Banks have planned to recruit almost 7.5 lakh people in the next five years

By | March 29, 2011

Recent press reports said that banking sector has planned to recruit about 7.5 lakh people in the next five years. There is also a critical shortage of middle management because of increase in retirements which are to come up. This will ensure that the bank has enough people to offer services in sections like bank deposits, international banking, loan sections (home loan, personal loan, educational loan) etc.

Mr M. Balachandran, Director, Institute of Banking Personnel Selection (IBPS), is one of the persons who play a key role in helping banks bridge this gap.

On realizing the hectic process in recruitment, the banks have decided to adopted new methods in recruiting employees. The banks have decided to bring a system that will identify candidates on the basis of their cognitive ability.

They would like to bring a kind of common admission test on the lines of CAT or GMAT which will tell the banks that the candidate has qualified and can compete on the basis of his scores. These scores will be valid for a year and banks that have vacancies can attract suitable candidates who have qualified through this exam. It is for the banks to prescribe the minimum eligible criteria and use the scores accordingly.

This will help banks fine tune their recruitment process and save both time and money. The Indian Banks’ Association has also written to banks asking them to adopt it and extend support for the conduct of the exams.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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