In an exciting development, the State Bank of India (SBI) has announced its plans to hire a whopping 10,000 engineers in the upcoming fiscal year, which will make up approximately 85% of their new recruits. This news was shared by the chairman of SBI, Dinesh Khara, on Thursday.
Khara elaborated on the hiring process, revealing that around 11,000 to 12,000 individuals are currently in the midst of the hiring process. While these individuals are considered general employees, SBI has implemented a unique system where approximately 85% of their associates and officers are engineers. Initially, these engineers are given exposure to the banking sector to gain a better understanding, after which they are channeled into various associate roles, with some being directed towards IT positions.
Furthermore, Khara emphasized that SBI is actively seeking new employees with technology skills. This indicates the bank’s commitment to enhancing its technological capabilities and staying at the forefront of innovation in the banking industry.
The majority of the new hires will join SBI as business associates, while approximately 2,006 candidates will be designated as probationary officers. Additionally, SBI is open to recruiting specialist candidates to support the development of its information technology infrastructure. It is worth noting that SBI’s employee base in FY24 stood at 2.32 lakh, a slight decrease from the 2.35 lakh reported in March 2023.
In addition to the hiring spree, SBI has ambitious plans for the upgraded version of its Yono application. Khara revealed that the bank intends to launch the first phase of Yono 2.0 in July. This new version will feature a more modular design and hyper-personalization features, aiming to enhance the overall user experience. Currently, the Yono mobile application boasts an impressive user base of over 60.7 million individuals.
Khara acknowledged the significant investment, both in terms of time and money, required for the development and upgrade of Yono 2.0. However, he assured stakeholders that the bank is committed to this project, and the first phase will be rolled out as planned in July.
It is worth mentioning that SBI has made provisions totaling Rs 15,877.09 crore to meet the 17% wage hike provision agreed upon during the twelfth bipartite settlement between the Indian Banks’ Association and bank unions in FY24.
In a bid to expand its reach, SBI has set its sights on opening 300 new branches in FY25. This marks a significant increase compared to the 140 new branches added in the previous fiscal year, showcasing the bank’s commitment to expanding its presence and serving a wider customer base.
With these ambitious plans in motion, SBI is poised to strengthen its workforce, enhance its technological capabilities, and offer an even better banking experience to its customers.