In good news for recent graduates, banks are planning to hire apprentices under the age of 25 in the coming month. This initiative aims to offer great job opportunities for young people looking to start their careers.
According to Sunil Mehta, the Chief Executive of the Indian Banks’ Association (IBA), banks will offer a stipend of ₹5,000 per month to selected apprentices. These candidates will undergo training in specialized skills relevant to the banking sector. The program is part of a broader government initiative announced by Finance Minister Nirmala Sitharaman, which aims to provide internships at the top 500 companies for up to 1 crore youth over the next five years.
The new apprenticeship program is designed to address specific needs within the banking sector. Mehta explained that while banks may not require highly skilled manpower in every area, such as marketing and recoveries, they can still benefit from training young graduates. This initiative will not only help banks meet their staffing needs but also create job opportunities for young professionals.
Who Can Apply?
To qualify for these apprenticeships, candidates must:
- Be a graduate between the ages of 21 and 25.
- Not be a taxpayer.
- Not hold a degree from top institutions like IIT or IIM.
Potential Benefits
The apprenticeships will last up to 12 months. During this period, apprentices may also be assigned roles such as business correspondents, which involves taking banking services to underserved areas. Mehta assured that apprentices are not expected to “vanish” after their stint; some may even have the opportunity to become full-time employees.
Next Steps
The IBA has already met with the Secretary of the Ministry of Corporate Affairs to discuss the implementation of this scheme. Mehta mentioned that the program could be up and running within a month. While the exact number of apprentices to be hired has not been disclosed, all banks are expected to participate in this initiative. Government support will also be available to facilitate the program’s rollout.
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