Bank of Baroda, the country's third-largest public sector lender, is planning to recruit 3,500 people including officers during the current fiscal.
"We are going to recruit about 3,500 people by March 2010 including 2,000 clerks and 1,000 probationary officers," Bank of Baroda chairman and managing director M D Mallya told PTI.
Besides, the bank is going to do campus recruitment, he said, adding, 'we are planning to go to reputed institutes like IIMs and IITs'.
As many as 200 management students and engineers will be hired during the year, he said. In addition to this, the bank will recruit 250 agriculture officers.
In a bid to diversify its business, BoB will form a life insurance venture with UK-based Legal and General Group.
"We have made considerable progress and secured R1 (initial regulatory clearance)," he said.
The bank has applied for R2 clearance from the Insurance Regulatory and Development Authority, he said, adding, "we are hopeful that in the next four to five months all the necessary regulatory approvals would be obtained".
The proposed venture should be up and running by the end of the current fiscal and the first policy should be underwritten by March 2010, Mallya added.
The three-way venture formed in November 2007 would have an initial paid-up capital of Rs 200 crore (Rs 2 billion).
While the lead partner BoB would have 44 per cent share in the venture, another domestic partner Andhra Bank would hold 30 per cent share. The remaining 26 per cent would be with the British insurance firm.
About recruitment for the venture, Mallya said, the company has appointed former CEO of Reliance Life P Nadagopal, as the head of the venture.
Other senior level appointments would be done in due course of time, he added.
The two banks have over four crore customers, who could be the captive client for the proposed insurance business.
Together these banks have a network of about 4,000 branches across the country.
Given the low penetration of insurance in the country and the extensive reach of Bank of Baroda, Mallya said, 'there is a huge opportunity in this sector, which we want to tap.'
