TOTAL DEPOSITS Rs 98 lakh crore (March 31, 2016) CONTRIBUTION TO GDP 7.7% NO. OF JOBS 1.5 million CHALLENGES
The jobs situation in public sector banking is positive. State-owned banks are still recruiting, as the sector is creating new avenues. In our case, even after the merger of some associate banks with SBI, there have been no layoffs.
Organised industry is not creating as many jobs as it was earlier, so it has become imperative to look at new avenues of job creation.
In the past, the results of the infrastructure and construction sectors have been marred by time and cost overruns.
WHAT NEEDS TO BE DONE
One segment that can boost economic activity and job creation in a major way is construction. For this, we need to have well-conceived projects, where approvals for land and linkages are already in place. We need to ensure that such projects are viable. Banks are still ready to finance viable projects.
Extending help to small entrepreneurs is also critical. SBI is holding camps for its Mudra loans, which are targeted at small entrepreneurs. It is also working with financial experts who can handhold promising entrepreneurs through their projects. This will create new jobs in the entrepreneurial space.
In the banking sector itself, there is a rising demand for business correspondents. SBI has trained 250,000 people in the last fiscal year, with a placement rate of 49 per cent. SBI is also planning to tie up with the CII to augment its rural training centres in backward districts across the country.
Arundhati Bhattacharya Chairman, SBI