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Banking sector to create 20 lakh jobs

The banking sector may create up to 20 lakh new jobs in the next 5-10 years. Experts feel the sector is posed for expansion as the Reserve Bank of India is about to grant licenses to new banks and this will directly lead to creation of additional jobs in the sector. Besides, many of t he existing banks would have to recruit new hands as about half of the workforce is slated for retirement in the next few years. Besides direct hiring, there is scope for hiring in several support industries as banking expands in the country. Public sector banks could account for bulk of hiring as close to 50% of their workforce in the lower and middle-level functions will retire in this period. Meanwhile public sector banks hired 60,000-70,000 candidates and private sector hired another 40,000 job aspirants in 2013. Looking at the recent trends, experts are of the opinion that hiring in the sector is expected to happen across regions with lower tier cities to be one of the biggest beneficiaries.

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