ICICI Bank anticipates record high fundraising, plans 30 new hires

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ICICI Securities Ltd. unit told Bloomberg news agency. The job profiles range from associate to executive vice president level, Saraf told Bloomberg News.

RBI imposes monetary penalty on five co-operative banks. Details here The moves will increase ICICI Securities’ headcount to 190. In November 2023, Mint reported that private banks in India are planning to hire at least 50,000 people for entry-level roles over the coming year to battle high attrition in this segment.

The lenders are facing what they call “infant mortality" – just-recruited employees leaving for logistics, delivery services, and other firms – and are hiring from campuses in large numbers since recruiting from the market is more expensive. Are bad banks a bad idea? Attrition has been somewhat evenly spread across private banks. HDFC Bank, India's largest private sector lender, saw attrition of 34.15% in FY23, while IndusInd Bank saw 51% attrition and ICICI Bank 30.9%.

Rajkamal Vempati, president and head of human resources, Axis Bank told Mint last year that they would be hiring about 12,000 from campuses from the batch of 2024 – four times more than last year. In the previous financial year, lenders saw a sharp rise in attrition as demand for young workers with digital skills in sales and marketing surged in insurance, retail, and fintech. The lenders are facing stiff competition from fintech firms at present.