SBI, Bank of Baroda, Canara Bank to hire 1 lakh people this fiscal to push new-age banking

Public sector banks like SBI, Bank of Baroda, Canara Bank and Syndicate Bank are reportedly in the process of recruiting as many as one lakh people in this financial year

In a bid to accelerate their digital transformation and adoption of new-age banking practices, public sector banks (PSBs) like SBI, Bank of Baroda, Canara Bank and Syndicate Bank are reportedly in the process of recruiting as many as one lakh people in this financial year. In fact, the PSBs have more than doubled their hiring plans,

“State-owned banks are turning competitive after battling mammoth bad assets,” Sabyasachi Chakraverty, business head – banking & financial services at recruitment firm TeamLease, told the daily, adding that the hiring outlook for the government lenders is also brightening. As per the firm’s estimates, barring lateral hires, these banks collectively hired 95,000 personnel in the past two years at positions like the clerk, management trainees and probationary officers.

But the PSBs are now tapping talents across the hierarchy with specialised functions such as wealth management, analytics, strategy, digital and customer services. What’s more these lenders now have fewer clerks – around 20% of their total employees fall in this category, barring SBI, where 45% of employees are clerks than officers. “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 the new age as well as private/multinational lenders.

As per the article from Business Today, the PSBs have hired approximately 95000 personnel in the past two years at positions like the clerk, management trainees and probationary officers and still the irony is that there are around 20 percent of total employees fall in the category of clerks. Only SBI boasts to be a firm where 45% of employees are clerks than officers.

Since this era is all about technology and new age predominances, the banks are also looking out for a new breed of manpower to get accustomed in new and demanding areas like digital marketing and stressed asset recovery.

Speaking of which, Syndicate bank is on a verge of hiring people as the average age of employees is falling – from 46.5 years two to three years ago the average age at the bank has come down to 37 years. According to TeamLease, the PSB recruitment drive is being spearheaded by the country’s largest lender, SBI. Besides fresh hiring, the bank is also looking to appoint 5,000 people through lateral hires in preparation for the potential business expansion on the cards over the coming quarters.

So students, now that you already know about the vacancies coming up next, batten down the hatches and get yourself ready to bring it off this time. All the best!!