A PROJECT REPORT ON “RECRUITMENT AND SELECTION PROCESS IN AXIS BANK”
Submitted by ASHWIN R. THAKUR ROLL NO. : 30 SEAT NO: 1292120 SEM V, T.Y.B.B.I
Under the Guidance of PROF. ZAKIR HUSSAIN RIZVI
Submitted to university of Mumbai in partial fulfillment of the requirements for the award of degree of BACHELOR OF COMMERCE (BANKING AND INSURANCE)
Studying at Rizvi Education Society’s Rizvi College Of Arts, Science & Commerce RIZVI EDUCATION COMPLEX, BANDRA (WEST), MUMBAI ACADEMIC YEAR 2016-2017
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CERTIFICATE
This is to certify that MR ASHWIN R. THAKUR a student of TYBBI class, Roll N0- 30, Seat No- 1292120 of the academic year 2016-2017 studying at RIZVI COLLEGE OF ARTS, SCIENCE & COMMERCE has successfully completed the project entitled “RECRUITMENT AND SELECTION PROCESS IN AXIS BANK”.
PROF.
PROF.
(Project Guide)
(BBI Co-ordinator)
External Examiner
Dr. M. Z. Farooqui (Principal)
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DECLARATION
I, ASHWIN R. THAKUR a student of the TYBBI class, Roll-no 30, Seat no- 1292120 of the academic year 2016-2017 studying at Rizvi College Of Arts, Science & Commerce, declare that the work done on the project entitled “RECRUITMENT AND SELECTION PROCESS IN AXIS BANK” is true and original to the best of knowledge and any reference used in the project is duly acknowledge.
DATE:__________________
_____________________ (ASHWIN R. THAKUR) ROLL. NO. 30
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ACKNOWLEDGEMENT
It is my earnest and sincere desire and ambition to acquire profound knowledge in the study of Banking and Insurance. I have had considerable help to advice at very outset of this project. It is my pleasure to acknowledge the help and guidance that I had received from those personnel and to thank them individually. First of all, I express my sincere thanks to principal Dr. FAROOQUI M.Z. for giving me chance to undergo the project work. Secondly, I convey my sincere thanks to the course coordinator Mr. FURQUAN R. SHAIKH for his valuable suggestions and cooperation which helped me to the project guide. The completion of the project is a milestone in the life of management studies and its execution is not possible without the cooperation of the project guide. I am deeply grateful to my project guide Mr. ZAKIR HUSSAIN RIZVI for his valuable ideas required suggestion and encouragement for refining this project study. Finally, I thanks all the staff members and my friends for their valuable support and contribution to my project.
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EXECUTIVE SUMMARY
AXIS Banks mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the banks risk appetite. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. AXIS Banks business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People. AXIS Bank deals with three key business segments – Wholesale Banking Services, Retail Banking Services, and Treasury. It has entered the banking consortia of over 50 corporates for providing working capital finance, trade services, corporate finance and merchant banking. It is also providing sophisticated product structures in areas of foreign exchange and derivatives, money markets and debt trading and equity research. AXIS‟s “Human Resource Management function that helps manager’s recruit, select, train and develops members for an organization. Obviously, HRM is concerned with the people’s dimension
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INDEX
SR.NO
TOPIC
1 1.1 1.2 1.3 1.4
INTRODUCTION OF BANKING INDUSTRY History of banking in India Banking Structure in India Indian Banking industry Analysis Major Player in India
1 2 4 6 8
2.1 2.2 2.3
INTRODUCTION OF AXIS BANK History of Axis Bank Core value and product service of Axis Bank Milestone of Axis Bank
10 11 16 17
3.1 3.2
OBJECTIVES Objectives of study Significance of the study
25 26 27
2
3
4
PAGE NO
HUMAN RESOURCES DEPARTMENT IN AXIS BANK 4.1 Recruitment 4.2 Recruitment and Selection Process 4.3 Training and Development 4.4 Interview Process 4.5 Internship Program 4.6 Referral Bonus Amount 4.7 SWOT Analysis
28 30 35 36 42 50 55
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FINDING
57
6
RECOMMENDATIONS AND SELECTIONS
58
7
CONCLUSION
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BIBLOGRAPHY
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CHAPTER1 INTRODUCTION OF BANKING INDUSTRY
Bank plays a very important role in the economic life of the nation. The health of the economy is closely related to the soundness of its banking system. Although banks create no new wealth but their borrowing, lending and related activities facilitate the process of production, distribution, exchange and consumption of wealth. In this way they become very effective partners in the process of economic development. Today modern banks are very useful for the utilization of the resources of the country. The banks are mobilizing the savings of the people for the investment purposes. If there would be no banks then a great portion of a capital of the country would remain idle. Modern banks are playing lots of new roles and making life of common consumer as well as businessmen easy. As Loan facility provided by banks work as an incentive to the producer to increase the production, if the finance is not provided to Agricultural sector or industrial sector, it will be destroyed. Many difficulties in the international payments have been overcome and volume of transactions has been increased. Cheques, drafts, bills of exchange and letters of credit are very important instruments of the banks. The banks collect these instruments drawn on banks in other cities or countries and proceeds according to the accounts of the customer's concerns. Be it developed economies or underdeveloped, banks play vital role. In India, the definition of the business of banking has been given in the Banking Regulation Act, (BR Act), 1949. According to Section 5(c) of the BR Act, 'a banking company is a company which transacts the business of banking in India.' Further, Section 5(b) of the BR Act defines banking as, 'accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw able by cheque, draft, order or otherwise.' This definition points to the three primary activities of a commercial bank which distinguish it from the other financial institutions. These are: (i) maintaining deposit accounts including current accounts, (ii) issue and pay cheques and (iii) collect cheques for the bank's customers.
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1.1HISTORY OF BANKING IN INDIA
The first bank in India, through conservative was established in 1786.The journey of Indian banking system can be segregated into three different phases. Phases 1 (1786 to 1969) •
1786: The General bank of India.
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Next come bank of Hindustan bank and Bengal Bank.
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The East India Company established Bank of Bengal (1809),Bank of Bombay (1840) and Bank of Madras(1843) as independent units and called it presidency Banks.
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These three Banks was amalgamated in 1920 and Imperical bank of India was established which started as private shareholders bank.
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In 1863 Allahabad Bank was established and first time exclusively by Indians, Punjab national Bank was set up in 1894 with headquarters at Lahore.
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Between 1906 to 1913, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, Indian bank and Bank of Mysore were set up.
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Reserve Bank of India came into existence in 1935.
During the phase 1 growth rate was very slow •
Banks also experienced periodic failures between 1913 and 1948.
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There were approximately 1100 banks, mostly small.
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The government of India came into banking companies act,1949which was later changed into banking Regulation act 1949 as per the amended act 1965(act no.23of 1965)
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Reserve bank of India was vested with extensive powers for the supervision banking in India as the Central Banking Authority.
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Phase 2 •In 1955, the Imperialbank of India with extensive banking facilities on a large scale specially in rural and semi urban areas. •It formed state bank of India to act as the principal agent of RBI. •7 Banks formed subsidiary of state bank of India were nationalized. •It was the effort of the then Prime Minister of India, Mrs. Indira Gandhi. •14 major commercial banks in the country were nationalized. •The branch of the public sector bank India rose to approximately 800% in deposit and advances took a huge jump by 11000%.
Phase 3 • This phase introduced many more new product and facilities in the banking sector in its reform measure. • In 1991 under the chairman of M. Narashima, a committee was set up by his name which works for the liberalization of banking practices. • The country is flooded with the foreign bank and there ATM stations • Efforts were being put to give a satisfactory service to customers. • Phone banking and net banking were introduced. • The entire system became more convenient and swift.
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1.2 BANKING STRUCTURE IN INDIA In today’s dynamic world banks are inevitable for the development of a country. Banks play a pivotal role in enhancing each and every sector. They have helped bring a draw of development on the world’s horizon and developing country like India is no exception. Banks fulfills the role of a financial intermediary. This means that it acts as a vehicle for moving finance from those who have surplus money to (however temporarily) those who have deficit. In everyday branch terms the banks channel funds from depositors whose accounts are in credit to borrowers who are in debit. Without the intermediary of the banks both their depositors and their borrowers would have to contact each other directly. This can and does happen of course. This is what has lead to the very foundation of financial institution like banks.
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Before few decades there existed some influential people who used to land money. But a substantially high rate of interest was charged which made borrowing of money out of the reach of the majority of the people so there arose a need for a financial intermediate. The Bank have developed their roles to such an extent that a direct contact between the depositors and borrowers in now known as disintermediation. Banking industry has always revolved around the traditional function of taking deposits, money transfer and making advances. Those three are closely related to each other, the objective being to lend money, which is the profitable activity of the three. Taking deposits generates funds for lending and money transfer services are necessary for the attention of deposits. The Bank have introduced progressively more sophisticated versions of these services and have diversified introduction in numerable areas of activity not directly relating to this traditional trinity
1.3 INDIAN BANKING INDUSTRY ANALYSIS The banking scenario in India has been changing at fast pace from being just the borrowers and lenders traditionally, the focus has shifted to more differentiated and customized product/service provider from regulation to liberalization in the year 1991, from planned economy to market. Economy, from licensing to integration with Global Economics, the changes have been swift. All most all the sector operating in the economy was affected and banking sector is no exception to this. Thus the whole of the banking system in the country has undergone a radical change. Let us see how banking has evolved in the past 57 years of independence. After independence in 1947 and proclamation in 1950 the country set about drawing its road map for the future public ownership of banks was seen inevitable and SBI was created in 1955 to spearhead the expansion of banking into rural India and speed up the process of magnetization. Political compulsion‟s brought about nationalization of bank in 1969 and lobbying by bank employees and their unions added to the list of nationalized banks a few years later.
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Slowly the unions grew in strength, while bank management stagnated. The casualty was to the customer service declined, complaints increased and bank management was unable to item the rot. In the meantime, technology was becoming a global phenomenon lacking a vision of the future and the banks erred badly in opposing the technology up gradation of banks. They mistakenly believed the technology would lead to retrenchment and eventually the marginalization of unions. The problem faced by the banking industry soon surfaced in their balance sheets. But the prevailing accounting practices unable banks to dodge the issue. The rules of the game under which banks operated changed in 1993. Norms or income Recognition, Assets classification and loan loss provisioning were put in place and capital adequacy ratio become mandatory. The cumulative impact of all these changes has been on the concept of state ownership in banks. It is increasingly becoming clear that the state ownership in bank is no longer sustainable. The amendment of banking regulation act in 1993 saw the entry of new private sector banks and foreign bank
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1.4 MAJOR PLAYER IN INDIA
1. AXIS BANK LTD 2. ICICI BANK LTD 3. STATE BANK OF INDIA LTD 4. PUNJAB NATOINAL BANK LTD 5. BANK OF BARODA LTD 6. FEDERAL BANK LTD 7. HDFC BANK LTD 8. ING VYSYA BANK LTD 9. IDBI BANK LTD 10. INDUSIND BANK LTD 11. YES BANK LTD
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Evolution of Commercial Banks in India
India has a well developed banking system. Most of the banks in India were founded by Indian entrepreneurs and visionaries in the pre-independence era to provide financial assistance to traders, agriculturists and budding Indian industrialists. The origin of banking in India can be traced back to the last decades of the 18th century. The General Bank of India and the Bank of Hindustan, which started in 1786 were the first banks in India. Both the banks are now defunct. The oldest bank in existence in India at the moment is the State Bank of India. The State Bank of India came into existence in 1806. At that time it was known as the Bank of Calcutta. SBI is presently the largest commercial bank in the country. The role of central banking in India is looked by the Reserve Bank of India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India. Reserve Bank was nationalized in 1947 and was given broader powers. In 1969, 14 largest commercial banks were nationalized. This was an important milestone in the history of Indian banking. This was followed by the nationalization of another six private banks in 1980. With the nationalization of these banks, the major segment of the banking sector came under the control of the Government. The nationalization of banks imparted major impetus to branch expansion in un-banked rural and semi-urban areas, which in turn resulted in huge deposit mobilization, thereby giving boost to the overall savings rate of the economy. It also resulted in scaling up of lending to agriculture and its allied sectors. However, this arrangement also saw some weaknesses like reduced bank profitability, weak capital bases, and banks getting burdened with large non-performing assets. To create a strong and competitive banking system, a number of reform measures were initiated in early 1990s. The thrust of the reforms was on increasing operational efficiency, strengthening supervision over banks, creating competitive conditions and developing technological and institutional infrastructure. These measures led to the improvement in the financial health, soundness and efficiency of the banking system. One important feature of the reforms of the 1990s was that the entry of new private sector banks was permitted. Following this decision, new banks such as ICICI Bank, HDFC Bank, IDBI Bank and UTI Bank were set up.
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Commercial banks in India have traditionally focused on meeting the short-term financial needs of industry, trade and agriculture. However, given the increasing sophistication and diversification of the Indian economy, the range of services extended by commercial banks has increased significantly, leading to an overlap with the functions performed by other financial institutions. Further, the share of long-term financing (in total bank financing) to meet capital goods and project-financing needs of industry has also increased over the years
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CHAPTER 2
INTRODUCTION OF AXIS BANK
Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. Before UTI but now AXIS BANK, as UTI brand was given in 1994 by its promoters and UTI Bank could use the brand only till January 2008 as per Govt directives. Many unrelated shareholder entities like UTI Technological Services, UTI Investor Services and UTI Securities were carrying the UTI brand. The board feels that the need for the change of name has arisen from the brand confusion that the UTI brand generates. The Bank as on 31st March, 2011 is capitalized to the extent of Rs. 410.54 crores with the public holding (other than promoters and GDRs) at 53.60%. The Bank's Registered Office is at Ahmadabad and its Central Office is located at Mumbai. The Bank has a very wide network of more than 1281 branches (including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a network of over 6270 ATMs (as on 31st March, 2011) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. The Bank has a very wide network of more than 1281 branches and Extension Counters (as on 31st December, 2010). The Bank has a network of over 6270 ATMs (as on 31st March, 2011). The Bank has loans now (as of June 2007) account for as much as 70 per cent of the bank’s total loan book of Rs 2,00,000 crore.
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2.1 HISTORY OF AXIS BANK
1993- The Bank was incorporated on 3rd December and Certificate of business on 14th December. The Bank transacts banking business of all description. UTI Bank Ltd. was promoted by Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation of India and its four subsidiaries. The bank was the first private sector bank to get a license under the new guidelines issued by the RBI. 1997- The Bank obtained license to act as Depository Participant with NSDL and applied for registration with SEBI to act as `Trustee to Debenture Holders'. Rupees 100 crores was contributed by UTI, the rest from LIC Rs 7.5 crores, GIC and its four subsidiaries Rs 1.5 crores each. 1998- The Bank has 28 branches in urban and semi urban areas as on 31st July. All the branches are fully computerized and networked through VSAT. ATM services are available in 27 branches.
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- The Bank came out with a public issue of 1,50,00,000 No. of equity shares of Rs 10 each at a premium of Rs 11 per share aggregating to Rs 31.50 crores and Offer for sale of 2,00,00,000 No. of equity shares for cash at a price of Rs 21 per share. Out of the public issue 2,20,000 shares were reserved for allotment on preferential basis to employees of UTI Bank. Balance of 3,47,80,000 shares were offered to the public. - The company offers ATM cards, using which account-holders can withdraw money from any of the bank's ATMs across the country which are inter-connected by VSAT. - UTI Bank has launched a new retail product with operational flexibility for its customers. - UTI Bank will sign a co-brand agreement with the market, leader, Citibank NA for entering into the highly promising credit card business. UTI Bank promoted by India's pioneer mutual fund Unit Trust of India along with LIC, GIC and its four subsidiaries. 1999- - UTI Bank and Citibank have come together to launch an international co-branded credit card under the MasterCard umbrella. 2000- UTI Bank has launch of `I’ Connect', its Internet banking Product. UTI Bank has signed a memorandum of understanding with equitymaster.com for e-broking activities of the site. Geojit Securities Ltd, the first company to start online trading services, has signed a MoU with UTI Bank to enable investors to buy\sell demat stocks through the company's website India bulls has signed a memorandum of understanding with UTI Bank. UTI Bank has entered into an agreement with Stock Holding Corporation of India for providing loans against shares to SCHCIL's customers and funding investors in public and rights issues. 2001- UTI Bank launched a private placement of non-convertible debentures to raise up to Rs 75 crore - UTI Bank has opened two offsite ATMs and one extension counter with an ATM in Mangalore, taking its total number of ATMs across the country to 355. 2002- UTI Bank Ltd has informed BSE that Shri B R Barwale has resigned as a Director of the Bank w.e.f. January 02, 2002. A C Shah, former chairman of Bank of Baroda, also retired
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from the bank’s board in the third quarter of last year. His place continues to be vacant. M Damodaran took over as the director of the board after taking in the reins of UTI. B S Pandit has also joined the bank’s board subsequent to the retirement of K G Vassal. 2002 - B Paranjpe&AbidHussaincease to be the Directors of UTI Bank. UTI Bank Ltd has informed that in the meeting of the Board of Directors following decisions were taken: Mr Yash Mahajan, Vice Chairman and Managing Director of Punjab Tractors Ltd was appointed as an Additional Director with immediate effect. Mr N C Singhal former Vice Chairman and Managing Director of SCICI was appointed as an Additional Director with immediate effect. 2003-UTI Bank Ltd has informed BSE that at the meeting of the Board of Directors of the company held on January 16, 2003, Shri R N Bharadwaj, Managing Director of LIC has been appointed as an Additional Director of the Bank with immediate effect. UTI filed suit against financial institutions IFCI Ltd in the debt recovery tribunal at Mumbai to recover Rs.85cr in dues. UTI bank made an entry to the Food Credit Programme, it has made an entry into the 59 cluster which includes private sector, public sector, old private sector and co-operative banks. Banks Chairman and MD Dr. P. J. Nayak inaugurated a new branch at Nellore. UTI bank allots shares under Employee Stock Option Scheme to its employees. UTI Bank ties up with UK govt. fund for contract farming Shri B. S. Pandit, nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I) has resigned as a director from the Bank wef November 12, 2003. 2004-Comes out with Rs. 500 mn Unsecured Redeemable Non-Convertible Debenture Issue, issue fully subscribed UTI Bank Ltd has informed that ShriAjeet Prasad, Nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI - I) has been appointed as an Additional Director of the Bank w.e.f. January 20, 2004. UTI Bank ties up with Shriram Group Cos.
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Unveils premium payment facility through ATMs applicable to LIC & UTI Bank customers Metal junction (MJ)- the online trading and procurement joint venture of Tata Steel and Steel Authority of India (SAIL)- has roped in UTI Bank to start off own equipment for Tata Steel. HSBC completes acquisition of 14.6% stake in UTI Bank for $67.6 m 2005-UTI Bank launches its first Satellite Retail Assets Centre (SRAC) in Karnataka at Mangalore. 2006-UTI Bank unveils priority banking lounge UTI Bank announces the launch of its Credit Card Business UTI Bank becomes the first Indian Bank to successfully issue Foreign Currency Hybrid Capital in the International Market UTI Bank Business Gold Debit Card MasterCard Launched - Designed for business related spending by SMEs and self employed professionals 2007-AXIS Bank Ltd has informed that consequent upon handing over charge as Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Shri. S B Mathur, the Nominee Director of SUUTI has resigned as a Director of the Bank w.e.f. December 06, 2007. AXIS Bank Ltd has informed that Fitch Ratings on December 14, 2007, has upgraded the Bank's National Long-term rating to 'AAA(ind)' from 'AA+(ind)'. AXIS Bank Ltd has appointed Shri K N Prithviraj as an Additional Director on the Board at Directors of the Bank. Company name has been changed from UTI Bank Ltd to Axis Bank Ltd. 2008- Axis Bank launches Platinum Credit Card, India's first EMV chip based card 2009- Axis Bank today said its board has recommended the appointment of Shikha Sharma, currently chief of ICICI group's life insurance business, as its next managing director and CEO. Axis Bank has set up a new branch at Perumbavoor. The bank has a network of 832 branches along with 8 extension counters and 3622 ATMs across the country.
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Axis Bank, on Wednesday entered into a strategic alliance with MotilalOswal, the financial services firm, in order to facilitate the online tr- Axis bank has received final clearance from the Securities and Exchange Board of India (SEBI) to begin its mutual fund operations and will launch debt and equity schemes soon whereas IDBI Bank is awaiting the regulator's permit for an entry. 2010- Axis Bank Limited has informed that at the meeting of the Board of Directors held on January 15, 2010, the following decisions were taken: (1) To appoint Dr. Adarsh Kishore, former Finance Secretary, Government of India and former Executive Director, International Monetary Fund representing Bangladesh, Bhutan, India and Sri Lanka, as the Non-Executive Chairman of the Bank, subject to RBI approval; (2) To appoint Shri S.B. Mathur, former Chairman, LIC and the National Stock Exchange of India, as an Additional Independent Director, with immediate effect.
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2.2 CORE VALUES •
Customer Centricity
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Ethics
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Transparency
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Teamwork
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Ownership
PRODUCT AND SERVICE The products and services of the company are categorized into various sections which are as follows: •
Accounts
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Deposits
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Loans
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Cards
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Forex
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Investments
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Insurance
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Payments OTHER SERVICES o Locker o Online shopping o E-statement o Mutual Funds
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2.3 MILESTONE Mar-08 Axis Bank launches Platinum Credit Card, India‟s first EMV chip based card Dec-07 Axis Bank gets AAA National Long-Term Rating from Fitch Ratings Sept-07 Axis Bank ties up with BanquePrivée Edmond de Rothschild Europe for Wealth Management July-07 UTI Bank re-brands itself as Axis Bank July-07 UTI Bank successfully raises USD 1050 million July-07 UTI Bank ties up with Tata Motors Ltd. for Car Loans June-07 UTI Bank‟s expansion into Asia supported by FRS May-07 UTI Bank launches „Spice Rewards‟ on the bankcards - India‟sfirstever merchantsupported rewards program April-07 UTI Bank opens a Financial Services Category I Branch in the DIFC in Dubai Mar-07 UTI Bank ties up with Hyundai Motor India Ltd. for Car Loans Mar-07 UTI Bank ties up with IIFCL to provide finance for infrastructural projects in the country Mar-07 UTI Bank launches Car Loans in association with MarutiUdyog Ltd Mar-07 UTI Bank opens a Full License Bank Branch in Hong Kong Feb-07 Finance Minister Shri P. Chidambaram Launches Shriram - UTI Bank Co - Branded Credit Card Exclusively For Small Road Transport Operators (SRTOS) Feb-07 UTI Bank announces the launch of its Meal Card Feb-07 UTI Bank announces the launch of its Gift Card Feb-07 LIC Premium payment now through UTI Bank Branches Jan-07 UTI bank opens Priority Banking branch in Mumbai and Kolkata Nov-06 UTI Bank opens Priority Banking Lounge in Pune
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Sep-06 UTI Bank launches operations of UBL Sales, its Sales Subsidiary - Inaugurates its first office in Bangalore Aug-06 UTI Bank announces the launch of its Credit Card Business Aug-06 UTI Bank becomes the first Indian Bank to successfully issue Foreign Currency Hybrid Capital in the International Market Aug-06 UTI Bank Business Gold Debit Card MasterCard Launched - Designed for business related spending by SMEs and self employed professionals Aug-06 UTI Bank announces the scheme of issuance of "Senior Citizen ID Card" in association with Dignity Foundation Aug-06 UTI Bank rolls out its 2000th ATM July-06 UTI Bank opens Representative Office in Shanghai May-06 UTI Bank and LIC join hands to launch an Annuity Card for group pensioners of LIC May-06 UTI Bank ties up with Geojit Financial Services to offer Online Trading service to its customers Apr-06 UTI Bank opens its first international branch in Singapore Jan-06 UTI Bank and UTI Mutual Fund to launch a new service for sale and redemption of mutual fund schemes through the Bank‟s ATMs across the country Dec-05 UTI Bank wins International Financing Review (IFR) Asia „India Bond House‟ award for the year 2005 Oct-05 UTI Bank extends banking services to the rural milk producers in Anand and Kheda districts in Gujarat July-05 UTI Bank and Visa International launch Mobile Refill facility Anytime, Anywhere Pre-Paid Mobile Refill for all Visa Cardholders in India May-05 UTI Bank and Bajaj Allianz join hands to distribute general insurance products Apr-05 UTI Bank launches Smart Privilege - a special bank account designed for women
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Mar-05 MTNL ties up with UTI Bank for payment of telephone bills through the Bank‟s ATM network Mar-05 UTI Bank gets listed on the London Stock Exchange, raises US$ 239.30 million through Global Mar-05 Depositary Receipts (GDRs) Feb-05 UTI Bank appointed by Government of Karnataka as the sole banker for the Bangalore One (B1) project Feb-05 UTI Bank launches a powerful version of Kisan Credit Card Jan-05 UTI Bank ties up with Remit2India to launch the Remittance Card Mar-04 UTI Bank enables premium payment of LIC policies through its ATMs. Feb-04 Bilateral arrangement between State Bank of India (and its 7 associate member banks) and UTI Bank. comes into force with the commencement of operations (as on 3rd February „04) of the combined network of over 4000 ATMs Feb-04 UTI Bank (by pursuing a proactive strategy of forging bilateral agreements and being a progressive player in the multi-lateral consortiums for shared ATM network) offers its customers access to over 7000 ATMs across the country - the largest to be offered by any bank in India so far. Dec-03 Bank inaugurated its ATM at Thegu near the Nathula Pass in Sikkim. This ATM is at the highest altitude in India.
Sep-03 The Bank‟s ATMs across the country crosses the thousand mark Sep-03 Bank launches the Travel Currency Card. Aug-03 The Bank‟s Debit Card crosses the one million mark. Aug-03 Total Advances cross Rs 7,000 Crore. May-03 Bank declares a net profit of Rs 192.18 crores for FY03, a growth of 43% over the previous year
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Mar-03 Bank signs Agreement with Employees Provident Fund Organization (EPFO) for disbursement of Pension Mar-03 Bank crosses the 800 ATM mark Mar-03 The Bank issues 3,83,62,834 fully paid up equity shares totaling to Rs. 164.00 crores, through a Mar-03 Preferential offer to Life Insurance Corporation of India (now constituting 13.54% of Mar-03 the Bank‟s expanded equity), Citicorp Banking Corporation, Bahrain (holding 3.84%), Chris Capital I, Mar-03 LLC, Mauritius (holding 3.84%) and Karur Vysya Bank Ltd.(constituting 1.00%) The Bank also Mar-03 Increases the authorized share capital of the Bank from Rs. 230 crores to Rs. 300 crores. Feb-03 Bank, in a pioneering move, launches the AT PAR Cheque facility, free of cost, for all its Savings Bank customers. Feb-03 Bank wins mandate to set up 14 ATMs at the Western Railway stations along the Mumbai division. Oct-02 Bank launches Corporate iConnect? - the Internet Banking facility for Corporate Aug-02 Bank signs MoU with BSNL regarding bill collection services across the country through both online and offline channels. Apr-02 Bank opens its 500th ATM Mar-02 Deposits Cross Rs.12, 000 Crore Jan-02 The Bank‟s 100th branch opens at Tuticorin, Tamilnadu Jan-02 The Bank opens an ATM at the Gol Dak-Khana, i.e. the New Delhi GPO, making it the first instance of a commercial bank setting up an ATM at any post-office in the country. Dec-01 Total Advances cross Rs 5,000 Crore Nov-01 The deposit base for the Bank crosses Rs. 10,000 Crore
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Sep-01 Private placement of 26% stake in the Bank to CDC Capital Partners. UTI holding reduces to 44.88% Aug-01 Bank signs MoU with India Post for introducing value added financial products and services to customers of both organizations, including setting up of UTI Bank ATMs in post offices. July-01 Bank ties up with Govt of Andhra Pradesh for collection of commercial tax Dec-00 Bank opens its 200th ATM. It becomes the 2nd largest ATM network in the country, a position held even today. Oct-00 Bank becomes fully networked July-00 E-commerce initiatives announced July-00 Financial Advisory Services offered beginning with marketing of US 64 Apr-00 UTI Bank calls off its proposed merger with Global Trust Bank and surges ahead on its own. Apr-00 Bank launches its Internet banking module, iConnect Retail loans introduced for the first time by the Bank Mar-00 Profits cross Rs 50 crore mark for the first time. Feb-00 Bank adopts Finacle software from Infosys for core banking Jan-00 Dr.P.J Nayak takes over as Chairman and Managing Director from Shri Supriya Gupta. Sep-99 Cash management services (CMS) launched, Co branded credit card launched Mar-99 Deposits cross Rs.3000 crores Sep-98 UTI Bank goes public with a Rs. 71 crore public issue; Issue oversubscribed 1.2 times, over 1 lakh retail investors. UTI holding reduces to 60.85% Jun-96 Crosses Rs.1000 crore deposit mark Mar-95 Completes first profitable year in operation
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Apr-94 First branch of UTI Bank inaugurated at Ahmedabad by Dr. Manmohan Singh, Hon‟ble Finance Minister, Government of India. Dec-93 UTI Bank comes into being
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GLOBAL PRESENCE
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Abu Dhabi (Dubai)
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Singapore
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Hongkong
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Shanghai
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UAE
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UK
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London
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Malaysia
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Bangkok
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Bhutan
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Nepal
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Mauritius
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Ghana
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South Africa
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Belgium
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Australia
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Thailand
In India, 1390 branches 6270 ATMs, In 921 cities and towns.
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THREE MAIN REASONS FOR CHANGING THE NAME OF “UTI TO AXIS”
1. They had to give up the “UTI” name after using it for 13 years as we were not prepare to accept terms and conditions(including royalty) from UTI AMC.
2. The decision to rebrand itself was taken by the bank as it was allowed to use the “UTI” brand name free till january31, 2008 beyond which it had to pay royalty for using the name.
3. The recommendation for name change to Axis bank has arisen from the existence of several shareholder unrelated entities using the UTI brand, and the consequent brand confusion that this generates.
4. The name UTI bank was changed to Axis bank as UTI gave a look of government sector bank. They had to change our name have to over own brand and identity.
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CHAPTER 3
3.1 OBJECTIVES OF STUDY
The Objective of the study is to find out: •To identify the recruitment process of Axis Bank •To identify various sources of recruitment of employees in Axis bank •To identify the preferences of manager regarding the most useful source of recruitment
3.2 SIGNIFICANCE OF THE STUDY
The project helps in understanding the clear meaning of Recruitment in Axis Bank. It explains about the recruitment operation scoring of the Bank. And also the Study of its various processes which helps in understanding the fair specific section of the Bank and its recruitment management. We also came to know through the report that the significance is in the main source of an organization income which come from its staff expertise and skills, acquiring professional with high skills is comparatively expensive than recruiting and training employees to acquire those skills. It also makes us understand that training is also a key requirement for new recruits; proper training helps them to understand the job, its requirements and responsibilities. And whole process in recruitment also increases understanding of the organizational culture of bank like Axis Bank. Some programs increases communication between different levels of an organization. Any deficiency in processes and jobs are eliminated and those close to production processes become involve in the management. Staff empowerment is a recent trend in management; such empowerment will only be successful when proper training is provided to those empowered.
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Chapter 4 HUMAN RESOURCE DEPARTMENT IN AXIS BANK
Human Resource Management function that helps managers recruit, select, train and develop members for an organization. Obviously, HRM is concerned with the people’s dimension in organizations. Work force of an Organization is one of the most important inputs of components. It is said that people are our single most important assets. Because of the unique importance of HUMAN RESOURCE and its complexity due to ever changing psychology, behavior and attitudes of men and women at work, in all business concerns, there is one common element. I.e. Human personnel function, i.e., manpower management function is becoming increasingly specialized. The personnel function or system can be broadly defined as the management of people at work- management of managers and management of workerPersonnel function is particularly interested in personnel relationship and interaction of employees-human relations.
In a sense, management is personnel administration.
Management is the development of people, and not mere direction of material resources. Human capital is the greatest asset of a business enterprise. The essential ingredient of management is the leadership and direction of people. Each manager of people has to be his
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own personnel man. Personnel management is not something you really turn over to personnel department staff.
RESPONSIBILITIES OF HUMAN RESOURCE DEPARTMENT.
HRD maintain daily attendance record through branch manager via E-mail.
Take decisions for approval regarding leave notes.
He takes the decision related to the recruitment, selection and training of the candidates. He talks to the consultant related to the recruitment of the qualified candidates. He also does screening of the candidates, shortlist the candidate and takes the first round of the interview.
He maintains the database of the candidates to come for an interview. He also maintains personal file of each employee. He also completes the joining formalities of each new employee.
They are taking surprising visit in every branch and collect information about employees.
He is responsible for the monthly salary of the employees as per their attendants and passing to the Branch Manager.
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HUMAN RESOURCE PLANNING IN AXIS BANK
This is handled by doing the planning at the beginning of every year. At the end of the year, the Human Resource department from each Branch receives the requirement for the person for whole year. Then the planning of recruitment and training is done by training manager and recruiting manager which is approved from Head of HR Department
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4.1 RECRUITMENT Recruitment is a process of searching for prospective candidates for the given job in the industry. As we know it is very important for an industrial concerns to have efficient and effective personnel with right quality and at right time and at right place available whenever they are needed. Every organization needs employee time by time because of promotion or retirement of an employee. For this purpose an organization need to search for the right candidate. And so it needs to encourage this type of right candidates whenever they require.
RECRUITMENT AT AXIS BANK
Axis Bank prides itself as a young and vibrant organization and recognizes its employees as its greatest assets. Consequently, the employee satisfaction level in the Bank is, possibly, amongst the highest in the industry, and does not stem from the compensation package alone.
Comprising of people drawn from different specialization and divergent backgrounds, the employees merge into a highly homogeneous working group, catalyzed by the informal and transparent HRD policies pursued by the Bank. In addition to an attractive compensation structure, we also offer leased housing facilities, medical and health insurance and loan options.
The ideal address for achievers as well as those who love challenges, we offer opportunities in the following fields: •
General and Branch Banking
•
Specialized Financial Services (Treasury, Credit, Merchant Banking, etc.)
•
Retail and Institutional Marketing
•
Information Technology
•
Candidates who wish to apply for recruitment to Axis Bank or any of its subsidiaries are cautioned and warned that if any agency or individual approaches them as an agent or recruiting agency appointed by Axis Bank for recruitment purpose in Axis
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Bank or its subsidiaries, they should immediately get in touch with Axis Bank HR Department. •
We are constrained to bring to the notice of all such candidates because we understand that certain individuals and agencies are misleading the candidates by projecting themselves as the authorized agents of Axis Bank and are demanding huge amount of money or sums to be paid into their account with various banks including in some cases with Axis bank to provide such employment. These charges are demanded by way of registration fees and other fees etc.
•
We would like to make it very clear that Axis Bank has not appointed any agent for this purpose and Axis Bank is an equal opportunity employer and Axis Bank directly conducts its recruitment.
•
Any candidates or any person dealing with such agency or employment portal of such agents or individuals who represents themselves as the agents of Axis Bank for recruitment shall be doing the same at their own risk and peril. Axis Bank shall not be held responsible or liable for such losses or damages which the candidates may suffer on account of them falling prey to such agencies and touts.
•
Besides, Axis Bank, when it needs people, shall advertise in all the national dailies.
•
Once again we would request candidates not to fall prey to such fraudsters and bring it to our notice.
•
Head Start, our induction model is aimed at providing a warm welcome and pleasant experience to all the new hires in the bank. It integrates the new employees into Axis work environment and is a stepping stone towards collaborating the new hires into our "One Axis” platform.
•
It has been designed with a view that the entire module should introduce the new employees with the Bank's Vision, Values and its journey of growth. It also provides them with key information on the bank's structure, levels, facilities, financial highlights and key connect points.
•
It is personally driven by our HR partners spread all across the bank. The program ensures involvement of the Manager/ Guide/ Business Head for their on-going support in the process of acclimatizing the new members of the Axis Family.
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•
All new joinees undergo a structured induction training program which is tailor-made to the specific function or level in the Bank. A buddy helps the new joinee to get acclimatized.
Induction for young bankers: A 6-12 day training program will help you understand basics of the Banking; introduce you to the products being offered by the Bank; focuses on the 'Know Your Customer' process. The programs are designed to also provide insights into the laws, regulations and practices that are central and specific to banking. Induction for Management Trainees: Axis ahead is also an induction program for management trainee recruits. •
Campus Recruitment is one of the major recruitment channels for the Bank. It allows the Bank an opportunity to identify talent at an early stage and nurture the same. We visit various college campuses and the identified students are placed at appropriate levels in the Bank. Our association with India's premier business schools, CA institutes, engineering colleges has been long and rewarding for both sides.
•
The diverse portfolios and the dynamic landscape provides for a challenging environment to support on-going learning and enriched professional development for fresh entrants.
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SOURCES OF RECRUITMENT
Personal data of candidates and data bank maintain by the HR. department
Campus Recruitment.
Company’s own website.
Placement consultants.
Advertisement in the newspapers like Times of India, Gujarat Samachar.
Employee reference.
RECRUITMENT PROCESS
Applicant tool
Profile check
Shortlist
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Screening
Interview
4.2 RECRUITMENT AND SELECTION PROCESS
Recruitment and Selection system refers to sourcing and building efficient Human Resource to the organization to attain its objectives.
Selection is the process of taking individuals out of the pool of job applicants with requisite qualifications and competence to fill jobs in the organization. It is define as the process of differentiating between applicants in order to identify and hire those with a greater likelihood of success in a job.
Selection is based on probation base, they are taking experienced person for 6 months probation and for fresher the probation period is 1 year.
While the selection of the senior level post, is taken by head office at Mumbai.
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4.3 TRAINING AND DEVELOPMENT
Training aims at increasing the aptitudes, skills and abilities of workers to perform specific job. It makes employees more effective and skillful. In present dynamic world of business training is more important there is an ever present need for training men. So that new and changed techniques may be adopted. A new and changed technique may be taken as an advantages and improvement affected in the old methods.
Training is learning experience that seeks relatively permanent change in an individual that will improve his/her ability to perform on the job.
They provide “on the job” training to their employees in the branch as they select these employees for selling various products of bank by direct marketing. Whenever they select new candidates for any post, they use to give them on the job work.
In case of sales persons to distribute their various products, in the beginning the person has to work under the observation of his senior then the have to go in market to have their own experience.
The time for training program for the candidate is depends up on the relevant position of his work area. They also provide training related to customer care and communication.
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This policy complies with, and supports, the Company’s Equal Opportunities Policy by:
Ensuring that every stage of the recruitment and selection process is carried out in a systematic way, based on pre-agreed criteria, to eliminate the potential for personal bias affecting the decision making process.
Ensuring that all decision points are fully documented to assist with subsequent monitoring.
Making the whole procedure as open as possible, to ensure that all candidates understand why decisions have been taken and, where they wish, to obtain meaningful feedback.
Enabling demonstration of robust, transparent processes and thereby providing a basis for defense in the event of challenge.
There are seven main stages to the procedure:
Pre-advertisement
Placing advertisements and dealing with enquiries and applicants
Short-listing
Interviewing and selection
Post-selection procedures
Induction
Monitoring
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ANALYZING YOUR WORKPLACE
To assist you analyze your workplace to identify recruitment or selection issues for women, we suggest you:
Revisit your workforce profile to find where your female employees are.
Consult with your employees.
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REVIEWING RECRUITMENT AND SELECTION OPPORTUNITIES
Monitor each stage of the recruitment process to identify any practice that may disadvantage some candidates.
Investigate whether women have equal opportunity in the recruitment and selection process by collecting information on the numbers of men and women:
Applying for positions Being short-listed Being interviewed Being appointed, and Survey staff about their perception of equity in recruitment procedures.
Consider collecting diversity information as part of the process. There could be a pool of diverse candidates you‟re not reaching or unnecessarily excluding.
REVIEWING JOB DESCRIPTIONS
Ensure all job profiles/descriptions reflect the real requirements of the job, rather than describing the person who filled that job previously
Write job profiles in language that encourages both men and women to apply – including women of and Differing backgrounds. For example, avoid use of jargon and acronyms that tend to be exclusive.
Recruiting and selecting the right people is paramount to the success of the AXIS BANK LTD. and its ability to retain a workforce of the highest quality. This recruitment and selection policy sets out the procedure to ensure that the best people are recruited on merit and that are the recruitment process is free from bias and discrimination.
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PRINCIPLES
Following are the guiding principles for recruitment and on-boarding process. • Attracting and recruiting the right people is one of the most important activities of the organization and is the responsibility to be owned by each and every employee of the organization. • Merit will be the single most important factor in selection process. • They will ensure a diversity, both gender and ethnicity by targeted candidate sourcing with the help of recruitment vendors and the referral program. • While skills and profile matching play an important role, they will hire people who are team players and have the right attitude most relevant to the culture of the organization. Attitude is as important as aptitude. • They believe in becoming a company of giants and emphasis is in hiring people who can grow bigger and better than they presently are. • They believe in providing their employee with fulfilling career paths. Towards this, they will post vacancies internally as a preferred option while evaluating external candidates. • They believe that each candidate interviewed irrespective of whether she/he is selected should become a friend of the organization. They treat all the candidates with the utmost respect. They will be open and fair in communication with them; this way they also enhance the brand image of the organization. • They will continuously assess, identify and cultivate strategic talent pools including those at the universities, management schools, and community forums to address their long term needs.
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HIRINGAPPROVAL
All recruitment activities shall be undertaken based on the hiring plan as approved by the Business Head, HR Head & the CEO. For each approved position, a hiring requisition will be required prior to initiation of any recruitment activity. If the hiring was not included in the planned budget, it will also require approval from the CEO based on a recommendation from the Head HR and the CFO.
Recruitment expense will be allocated to the concerned business unit, and expenditure should be budgeted and pre-approved by the business unit head and the HR Head
CANDIDATE SOURCING The hiring manager along with the Human Resource Department would decide the channel / source to use based on the nature of the recruitment. The following sources of recruitment may be considered: • Internal Sources:
Whenever any vacancy arises, the possibility of fulfilling the requirement internally via reassignment and relocation, re-allocation of the responsibilities or internal promotion will be explored by the hiring function along with the HR Department. Internal job postings to explore internal candidates.
• Employee Referrals – AXIS will encourage employees to refer suitable candidates for open positions. • Other external sources include:
Recruitment agencies External job postings College / campus requirement Requirement ad
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APPLICATION PROCESSING AXIS will process all applications promptly and inform the applicant or source regarding the status of the application. AXIS will respond to all solicited applications within 5 working days of receiving the application
4.4 INTERVIEW PROCESS
• All candidates are required to undergo a face to face interview with the interview panel before selection. • Interviews may be conducted at a place at mutually convenient locations and time in an effort to maintain confidentiality of the hiring effort.
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• One on one meeting shall be preferred as the interview format, however depending on the constraints panel interviews / telephone / video conference screening could be used. • For recruitment at junior levels, job fairs, universities etc, where large volume of candidates, AXIS will use recruitment tests for purpose of short listing. The candidate may be tested on the basic aptitude, analytical skills or other skills required for the job of the candidates. • The interview process will focus on the evaluating the candidates suitability in terms of the job description and fit within the organization. • Each interviewer will complete the interview feedback form and submit it to HR. HR will compile the results from a various interviews and provide these to the line manager for the final decision.
The following are the guidelines with respect to the interview levels. The line manager will own the overall interview process:
Position,
Level Equipment Hiring Decision by Interview by Salary Fitment Offer Letter Signed by
Direct Report CEO Head CEO/ HR Head, Management Team (for relevant functions) Approval - CEO
Proposal – HR Head CEO
State Head/ Regional Function Heads, Cluster Heads Regional Branch Heads, National functional Heads Regional Branch Head / National Functional Head, Regional HR Approval – CEO
Proposal – HR Head HR Head
Branch Manager / National Functional Managers Regional Branch Heads, National functional Heads Regional Branch Head / National Functional Head, Regional HR, Cluster / State Head Approval – HR Head
Proposal – C & B Manager HR Head
Senior Relationship Manager Regional Branch Head/ Branch Manager Regional Branch Head/ Branch Manager, Regional HR Approval – HR Head
Proposal – C & B Manager Staffing Leader
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Junior Relationship Manager Branch Manager Branch Manager, Cluster Head Approval – C&B Manager
Proposal – Regional HR Mgr. Regional HR Manager
For campus / bulk hiring process, each panel will be specifically authorized with respect to hiring decision, pay by the HR Head & CEO prior to the process.
RECRUITMENT EXPENSES
All recruitment expenses including recruitment fees, advertisement expenses and interview related expenses will be allocated to the concerned business unit.
The candidate will be informed about the nature of the expenses that are reimbursable and the supporting documents required (in original). HR will ensure that candidate fills the necessary reimbursement forms and that he/she receives the reimbursement at the earliest.
Outstation/International Candidates - AXIS will pay for appropriate air fare and expenses incurred for the stay for candidates who they decide to fly from other locations. Prior approval from the Regional HR Leader / HR Head is required to invite candidates. For candidates from International Locations, prior approval from the HR Head needs to be taken.
PRE-EMPLOYEMENT CHECk
This will include both a professional reference check as well as the background check.
Professional reference check will be completed by the hiring manager. AXIS will request contact information for 2 references from the candidate, and check the quality of previous work experience and key personal characteristics/conduct/ previous record etc.
For key positions in areas, AXIS will also perform a background check to assess the integrity conduct of the candidate.
The following information regarding the candidate will be verified:
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Proof of educational qualifications Any professional certificate that is essential to the job Address details Passport details Date of birth
Proof of previous employment (service certificate)
Any negative feedback and comment in the reference check will be investigated by HR and if found genuine shall be a cause for disqualification of the candidate or dismissal from employment
OFFER PROCESS Once the hiring decision is finalized, HR will prepare an offer fitment as per the compensation structure and grade and keeping in mind the internal equity. The offer would be communicated to the selected candidates by the hiring manager along with HR. The candidate will sign the contract letter to formally accept employment from the organization
PRE-EMPLOYMENT PROCESS
As an organization, AXIS will make all necessary arrangements to ensure a smooth joining process for the employees. HR will provide the candidate a check list prior to joining to ease joining formalities
.
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RELOCATION FOR EMPLOYMENT
Where the employee has to relocate and has been pre-approved by the HR Head and the staffing leader, the relocating candidate shall be eligible for the following relocation assistance:
The joining employ has the option to avail temporary accommodation (which includes laundry) for the first two weeks arranged by organization. The stay in company provided accommodation can be extended by two weeks further based on specific approval from the Head HR. Where the stay extends beyond 4 weeks, the respective will not be paid housing allowance for the corresponding period.
Local travel assistance up to positions of RO/RM/equivalent and below will be reimbursed for one week and for SRM/equivalent and above will be reimbursed up to two weeks.
Food expenses during the period will be reimbursed as per actual up to Rs 500/-per day per person.
Approved reasonable expenses incurred in transporting the personal goods including the transportation /registration of one automobile to the city of work. Employees are advised to use the designated moving agencies as per rates negotiated by Administration. Where negotiated rates are not available, the employee is required to submit 3 quotations and secure approval from Administration before assigning the contract to a moving firm.
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EMPLOYEMENT OF RELATIVES
The organization employs, purely on merit, the relatives of our employees as long as it does not create a potential conflict of interest. To avoid a potential conflict of interest and to reduce the possibilities of favoritism – the following guidelines must be followed: Relatives are not assigned to a position where he/she has the opportunity to check, process, and review, approve, audit or otherwise affect the work of the persons cited and above. NO one is assigned to a position where she/he influences the professional progress or promotion of the persons cited above. If one is aware of a situation that appears to be an opportunity for people to display favoritism to relatives, one should contact the Department Head or Human Resources Department . Employees will not be part of the hiring process of their relatives
DEFINITION OF RELATIVES
Relatives would include husband, wife, children, parents, sisters, brothers, first cousins, brothers-in-law, sisters-in-law, mother –in-law, and father-in-law. Employees who are aware of candidature of their relatives for the organization must immediately report to the HR function in writing for information and records. Failure to immediately report such cases will be considered as a serious violation of the recruitment policy and may entail a disciplinary action.
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EMPLOYEE ON-BOARDING – PROCESS
The overall purpose of the new hire integration process is to ensure that the new employee is able settle in smoothly and is able to contributing at the earliest.
PRE EMPLOYMENT INDUCTION AXIS‟s employee induction process shall begin as per the employee accepts the job offer. The process includes: Welcome pack: As soon as the candidate accepts the offer, a welcome pack will be sent to the employee. o A congratulatory note regarding the decision to join the organization. o Contact details of a HR representative and the hiring manager o A brief company overview document. Pre-joining checklist: Include details of the documents required from the employee. In case the employee is relocating from a different location, details of the relocation process and the visa requirement will be outlined in this checklist. Expectations on the first day of the joining. Office resources: HR shall intimate the immediate supervisor the joining date and immediate supervisor shall work with the IT and administration team to set up the following 5 days prior to employee joining, the following elements and are in working order: Email ID, phone,
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computing resources, work space/office, access cards, joining kit including bank account opening form, initial reading materia POST JOINING ORIENTATION AND INDUCTION
• Joining kit: The employee upon joining would be welcomed by the HR representative and would be given a joining kit that will include: Access card, information on employee’s email and phone number, Bank account opening form, corporate insurance application form(if applicable),HR & Admin policy manual, other relevant reading material ( to be prepared by hiring manager) Classroom Induction: The employee integration process will also include classroom training and induction where the employee will receive presentations and trainings on various topics that would further ingrain the into the organization On the job training: Besides formal training sessions, the employee will undergo on-the-job function specific trainings that are facilitated by the respective functions to help the new employee acquaint himself/herself with work in progress.
PROBATION POLICY
• Probation is a trial that is mutual opportunity for the employee and AXIS to confirm suitability for continued employment. The probation period is to establish a stronger understanding of mutual capabilities, expectations and understanding which may include functional training. The employee must demonstrate suitability for continued employment. • An assessment will be based on factors related to work performance, work habits, productivity, attitude and compatibility, attendance and punctuality, and any other matter that is linked to job performance and expectations. • All new hires will be placed on probation for a period of 6 months from the date of join To the immediate supervisor before the completion of probationary period. The appraisal form will need to be approved by the supervisor’s leadership
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• All letters of confirmation or extension of probation will be signed by the HR head and will be stored in employee file for records. 4.5 INTERNSHIP PROGRAM
As part of university hire program, AXIS will provide internship opportunities to students. Such internships will provide opportunities to students to learn while making real contributions to the company. AXIS will follow the following process: • HR will coordinate with business groups to identify potential opportunities for intern hires. • Internship requests could be received either from the students directly or as nominations from the educational institute. • HR and hiring manager to tele-interview the candidates with subsequent personal interviews in the office • HR to coordinate with the hiring manager to develop the project plan for the hire Based on the demonstrated capability, the intern will be provided with the opportunity to work in multiple departments to gain a wider business understanding
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AXIS INTERNSHIP We visit select few premier B-schools and identify young talent to undergo their first on-thejob experience with us. We offer an excellent work environment and opportunities to build a sound foundation for one's career ahead. The summer internship program is a nine-week learning program that focuses on assisting new talent in identifying a career which complements their interest and abilities in the banking industry. The program is designed such that it gives them ample opportunity to explore the various facets of a Bank and acquire a comprehensive understanding of the business. The internship gives a hands-on enriching experience as well as an opportunity to network with the best in the industry.
Connect with senior leaders@Axis Highly interactive and enriching sessions with our leaders helps in gaining an insight in their experience and opportunities that Bank provides to young people.
What Happens at the grass-root? The program involves a 2-day exposure to the branch giving a first-hand experience of interacting with the customers, to feel the excitement and understand pulse of the business.
Network, Network, Network… Along with tremendous learning opportunities, you get to meet new inters, connect with senior alums and network with the best minds in the industry.
INTERNSHIP CRITERIA
Typically, the intern will be a pre-final year student of the Bachelor or Master degree programs specializing in Financial Services/IT and any other business stream as required.
Interns will be expected to manage their won accommodation and it will not be provided by the company.
Intern will be required to sign the confidentiality and code of conducts documents of the company.
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4.6 REFERRAL BONUS AMOUNT
• The Referral Bonus Program is operated under the authority of the Budget and Control Board‟s Employee Bonus Guidelines. Under these guidelines, an employee may receive multiple bonuses, the total of which may not exceed $2,000 in any fiscal year. • Referral bonus payments may be paid in a lump sum or in periodic payments until the new employee has completed his or her probationary period. Payments cannot be made until the referred candidate has been employed for a minimum of one month. For example, a $1,000 referral bonus can be structured as follows: - $250 referral bonus awarded after three months from the hire date, - $250 referral bonus awarded after six months from the hire date, - $500 referral bonus awarded at the end of the probationary period.
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REFERRAL BONUS PROGRAM ADMINISTRATION
The Referral Program operates in accordance with the following program requirements: • Referral bonuses are awarded at the discretion of management with the Agency Director or his designee having final approval authority. • Funding for the program must come from existing agency resources. • The Agency will provide a form for completion and submission by either the applicant or the referring employee with the applicant‟s application indicating that the referring employee has made the referral. • The Agency will designate a position as “hard-to-fill” before the position is posted. • Employees selected for eligible positions must be employed by the agency for at least one month before a referring employee may be eligible to receive a referral bonus. Referred candidates cannot be current employees of the hiring agency in any capacity, to include temporary, temporary grant, research grant, time- limited project, or contract employees. Both the referring employee and the referred candidate must be employed by the agency when any referral bonus is paid receive the referral bonus. • Any disputes arising from the application of this program will be the responsibility of the Agency Director or his designee to resolve and will not be considered a grievance under the State Employee Grievance Procedure Act. • The agency HR Office will monitor the use of the Referral Bonus Program and will report annually to the Office of Human Resources information on the use of the Referral Bonus Program. • The hiring process will be fair and consistent with agency policy and procedures, with no bias for or against candidates whose selection might make another employee eligible for a referral bonus. Amount paid to the employees who refer the candidates and if they get selected varies from Rs. 7000 to Rs.2000 based on the grade of the employee refereed and the refereed candidate placed.
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This amount is paid to the employees in two ways: 1. Immediately when the candidate is joined 2. After the completion of 3 months of the candidate selected. Only middle level and senior level management employees have the opportunity of referring the candidates. This policy/scheme is not applicable to the top management employees. Also the employees who are under probation or training period are not eligible for this employee referral policy.
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4.7 SWOT ANALYSIS
STRENGTH
Extremely Competitive And Profitable Banking Franchise
Banking Services Include Corporate Credit, Retail Banking, Business Banking, Capital Markets, Treasury And International Banking.
Sound Technological Platform With Centralized Database And Operations
Retail Banking:-Savings Bank Deposits Grew To Rs. 25,822Cr. On 31st March 2009 from Rs. 19,982 Cr. As On 31st March2008 Showing a Year on Year Growth Of 29%.
Corporate Banking: Current Account deposits grew by 24%yoy, from Rs. 20,045 crores as at end March’08 to Rs. 24,822crores as at end March’09.
Support of various Promoters
Strong technology
Total Deposits Rs 1,17,374crore
Net Advances Rs 81,557cror
Net NPA 0.35%
Capital Adequacy Ratio 13.69%
WEAKNESS
Not having Image UTI (fraud)
Higher cost
Customer service
Market Capitalization Very Low
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OPPORTUNITY
Large retail and corporate market
Wide scope in rural India
Other Activity (Non-Banking Activity)
People are become more service oriented
THREAT
Other better Saving, investment option available (like Insurance, Mutual fund, Realestate, Gold)
Government Rules And Regulation
Very high competition with Private sector (ICICI Bank, HDFC bank) or public sector (BOB, PNB) Bank.
Capital Market slow-down
Rising Rates
Future Market Trends
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CHAPTER 5
FINDINGS
• Recruitment at an officer and managerial level is not done effectively. • Many people in the organization today are in the wrong jobs and as a result, they are not utilizing their full potential. • Hiring people based on personal connections when the person is not qualified for the job. • Most recruitment that involves managers is done during discussions at lunch hour, at social clubs or during the coffee break time. • Inadequate recruitment procedures resulted in a number of staff not being sufficiently qualified either for the positions they hold or their grades levels, especially in management positions. • Psychometric test is not conducted during the selection process. • Confusion in the designation and level to the employees even after permanent status for employment is given. • Proper training is not given to the recruitment team and manager. • Reaching few prospects due to internal recruitment, internet advertising most of the time
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CHAPTER 6
RECOMMENDATIONS AND SUGGESTIONS
RECOMMENDATIONS
The organization should provide or set up a communication lab for the benefit of the fresher and existing employees that makes a career development and new opportunity to grow up in the organization.
This increases the employee morale and helps to attain the target.
.Communication classes should be conducted timely to all employees should be followed by organization.
. Refresher courses may organize intermittently for all employees in the rank and file category to relive job fatigue and monotony of every day work life. So employees can gain skills by Communication.
. Candidates who enter into the Job Market must make sure that their efficiency in Communication is up to the expectation of an organization which will make them to go through the Recruitment and Selection system of Royal Sundaram Alliance Insurance Company.
. The respondents in the corporate exhibits that communication skills are necessary for all the employees from different channels.
. FOS (Fleet on street) Team should be made involved to pass through more communication classes from language experts.
The company should allot funds to create a communication laboratory for the beneficiary of all the employees.
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SUGGESTIONS
Psychometric tests have to be conducted to assessing the personality of the applicants.
Look for different skills as well as the ideas of the candidate at the time of recruitment and selection process.
Adopting adequate recruitment procedures to employ efficient and talented people.
Job responsibilities have to be clearly explained to the candidate before the joining formality Campus recruitments, job fairs may attract more skilled and talented employees towards the organization.
Provide orientation training to all new employees before their initial work assignments and to all current employees who receive a different task.
Referral scheme has to be encouraged more at times when the requirement is urgent.
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CHAPTER 7
LEARNING FROM THE PROJECT
Recruitment is essential to effective Human Resources Management. It is the heart of the whole HR systems in the organization. The effectiveness of many other HR activities, such as selection and training depends largely on the quality of new employees attracted through the recruitment the recruitment process.
Policies should always be reviewed as these are affected by the changing environment. Management should get specific training on the process of recruitment to increase their awareness on the dangers of wrong placements.
Effective recruitment is important in achieving high organizational performance and minimizing labor turnover. As of now AXIS Bank Ltd. has a team of effective human resource which is efficiently managing the organization at its best. Though the recruitment process adopted by the organization needs to be improved, challenges are ahead for the HR Department to recruit people after the effect of recession.
In the present competitive & dynamic environment, it has become essential for organization to build and sustainable.
In competitive advantage, the Communication skill set has assumed more importance than even before. Dynamic and growth-oriented organization recognizes Communication as an important aspect of the Recruitment and Selection system for managerial function in a rapidly changing and economic environment.
Insurance industries should possess a valuable work force with good communication skill sets to get a good deal or business from their customers. In this sector the Open Market channel is the main source of revenue for the company for which they should be able to communicate well with their clients. Then the company can reach its profitability and objectives easily.
The company should take the suggestions and ideas from the employees and can conduct and examine the communication skill set within the employees. So that they can analyze the need and act accordingly for a better result and the growth of its own and valuable workforce.
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REFRENCES
BOOKS REFFERED: •
ASWATHAPPA, K. (2010), Human Resource Management
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DESSLER, GARY (2011), Human Resource Management
•
ROBBINS, STEPHEN P.,(2009) “Organizational India (New Delhi)
•
CHHABRA, T. N.,(2010), Human Resource Management
WEBSITES REFFERED: •
www.axisbank.com
•
www.wikipedia.com
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Behavior” of Prentice Hall of
