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Large PSU banks step up lateral things from pvt sector

August 17, 2023

Large PSU banks step up lateral things from pvt sector
India’s large state-owned lenders including State Bank of India (SBI) and Bank of Baroda (BoB) have stepped up lateral hiring in a bid to improve beef up their digital infrastructure. Senior bankers told FE they are speeding up the process of acquiring specialized talent from the private sector.

Bank of India MD & CEO Rajneesh Karnatak confirmed public sector banks are consciously picking up talent from the private sector to improve their digital capabilities. Karnatak’s bank has just hired former Standard Chartered Bank official Yusuf Roopawalla as its new Chief Technology Officer at market-related package.  
 
“We are going in for a structural and transformational journey,” Karnatak said adding one is an IT journey while another is a digital journey.
 
Some time back SBI hired former Ujjivan Small Finance MD, CEO Nitin Chugh at a market-linked package. Subsequently, the bank is understood to have recruited three more officials at the chief general manager (CGM) level, persons familiar with the development said. These executives will work in the technology and compliance departments to further enhance the bank’s digital capabilities.
 
“We are hiring across different levels and are taking people directly from market.  Many of them will be taken on at contracts. Specifically for technology, we are hiring many people at a circle head level,” the persons said.
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