Four small-finance banks in India are reportedly planning to hire up to 5,000 people by March this year.
According to the Economic Times report, AU Small Finance Bank, Suryoday, ESAF Small Finance Bank and Ujjivan Small Finance Bank are planning to hire new people in smaller towns.
The recruitment process is said to have been accelerated to support their branch expansion plan, currently in the final stages.
Bank hiring details
In the next three months, AU Small Finance Bank is planning to recruit 1,500 people while Ujjivan will add 600 people to its workforce.
ESAF and Suryoday are expected hire 500 and 200-250 people, respectively.
The small finance banks have expanded their business to include new offerings, a step which now requires them to bolster employee strength.
Currently, these banks provide two-wheeler loans, home loans and SME financing among other services.
Human resources services company TeamLease told the Economic Times that the new recruitment drive will include freshmen as well as experienced employees.
Most of the jobs will be in branch management, analytics, investor relations and operational risks.
Last month, it was reported that major state-owned lenders including SBI, Bank of Baroda, Canara Bank and Syndicate Bank are planning to double their hiring plan this financial year in a bid to support digital transformation.
The reports of Indian banks embarking on hiring spree comes at a time when most of the global banking companies are closing branches and axing jobs to focus more on online banking.