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Bank hiring set to surge

Calcutta, Dec. 4: Banks are looking to ramp up recruitment in the next four years to fill in the vacancies emerging out of a shortage of manpower.

Both public and private banks plan to increase their reach in rural and semi urban sectors as part of a financial inclusion programme. Industry observers point out that the RBI’s grant of new licences in January will also result in significant employment opportunities in the coming years.

“About 1,50,000 jobs might be created every year for the next four years in both public as well as private sector banks,” Bimal Jain, president of the Institute for Finance, Banking and Insurance (NIIT IFBI), told The Telegraph. The institute is a joint venture of NIIT and ICICI Bank and offers training for banking and finance personnel.

A report from consultancy firm McKinsey & Company points out that nationalised banks can face a shortage of senior management as 60-90 per cent of the deputy general managers/general managers of PSU banks are set to retire by 2016-17. A senior official of a city-based PSU bank said many lenders were looking to give early promotions to officials to make up for the loss owing to retirement. This is creating a vacuum of personnel at lower ranks.

“The PSU banks have already foreseen this and are reacting to it by hiring more people at the bottom,” Jain said.

He said each PSU bank had set a target to hire about 2,000-3,000 personnel both as probationary officers and clerks every year, and the trend would persist in the next few years as well.

Jain said the IFBI was looking to train more persons to cater to the need of the banks.

“Last year, we trained about 6,000 students and this year we expect to train about 10,000,” he said. While the institution directly offers employment in private sector banks, many PSU lenders send their own selected persons to the institution for training.

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