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Banking, financial services need 1.6 million skilled workers by 2022: Report

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New Delhi: Banking, financial services and insurance (BFSI) sector in India will need an additional 1.6 million skilled workforce by 2022, the National Skill Development Corporation (NSDC) has estimated.

“The BFSI sector is expected to create additional employment of over 1.6 million during 2013-2022,” NSDC said in its report.

The report pointed out that considering the low levels of banking penetration, expansion through branches and business correspondents (BCs) is likely to generate significant employment opportunities in the sector.

So far, public sector banks (PSBs) have been the leading employer in the country’s banking sector, accounting for more than 73% of the hirings.

As the focus shift towards customer-facing and sales profiles, the industry has witnessed a surge in entry-level hiring, which is expected to sustain the sector’s growth.

The report further states that the country saw a mix of public, private and foreign banks impart stability and growth in the banking ecosystem while the network of non-banking financial companies (NBFCs) complemented banks in a huge way.

The sector saw increasing use of alternative channels, such as ATMs, mobile and internet banking, which have added to the incremental human resource requirement in the sector.

With high disposable income, the banking sector recorded double digit growth in excess of 15 per cent in each of the last five years, according to the report.

At present, back office and transaction processing profiles constitute a majority of the existing roles in the banking sector.

“Industry needs to provide additional training to its employees so as to enable them to scale up to the changing trends,” NSDC MD & CEO Dilip Chenoy said.

The report states that corporate banking, retail banking, treasury, finance, technology and human resource will increasingly require staff with relevant aptitude.

Banks also need to hire specialists to increasingly match the evolving business context.

PTI