India’s state-run lenders step up hiring of personnel

A study revealed that state-run banks would need 500,000 employees over the next 10 years to maintain their competitive edge.

There is good news for those entering the job market and if your choice is financial services, the chances are that you may land a job with a state-run bank.

Faced with a staff crunch due to a combination of factors including retirement, state-run banks plan to hire more than 200,000 employees including officers, clerks and sub-staff up to 2013.

Leading the pack is the country's largest lender State Bank of India (SBI). SBI plans to hire 33,050 employees. Out of this, 5,400 are vacancies for officers and 25,900 for clerks and the rest for sub-staff. The other banks in the top hiring category include Bank of India, Punjab National Bank, Bank of Barodaand Central Bank of India.

The total vacancies for officers in state-run banks during the period 2010-2013 is estimated at 85,602 and for clerks at 99,674. The number of vacancies for sub-staff during this period is estimated at 26,346. State-run banks are faced with huge staffing challenges. Some estimates say that more than half of employees in these banks are expected to retire by 2012 stretching the banks capacity to service its customers.

A survey has showed that state-run banks would need nearly 500,000 employees over the next 10 years and public sector banks need to manage their employee needs and staff costs to maintain their competitive edge.

A meeting of state-run bank chiefs convened by the finance ministry on Tuesday reviewed the progress of recruitment in state-run banks. Most of the banks are on course with their recruitment.

View the full story in The Times of India.