The hiring trends may get a further boost from the public sector banks, as many of them would need to hire fresh talent in the wake of nearly half of their workforce scheduled to retire in the next few years.
Estimates are, however, much higher for Manipal Academy of Banking, which expects expansion in banking sector, including by the existing and new banks, to help create 18-20 lakh new employees over the next five years itself.
According to Randstad, public sector banks could account for a bulk of hiring and could see 5-7 lakh new jobs being created in the coming years, as close to 50 per cent of their workforce in the lower and middle-level functions will retire in this period.
Enthused further by the government’s financial inclusion plans to expand banking to rural areas, Uppaluri said:
Reflecting similar views, talent assessment company MeritTrac Services’ CEO Vasu K Saksena said that “hiring in banks is likely to increase in the next couple of years” owing to expansion of banks into new cities and rural locations.
According to Manipal Academy for Banking, about 4 lakh people applied for jobs in public and private sector banks last year.
Of these while public sector banks hired 60,000-70,000 candidates, private sector hired another 40,000 job aspirants. ( PTI)