Banks plan to hire graduates under 25 as apprentices with a stipend, offering specialized training.
Banks in India are planning to hire young graduates under the age of 25 as apprentices within the next month, according to a top industry official. Sunil Mehta, the chief executive of the Indian Banks Association (IBA), announced that banks will pay these apprentices a stipend of Rs 5,000 per month during their training period. The training will focus on specialized skill sets that will help these young candidates gain practical experience in the banking sector.
This move is part of a broader initiative that aligns with a recent budget announcement by Finance Minister Nirmala Sitharaman. The government aims to provide internships at top-500 companies to 1 crore (10 million) young people over the next five years. Banks will play a crucial role in implementing this scheme.
Explaining the initiative, Mehta highlighted that there are several areas within banking where skilled manpower is not necessarily required, such as marketing and recoveries. These are areas where banks can train apprentices, providing them with valuable experience and enabling them to create employment opportunities for themselves.
To qualify for these apprenticeships, candidates must be graduates between 21 and 25 years of age, should not be taxpayers, and must not hold degrees from prestigious institutions like the Indian Institutes of Technology (IITs) or Indian Institutes of Management (IIMs), Mehta said.
Mehta also hinted that these apprentices could be hired in other roles, such as business correspondents, who help extend banking services to remote areas. While the apprenticeship period can last up to 12 months, Mehta emphasized that these candidates won't "vanish" after their stints. There is a possibility that some of them may be absorbed as permanent employees.
The IBA recently held a meeting with the Secretary of the Ministry of Corporate Affairs to discuss the implementation of this scheme. Mehta expressed optimism that the initiative could be rolled out within a month.
Although Mehta did not disclose the exact number of apprentices that banks will hire, he confirmed that all banks will participate in the initiative. He also mentioned that the government will provide support for the scheme’s implementation.
This apprenticeship program is seen as a step towards providing practical job experience to young graduates and helping them build a career in the banking sector.
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