Money & Banking

Plenty of jobs coming up soon in banks, says Bhasin

Our Bureau Visakhapatnam | Updated on March 16, 2011

Mr T.M. Bhasin, Chairman and Managing Director of Indian Bank, (right) with Mr M.V.V.S. Murthy, Chairman of Gitam, after the inauguration of Dr. Yellapragada Subbarao Bhavan on the campus of GITAM University in Visakhapatnam on Wednesday.   -  The Hindu

Indian banks need trained personnel in large numbers in the next five years or so, as many of those who joined nationalised banks in the seventies are on the verge of retirement, according to Mr T.M. Bhasin, the Chairman and Managing Director of Indian Bank.

Delivering a lecture, Indian Banking — Opportunities and Challenges, at GITAM University here on Wednesday afternoon, after inaugurating a branch on the campus, he said: “Today, Indian banks employ close to a million people and they will require at least 10-12 lakh trained personnel in the next five years or so, as the average age of employees in the public sector banks is 50. Many of them have been recruited in the seventies and the next two years will see most of them retiring. Approximately, 60-80 per cent of the senior executives and 30-50 per cent middle managers will retire. Banks will need to recruit at least an additional seven lakh persons. Therefore, the youngsters have a great chance of joining the banks.”

Mr Bhasin said the insurance industry would also require trained manpower on a large scale. It was growing at a very healthy rate after it was opened to the private sector. On the technology front, he said, banks in India would now have adopt a system of business process re-engineering to change their business processes, delivery models and also information processing systems. They would have to develop new process manuals and train personnel to use the new systems effectively. It would free staff for performing front-office functions.

He said customer relationship management was another area banks would have to focus on, with the help of information technology. It would play a great role in identifying the best customers and retaining them, he added.

Quoting Mr Bill Gates — “Banking is necessary, but banks are not” — he said, banks in the next generation should aim to serve the customer by making products and services under one umbrella. That umbrella should serve the customer from birth to death.

Banks should also focus on financial inclusion and reaching the rural households, he added.

Mr M.V.V.S. Murthy, the president of GITAM; Dr Harinarayana, pro vice-chancellor; and Mr V. Ramagopal, the Executive Director of Indian Bank, also spoke.

Published on March 16, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor