Thousands of Vacancies in Indian Banking Sector

The Indian public sector banks like State bank of India, Union bank of India, Bank of Baroda etc. are facing manpower crunch as thousands of employees who were recruited in the mid- to late-1970s will be superannuating in the next few years. The manpower crunch in the banking system, depending on productivity improvements, is estimated to be anywhere between 4 lakh and 7 lakh over the next 10 years, according to Mr M. V. Nair, Chairman and Managing Director, Union Bank of India. There was a recruitment freeze for the better part of the 1990s. Hence, there is a fear of vacuum at the mid- management level. In the year 2010, the Institute of Banking Personnel Selection (IBPS) helped public sector banks fill 48,000 vacancies and in the year 2011 the scenario is going to be no different, according to Director of the Institute, Mr M. Balachandran. Given the huge demand for manpower over the next few years, the Institute is planning to offer ‘jobs-ready' candidates for the banking system. The Institute will take care of pre-placement training of the selected candidates on behalf of banks.

Indian public sector banks will be recruiting thousands of candidates in the year 2011.

* Union Bank of India is planning to recruit about 3,400 personnel in FY12 to take care of separation due to superannuation and attrition.

* State Bank of India, according to its Chief General Manager Mr A. K. Garg, is planning to boost its workforce by about 7,000, against 23,000 last year.

* BoB is planning to augment its workforce by about 4,500 in the current fiscal, said Mr Mallya, who is also the Chairman of the Indian Banks' Association.