While SBI will hire 477 candidates for information technology roles, Bank of Baroda will hire 15 sector specialists to market itsMSME products, two separate newspaper advertisements on Tuesday showed.According to the SBI, the proposed lateral hires are in the grades of assistant manager, deputy manager, manager and chief manager.Meanwhile,Bank of Barodasaid in its notice that it is looking to support small businesses under the Uttar Pradesh government’s One District One Product scheme, and will create separate verticals for products. The scheme is an initiative of the UP government to promote micro, small and medium enterprise (MSME) based manufacturing through organized support in the areas of finance, marketing, production, policy and technology.”The bank is creating separate verticals for some of the key products under the scheme and to support this key initiative for furthering the growth of the MSME sector,” it said, adding that it was looking for 15 experienced sector specialists to market its MSME products.Lateral hiring is the process of recruiting an expert for a specific role from another organization.Last month, while announcing the merger of 10 public sector banks (PSBs) into four, finance ministerNirmala Sitharamanhad said the banks will also recruit a chief risk officer at market linked compensation to attract talent.Employees hired laterally are typically remunerated at aprevailing market rates, higher than that in public sector banks. Mint reported on 26 August that the gap between the remuneration of chief executives of state run banks and their private counterparts has widened in the last two years.
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