Private Banks Shell Out Hikes, 40,000 New Jobs In Pipeline

BANGALORE: The stiff competition in the Indian bank sector are storming up a host of new payments banks that are making employees of traditional banks envious, while employees of different private lenders are happily depositing fat paychecks, reports Hindustan Times.

According to industry estimates, the ingress of these new banks is also expected to dole out 40,000 new jobs within the next three years. Moreover, ICICI Bank, India’s largest private sector lender has generously offered annual hikes to its employees typically in the double-digits.

Although the banks yearly appraisal process has come to an end, HDFC Bank and Axis Bank are set to finish the exercise by the end of May. The Executives of both banks affirmed that they are willing to make a handsome raise for the employees which are likely to consist in double-digits. Alongside several added perks which include employee stock ownership plans (ESOPs), flexible working environment and promotions, the bank is said to have around 65000 staffs. “The appraisal process is over and most employees have been rewarded adequately and given good hikes.” said a senior ICICI Bank executive.

An Axis Bank executive also cited that the final “letters” will be received by the end of month.

“The increments would be good especially as the performance of the bank has been very good as well,” he said. Analysts predict that with the arrival of new banks there is a possibility of extensive plunder from existing lenders in both public and private sectors.

Although Reserve Bank of India has not hinted on the number of licenses it is willing to give out, a minimum of 25 new banks is expected to come up.

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