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Salary increases in India’s banking and financial services sector are expected to range between 9 and 12%

The banking crisis in the US is unlikely to impact the sector in India as Indian banking is primarily domestic banking with a small proportion of NRI deposits, Sabnavis said. “Also in terms of exposure, though all banks have branches abroad, their exposure and risk is very limited.” Latest data from jobs portal show hiring activity increasing 13% in the insurance sector and 11% in the banking sector in April, compared with the same month last year

Source | | Rica Bhattacharyya, ET Bureau

Salary increments in India’s banking and financial services sector is likely to range around 9-12%, according to a survey of 350 companies done exclusively for ET by executive search firm Ciel HR Services.

Based on the findings of the survey, which reached out to HR professionals of these companies, the appraisals will be around 9-12% for 57% of the organisations and greater than 12% for another 18%.

HR experts and top company executives said the recent crisis in the banking sector in the US and global uncertainties are unlikely to impact increment or hiring in the sector in India, as the exposure of domestic banks abroad is very limited.

The survey, which also looked into the talent demand in the sector based on postings on leading job portals, shows a 50% increase in talent demand for skilled professionals in the BFSI sector in April compared to the previous month, mostly in digitisation, compliance and sales roles. Demand is high particularly in the areas of technology, product, operations, risk management and compliance. Compared to a year earlier, the increase is around 30%.

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