State Bank of India, one of country's largest lender plans to hire 7,200 people during the current fiscal.
The Bank has taken this decision to increase its dependence on technology for a number of routine tasks.
Talking to Times of India
SBI chairman Arundhati Bhattacharya said that "I am trying to get a lot of technology to help my people so that they spend less of their time on activities that don't really need a lot of thinking and knowledge. For routine stuff such as cash counting we are bringing more and more machines,".
A total 8,100 members of its staff are due to retire during the current fiscal so that the bank has planned to recruit new people to the vacant posts.
In the previous fiscal, the SBI's 7,600 staff members retired while 35,000-40,000 are due to retire over the next four years. This will happen at a time when new private entities like Bandhan and IDFC, which have already got banking licences from the Reserve Bank of India, will seek to compete with the established banks and are likely to offer higher remunerations to draw talent.
The bank has geared to install cash deposit machines, which will reduce the use of teller counters manned by bank employees. It is also bringing in cash recyclers - where the ATM uses the deposited money for withdrawals. "These machines (cash recyclers) can recognise fake notes and impound them and credit your account lesser by that amount. We will be bringing in around 4,500 cash recyclers," said Bhattacharya.