Over 8 lakh new jobs up for grabs in PSUs, banks in six years

Soaring Hopes: 8 lakh new jobs   

AT A time, when the private sector is almost freezing hiring new staff and the Government not recruiting on regular basis, the PSUs including the banking sector are expected to recruit in a big way. There is literally no job freeze in this booming sector. Public and private banks are likely to create around...

800,000 jobs in the next six years. An Associated Chambers of Commerce & Industry (Assocham) study (Job generation in Bank) released in Mumbai on Wednesday says the job creation will be mainly on account of expansion of new branches, opening of new banks and superannuation of existing staff. 26 public sector banks alone are going to hire 50,000 employees during this fiscal and 20 private sector banks, regional rural banks and foreign banks may recruit over 50,000 staff during this period.

Thus, hiring in the banking sector in the current fiscal is likely to cross 100,000, says the study.
During 2012-13, public sector banks had hired around 63,000 personnel. State Bank of India (SBI) alone hired 20,000 clerical staff and 1,200 officer-level employees, reveals the study. 22,000 officers and 20,000 clerical staff were recruited by other public sector banks. These banks are likely to expand their delivery channels by opening about 8,000 new branches during the current fiscal.

Apart from this, if the Reserve Bank of India (RBI) issues fresh licences by the end of current fiscal, new private players will join the banking sector in the next financial year. It will further create demand for additional 100,000 professionals across various segments.

Not only banks, according to a media report, railways, Food Corporation of India, Indian Ordinance Factories, Bharat Coking Coal and many other PSUs will hire over 1 lakh people over the next few months. Accountants, engineers, law graduates, technicians and general category officers are the main jobs. This is due to retirement of many staff in these PSUs.