The idea is to save time and costs and improve efficiencies. Significantly, this means candidates will have to go through the whole selection process again if they want to get appointed in any other bank. Currently, a candidate clearing the Institute of Banking Personnel Selection's common test and the different interviews conducted by the PSBs can be selected by many banks. The candidate then gets to choose more than one bank before finally settling down in one of the chosen banks.
This system makes it difficult for banks to fill up vacancies if candidates they have chosen opt for another bank in the final choice. The State Bank group and IDBI, however, have their own independent selection processes.
The new and simplified selection process will have a common interview and will see the successful candidate being asked by a common recruitment board to choose any one bank according to his/her merit and after taking into account whether he/she falls in the reserved category, official sources told FE.
While most PSBs agree with this centralised system, efforts are on to get the State Bank group and IDBI into it, they said, adding the new system will save time and cost for the banks as well as candidates. Of the 84,489 vacancies, PSBs hope to fill 63,200 vacancies by this fiscal-end. SBI alone is looking to fill 21,000 vacancies (1,200 officers and 20,000 clerks), while the rest of the banks have to fill the vacancies for 22,000 officers and 20,000 clerks.
In the current system, following the common written test, the candidates who have scored more than the prescribed cut off marks for different banks, have to then appear for interviews conducted by those banks. This forces the candidates to appear for many interviews, which is a time consuming and costly process.
Following these interviews, a candidate then joins the first bank that selects him and then if he gets a call from another bank of his interest, he will then resign from the first bank (even paying the bond amount, if asked by that bank) to join the other bank. Presently, IBPS test is held twice annually and then the individual banks conduct their own interviews.
However, in the new system, IBPS will hold a single test and interview before the placement process.