Chandigarh: In order to deal with staff crunch, the largest public sector bank State Bank of India (SBI) is going to recruit 8000 employees during the current fiscal.

According to SBI Chairman Pradip Chaudhary, “Amidst cut-throat competition, it is needed to have skilled manpower to remain the market leader.” 

Chaudhary, who speaking at the Punjab University Business School on Saturday, said the SBI is going to extend its branches in those countries where Indians are in good numbers.

In the first phase, the bank management will set up its branches in Australia, Saudi Arabia and Katar.

The interested candidates may apply for these posts at foreign branches. SBI employees having a prior experience would be given priority in the selection process, he added.

The bank is confident of maintaining its Net Interest Margin (NIM) at 3.6 percent in the financial year 2010-11 as compared to the previous year’s 3.5 percent.

The bank also hopes to have a deposit growth rate of 20 percent. Overall, it is 16-19 percent.

The bank has allocated a sum Rs 5000 crore for making its branches high-tech. Out of which, Rs 1000 crore would be spent during this fiscal.

It is worth mentioning that Chaudhary has been a student of Punjab University in 1974, and he was especially invited to address the students of business faculty.