Source: Times Now News
State Bank of India (SBI), the country’s largest lender, has announced plans to hire around 10,000 new employees in the current fiscal year, focusing on both technology and general banking roles. The recruitment drive comes as SBI looks to enhance its operational efficiency and expand its branch network across India, with a particular emphasis on emerging areas and residential colonies.
Key Recruitment Areas
The hiring will be split between specialized technology roles and general banking positions. SBI has already announced the recruitment of 1,500 technology professionals, including data scientists, data architects, and network operators, to support its growing digital infrastructure. This is part of the bank’s strategy to strengthen its digital channels and ensure seamless customer service.
The rest of the hiring will focus on general banking roles, aiming to address the growing demand for banking services and customer support across the country. By adding more employees in these areas, SBI aims to improve the overall customer experience and meet the evolving expectations of its massive customer base of around 500 million people.
Expansion Plans: New Branches and Enhanced Reach
In addition to its recruitment drive, SBI has announced plans to open 600 new branches during this fiscal year. This expansion will increase the bank’s reach, particularly in underserved residential areas. As of March 2024, SBI operated 22,542 branches and had a vast network of 65,000 ATMs and 85,000 business correspondents across India.
This expansion strategy is part of SBI’s goal to be “the banker to every Indian,” ensuring that its services are accessible to all, including those in remote and rural areas. The bank believes that expanding its physical presence will complement its digital services, providing customers with a comprehensive banking experience.
Emphasis on Digitalization and Employee Upskilling
SBI has been heavily investing in technology to enhance its digital capabilities. The bank is focusing on building a tech-savvy workforce that can handle the increasing shift towards digital banking. This includes reskilling and upskilling its existing employees to keep pace with the latest technological advancements and digital trends.
SBI Chairman C.S. Setty highlighted that reskilling is a continuous process within the bank, driven by changing customer expectations and the widespread adoption of digital banking. The bank is committed to equipping its employees with the necessary skills to provide superior customer service and meet the growing demand for digital solutions.
Financial Performance and Market Position
As of March 2024, SBI’s total workforce stood at 232,296 employees, with 110,116 officers on its payroll. The bank has seen steady growth in recent years, driven by its robust branch network and strong digital initiatives. In the first quarter of FY25, SBI reported a net profit of ₹17,035 crore, reflecting a year-on-year growth of 0.89%. The bank’s net interest income (NII) surged by 5.71%, indicating healthy credit offtake across various segments such as retail personal, agriculture, and small and medium enterprises (SMEs).
Overall, SBI’s recruitment and expansion plans are expected to further solidify its position as a leading player in the Indian banking sector, providing comprehensive services through both digital and physical channels.
SBI’s ambitious hiring plans and branch expansion reflect its commitment to strengthening its banking and technology capabilities. With a focus on both technological advancement and customer-centric services, the bank is poised to continue its growth trajectory and maintain its status as the nation’s premier banking institution.
This move not only creates opportunities for job seekers but also aims to enhance the bank’s ability to cater to the diverse needs of its vast customer base, making SBI a strong contender in the evolving banking landscape of India.
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