As many as half a million jobs are likely to emerge across the banking sector as the economy rebounds on the growth path and the Reserve Bank of India (RBI) gets set to issue new banking licences.
In a huge turnaround for a sector that was the worst hit in the global financial crisis, RBI has also started giving its approval to foreign banks to set up shop in India.
Industry experts said the job rush could begin as early as in the next 12 to 18 months.
Rabo Bank and Goldman Sachs have got the central bank's approval, while several others such as Morgan Stanley, JP Morgan are waiting.
Human resource firms said that banks wishing to set up shop in India have initiated a preliminary talent hunt already. The existing foreign players in the sector such as Citibank and HSBC have chalked out their expansion plans.
"The broad strategy of banks that wish to set up shop here would determine their recruitment strategies," Deepak Verma, chairman, Sheffield Haworth, a financial services executive search major told Hindustan Times.
Verma said that the high growth prospects of the domestic market are driving the banks and other financial sector firms to embark on a major recruitment drive. Verma said the large scale hiring would begin from end of the year.