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March 27, 2017

SBI to Reduce Jobs By 10%

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India's largest bank, State Bank of India's total workforce will see a reduction over the next two years, after the merger with Six entities (SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala), SBH (State Bank of Hyderabad) and Bharatiya Mahila Bank), owing to attrition, reduced hiring and digitisation, bank Managing Director Rajnish Kumar said in an interview. "Manpower will go down with the period of time. Around 10 per cent reduction in two years may be a possibility," He told.

Currently, the State Bank of India (SBI) has around 207,000 workforce and the merger of six entities from April 1 will add approximately 70,000 employees. So total workforce of SBI will be around 2,77,000. "Post-merger we will be at 2,77,000 people in SBI. This may come down to 2,60,000 by March 2019. So it may be less than 10 per cent. Let us first merge and see the impact of the key process changes," Mr Kumar said.

Hiring in SBI may not be halted, but will reduce by 50 per cent in a year, he said. "We cannot stop new hiring because it creates a lot of gap in the middle management down the line. But full replacement may not be required. If 13,000 people retire in a year, we may recruit 7,000-8,000 in a year," he added. 

Note : In 2016-17, the public sector bank hired 19,000 people.

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