siliconindia | | March 20208IN MY OPINIONhe BFSI (Banking and Financial services and In-surance sector in India is poised for major growth in the coming years with economy having major growth plans for the coming year and the BFSI industry is all set to play the lead role in the race for economy growth. This shows a huge growth potential for the sector where additional 1.6 million skilled work-force will be required in the sector by 2022 alone. The expansion of banks and financial services branches across the country is said to generate additional employment opportunities for the people from that city or region. For a long time it was only the Public sector Banks that conducted major hiring but off late with the growth of private banks in the country as the leading em-ployer since the focus has shifted towards customer-fac-ing and sales profiles, the industry is witnessing major surge in entry level hiring which is expected to sustain the sector's growth, accounting for almost 73 percent hir-ing. Also over the years the country is witnessing stabili-ty from a mix of public, private and foreign banks which is helping this sector's growth ecosystem and the growth of Non-Banking Financial companies (NBFCs) has fur-ther contributed to this segment in a big way. The sector has also witnessed increased use of alter-native channels such as use of ATMs, mobile and internet banking which has added to the human resource require-ment in this sector. The banking sector has recorded dou-ble digit growth due to high disposable income and ac-THE POTENTIAL FOR EMPLOYMENT GENERATION & SKILLS NEEDED IN BANKING & FINANCIAL SERVICESTBy Santosh Joshi, CEO BankedgeSantosh has been associated with Bankedge for over four years now, prior to which he has handle key responsibilities across Aptech Computer Education and 2D Learning Solutions.
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