SBI, Bank of Baroda, Canara Bank to hire 1 lakh people to boost new-age banking

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Four public sector lenders SBI, Bank of Baroda, Canara Bank and Syndicate Bank are reportedly planning to recruit around one lakh people by the end of this financial year.

SBIThis recruitment drive is initiated for boosting the level of digital transformation and promoting new-age banking practices.

“Public sector lenders are becoming competitive after battling mammoth bad assets,” Sabyasachi Chakraverty, business head – banking & financial services at recruitment firm TeamLease.

He further said that the recruitment outlook of government is changing and broadening. TeamLease’s estimates suggest that except lateral hires, these banks collectively employed 95,000 personnel in the last two years for positions like the clerk, management trainees and probationary officers.

He then added that the state-owned lenders are tapping talents across the wealth management, analytics, strategy, digital and customer services. He also said that around 20 percent PSBs have employees in clerical positions. Except, SBI where 45 percent 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. This, in turn, should yield results over a period of time,” explained Chakraverty.

Reportedly, Syndicate Bank will be clearing recruitment of 500 people this financial year. “We require new-generation manpower as they will be deputed across areas such as digital marketing and stressed asset recovery. Remunerations for these positions are also very attractive at the first three entry levels compared to foreign and private lenders,” Mrutyunjay Mahapatra, CEO, Syndicate Bank.

Mahapatra added while specific niche, strategy-based hiring is increasing, the average age of employees is going down from 46.5 years to 37 years.

Similarly, the Bank of Baroda is also planning to hire 500 people in a bid to strengthen their portfolio management services or wealth management, divisions. Reports suggest that legal professionals are also in demand as the lenders are focusing on recovery of bad loans.

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