State Bank of India (SBI) is gearing up for a significant boost in its operations with plans to hire over 15,000 personnel in the fiscal year 2024-25. This move aims to augment the bank’s marketing efforts and support the expansion of its branch network across the country.
The recruitment drive will not only bolster the marketing force but also cater to the operational needs of SBI’s subsidiary, State Bank Operations Support Services, which commenced operations last year.
SBI, the country’s largest lender, is on track to open 300 branches in the current financial year, a substantial increase from the 139 branches opened in the previous fiscal year. Dinesh Khara, Chairman of SBI, emphasized the bank’s openness to hiring depending on its requirements. Additionally, the bank is in the process of recruiting 11,000-12,000 probationary officers across various categories this financial year.
Khara disclosed that a significant portion, around 85%, of the recruits at officer and associate levels would be engineers, though there is no bias in their selection. The new hires will undergo training in banking operations before being assigned to various roles, including deployment in the information technology segment.
Addressing queries regarding branch rationalization, Khara asserted that there is no intention of rationalizing branches. Instead, the bank aims to identify areas for expansion, considering India’s growth potential. SBI had 22,542 branches as of March 2023.
The operations support subsidiary has already recruited 8,000 individuals, primarily for semi-urban branches. Plans are underway to hire manpower for urban and metropolitan locations as well, with approvals in place. This structure aims to facilitate doorstep banking, bringing services closer to customers.
An official from the subsidiary revealed that the net annual intake exceeds 3,000 individuals, who are engaged in various functions such as due diligence, marketing, and documentation. Moreover, employees working with the subsidiary also contribute to back-office operations, marketing, and recovery efforts.
The subsidiary has demonstrated success in follow-ups and recoveries and is now expanding its coverage to urban and metropolitan centers. Most of the subsidiary’s employees are local residents, facilitating better customer outreach and reducing commuting costs.
While staff expenses are higher for those directly employed by the bank due to perks and allowances, working with the subsidiary incurs lower expenditures, providing SBI an advantage, especially in retail business operations.
In summary, SBI’s ambitious recruitment plans coupled with the expansion of its branch network and operations support subsidiary underscore its commitment to enhancing customer service and market presence in the coming fiscal year.
