Banking Expansion May Create Up To 20 Lakh New Jobs: Experts

“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,” Randstad India & Sri Lanka CEO Moorthy K Uppaluri said.

Enthused further by the Government’s financial inclusion plans to expand banking into rural areas, Uppaluri said, “With only less than 30 per cent 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.”

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 Manipal Academy for Banking, about 4 lakh people applied for jobs in public and private sector banks last year.

Of these, while public sector banks hired 60,000-70,000 candidates, private sector hired another 40,000 job aspirants.

Looking at the recent trends, experts are of the opinion that hiring in the sector is expected to happen across regions with lower tier cities to be one of the biggest beneficiaries.

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