Mushrooming banks set to fuel jobs boom

With the RBI set to issue new licences to a host of private companies, around 50,000 jobs are likely to be created over the next two years in the sector, say analysts and headhunters. Mahua Venkatesh and Himani Chandna Gurtoo reports.

An imminent expansion in the banking sector could bring cheer to the otherwise sluggish job market.

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With the RBI set to issue new licences to a host of private companies, around 50,000 jobs are likely to be created over the next two years in the sector, said analysts and headhunters.

With the new banks deciding to focus on the retail business and not remain confined to corporate banking, their recruitment drives have begun to gather steam.

A range of jobs are expected to be up for grabs in banking covering segments such as retail banking, corporate sales, business development and wealth advisory.

"There will be large-scale recruitment for all those companies that get banking licence," a senior executive of a company planning to apply for a licence said. "But at this point, we cannot come up with estimates."

State-owned banks have created 60,000 new openings in the last one year.

"The banking sector is ripe with opportunities and there are lots of expectations from new licences," said Sangeeta Lala, senior vice-president at TeamLease, a staffing firm that supplies temporary workers to booming sectors.

With many strategies being still in the pipeline and the focus likely on rural penetration, the banking industry may see aggressive migration of talent between private and public sector banks.

"Companies prefer candidates with an average experience of 3-8 years for roles in retail banking and business development. To avoid talent crunch, we expect migration of talent within the banking industry," said Aditya Narayan Mishra, head, Randstad India, another staffing firm.