Public-sector banks continued to expand their workforce in FY26, signalling that human capital remains central to growth strategies even as digitalisation reshapes the banking landscape.
According to an analysis of annual report data from eight state-owned lenders, these banks collectively added 13,223 employees during the financial year ended 31 March, 2026. Their combined workforce rose to 6,28,203 employees from 6,14,980 in FY25.
The analysis covered the State Bank of India (SBI), Bank of Baroda, Canara Bank, Punjab National Bank, Bank of India, Indian Bank, UCO Bank and Bank of Maharashtra. Annual reports of four other public sector lenders — Punjab and Sind Bank, Union Bank of India, Central Bank of India and Indian Overseas Bank — are yet to be released.
The State Bank of India accounted for the largest share of hiring activity. India’s biggest lender added 8,905 employees during the year, increasing its workforce to 2,45,131 from 2,36,226 in FY25. SBI alone contributed nearly two-thirds of the total employee additions among the eight banks analysed.
Bank of Baroda recorded the second-highest increase, adding 1,685 employees and taking its total workforce to 76,693. Bank of Maharashtra expanded its employee base by 1,005, reaching 15,596 employees during FY26.
Canara Bank increased its headcount by 567 employees to 81,827, while Punjab National Bank added 527 employees, taking its workforce to 96,738. Bank of India reported a net addition of 446 employees, raising its total employee strength to 51,010. Indian Bank added 153 employees, ending the year with 40,224 staff members.
The increase in hiring comes at a time when banks are rapidly adopting digital technologies and automation. It also indicates that, rather than replacing jobs entirely, technology adoption in banking is reshaping workforce requirements and creating a need for both specialised skills and strong frontline capabilities.
