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Banking sector will generate 7-10 lakh jobs in the coming decade and the sector would be among top job creators in the year 2014.

The banking sector is expected to create up to 20 lakh new jobs in the next 5-10 years, helped by issuance of new licences and efforts being made by RBI and government to expand financial services to rural areas, experts say.

The hiring trends may get a further boost from the public sector banks, as many of them would need to hire fresh talent in the wake of nearly half of their workforce scheduled to retire in the next few years.

According to HR services major Randstad India, banking sector will generate 7-10 lakh jobs in the coming decade and the sector would be among top job creators in the year 2014.

Besides direct hiring, expansion in banking sector also helps in huge job creation in various support areas, experts say. According to Randstad, public sector banks could account for a bulk of hiring and could see 5-7 lakh new jobs being created in the coming years, as close to 50 per cent of their workforce in the lower and middle-level functions will retire in this period. With only less than 30 per cent of the Indian population having access to bank accounts, top banking firms are looking to expand and venture into the untapped rural markets that have so much potential to boost growth and profitability‚ÄĚ.