps. However, US salaries (which include bonuses and stock options) run into millions of dollars. And the caps imposed apply to only those banks that have used taxpayers’ money for a bailout.
Tags: axis bank, Bank, bank of india, chief executive officers, compensation package, icici prudential, ing vysya bank, life insurance company, private sector banks, prudential life insurance, regulators, reserve bank of india, salaries, salary, salary package, standard chartered bank
926 bank branches in Mumbai been appointed by RBI to accept Direct Tax Payment
May 15, 2009 Income Tax
The Reserve Bank on Thursday said 926 branches of private and public sector banks have been designated for receiving advance income tax in Mumbai and Navi Mumbai.
“Arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 are public sector bank bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches,” the central bank said in a statement.
Tags: appointment, Assessment, axis bank, Bank, banks, central, convenience, hdfc, hdfc bank, icici bank branches, income, Income Tax, mumbai, navi mumbai, public sector bank, public sector banks, RBI, reserve, tax