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7.5 lakh jobs to be created in banks in the next 5 years

7.5 lakh jobs to be created in banks in the next 5 years

TestFunda ,  03-Sep-13
A report in a leading newspaper says that the Indian banking industry will create 7.5 lakh jobs by the year 2018. The report by consultancy firm Boston Consulting Group also states that 80% of the vacancies will be in public sector banks (PSBs) in the next 5 years. This is due to expanding business volume, attrition numbers and retiring staff, according to experts. 

Banks had gone on a hiring spree in the 70s and 80s. Later, with the increasing use of computers and technology, they found themselves overstaffed, leading to hiring in PSBs to be put on hold. As a result, hiring did not take place for more than 15 years. Now, the employees who joined in the 70s and 80s have attained the retirement age, putting forth a  challenge in front of banks to fill these positions with new talent. 

Also, since the hiring process in PSBs takes more than 14 months, the situation is worse.

However, due to the lure of safety of a government job in the backdrop of an economic slowdown, youngsters are expected to fill up bank recruitment forms in large numbers.

Ravi Menon, retired GM of Union Bank of India said that the government's financial inclusion policy -under which every village with a population of 10,000+ will need to have a bank- will add to the demand, as there will be many new branches coming up. 

The government is also keen on starting banks exclusively for and by women, adding to the requirement.
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