New Banking Licenses To Create Jobs For Freshers: Experts

In the wake of the new banking licenses being issued by the government, experts believe that the BFSI sector will generate abundant jobs as high as 20 lakhs over the next 5-10 years. According to TimesJobs.com RecruiteX data the year 2014 began with a rise in demand (6%) but experienced a slump in February and March 2014.

This is set to change, as the next couple of months will witness better opportunities for freshers and senior leadership positions in the BFSI sector. Recently, the RBI issued banking licenses issued to IDFC, an infrastructure finance firm, and Bandhan Financial Services, a micro-lender to the underprivileged. “The BFSI sector is all set to strengthen the system and poised to create great career opportunities in the near future,” says Srikanth Rengarajan, executive director and president operations, ManpowerGroup India.

The industry will witness a lot of fresher hiring, believe experts. Employment for freshers will receive a boost from the public sector banks as well. “A large number of the workforce will retire over the next 5-10 years, which will create opportunities for freshers. As a result, these new banks will be primarily looking at fresher hiring, including in rural areas,” says Rengarajan.

For the time being, however, they will focus on leadership hiring for putting processes in place in the new banks. “The initial focus will be on leadership hiring across consumer banking, corporate banking, transaction banking, global markets and support functions,” he adds.

Roles in demand

The setting up of new banks will open up a plethora of opportunities for people at all levels, some of these roles are:

• Entry level officers and clerical roles in public sector will see the highest intake.
• Candidates in client-facing and client-servicing roles will be in demand
• Besides direct hiring, expansion in the banking sector will create job prospects for various support functions
• Requirement of staff for branches, as well as for functions such as operations, IT, risk management, compliance
• The new licenses will also give rise to a lot of backend jobs, including those in processing, outsourcing to third parties and the likes

According to Jobbuzz.com data, the popular job roles in the BFSI sector include retail banking, operations, branch banking, technology, credit, risk and treasury.

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