Director, Bank

Current and Future Growth of BFSI Sector in IndiaThe BFSI industry is one of the fastest growing sectors in the country. Public Sector Banks (PSB) and Non-Banking Financial Companies (NBFC) have been the leading employers in the Indian banking sector, accounting for more than 73 percent employees. PSBs are much ahead of Private Sector Banks in expanding overseas presence, accounting for over 90% of 171 overseas branches as of FY13.Banking credit is expected to grow at a CAGR of 17 percent during 2012-13 to 2016-17. The banking and NBFCs are expected to generate around 1.5 million new jobs between 2013?14 and 2016?17 on account of business expansion, retirement primarily in PSBs and entry of new banks in the private sector. The sector currently employs over 2.55 million employees and is slated to employ more than 4.2 million employees by 2022. This implies additional creation of 1.6 million jobs in the nine-year period. Keeping in mind the current employment, and the expected growth in the Banking and NBFC, we project that the total employment in the particular segment would increase from about 1.89 million in 2013 to 3.2 million jobs in 2022, which translates to an incremental human resource requirement of about 1.3 million jobs. It is estimated that during 2010-2015, 80% of GMs, 65% of DGMs, 58%of AGMs and 44% of CMs would have retired. By 2020, PSBs would have more than 75% of senior management (AGMs and above) positions vacant. All these factors mean that there will be a huge demand of Director, Bank across towns and cities in India.