Here is a good news for people seeking Banking Jobs. The largest bank in the public sector, State Bank of India, is set to hire 10,300 new employees by the end of March 2019. Retirements and digitization have led to a reduction of around 15,762 employees at the country’s largest lender State Bank of India (SBI).
The Corporate Development Officer at SBI, Prashant Kumar stated in an interview that, “We are replacing only about 75% of the retirements that are taking place given the cost and operational efficiency helped by digitization and the merger process. This year, we plan to recruit 2000 Probationary Officer (POs) and 8300 clerical staff, of which 1100 are from the reserved category which is mandatory to recruit.”
Further, he added that a large part of the reduction is due to the retirement of about 12,000 employees and the 3500 employees from associated banks opting for voluntary retirement scheme post-merger.
After the merging of SBI with its five associates on April 1, 2017, about 3569 people had opted for VRS offered by parent bank SBI.
For the January to March quarter in FY18 on May 22, SBI reported a massive Rs. 7718 crore loss which is the second-highest loss witnessed in the banking sector. The total staff strength declined to 2,64,041 as of March end 2018 from 2,79,803 at the beginning of the financial year.
According to SBI’s investor presentation, a total of 18,973 employees retired while 3211 joined the bank between April 2017 and March 2018. This helped the bank save expenses on staff, which saw a decline of 2.34 percent in FY18.
Bank Chairman Rajnish Kumar credited the use of digitization and adoption of artificial intelligence, blockchain and technologies that helped improve the bank’s functioning. The bank is doing a complete revamp in the training of employees. The focus is on developing the leadership pipeline, improving and enhancing the skills, technology and innovation in the bank.
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