The banking sector may create up to 20 lakh new jobs in the next 5-10 years, helped by issuance of new licenses and efforts being made by RBI and government to expand financial services to rural areas, experts say.

The hiring trends 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 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 itself.

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 a bulk of hiring and could see 5-7 lakh new jobs being created in the coming years, as close to 50 per cent of their workforce in the lower and middle-level functions will retire in this period.

“With the new banking licences, which are likely to be issued in the first half of 2014, the banking sector is poised to create big career opportunities in the near future,” Randstad India & Sri Lanka CEO Moorthy K Uppaluri said.

Enthused further by the government’s financial inclusion plans to expand banking to rural areas, Mr Uppaluri said: “With only less than 30 per cent of the Indian population having access to bank accounts, top banking firms are looking to expand and venture into the untapped rural markets that have so much potential to boost growth and profitability”.

Reflecting similar views, talent assessment company MeritTrac Services’ CEO Vasu K Saksena said that “hiring in banks is likely to increase in the next couple of years” owing to expansion of banks into new cities and rural locations.

“Along with new banking licenses, the reason can also be attributed to the large numbers of retirements that banks will witness during this year and the next,” Mr Saksena added.

According to Manipal Academy for Banking, about 4 lakh people applied for jobs in public and private sector banks last year.

Of these while public sector banks hired 60,000-70,000 candidates, private sector hired another 40,000 job aspirants.

Looking at the recent trends, experts are of the opinion that hiring in the sector is expected to happen across regions with lower tier cities to be one of the biggest beneficiaries.

“With new banks being set up in Tier 2, 3 and 4 cities, there will be growing demand for business correspondents, sales executives and other banking professionals to reach out to the rural population,” Mr Uppaluri said.

“In the months to come, we expect to see higher hiring momentum in tier 2 and 3 cities to begin with,” he added.

Police have arrested a 29-year-old man who called off his proposed marriage allegedly after his demand for hefty dowry was not met.

Chetan Bubera, an art graduate who was without a regular job, was arrested yesterday after the would-be bride lodged a complaint against him and his family members, Sub-Inspector V D Pawar of Mumbra Police Station said.

Bubera got engaged to the 22-year-old girl, a resident of Diva Agasan who works as a domestic help, some days ago and their marriage was fixed for February 17.

The girl’s family members were busy with marraige preparations when Bubera told them he wants Rs. 20 lakh in cash and an Innova car, police said, quoting from the complaint.

When the would-be bride’s family expressed inability to fulfil the dowry demand, the man cancelled the marriage, they said.

Not deterred by the decision, the girl mustered courage and took the matter to the police, who charged Bubera and family members with cheating and criminal breach of trust, among others.

Besides Bubera, half a dozen members of his family, including mother, have been booked but not yet arrested, the police added.

The government has set a deadline for public transport vehicles running in major cities with a population of over 10 lakh to install GPS devices by February 20.

According to a Ministry of Road Transport and Highways circular, owners of public service vehicles are required to get GPS (Global Positioning System) installed in their vehicles by by February 20, 2014 failing which necessary action as deemed fit shall be taken against the defaulters.

The Road Ministry had earlier asked passenger vehicle owners to install these devices by September 30, 2013.

In January, the Cabinet Committee on Economic Affairs had approved a Rs. 1,405-crore project to track and monitor public transport and provide alarm buttons for alerting authorities.

The project involves setting up of closed circuit television (CCTVs) and using GPS to ensure safety and security of women and girls in distress.

This project is part of the the Nirbhaya Fund for women safety.

It will be implemented within two years after allocation of funds to set up a National Level Vehicle Security and Tracking System and City Command and Control Centre with installation of GPS, CCTV in public road transport.

The policy was formulated in the wake of gang-rape of a 23-year old paramedic in a moving bus, on December 16, 2012.

This victim died in a Singapore hospital on December 29.