With a number of new banks and payments banks set to enter the market, larger incumbent private sector lenders are facing a huge challenge in retaining talent.Banks such as ICICI Bank, HDFC Bank and Axis Bank are facing the brunt of employee attrition with Bandhan Bank launching operations last month and IDFC Bank set to take off next month.

According to Moorthy K Uppaluri, CEO, Randstad India, an HR consultancy firm, though some migration will happen from existing banks, the new entrants should look at newer pools of talent instead of creating a hole to plug another hole. “Banks should take a more strategic view to develop talent like the IT industry did during the Y2K.”

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