Massive 3,00,000 job openings in NBFCs soon - Know who can make the cut

NBFC jobs in India: In what can prove to be a huge relief for scores of unemployed youths in the country, hiring activity in the non-banking financial companies (NBFC) sector is likely to expand by up to 35-40 per cent in the next 12 months. The expansion will be driven by rising innovation and growth. PTI reports specialist staffing company Xpheno co-founder Kamal Karanth as saying that NBFCs will create around 2,50,000-3,00,000 jobs approximately. However, these jobs will be open for aspirants with specific skills. 

Specialist staffing company Xpheno co-founder Kamal Karanth said the NBFCs will create around 2,50,000-3,00,000 jobs approximately.

Experts said that the demand for customer service, operations and credit and collection is quite high. The focus will be on getting quality people. Demand is also expected in segments like information security and cybersecurity. 

Karanth said, "Most of these positions exist in sales, collections, underwriting and risk. There has been an increase in demand for technology professionals by some NBFCs too. Some roles that have opened up are CTOs, Digital marketing, App development, UI/UX developers."

Most of the hiring is expected to be in tier II cities. "Tier 1 requirements are for skills that can handle largely white collared clientele for salary based and unsecured loan products. Tier II and rural skill sets are more localised to the product mix like working capital needs, collateral driven, micro-financing and group loans," said the expert.

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NBFC sector has grown tremendously in recent years. According to Nitin John Abraham, Michael Page India Associate Director, hiring in NBFCs in MSME financing has doubled to almost 18 per cent of the total book, the growth in the wholesale financing space is expected to largely remain constant in the 18-20 per cent range.

Abraham further said that automation of various processes in the lending cycle is likely to lead to cutting out of a lot of manual job processes and increase demand for skilled professionals in the analytics functions.

The high demand of sales professionals has also led to the migration of sales talent at a leadership level from industries such as FMCG and Telecom towards NBFCs. (With inputs from PTI)