SMFG India Credit to hire 4,000 in line with employment linked incentive schemes

In terms of job roles, SMFG plans to onboard over 3,500 field personnel and will prioritise the expansion of its technology team, which has doubled in size to approximately 290 members over the past year.

SMFG India Credit plans to hire around 4,000 employees by the end of FY25, with focus on recruiting talent from rural India, the financial services firm’s chief operating officer Swaminathan Subramanian has told Moneycontrol.

SMFG India, formerly Fullerton India Credit, expects that around 90-95 percent of the hires will come from rural regions in line with the government's “Employment Linked Incentive” schemes.

“Under the National Apprenticeship Promotion Scheme (NAPS), we have already onboarded over 1,100 apprentices in the past two years and plan to welcome an additional 600 in the current fiscal year….. since FY23, over 10 percent of our apprentices have transitioned to on-roll employees,” Subramanian said.

As part of the Prime Minister’s package, Budget 2024 announced five key schemes, supported by central outlay of Rs 2 lakh crore. The package will facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.

These initiatives are aimed at “employment-linked incentives” besides enhancing skilling, encouraging women participation in workforce, supporting to MSMEs and strengthening capital infrastructure.

In terms of job roles, the company plans to onboard over 3,500 field personnel and will prioritise the expansion of its technology team, which has doubled in size to approximately 290 members over the past year.

The firm is bolstering the assurance functions, encompassing risk management, compliance, internal audit and IT & information security.

SMFG India is seeking candidates with a minimum qualification of a bachelor’s degree for most roles. For positions in technology and assurance functions, relevant certifications and experience in IT, cybersecurity, risk management, and compliance are highly valued.

“Our preferred skill sets include proficiency in digital tools and technology, ensuring candidates can adeptly navigate and utilise contemporary digital platforms. We value an understanding of rural market dynamics, which is crucial for effectively addressing the needs and challenges of these regions,” Subramanian said.