India’s large public sector banks (PSU banks) are stepping up lateral hirings from the private sector in a bid to improve their digital infrastructure and capabilities. This is a major shift in strategy for PSU banks, which have traditionally relied on internal talent development.
The move is being driven by the growing competition from private banks and non-banking financial institutions (NBFCs), which are much more nimble and have a stronger focus on technology. PSU banks are also under pressure from regulators to improve their digital offerings to customers.
One of the leading PSU banks in the lateral hiring drive is State Bank of India (SBI). The bank has hired several top executives from the private sector, including Yusuf Roopawalla, the former Chief Technology Officer of Standard Chartered Bank. Roopawalla is now the Chief Technology and Digital Officer of SBI.
Other PSU banks that have been active in lateral hiring include Bank of Baroda, Punjab National Bank, and Canara Bank. These banks have hired executives for a variety of roles, including technology, operations, and marketing.
The lateral hiring drive is a positive development for PSU banks. It will help them to bring in fresh talent and ideas, and to close the technology gap with their private sector rivals. However, it is important for PSU banks to ensure that they integrate these new hires effectively into their organizations.
In addition to lateral hiring, PSU banks are also investing in training and development programs for their existing employees. This is important to ensure that they have the skills and knowledge they need to meet the challenges of the digital age.
The PSU banks’ lateral hiring drive is a sign that they are finally waking up to the need to improve their digital capabilities. This is a welcome development, and it is essential if they want to remain competitive in the years to come.
The lateral hiring drive is being led by the top management of PSU banks. They are aware that the banks need to make a major transformation in order to compete with the private sector. The banks are targeting executives with experience in areas such as digital banking, data analytics, and cloud computing. The banks are also offering attractive compensation packages to attract top talent from the private sector. The lateral hiring drive is expected to help PSU banks to improve their customer service, reduce costs, and increase revenue.
