Banks are preparing to hire graduates under the age of 25 as apprentices, offering them a monthly stipend of Rs 5,000, according to Indian Banks Association (IBA) Chief Executive Sunil Mehta. These apprentices will be trained in specific skill sets as part of the programme, which is expected to be rolled out within a month.
This initiative comes in response to a recent budget announcement by Finance Minister Nirmala Sitharaman, who aims to provide internships to up to 1 crore youth in top 500 companies over the next five years. Mehta elaborated that the banking sector will focus on areas like marketing and recoveries, which do not require highly skilled manpower, but can offer valuable training and career-building opportunities.
Eligible candidates must be between 21-25 years old, non-taxpayers, and must not hold degrees from premier institutions such as IIT or IIM. Apprenticeships can last up to 12 months, with a chance for participants to continue working as business correspondents or potentially be absorbed into full-time roles at the banks.
Mehta assured that the scheme, which has been discussed with the Ministry of Corporate Affairs, will receive government support. While the exact number of apprentices to be hired is yet to be disclosed, all banks are expected to participate in the initiative.
