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Daily Dispatches: Indian banks grow overseas headcount

India feeling the pain

India feeling the pain

The number of employees in overseas subsidiaries of Indian banks grew 11% in the 2011/2012 financial year, a new survey has revealed.

The report by the Reserve Bank of India also revealed that Indian banks are attracting local candidates to their ranks in the countries they operate in. They employed 66% of staff from local sources, 31% from India and the remaining ones from other countries.

The survey, which involved 163 foreign branches, revealed that Indian banks employ most of their overseas staff in Bahrain, Belgium, Hong Kong, Japan, Singapore, Sri Lanka, UAE, the UK and the US.

It also looked at 309 branches of foreign banks operating in India and found the headcount is heading in the opposite direction, falling by 2.9% during the same period. Bankers at foreign banks in India are facing weak share-sale activity and a new regulatory requirement to sign an integrity pact. Pramit Jhaveri, Citigroup’s India CEO, told Finance Asia last week that India was a difficult place to make money for institutions that are “one-dimensional”.

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