RBI’s nod can create 1,500 jobs and salaries up to Rs 1.50 crore! Here’s how

Next year is going to be busy for HR experts and recruiters as 11 payment banks are expected to start operations over next 24 months.

Head-hunters believe that once these payment banks get in-principle nod from the Reserve Bank of India, more than 1,500 jobs will be generated with up to Rs 1.50 crore salaries.

After getting RBI’s green flag, these payment banks can begin operations in 18 months and will be allowed services like taking deposits, offer payments and remittance services, issue debit cards and act as agents for commercial banks.

However, they won’t be able to be a lender.

HR experts say there will be 370 mid-level executives and over a thousand junior-level vacancies and work will revolve around product, sales and distribution, merchant acquisition, strategic alliances, operations, and regulatory and compliance.

"We expect a spike in demand for talent from liability product teams of transaction banking; digital product teams of retail banks or ecommerce platforms; and merchant acquisitions, sales & distribution talent from insurance companies retail banking and FMCG companies" Ayesha D'Souza, head of global banking and markets at Vito India, told ET.

Meanwhile, recruiting won’t be that easy also as experts are of the opinion that major scarcity is seen in regulatory roles, compliance roles, business solution teams, etc.

Out of 41, only 11 applicants were awarded a permit for the time being.

Calling it a significant and important step from the RBI, finance minister Arun Jaitley had said he expected payments banks to reach out to people in rural areas. "Payments bank will ensure more money comes into banking system. Various banks are looking at increasing their rural reach, including big banks like SBI. Payments banks will help them realise this," Jaitley had said.

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