SBI to hire 10,000 new employees in FY25 to enhance efficiency

PTC News Desk: The State Bank of India (SBI), the country’s largest lender, is set to recruit approximately 10,000 new employees during the current financial year. This initiative aims to address the bank’s general banking requirements while enhancing its technological capabilities.

As part of its strategic focus, SBI has made substantial investments in technology to ensure seamless customer service and bolster the resilience of its digital channels. The bank recognizes that evolving customer expectations and rapid technological advancements necessitate a robust workforce capable of meeting these challenges.

Investment in Technology and Workforce Expansion

In a recent interview with PTI, SBI Chairman C.S. Setty highlighted the bank’s commitment to strengthening its workforce across both technological and general banking sectors. He stated, “We are strengthening our workforce, both on the technology side as well as on the general banking side. We have recently announced around 1,500 technology positions, both at the entry level and at slightly higher levels.”

Setty elaborated that the recruitment efforts will focus on specialized roles, including data scientists, data architects, and network operators. “We are recruiting them for a variety of jobs on the technology side,” he noted, emphasizing that the overall requirement for the current year would be around 8,000 to 10,000 employees, with hires in both specialized and general positions.

As of March 2024, SBI’s total staff strength stood at 232,296, with 110,116 officers employed by the bank.

Continuous Capacity Building and Reskilling

Addressing the importance of capacity building, Setty explained that it is an ongoing exercise. The bank is dedicated to reskilling and upskilling its existing workforce to meet the changing needs of customers effectively. “Customer expectations are changing, technology is evolving, and digitalization is widely adopted. Therefore, we are constantly reskilling our employees at all levels,” he said.

In addition to general reskilling initiatives, SBI also offers specialized upskilling programs in niche areas to ensure that its workforce can provide superior banking experiences to its customers.

Network Expansion Plans

On the topic of network expansion, Setty revealed that SBI plans to open 600 new branches across the country within the current financial year. As of March 2024, SBI operates a network of 22,542 branches nationwide.

“We have strong branch expansion plans… This would be mainly focused on emerging areas. A lot of residential colonies are not covered by us. Around 600 branches is something we are planning in the current year,” he stated.

In addition to its extensive branch network, SBI serves its customers through 65,000 ATMs and 85,000 business correspondents, further emphasizing its commitment to accessibility.

Commitment to Stakeholders

With a customer base of approximately 500 million, SBI prides itself on being “the banker to every Indian, and, more importantly, to every Indian family.” Setty expressed his ambition to transform SBI into the best and most valued bank, not only from a shareholder perspective but for all stakeholders involved.

“It could be my customers, it could be our shareholders, it could be the larger ecosystem — the society, the institutional framework — all the stakeholders should be saying that this is the best bank to deal with,” he added, underscoring SBI’s commitment to excellence and service.

In summary, SBI’s strategic initiatives for recruitment and network expansion are aimed at enhancing its service quality and technological capabilities, ultimately striving to provide an unparalleled banking experience for its customers.