The headcount at India’s public sector banks (PSBs) has dropped to its lowest in 13 years, with mergers slowing branch expansion and many employees leaving for better opportunities. According to Reserve Bank of India (RBI) data, PSBs employed 756,015 people at the end of FY24, a number nearly unchanged since FY11. However, this is significantly down from its peak of 857,500 in FY17. Over the last seven years, PSBs have lost more than 100,000 employees, even as private sector banks have doubled their workforce to 845,841 in the same period. Yet, they’re grappling with a high attrition rate, averaging 25%. Watch!
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