High Staff Cost Hits SBI Hiring Plan - The New Indian Express

High Staff Cost Hits SBI Hiring Plan

Published: 20th February 2014 10:27 AM

Last Updated: 20th February 2014 10:27 AM

Even as it stays on course with its expansion plan, the country’s largest public sector lender State Bank of India (SBI), said hiring for the next 2-3 years will hover around its current base of 2.23 lakh.

“We will see the extent of people who are retiring from the bank from all levels. So to that extent we may look at replenishing that stock. We will not try to increase. By March, 2014, total employee strength may fall to 2.2 lakh,” said A Krishna Kumar, Managing Director, SBI.

SBI’s staff expenses for the first nine months of the current financial year shot up by 35 per cent to `17,225 crore over last year.

Speaking to media after inaugurating the new premises of a branch at Sanathnagar here on Wednesday, Kumar said, the bank will keep the figure constant between 2.2 lakh and 2.23 lakh over the next 2-3 years.

According to Kumar, the bank’s retail business particularly home loans, SME loans and agricultural loans are expected to go northwards. “There is reasonably good offtake in retail lending and housing loans. Probably even by March, 2014, we don’t see much offtake in corporate. But we will see fairly good offtake in retail and agriculture,” he said.

On rising NPAs, Kumar said, the bank will set up an early warning system to ensure bad loans are identified early. “Probably by the next quarter, the system will be in place.”

As on March 31, SBI had 9,639 branches in AP. While total deposits stood at about `4 lakh crore, advances were at `4.71 lakh crore.

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