Country owned State Bank of India has decided to cut its employee number in the year 2018. SBI Chairman Rajnish Kumar said that it had reduced its employees by 10,584 in the six months period after its merger. SBI Staff has cut down to 2, 69,219 as on September 2017 from 2, 79,803 employees as on March 2017. Prior to the reduction of Employee Base, SBI has merged its five associate banks and Bharatiya Mahila Bank on 1st April 2017.
Reason of Reducing SBI Employee Base
The reason for reducing Employee Base is due to retirements of its employees and voluntary retirement scheme. State Bank of India will start its integration process from the first quarter of FY 2018. Reducing its employees is taking place due to the integration of a close network of SBI. To rationalize personnel costs of the SBI, it has reduced the workforce and will reduce it about 10 percent of staff in the coming two years.
Also Read: No more SBI Clerical Recruitment
State Bank of India is not the first bank in India, where jobs have been hit by technology. ICICI Bank has also cut down their headcount by 1,082 employees from July to September 2017 whereas HDFC Bank added 2,700 employees. It is planning to redeploy more than 10,000 employees on board. It is expected that nearly 15,460 employees are going to take full-year retirements in FY18. Due to this, the staff count will further decline by 4,876.
SBI in the second half of the fiscal year had released the recruitment notification for 2,200 Probationary Officers; this is the only recruitment from India’s largest bank so far. Selected candidates will be joining from January 2018.
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