INSUBCONTINENT EXCLUSIVE:
State-owned Bank of India has also received board approval to recruit 1,300 apprentices in phases
Photo: Wikimedia Commons3 min read Last Updated : Sep 29 2024 | 2:02 PM IST
Several public sector banks are hiring apprentices for the
first time through their apprenticeship programmes to improve customer relations in semi-urban and rural areas, amid a gradual decline in
the workforce over the years.
Recently, Union Bank of India, Canara Bank, and Indian Overseas Bank announced that they would recruit 500,
3000 and 550 graduates, respectively under a year-long apprenticeship programme for a stipend of up to Rs 15,000
According to executives from these banks, they are hiring apprentices for the first time.Click here to connect with us on WhatsApp
Bank
of India has also received board approval to recruit in a staggered manner 1,300 apprentices, who are likely to be deployed in customer
(apprenticeship) programme focuses on deploying apprentices in semi-urban and rural branches to enhance customer relations
CEO, Canara Bank.
While there is no obligation on banks to absorb them on completion of their programme, the experience gained is
expected to help apprentices get opportunities in the financial sector in the future, said a senior executive from a public sector
customers such as senior citizens, and share the workload of bank employees who are under pressure, he said.
They will be mostly
recruited in their hometowns where they will help provide better services, he said.
The move is in line with the government's Apprentice
strength of 30 or more to engage apprentices in a band of 2.5 per cent to 15 per cent of their total staff strength (including contractual
Head, TeamLease Degree Apprenticeship.
Mahanta said that apprentices are also involved in various functions such as recovery, collection,
areas provide apprentices with hands-on experience, enabling them to develop essential skills while contributing to key operational aspects
at a time when their workforce is reducing gradually every year
Since FY14, such banks cumulatively have seen a reduction of 96,134 employees while the employee strength of their private sector peers has
jumped 2.8 times.
According to the latest data by the RBI, state-owned banks had an employee strength of 764,679 at the end of FY24,
while private sector banks employed 846,530 people
In FY14, state-owned banks had 842,813 employees against 303,856 in private banks
During this period (FY14-FY24), the number of state-owned banks has decreased to 12 due to mergers, while the total number of private sector
banks stood at 21.First Published: Sep 29 2024 | 1:08 PMIST
