Indian banks have 40,000 job vacancies

Indian public sector banks need to fill in vacancies caused by business expansion, resignations and retirements.

Data from Department of Financial Services reveals that the State Bank of India group has 19,000 vacant positions, followed by mid-size banks like Syndicate Bank and Central Bank of India, which have over 3,000 vacancies each.

"Retirements and opening of new branches and business growth are the key reasons for these vacancies. Branch expansion is happening at a much faster pace than the selection process. Banks are trying to fill these posts but getting the right talent is a challenge," said the chairman of a state-run bank in a report in Business Standard.

Another top banker said, "Recruitment in public sector banks is a continuous process. The entire selection process handled by the Institute of Banking Personnel Selection (IBPS) takes a long time. Too many vacant posts and delay in recruitment affects growth and performance of banks to some extent."

Indian Bank, UCO Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Bank of Baroda and Union Bank of India also have over 1,000 vacancies each.