HomeBusinessIndian banks set 10-year record with 123,000 hirings in FY23

Indian banks set 10-year record with 123,000 hirings in FY23

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India Ratings Sees Banks' Core Capital Needs At Rs 91,000 Crore
  1. Indian banks experienced a notable surge in hiring during FY23, reaching a decade-high in recruitment, and are poised for further growth in headcount in FY24.
  2. Private banks are leading this recruitment drive, emphasizing expansion into tier 3 cities and rural areas, particularly in customer-centric roles and technology functions.
  3. The increase in retail credit demand and housing, coupled with heightened credit intensity in the economy, has prompted a shift among private banks from digital-centric approaches to traditional branch network expansion.
  4. Robust hiring, high attrition rates within private banks, averaging at 11%, have triggered significant replacement hiring and the creation of bench positions to address vacancies.
SourceTOI

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