Banks to Hire Youth as Apprentices Amid New Budget Push

Banks in India plan to hire graduates aged 21-25 as apprentices, offering a monthly stipend of Rs 5,000. Announced by the Indian Banks Association’s CEO, this initiative aligns with the government's goal of providing internships to 1 crore youth over five years. These apprentices will receive specific skills training, potentially leading to full-time employment.

Banks across India are set to recruit young graduates as apprentices within the next month, according to a leading industry official.

These financial institutions will offer a stipend of Rs 5,000 per month, providing training in specialized skill sets. Indian Banks Association's CEO, Sunil Mehta, detailed the plan, which coincides with the government's ambition to provide internships for 1 crore youth over five years.

The apprenticeships aim to address roles that don't require skilled labor, such as marketing and recoveries. Candidates, in the age group of 21-25, not taxpayers, and without degrees from top institutions like IITs and IIMs, are eligible. There's potential for these apprentices to secure permanent positions.

The IBA discussed the scheme's implementation with the Ministry of Corporate Affairs, and it is expected to commence within a month. Government support will underpin this initiative, although the total number of apprentices to be hired remains undisclosed.

(With inputs from agencies.)