Sumit Das (name changed), a senior executive currently working with a large multinational bank, is actively looking for a suitable post in one of the Indian private banks which have come into the fray only in the last two decades.
The country’s new private lenders such as IndusInd, Kotak, Axis Bank and Yes Bank, which have shown healthy growth in the last few years, have emerged as top workplaces for Indians, who until a couple of years ago have chased multinational jobs.
According to a Morgan Stanley study, private banks have gained 6.1% marketshare in the last four years.
While foreign banks post the 2007-08 global crisis have gone slow on innovation and expansion, these banks have expanded their business and branch network. “Foreign banks are losing their aura as best job spots and talent is switching to the private banks,” Ashivin Parekh, managing partner, Ashvin Parekh Advisory Services told HT.
Most importantly, the pay packages and incentives in these banks have become as attractive as foreign banks.
“New Indian banks attract the best talent and people are keen to join these banks, it is just a matter of time for these banks to come to the top in global ranking,” said Ronesh Puri, managing director, Executive Access (India).
“The fact that most employees with foreign banks have no contact with the headquarters is also a key reason,” Parekh added.