Banks to hire young graduates as trainees within a month; pay a stipend of Rs 5,000

Banks They are considering hiring graduates under 25 years old as apprentices Within a month, a senior industry official said Friday, lenders will pay off a stipend Rs 5,000 per month to such candidates who will be trained in a specialised skill set during the period, Indian Banks’ Association Executive Director Sunil Mehta told PTI.

The move follows a budget announcement by Finance Minister Nirmala Sitharaman, according to which the government aims to provide internships in top 500 companies for up to 1 crore youth 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 can create jobs 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.

Mehta said these candidates will not “disappear” after their stint with the banks, adding that there is also a possibility of some of them being absorbed as employees. The IBA held a meeting with the Secretary, Ministry of Corporate Affairs on the implementation of the scheme on Thursday, Mehta said, adding that it could be implemented within a month. He, however, did not share the total number of interns or trainees that the 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.