YES Bank’s Diwali bonanza: Big bonuses for employees, ramps up hirings

As the nation gears up for Diwali, private-sector bank has rolled out big bonuses for existing employees which will be paid once every four months. To be given in 30:40:30, the bonus rollout is meant to retain existing talent, CNBC TV-18 cited unidentified sources as saying. Further, the private bank is also ramping up employment activities and is aggressively hiring for top positions. The bank is offering handsome hikes to prospective employees and the attractive packages are bringing very healthy response to the bank’s recruitment drive, the news channel reported. The appraisal linked compensation is a part of the bank’s regular human capital management practices. As a part of its strategy to evolve business, YES Bank is strengthening its Human Capital, the news channel said.

YES Bank has also filed a complaint against the fake news and rumours circulating on WhatsApp and other social media platforms regarding the bank’s financial health. Dissing the same, YES Bank issued a statement and said that it will continue to protect the interest of its stakeholders. The bank has been reiterating its sound financial health after the bank’s promoter group company Morgan Credits sold 2.3% stake in the company. Morgan Credits is controlled by YES Bank co-founder Rana Kapoor and his daughters. “The board of directors of YES Bank would like to state that the financial position of the bank is sound and stable, its operating performance continues to be robust, and its growth plans stay firmly on track,” YES Bank had said in a statement earlier.

Meanwhile, public sector banks have also been on a hiring spree. Last month, the State Bank of India sought applications to fill vacancies for 477 information technology (IT) roles owing to increased digitization and focus on lending to small enterprises. Comparatively smaller Bank of Baroda (BoB) also advertised for 15 vacancies for specialist product managers. The incumbent was expected to work on an Uttar Pradesh government scheme for micro, small and medium enterprises (MSMEs).