Good News, Public Sector Banks Set To Hire 1 Lakh People In Current Fiscal


New Delhi: State-owned banks like State Bank of India, Bank of Baroda, Canara Bank and Syndicate Bank are likely to hire one lakh people in the current financial year to match new-age banking requirements and grow their business, the Economic Times reported citing staffing firm TeamLease Services.

According to Team Lease estimates this is more than double the number they hired in the last two years. Barring lateral hires, PSU banks collectively hired 95,000 in last two years for positions like clerk, management trainees and probationary officers, the business daily said.
According to the report, PSU banks will be hiring for specialised functions like wealth management, analytics, strategy, digital banking and customer services.

“State-owned banks are turning competitive after battling mammoth bad assets,” the publication quoted Sabyasachi Chakraverty, business head – banking & financial services at TeamLease as saying. “The need is to change the culture of PSUs to drive business, and this has been seen in their hiring patterns. They are now focusing on hiring talent in line with new age as well as private/multinational lenders. This, in turn, should yield results over a period of time,” he added

Banks are now hiring more officers and few clerks. The ET report citing TeamLease estimates said Except SBI, 20 per cent of total employees in PSBs now fall in the category of clerks. Only SBI has around 45 per cent employees as clerks.

“Going forward, the plain vanilla generalist recruitment will give way to specific niche, strategy-based hiring,” the business daily quoted Mrutyunjay Mahapatra, CEO, Syndicate Bank as saying. Syndicate Bank is recruiting 500 people this financial year.

“We need new type of manpower as they will be put in new areas like digital marketing and stressed asset recovery. Remunerations are also attractive at the first three entry levels compared to foreign and private lenders,” Mahapatra added.