IDBI plans to recruit 700 officers

Industrial Development Bank of India Ltd (IDBI) expects to recruit 700 officers in the next few months.

VP Shetty, chairman and managing director, IDBI Bank, told Business Standard, "We have already started recruitment a few weeks ago and hope to induct 500 management graduates through direct interviews. Salary structure would be decided after the interviews."

As on March 2005, the bank's staff strength stood at 2,200, to which it added 200 more.

"We plan to recruit 200 additional employees from other banks in the officers cadre," Shetty said. The attrition rate at the bank is about 25 per cent.

The reason for the high figure is that public sector banks have become poaching grounds for other banks.

Shetty said the bank had a comfortable capital adequacy ratio of 12 per cent under tier-I and four per cent under the tier-II.

"If required, we may raise capital through the innovative ways prescribed the Reserve Bank of India," he added. The bank had two months ago raised Rs 500 crore through non-convertible debentures at a cost of 7.6 per cent.

The bank's deposits stood at about Rs 22,000 crore and advances at Rs 50,000 crore at the end of December. With corporates performing well, commodity-related business such as steel and cement companies have started prepaying their debts, he added.