ICICI Bank, India's second largest bank financial services provider, plans to employ up to 40,000 people annually over the next three to five years to meet the expected demand from the nation's booming banking arena, reports the Financial Times.
In an interview with the UK-based financial daily, K V Kamath, the chief executive and managing director of the financial giant, said that the bank would about 40,000 people a year because of the robust economic activity in India that is opening up new vistas for the banking and insurance sectors.
ICICI Bank currently employs 150,000 people.
The problem of talent shortage that faces the nation's infotech sector is also plaguing the banking, finance, insurance and manufacturing sectors too. The supply of talent is just unable to keep pace with the Indian economy's growth rate, causing a major shortage, said the daily.
FT said that India's banking industry has been registering at double-digit revenue growth over the past few years driven mostly by a boom in the consumer finance sector, following a rise in people's purchasing power.
Meanwhile, ICICI Bank has tied up with IT training company, NIIT, to set up a financial services training institute. NIIT chairman Rajendra Pawar, FT said, feels that India's banking sector alone might employ about 600,000 people over the next five years.
ICICI Bank has offered to recruit all the students of the first batch as officers upon successful completion of the programme, it added.
The banking industry currently employs 900,000 people and this number is expected to grow to 15,00,000 (1.5 million) over the next five years.
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