PSU banks on an IT recruitment spree

Public sector banks are looking at hiring both CXO level and junior level tech professionals

PSU banks on an IT recruitment spree

Even as the strike call given by bank employees against the ‘proposed’ privatization of some public sector banks (PSBs) today have hit the headlines, what has somehow escaped the attention of media and the larger community is how most of the PSBs are racing to go digital – beyond launching of mobile apps and digital banking – by stepping up their recruitment of technology manpower, arguably the best indicator of their digital plans.

A lot of public sector banks – including some of the names that are making the rounds as being candidates for privatization – have come out with advertisements for hiring large number of tech people at different levels.

What is interesting is that these banks are looking at hiring professionals in technology and related areas across specializations and across levels. While the specializations cut across risk management, data and analytics, API management to IT infrastructure/cloud, security, UI/UX, enterprise architecture, and mobile development, the levels are from CXO level to engineer/analyst levels.

Risk management seems to be the top priority. Both Union Bank and Punjab & Sind Bank have advertised for hiring Chief Risk Officers. Bank of Maharashtra had advertised for the position earlier this year. While risk management is not exactly a technical function, with more digitization cyber risk management is becoming a big desirable in the potential CROs. One of the large PSBs, which has not yet publicly advertised for the position, is considering putting digital risk management experience as an essential requirement.

Union Bank, which advertised for these positions earlier this month, is also seeking to appoint a Chief Digital Officer. Canara Bank, another large PSB, which advertised for a CDO post in May this year, announced in August that it did not find any suitable candidate to fill up the vacancy. Punjab & Sind Bank advertised this October to appoint a Chief Technology Officer (CTO).

Union Bank of India is also looking to hire Head of Analytics and a Head of API Management, according to an advertisement recently. 

Interestingly, almost all these senior positions are advertised to be filled up on a contract basis. According to a CTO, this to have flexibility in hiring. PSU bank recruitment otherwise have to go through the traditional process with caps on compensation at a particular level. So, it is difficult to find good talent.


Not just senior positions

However, the recruitment drive of PSU banks in technology/digital space is not restricted to senior positions alone. They are also recruiting for various levels in areas like data science, risk management and even infra management.

Bank of Baroda, for example, has advertised positions for a number of full stack Java developers, mobile applications developers, cloud engineers, application architects, enterprise architects, infrastructure architect to cloud engineers. Similarly, Central Bank of India has advertised to recruit data scientists, data engineers, security analysts, and a number of other IT posts. Bank of Maharashtra, which has advertised a number of positions like IT support administrators, database administrators, email administrators, network and security administrators, Windows administrator etc. across locations is interviewing number of candidates for the posts.

Some of these are regular posts. What is noteworthy is that some of the positions, which were vacant or planned since long are being filled up with an urgency.

If recruitment is an indicator to nature and scale of digital initiatives by these banks in the days ahead, we are surely in for more digitization in these banks, not just in customary areas, but across business functions and across the organizations. With fintechs aggressively getting into the space and RBI practicing progressive regulation, the PSU banks have very little option, in any case.


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