Indian state-owned lenders including SBI, Bank of Baroda, Canara Bank and Syndicate Bank are reportedly planning to double their hiring plan this financial year in a bid to support digital transformation.
Indian banks hiring plan:
According to The Economic Times, these public sectors have started the process to recruit up to 100,000 people in different positions.
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Under the new plan, the banks will hire people under specialised functions such as analytics, strategy, digital and customer services.
The banks are also expected to bolster their wealth management departments, the report added.
The move comes at a time when most of the state-owned lenders in the country are troubled with rise of non-performing assets.
Banking and financial services recruitment portal TeamLease business head Sabyasachi Chakraverty told The Economic Times: “State-owned banks are turning competitive after battling mammoth bad assets.
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By GlobalData“The need is to change the culture of PSUs to drive business, and this has been seen in their hiring patterns.”
According to a TeamLease estimate, these banks recruited nearly 95,000 people collectively in the last two years, excluding lateral hires. The recruitment included filling up vacant clerical, management trainee and probationary positions.
Recently, the government has taken multiple initiatives to bolster the banking sector of the country.
In July, the Indian banks agreed to an overarching inter-creditor agreement (ICA) to expedite the resolution of bad loans.
The government has also launched a procedure to merge the state-owned entities of Dena Bank and Vijaya Bank with Bank of Baroda.
The merger is expected to create country’s third largest bank with a combined business of INR14.82 trillion ($204bn).
