Banks using foreign postings to hold back employees
With players like Shriram City Union, M&M Financial and Bajaj Finserve scrambling for about half- a dozen banking licenses likely to be issued by RBI, there may be a direct need for more than 7,000 skilled people. The demand for staff is also rising because state-run banks are on a record hiring binge for the first time in a decade, which could step up pressure to raise salaries even at the lowest levels. The Institute of Banking Personnel Selection said 20 public sector banks, excluding State Bank of India, will hire 22,415 officers and 32,453 clerks for branch expansion and to fill up vacancies created by retirement and attrition. SBI is independently hiring candidates to fill up 1,500 officer positions for which more than 17 lakh people have applied. In the battle for skills, banks such as Standard Chartered, JPMorgan Chase and Deutsche Bank, which have offices in London, Frankfurt and New York, are planning to use plum foreign postings to hold back employees as the Indian banking industry prepares for its biggest churn in nearly two decades with the arrival of new kids on the block.
Source: The Economic Times