This government bank is planning to double its tech team, 1500 people will get jobs:In the recent past, RBI has taken strict action against many banks due to flaws in the IT system. These include big names like HDFC Bank and Kotak Mahindra Bank. Actually, due to lack of sufficient talent, banks are not able to face the new challenges in the IT system properly. Therefore, they are increasing the budget to hire IT professionals.

New Delhi. Government-owned Bank of Baroda plans to double the number of employees of its in-house technology team by the end of the financial year 2025-26. Currently, Bank of Baroda's tech team has 1500 employees, which is planned to be increased to 3000.

Bank's Managing Director and CEO Debdutta Chand says that new employees will be hired through the regular hiring process. Apart from this, some special talent will also be added to the bank through lateral hiring.

Concerns increased after RBI's action

After announcing the March quarter earnings, Chand said, "In the next two years, we will double the number of people in our IT team." Recently, the Reserve Bank of India (RBI) took strict action against many banks due to flaws in the IT system. Due to lack of adequate talent in the IT system, banks are not able to face the new challenges properly.

hand said that apart from 1,500 in-house employees, the bank has also hired employees on contract basis in the IT function. He said that the bank wants to hire new talent to increase its strength on the IT systems front. He said that lateral hiring will be done based on the bank's requirement and the experience of the candidate.

Bank is increasing spending on tech and IT

Chand also said that a generative artificial intelligence-based platform will soon go live for customers to avail a range of services in an interactive way. He said the bank is spending aggressively on the technology front, including investing about Rs 2,000 crore on infrastructure alone. Going forward, it will increase spending as more focus is given to this area.

In FY24, Bank of Baroda had a budget of Rs 743 crore for technology expenditure and Rs 453 crore for IT expenditure. The bank has set a target of opening 60 new branches during the financial year 2024-25. Chand said that the bank will achieve loan growth of 12-14 percent in FY25. At the same time, deposit growth is expected to be 10-12 percent.