The banking sector may create 20 lakh new jobs in the next 5-10 years, thanks to new licences and the current thrust on financial inclusion in rural areas. Hiring may get a boost from the public sector banks, many of which need to hire fresh talent to replace the retirees. As per Randstad India, the banks will create 7-10 lakh jobs in the next decade, making them the top job creator in 2014. However, the estimates by Manipal Academy of Banking are much higher at 18-20 lakh new recruits in the next five years.
Besides contributing to direct hiring, expansion also helps in huge support job creation. According to Randstad, public sector banks may account for a bulk of this hiring with 5-7 lakh new jobs being created soon, as close to 50 % workforce at the lower and middle level will retire in this period. Enthused further by the financial inclusion plans to expand banking into rural areas, with than 30 % Indian population having access to bank accounts, top banking firms are venture into the untapped rural markets.