With this the bank should be able to cope...
up with the additional work load, feels SBI chairman Arundhati Bhattacharya. "I am trying to get a lot of technology to help my people so that they spend less of their time on activities that don't really need a lot of thinking and knowledge. For routine stuff such as cash counting we are bringing more and more machines," she was quoted as saying by a leading daily.
In a bid to absorb more technology to reduce manpower work, SBI plans to install cash deposit machines, which will reduce the use of teller counters manned by bank employees. It is also bringing in cash recyclers - where the ATM uses the deposited money for withdrawals. "These machines (cash recyclers) can recognise fake notes and impound them and credit your account lesser by that amount. We will be bringing in around 4,500 cash recyclers," said Bhattacharya.
Although the PSU banking industry is facing a manpower crunch shortage, the situation is particularly acute in state-owned banks where, according to an estimate by Mckinsey India, 75 percent of the top management or those above the assistant general manager grade are due to retire by 2020.
Another top SBI official was quoted as saying that in FY2015, SBI will recruit about 1,837 probationary officers and 5,400 assistants (clerical grade).
Last fiscal, the SBI's 7,600 staff members retired while 35,000-40,000 are due to retire over the next four years.
This happens at a time when new private entities like Bandhan and IDFC are set to make their entry into Indian banking market. The duo have already got banking licences from the Reserve Bank of India and will seek to compete with the established banks and are likely to offer higher remunerations to draw talent.
The overall attrition rate at SBI is 2.3 percent while it is 6-7 percent for those new employees who are joining as probationary officers.