Public sector lenders State Bank of India (SBI) and Bank of Baroda (BoB) are planning to hire around 500 people for specialist roles, ranging from information technology to managing the small business segment.
While SBI will appoint 477 candidates in information technology roles, Bank of Baroda will recruit 15 sector specialists to popularise its MSME products.
These openings were seen in two separate newspaper advertisements.
As per SBI’s announcement, the proposed lateral appointments are in the ranks of assistant manager, deputy manager, manager and chief manager. These are namely developer, database administrator, cloud administrator, infrastructure engineer, IT security expert, cybersecurity – threat hunting and cybersecurity – and digital forensics, among others.
Out of the 477 vacancies in SBI, 248 are applicable to candidates belonging to the general category, while the rest are meant for the reserved segment. The highest number of vacancies is directed to developers (181), followed by IT security expert (94) and 47 system or server administrator. At present, SBI hires a mix of probationary officers, junior associates, lateral hires and management trainees.
According to the bank’s website, lateral hires typically comprises of chartered accountants, analysts, statisticians, risk raters, economists, lawyers, engineers and system engineers.
Meanwhile, Bank of Baroda said in its notice that it is planning to support small businesses under the Uttar Pradesh government’s One District One Product scheme, and will form separate verticals for products. The scheme is an initiative taken by the UP government in a bid to promote micro, small and medium enterprise (MSME)-based manufacturing via organised in a bid to support the areas of finance, marketing, production, policy and technology.
“The bank is creating separate verticals for some of the key products under the scheme and to support this key initiative for furthering the growth of the MSME sector,” it said.
It also said of looking for 15 experienced sector specialists to market its MSME products.
Lateral hiring defines a process of recruiting an expert for a specific role from another organisation.
Last month, Union Finance Minister Nirmala Sitharaman, while announcing the merger of 10 public sector banks (PSBs) into four, had said that the banks will also appoint a chief risk officer at market-linked compensation to attract talent.