Synopsis: State-owned Bank of Baroda plans to double its in-house technology team from 1,500 to 3,000 employees over the next two years, according to Managing Director and CEO Debadatta Chand. This expansion will involve both regular hiring and lateral hires of specialist talent.
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees over the next two years, according to Managing Director and Chief Executive Officer Debadatta Chand.
Currently, the team consists of 1,500 employees.
The expansion will involve regular hiring processes as well as lateral hires of specialist talent.
"The number of people in our IT team will double in the next two years," Chand stated following the announcement of the bank's March quarter earnings.
The Reserve Bank of India has recently imposed stringent actions on banks due to deficiencies in their technology architecture affecting transaction execution.
In addition to the 1,500 in-house employees, Bank of Baroda also engages contractual employees for its IT functions.
Chand emphasized the bank's efforts to attract contemporary talent to strengthen its IT workforce.
Lateral hires will be made across various grades based on requirements and candidate experience.
Additionally, the bank plans to launch a generative artificial intelligence-based platform offering interactive services to customers.
Bank of Baroda has been investing heavily in technology, with around Rs. 2,000 crore allocated to infrastructure alone.
In FY24, the bank's technology budget was Rs. 743 crore, with IT spending at Rs. 453 crore.
The bank also aims to open 60 new branches during the fiscal year 2024-25.
For FY25, the bank is targeting a credit growth of 12-14 percent, supported by a deposit growth of 10-12 percent, and aims to maintain net interest margins (NIMs) at 3.15 percent.
In conclusion, Bank of Baroda's strategic plan to double its in-house technology team to 3,000 employees within two years highlights its commitment to enhancing its technological capabilities.
This expansion, involving both regular hiring and lateral hires of specialist talent, aligns with the bank's broader efforts to address regulatory expectations and improve service delivery.
The bank's significant investment in technology infrastructure, coupled with its focus on contemporary talent acquisition and innovative AI-based customer platforms, positions it for sustained growth.
Additionally, with targets for credit and deposit growth, and the opening of new branches, Bank of Baroda is set to strengthen its market presence and operational efficiency.
