Jobs bonanza: SBI, BoB, other PSBs to soon hire 100,000, offer fancy pays

Looking for a career in the banking sector? In a bid to accelerate their digital transformation and adoption of new-age banking practices, public sector banks (PSBs) are looking to hire as many as 100,000 people by 2019. PSBs like Bank of Baroda, Canara Bank, State Bank of India (SBI) and Syndicate Banks are in the process of doubling their hiring plans, ET reported.

Even as the PSBs struggle with the weight of non-performing assets, they are hunting for new-age talent for an image makeover. Traditionally, these banks mainly hire personnel at positions like the clerk, management trainees and probationary officers.

However, with the state-owned banks turning competitive, they are now tapping talents across the hierarchy with specialised functions such as wealth management, analytics, strategy, digital and customer services.

Fancy job profile with boasting salary package

The new-age talent will be alotted designations like chief ethics officer, chief marketing officer, chief investment officer, chief learning officer, head of analytics and digital marketing campaigner. Recruits will be offered a fancy salary package, which could go as high as Rs 5 million a year.

Syndicate Bank is recruiting 500 people this financial year, according to ET. "We need a new type of manpower as they will be put in new areas like digital marketing and stressed asset recovery," Mrutyunjay Mahapatra, CEO, Syndicate Bank said.

But, according to TeamLease, the PSB recruitment drive is being spearheaded by the country's largest lender, SBI. Besides fresh hiring, the bank is also looking to appoint 5,000 people through lateral hires in preparation for the potential business expansion on the cards over the coming quarters.

Bank job - a dream for millions

The popularity of bank jobs among job aspirants can be seen by the huge numbers who appear for the recruitment exam. The banking sector is one of the biggest recruiters in the country, and many young aspirants look forward to working in this sector. In May 2018, when SBI invited applications for around 10,000 posts at junior as well as probationary officer's level, it received as many as 2.6 million applications. 97.5 million applied for 2,000 probationary officers' posts and over 1.66 million people applied for 8,300 posts at the clerical level.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel