The state-owned Bank of Baroda is set to double its in-house technology team to 3,000 within the next two years, a top official disclosed.
Debadatta Chand, the managing director and CEO, confirmed that the new hires will include both regular and lateral recruitment of specialist talent. The current team comprises 1,500 employees.
This surge in numbers follows the Reserve Bank of India's stringent actions on banks for technology-related shortcomings that affected transaction capabilities.
In addition to the 1,500 in-house employees, the bank employs numerous contractual workers for IT functions, Chand noted. The emphasis will be on hiring contemporary talent to bolster its IT workforce.
Lateral hires will span across various grades based on needs and the candidates' experience levels.
The bank also plans to introduce a generative artificial intelligence-based platform to offer a range of interactive services for customers, Chand revealed.
Heavy investment in technology is already underway, with Rs 2,000 crore allocated to infrastructure alone. The budget for IT spending in FY24 was Rs 743 crore, with actual spends at Rs 453 crore.
Looking ahead, the bank aims to open 600 new branches during FY25 and FY26, alongside targeting a credit growth of 12-14% and deposit growth of 10-12%. The net interest margin goal is set at 3.15%, Chand stated.
Bank of Baroda to Double IT Team, Embrace AI for Enhanced Customer Experience
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