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Bank of Baroda To Double Tech Team To 3,000 By FY26

By Nithya Bose in Business News, posted June 28, 2024

State-owned Bank of Baroda plans to double its in-house technology team headcount to 3,000 within two years.

Debadatta Chand, the bank's managing director and CEO, said: "In the next two years, we will double the number of people in our IT team."

It followed the bank's announcement of its March quarter earnings the current team of 1,500 employees will be bolstered through regular hiring processes and lateral hires of specialist talent.

Chand highlighted the Reserve Bank of India's recent stringent actions against banks for deficiencies in technology infrastructure that affected transaction execution.

To address this, the Bank of Baroda aims to enhance its IT team, including contractual employees and 1,500 in-house workers.

The bank seeks to attract contemporary talent as part of its efforts to strengthen its IT capabilities.

Lateral hires will be made across various grades based on requirements and candidate experience.

Chand also announced the impending launch of a generative artificial intelligence-based platform for customers, offering various interactive services.

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Bank of Baroda has been making substantial investments in technology, spending approximately Rs 2,000 crore on infrastructure alone.

Chand indicated that these expenditures would increase as technology continues to be a focal point for the bank.

For FY24, the bank had a technology budget of Rs 743 crore, with actual IT spending amounting to Rs 453 crore.

In addition to technological advancements, the bank plans to open 60 new branches during the fiscal year 2024-25.

For FY25, it targets credit growth of 12 to 14 percent and deposit growth of 10 to 12 percent, aiming to maintain net interest margins (NIMs) at 3.15 percent.

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