BENGALURU: 11 banks are set to start operations in the next one and half year. Thus HR experts predict an opening of 1500jobs with a salary valuation upto 1.50crore, reports Economic Times.

The banks will be in operation within 18months of getting inprinciple approval from the Reserve Bank of India. The banks have already received Central bank permits in August.

The banks can offer services now including act as agents for commercial banks, issue debit cards, remittance services, offer payments, accept deposits but cannot lend cash or capital to anyone.

License for the same has been offered to Cholamandalam, Department of Posts, National Securities Depository, Tech Mahindra and Dilip Shanghvi of Sun Pharma.

Chief executives are yet to be recruited for these banks.

150 senior executives are expected to be hired in these 11 firms, predicts Vito India, a domestic executive hiring firm. The banks are also expected to hire t 370 mid-level executives and more than a 1,000 junior-level staff.

Techies with innovative ideas and productive thinking having an understanding about the urban banking market are more welcomed for the projects.

Salary range for the senior positions will range around Rs 50 lakh and Rs 75 lakh.

Kalyani Shastry, associate director at RGF Executive Search comments, "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" said Ayesha D'Souza, head of global banking and markets at Vito India, which has been hired for search assignments by some of these payment banks. "Salary for CXOs (CEOs and other management-level executives) is in the range  of Rs 1-1.5 crore while for a level below it is around Rs 70 lakh to Rs 1 crore."

Shastry also said, "There are two things mainly bothering the management of payment banks - one is technology and the other is the governance and risk piece. A significant thrust of the hiring is on the technology piece and hiring is happening from different parts of the ecosystem, with lot of talent coming from the cash management side of banks and some from FMCG and other sectors.

Approval has already been granted to Airtel M Commerce Services, Fino Paytech, Reliance Industries, Paytm, Vodafone M Pesa and the Aditya Birla Group.

Among the 11, the Birla Group’s payment bank got its recruitment done and team in order.

"We have our people in place ... we look for banking, consumer and technology-oriented people," said Santrupt Misra, director, global HR & CEO, carbon black business of the Birlas.

K Sudarshan, managing partner and co-founder, EMA Partners said, “the entities are looking for talent internationally as well, including from places such as Singapore and Silicon Valley where people have worked with disruptive products.”

At an initial 41 organizations had applied to open up payment banks across the country but only 11 are soon to come alive.

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