The Banking, Financial Services and Insurance (BFSI) sector could generate over one million new job opportunities in the coming three years.
BankEdge, a banking and finance training academy, has forecast that despite the merger of 10 public sector banks into four large banks, the employment opportunities in the BFSI sector will be robust, thanks to the hiring by the private sector banks and insurance companies.
BankEdge’s founder and CEO Santosh Joshi told the Hindu that 15 to 20 per cent of the jobs would be new roles in nature, while 50 per cent of the jobs would need reskilling due to evolving technologies.
New Jobs:
The emerging new roles will include trade finance specialists, wealth management experts, credit & risk analysts, cyber security and credit analyst, blockchain architects and robot programmers. These positions will require a large workforce fuelled by economic growth.
“India’s share of global GDP in dollar terms is set to increase from 2 per cent in 2009 to 13 per cent in 2050. This makes it the most rapidly growing economies over this time period. So, the BFSI sector in India will need an additional 1.6 million skilled workforce by 2022,” Joshi said citing a study by the National Skill Development Corporation (NSDC).
Most of the job opportunities will come from the private sector banks, foreign banks, regional rural, cooperative banks and hundreds of non-banking financial companies, he said.
Jobs that will disappear:
According to Joshi, there would be a reduced demand for data entry and data verification operators, teller and underwriters.