Business
Govt Opens SBI MD Post To Private Sector For The First Time In Indian Banking History
New Delhi: For the first time in Indian banking history, the government has allowed professionals from the private sector to apply for senior leadership positions in public-sector banks, including the esteemed position of managing director at the State Bank of India, as reported by NDTV Profit.
According to a communication reviewed by NDTV Profit, the Appointments Committee of the Cabinet has approved revised consolidated guidelines for the appointment of Whole-Time Directors, including Chairpersons, CEOs, MDs and Executive Directors in public-sector banks and state-run insurance companies.
The reform represents a significant change in the selection process for MDs and CEOs in public financial institutions. The move is part of a larger initiative to uphold merit-based hiring, competition and transparency at the top echelons of the financial system.
Eligibility for SBI MD role
Private sector applicants are now eligible to apply for the SBI MD position under the new structure, as long as they fulfill strict eligibility requirements. Candidates must have at least 21 years of professional experience and at least 15 years of banking experience. Applicants must have served either two years at the board level of a bank or three years at the highest level below the board.
Independent HR agencies to assess applicants for SBI MD
The Financial Services Institutions Bureau which is in charge of proposing candidates for top financial sector posts, has been empowered to engage independent HR firms to evaluate private-sector applicants. Notably, the government has set aside the Annual Performance Appraisal Reports from the evaluation process which highlights a shift towards a more contemporary and performance-based assessment paradigm.
The Department of Financial Services under the Ministry of Finance has formally communicated these changes to public-sector banks and state-owned insurers, defining the revised appointment procedures.
Professionalism and accountability in public-sector banking
According to officials, the move is anticipated to draw elite talent from the public and private sectors, promoting increased professionalism and responsibility in banking leadership in the public sector.
“This reform aims to bring transparency, diversity, and merit-based selection in leadership roles across India’s financial institutions,” said a senior official as quoted by NDTV
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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