Indian private banks such as ICICI Bank, Axis Bank and new bank licensees including the forthcoming payments banks, will need about 200,000 new employees over the next two to three years as existing banks step up retail operations and the new ones build their bases. The growth in bank branches, especially in smaller towns and villages also underscore the need for increased hiring for different bank professionals, according to two large human resource firms who have typically been involved in recruiting for the banking sector.

The demand for such specialists is on a constant rise in the market,” said Makarand Khatavkar, group head, HR, Kotak Mahindra Bank, which hired 4,000 employees in 2015-16. Recent data from HR consultancy Randstad India says the total number of jobs expected to be added in the entire banking and financial services industry sector in 2016 is about 150,000, while expected job creation by small finance banks is about 20,000- 25,000 employees; about 15,000 will be needed by the upcoming payments banks.

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