The Bank of Baroda, owned by the government, plans to increase its technology team from 1,500 employees to 3,000 over the next two years. This growth will involve hiring new employees through standard procedures and hiring specialised talent outside the organisation. Debadatta Chand, the bank’s managing director and CEO, shared this information in a recent interview with PTI (Press Trust of India).

After announcing its March quarter earnings, Chand said, “In the next two years, we will double the number of people in our IT team,”.

According to Chand, the bank employs contract workers for its IT operations in addition to the 1,500 permanent employees working in-house. The bank aims to recruit new and skilled professionals to significantly expand its IT workforce. These lateral hires will be made across various levels based on specific needs and candidates’ experience.

Chand also highlighted the upcoming launch of an advanced artificial intelligence platform that offers interactive services for customers. He stated that the bank has invested heavily in technology, including approximately ₹2,000 crore on infrastructure alone. The bank plans to increase its investment in technology as it becomes a more prominent focus area.

According to management statements, in the financial year 2024, the bank allocated ₹743 crore for technology but spent ₹453 crore. For FY 2024-25, the bank plans to open 60 new branches. In FY 2025, the bank aims for a 12-14% credit growth, supported by a deposit growth of 10-12%, and aims to maintain Net Interest Margins (NIMs) at 3.15%, as stated by Chand.

About Bank of Baroda

Bank of Baroda (BOB) is an Indian state-owned international banking and financial services company, founded on July 20, 1908, with its headquarters in Vadodara. The bank offers a range of financial services to individual customers, including savings and current accounts, home, vehicle, and education loans, demat accounts, mutual fund investments, government deposit schemes, and various types of insurance (life, general, and health). It provides financial and credit services for MSMEs, corporations, agriculture, and other business entities.

On June 24, 2024, Bank of Baroda’s share price opened at ₹279.50, touching the day’s high price of ₹280.05 as of 10:54 AM on the NSE.

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