Undeterred by the economic downturn and lower sales volume, state-owned banks and the Life Insurance Corportaion (LIC) have initiated steps for recruitment of around 45,000 people in the current fiscal year.
Public sector financial institutions have embarked on a hiring spree at a time when even leading private and foreign bankers are realigning their divisions and cutting down staff strength to face the difficult times.
LIC plans to strengthen its work-force by adding 10,000 people by March, 5,000 in marketing and the rest in administration, LIC’s Managing Director, AK Dasgupta said.
"Slowdown in the market will not pose any hurdles for LIC to strengthen our team as the corporation is on an ambitious expansion mode,” he told PTI.
The insurance major, which has a 78 per cent market share in terms of total premiums, has already kicked off a recruitment drive to strengthen its marketing team.
The country’s largest bank, the State bank of India, plans to hire about 20,000 clerical staff and 5,000 supervisory staff by the end of 2008-09.
Punjab National Bank will hire 2,000 persons with "specific skills" in the next four months, its Chairman and Managing Director K.C. Chakrabarty said, signalling an upbeat mood.
“I require people for the credit, treasury, corporate communication and marketing,” he said. PNB has also announced plans to hire 377 managers and officers. “Twenty per cent (of profit growth)... That's what we will be able to maintain (in this financial year),” he said.
Other major public sector banks, which have huge hiring plans include Union Bank of India, Bank of Baroda, Indian Overseas Bank and Bank of India. (See Table).
Chakrabarty said the next fiscal year could see more hiring in PNB to replace retiring employees.
SBI and associates are also hiring more than 4,200 employees for its six associate banks and 1,300 customer relationship executives on contract.