The banking, financial services and insurance (BFSI) sector is likely to generate over 10 lakh additional jobs between 2017 and 2022, says a study.
"A skill-gap analysis shows that 1.01 million is the additional workforce requirement between 2017 and 2022," says Dilip Chenoy, MD & CEO of National Skill Development Corporation (NSDC), which did the study in consultation with BFSI Sector Skill Council of India and KPMG.
"The rural markets are under-penetrated. The RBI has identified 400,000 unbanked villages," he said. "Even in non-banking financing services sector, significant areas in semi-urban areas are under-penetrated."
Recently, two new universal banks Bandhan Bank and IDFC Bank have begun operations. To increase financial inclusion, the RBI had recently awarded licences for new categories of banks - payment banks and small banks.
Payment banks can accept deposits but can't carry out lending activities while small banks can collect deposits and disburse small-ticket loans to farmers and small and medium businesses.
"Interestingly, in mid-level and senior positions in many of banks there is kind of block retirement. So the kind of people required in those entities will also increase," Mr Chenoy said.
The job growth in the BFSI sector will be driven by the expansion in banking and non-banking financial sectors, said Mr Chenoy.
Besides that the insurance sector is expanding and the broking sector is also gaining traction due to greater stock market activity, he added.
Mutual fund and stock exchanges are also interesting areas, he said.
Besides jobs growth in these areas, another new sector - educating the investors - offers great opportunities, Mr Chenoy said.
As the financial inclusion deepens, a lot of investors need to be educated about financial products, he added.