Banks are considering hiring graduates under the age of 25 as apprentices starting next month, according to a top industry official. Sunil Mehta, Chief Executive of the Indian Banks' Association (IBA), informed the news agency PTI on Friday that these apprentices will receive a monthly stipend of Rs 5,000 and will be trained in specialised skills relevant to the banking sector during their apprenticeship.
This initiative follows a recent budget announcement by Finance Minister Nirmala Sitharaman, which aims to provide internships at the top 500 companies for up to 10 million young people over the next five years.
Mehta elaborated on the bank's involvement in this program, noting that various roles within banks, such as marketing and recoveries, do not require highly specialised skills. He explained that the training could help these young individuals develop skills that may enable them to create their own employment opportunities.
Candidates interested in these apprenticeships must be graduates between the ages of 21 and 25 and not be taxpayers. In addition, they must not hold degrees from prestigious institutions like IIT or IIM. Mehta also mentioned that apprentices could be employed in various capacities, including as business correspondents, to extend banking services to underserved areas.
Mehta assured that the apprentices would not disappear after their tenure, suggesting that there is potential for some to be retained as permanent employees. The IBA held a meeting with the Secretary of the Ministry of Corporate Affairs on Thursday to discuss the scheme's implementation, and Mehta indicated that the program could be rolled out within a month.
While he did not specify the exact number of apprentices that banks will hire, he confirmed that all banks will participate in this initiative, with government support expected to facilitate its execution.
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