Public Sector Banks to Recruit 50,000 Employees in FY26 Amid Expansion Plans
Public sector banks (PSBs) are set to hire nearly 50,000 personnel during the ongoing financial year to meet rising business demands and drive network expansion, according to data compiled from various lenders.
Of the total projected recruitment, around 21,000 roles will be for officers, while the remainder will include clerical and support staff. The move reflects a broader push by state-run banks to strengthen front-line services and operational capacity.
The State Bank of India (SBI), India’s largest public lender, will lead this hiring wave with close to 20,000 new employees, including specialised officers. SBI has already onboarded 505 Probationary Officers (POs) and 13,455 junior associates to support operations across 35 states and Union Territories.
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As of March 2025, SBI had a workforce of 2,36,226, including 1,15,066 officers. The average hiring cost per full-time employee stood at Rs 40,440.59 for FY25. Notably, the bank continues to maintain an attrition rate of less than 2%, attributed to its employee engagement and welfare initiatives.
Meanwhile, Punjab National Bank (PNB), the second-largest PSB, plans to increase its headcount by over 5,500 in FY26. PNB’s total workforce as of March 2025 stood at 1,02,746.
Central Bank of India is also set to recruit approximately 4,000 new employees this fiscal, continuing its turnaround efforts and digital transformation.
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In a related development, the Finance Ministry has advised PSBs to explore monetisation opportunities by listing subsidiaries and joint ventures on stock exchanges. Around 15 such entities are being prepared for potential IPOs or divestments over the medium to long term.
To unlock value effectively, PSBs have been urged to scale operations, enhance governance, and improve decision-making and operational efficiency across their subsidiaries, setting the stage for strategic disinvestment and capital raising.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
