According to data from the Reserve Bank of India, Indian banks hired the most people in a decade in fiscal year FY23, with the addition of 1,23,000 new employees.
Every working day in 2023, the top 15 private banks in India will hire an average of 350 people. Over the last year, these banks experienced an average attrition rate of 11%, resulting in 70,000 replacement hires.
Axis Bank is expected to increase its workforce by 7-8% in the current fiscal year. Furthermore, in the first half of the fiscal year, HDFC, ICICI, and Bandhan Bank collectively added 40,000 employees. Based on these trends, the banking industry is on track to break the previous year’s record and possibly set an all-time high in terms of headcount growth.
According to the RBI data, Indian banks hired 1,23,000 new employees in the previous fiscal year (FY23).This hiring trend is expected to continue in the current fiscal year (FY24), particularly among private banks, which are actively recruiting across various roles to expand their presence into tier 3 cities and rural areas. The largest annual increase in bank staffing occurred in FY11, with 1,25,000 new hires, followed by 1,24,000 in FY12.
Regional banks have grown, resulting in a 61% increase in net headcount in FY23 over the previous year. The total number of employees increased by 7.4% year on year, reaching 1.76 million. This expansion was aided by leading private banks such as HDFC, ICICI, Axis, Kotak Mahindra, IndusInd, IDFC First, Bandhan, and AU Bank. Notably, due to higher attrition rates, roles such as relationship managers and branch network staff saw increased demand.