Banks are considering hiring graduates under the age of 25 as trainees within a month, a senior industry official said on Friday.
Lenders will pay a stipend of Rs 5,000 per month to such candidates who will be trained in a specialised skill set during the period, Indian Banks’ Association CEO Sunil Mehta told PTI.
The move follows a budget announcement by the Finance Minister. Nirmala Sitharaman under which the government aims to provide internships in 500 major companies for up to 10 million young people over the next five years.
Explaining the role of banks in implementing the scheme, Mehta said, “There are many areas where we do not need skilled manpower, for example, marketing and recoveries. We can give them training in those areas and they can create employment for themselves.”
Candidates applying for the apprenticeship must be graduates between 21 and 25 years of age, should not be taxpayers and should not possess a degree from premier institutions like IITs or IIMs, Mehta said.
Mehta also hinted that such trainees, who can be hired for up to 12 months, will also be hired in other areas, such as working as business correspondents to take banking services to the last mile.
These candidates will not “disappear” after their stint with the banks, Mehta said, adding that there is also a possibility of some of them being absorbed as employees.
The IBA held a meeting with the Secretary of the Ministry of Corporate Affairs on Thursday regarding the implementation of the scheme, Mehta said, adding that it can be implemented within a month.
However, he did not share the total number of interns or trainees that banks will hire, but added that all banks will participate in the initiative.
There will also be government support for the implementation of the plan, he said.
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