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India - Banking expansion may create up to two million new jobs

10 February 2014

The banking sector may create up to two million (20 lakh) new jobs in the next 5-10 years, helped by the issuance of new licenses and efforts being made by the Reserve Bank of India (‘RBI’) and the government to expand financial services to rural areas according to the Press Trust of India. Hiring may be further boosted by public sector banks, as nearly half of their workforce is scheduled to retire in the next few years.

According to Randstad India, the banking sector will generate 700,000 to 1 million jobs in the coming decade and the sector will be amongst the top job creators in 2014. The Manipal Academy of Banking, is even more bullish and says it hopes to help create 1.8 to 2 million new bank employees over the next five years.

According to Moorthy K Uppaluri, Randstad’s India & Sri Lanka CEO; "With the new banking licences, which are likely to be issued in the first half of 2014, the banking sector is poised to create big career opportunities in the near future"

"With only less than 30% of the Indian population having access to bank accounts, top banking firms are looking to expand and venture into the untapped rural markets that have so much potential to boost growth and profitability", he 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.

"Along with new banking licenses, the reason can also be attributed to the large numbers of retirements that banks will witness during this year and the next," Saksena added.

According to the Manipal Academy for Banking, about 400,000 people applied for jobs in public and private sector banks last year. Of these while public sector banks hired 60,000-70,000 candidates, and the private sector hired another 40,000.

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