 "Bank employee")
The employee base of private sector banks, at 745,000, is only a few thousands away from that of public sector banks (PSBs), which reported a headcount of 756,000 as of March, 2023. If the trend continues in the current financial year (FY24), the tally of employees working with private sector banks may surpass that of PSBs by March 2024.
The Reserve Bank of India (RBI) data showed that the talent pool of private lenders had grown at a fast clip, keeping up with expansion in network and growth in asset base. In contrast, PSBs saw gradual contraction in their employee base, mostly on account of retirements and some attrition.
This came despite state-owned lenders being on a drive to induct more hands as replacements and fill new roles in risk, analytics, IT and digital functions.
Even the profile of PSB employee additions is changing. While total employees working with PSBs are falling over the years, the number of those in officer’s grade has risen from 386,000 at the end of March, 2020, to 397,000 in March, 2023. Those employed as clerical staff declined from 277,000 in March, 2020, to 257,000 in March, 2023.
But, the hiring by small finance banks (SFBs) has been in high gear. The tally grew over three-fold in the past five years to 134,000 as of March, 2023, from 38,198 in March, 2018.
