Private sector banks likely to continue their hiring spree in FY24

ICICI, HDFC Bank added over 50,000 employees in FY23

Private sector banks are on a hiring spree on the back of a revival in business growth and branch expansion — a trend that is likely to continue in the current financial year (2023-24, or FY24).

The two top private banks in the country added over 50,000 in employee headcount in 2022-23 (FY23).

HDFC Bank — the largest private sector lender in the country — onboarded 31,643 employees in FY23. ICICI Bank added 23,200 employees during the period.

HDFC Bank and ICICI Bank also added branches rapidly, with the former having added 1,500 and the latter 500 in FY23.

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