ICICI Group to go hiring spree, to recruit 2 lakh in 3 years

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New Delhi, Sept 27: The country’s largest private lender ICICI Bank is likely to hire 40,000 people a year for the next three to five years to serve the expected rapid growth in the banking and other financial services like insurance.

“We...As a single group will hire about 40,000 people a year. I see it a continuing for the next three to five years,” ICICI bank managing director K V Kamath told Financial Times.

ICICI Bank’s subsidiaries in insurance —- ICICI Prudentiallife Insurance and ICICI Lombard are leading the private players in the life and general insurance segment respectively.

The recruitment drive by ICICI Group, which employs about 1,50,000 staff, is part of efforts by it to rapidly expand retail banking services and insurance operations.

In insurance, ICICI group companies are growing by 80-100% year-on-year. Kamath predicted that the country’s emerging insurance sector and other financial services like mutual funds and securities industry would require 6,00,000 recruits each year in the next five years to match the growth. He said consumer credit, which is growing by 35-40%, underpins the economic activity.

Analysts said Indian banks are witnessing a credit growth of over 30% as the demand for loans for home, car and other durable goods is increasing despite hardening of interest rates.

However, the country’s banking, insurance, IT and BPO sectors are facing an acute shortage of skilled manpower due to stiff competition and fast expansion of these industries.