State Bank of India, the country’s biggest lender, would be hiring about 2,000 junior-to-mid-level executives over the next six months as the lender looks to capitalise on the potential to grow rural lending and fee-based businesses when peers are being held back by the risks posed by Covid-19 on incomes, the Economic Times reported citing two people familiar with the plans.
The lender will recruit people with experience in rural and agriculture through its newly set up microfinance vertical. Also, hiring will take place in sales and call centres, expanding the unsecured credit card business which many banks are wary of doing when employment is uncertain in many industries.
“Besides the normal replacement recruitments, the bank plans to hire 400 for the newly-formed financial inclusion vertical,” the publication quoted a senior SBI official as saying.
Worth mentioning here is that SBI created a separate vertical to focus on financial inclusion and micro markets (FI&MM) earlier at the beginning of June.
SBI Cards, which was listed a few months ago, is now gearing up to expand its reach in the interiors as private banks which are big in credit cards are mostly concentrated in metropolitan and urban areas. The company is now planning to hire about 1,500 people across sales and call centre verticals.
While some will be mid-level executives, junior employees would be more of feet-on-the-street sales people with an average salary of about Rs 15,000-25,000 a month.