New Delhi: The banking sector may create up to 20 lakh new jobs in the next 5-10 years, helped by issuance of new licences and efforts being made by the RBI and the Government to expand financial services into rural areas, according to experts.

Hiring trend may get a further boost from the public sector banks, as many of them would need to hire fresh talent in the wake of nearly half of their workforce scheduled to retire in the next few years.

According to HR services major Randstad India, banking sector will generate 7-10 lakh jobs in the coming decade and the sector would be the among top job creators in 2014.

Estimates are, however, much higher for Manipal Academy of Banking, which expects expansion in banking sector, including by the existing and new banks, to help create 18-20 lakh new employees over the next five years.

Besides direct hiring, expansion in banking sector also helps in huge job creation in various support areas, experts say.

According to Randstad, public sector banks could account for bulk of hiring and could see 5-7 lakh new jobs being created in the coming years, as close to 50 percent of their workforce in the lower and middle-level functions will retire in this period.

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