SBI plans to hire 10,000 employees this fiscal year
What's the story
The State Bank of India (SBI), the country's largest lender, has announced plans to recruit approximately 10,000 new employees in the current fiscal year. This initiative is aimed at meeting its general banking needs and enhancing its technological capabilities. The bank has made significant investments in technology to improve customer service and bolster the robustness of its digital channels.
Recruitment details
Recruitment drive targets both tech and banking sectors
SBI Chairman C S Setty, in an interview with PTI, stated that the bank is bolstering its workforce in both technology and general banking sectors. He revealed that they have recently announced the recruitment of around 1,500 technology professionals at entry and slightly higher levels. The roles include data scientists, data architects, network operators among others.
Workforce statistics
Total staff strength and future expansion plans
As of March 2024, SBI's total staff strength stood at 232,296 with 110,116 officers on the bank's payroll at the end of the last fiscal year. Setty also highlighted that capacity building is a continuous process for the bank. He emphasized their commitment to reskilling and upskilling existing employees to meet evolving customer needs, due to changing technology and widespread digital adoption.
Network expansion
SBI to open 600 new branches across India
In addition to workforce expansion, SBI is also planning to open 600 new branches across India in the current fiscal year. This move is part of their strategy to extend their reach in emerging areas and residential colonies not yet covered by their network. As of March 2024, SBI had a network of 22,542 branches nationwide.
Customer base
SBI's extensive customer reach and future aspirations
SBI serves approximately 500 million customers through its vast network of branches, 65,000 ATMs, and 85,000 business correspondents. Setty expressed pride in SBI being the banker to every Indian family. He also shared his ambition to transform SBI into the most valued bank from all stakeholders' perspectives - customers, shareholders, society at large, and institutional framework.