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Indian Banking Sector Jobs – 20 Lakh Jobs to Come in Next 10 Years

Monday, 10 February 2014

Indian Banking Sector Jobs – 20 Lakh Jobs to Come in the Next 10 Years: If you are preparing for a Banking Jobs, it’s golden opportunity for you. Indian Banking, Financial Services and Insurance (BFSI) sector is all set to create 2 Million Jobs in the next Decade. A very large number of Rural Bank jobs, Govt Bank Jobs, Private Bank Jobs, Insurance Jobs will be issued in the next years. We highly recommend candidates who are going to apply for Banking sector jobs, start prepare for Bank Jobs.

According to the experts, Banking, Financial Services and Insurance (BFSI) sector, which is currently valued at $1.31 trillion will create as huge as 20 Lakh Banks jobs in India. No doubt, there will be huge opportunities in India for the aspirants wants to make their career in Banking sector. Indian BFSI sector will become world’s third biggest in volume and employment by the end of 2025.

The most important observation which these experts make is that most of existing workforce in several nationalized banks will retire in the next 5-10 years. And these mass scale retirements will create a huge vacuum of banking and financial services experts.

Manipal Academy of Banking, in its study found that Indian banks and financial sector will need 18-20 lakh new hires in the next 10 years. As per their estimates, around 4 lakh people applied for jobs in BFSI sector last year, out of which public sector banks hired 60,000 – 70,000 candidates and private sector absorbed 40,000 applicants. And based on these estimates, 18-20 lakh new jobs shall be created in the next decade, if rural expansion plans of Government are forced into play.

Manipal Academy of Banking Director C S Thammaiah said, “Clearly, Tier 2,3 and 4 cities would be the biggest beneficiaries as most of the existing banks are looking to expand into these cities. Most of our partner banks have seen their per employee productivity going up and attrition coming down through a conscious effort of hiring from tier 3 and 4 towns,”

Randstad India & Sri Lanka CEO Moorthy K Uppaluri said, “With the new banking licenses, which are likely to be issued in the first half of 2014, the banking sector is poised to create big career opportunities in the near future,” He added, “With new banks being set up in Tier 2, 3 and 4 cities, there will be growing demand for business correspondents, sales executives and other banking professionals to reach out to the rural population.”

According to the Randstad, the biggest momentum in creating new jobs will arise from Mumbai, Chennai and New Delhi-Gurgaon-Noida region.