The Indian banking sector has witnessed significant job creation in the financial year 2024-2025, with Small Finance Banks (SFBs) taking the lead. According to a recent report, SFBs have created a total of 26,736 net new jobs in FY25, outpacing other banking segments. This impressive hiring spree is a testament to the growing importance of SFBs in the Indian banking landscape.
The significant expansion of SFBs can be attributed to their increasing focus on financial inclusion and outreach to underserved populations. These banks have been instrumental in providing banking services to rural and semi-urban areas, where traditional banks have limited presence. As a result, SFBs have been able to tap into the vast untapped market, leading to rapid growth and job creation.
The top SFBs that led the hiring charge in FY25 include Ujjivan Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank. These banks have not only expanded their branch networks but also invested heavily in digital infrastructure, enabling them to reach a wider audience and create new job opportunities.
The job creation by SFBs has been across various functions, including sales, marketing, customer service, and operations. The hiring has been focused on building a strong team to support the banks’ expansion plans and improve customer experience. The new recruits will be instrumental in driving business growth, improving operational efficiency, and enhancing customer satisfaction.
The growth of SFBs is expected to continue in the coming years, driven by the government’s push for financial inclusion and digital payments. The Indian government has set an ambitious target of achieving 100% financial inclusion, and SFBs are expected to play a crucial role in achieving this goal. As a result, the job creation in the SFB sector is likely to sustain, providing opportunities for job seekers in the banking and financial services industry.
In conclusion, the Small Finance Banks have emerged as a major driver of job creation in the Indian banking sector, with 26,736 net new hires in FY25. The growth of SFBs is a positive indicator of the Indian economy’s potential for financial inclusion and job creation. As the government continues to push for digital payments and financial inclusion, the SFB sector is expected to continue its expansion, creating new job opportunities and driving economic growth.