According to the Assocham study, private sector banks are on hiring splurge with their average employee intensity increasing by as much as 40% during the last year (2007), owing to the minimum growth of 2.75 % in staff reported by public sector banking institutions.

Private sector banks’ employee cost augmented sharply by 50% as of increasing employee force, while public sector banks’ staff expenses surged by 2% due to the workforce going down mainly because of employees retirement.

Sajjan Jindal, President, Assocham stated that continuous increase in workforce of the private banking institutions was a very positive growth, in both respects of employment generation as well as branch expansion.

While IDBI Bank registered the maximum growth of 65% in increasing its personnel, Axis Bank saw a growth of 52.30 % during the last year (2007). Kotak Mahindra Bank also posted a large increase of 51% in the previous year.

Others with a sizeable growth in their workforce comprise HDFC Bank (44.35%), ICICI Bank (31.27%) and IndusInd Bank (10.49%).