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
As per The Economic Times digital transformation & 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.
“State-owned banks are turning competitive after battling mammoth bad assets and hiring outlook for the government lenders is also brightening. The 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 specialized functions such as wealth management, analytics, strategy, digital and customer services. 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.
PSBs are even hiring talent from private players – where employees are given targets to grow the banks. And this development has developed designations such as chief ethics officer, chief marketing officer, chief investment officer, chief learning officer, head of analytics and digital marketing campaigner, all boasting salary levels as high as Rs 50 lakh a year.
Syndicate Bank, which is reportedly 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.
Bank of Baroda plans to hire 500 people to strengthen their portfolio management services or wealth management, divisions. The buzz is that legal professionals are also in demand as it focusses on efforts to recover bad loans.
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.
