Banks not attracting best talent, says RBI governor

Bangalore, March 22 (IANS) The Indian banking industry is not attracting the best talent as bankers are not able to sell banking as a bright and promising career with long-term benefits, Reserve Bank of India (RBI) Governor D. Subba Rao said here Friday.

“Today’s youths have many careers to choose from and great opportunities to pursue their dreams. Unless we sell banking as an equally bright and promising career with long-term benefits, including remuneration, it will be a challenge to attract the best talent,” Rao told about 500 officers of state-run banks while giving a lecture on ‘Indian Banking – Looking Beyond the Crisis’ at the local head office of the State Bank of India here.
Recalling a recent instance when the central bank went for campus hiring and found that the best did not opt for the RBI, Rao said it was a matter of concern why the RBI or banks were not attracting talent.
“We have to convince the youths that banks offer much more fulfilling jobs than other careers. Unlike in the past or a generation ago, when a bank job was a much sought after, opening up of the economy has given rise to the growth of other institutions in the financial sector and attracting best talent,” Rao said.
Admitting that human resource was another challenge the Indian banking industry was facing, Rao told bankers to look for lateral placements to fill vacancies and bridge the gap between middle and higher management levels in every bank.
“We must encourage lateral movement and absorb as many experienced people into banks from outside so as to build the human capital and ensure a continued supply of managerial talent to the top for daily operations and scaling services,” Rao said.