MUMBAI: Non-banking finance companies (NBFCs) are beginning to add crucial jobs across various functions, indicating that stability has returned to a key sector that was unsettled last autumn by a liquidity squeeze and subsequent increases in capital costs.
NBFCs could hire about 15,000 people in FY20, an estimate by recruitment firm TeamLease showed. Among those adding jobs are Mahindra Finance, Shriram Transport Finance, Piramal Capital, Aditya BirlaNSE -0.32 % Finance, IIFL, Magma Fi…
These companies have already begun recruitments, and the Jan-March quarter alone could account for half the expansion in FY19, which ends in 10 days. According to TeamLease, NBFCs have hired around 10,000 employees in FY19.
Sector Overcomes IL&FS Setback
“The (NBFC) sector is poised for the next level of growth in next few years and well-run NBFCs would benefit the most (from this expansion),” said Ramesh Iyer, managing director at Mahindra Finance. “We are also ..
These new jobs are across functions that include sales, collections and credit assessment, underscoring that financing has returned to a sector that faced a liquidity lockdown in the aftermath of the IL&FS payment defaults. Underwriters (who assess borrowers’ repayment ability) and risk management professionals are in demand.
“Hiring will gain momentum next financial year, with 40-50% rise in employee counts,” said Sabyasachi Chakraverty, head — banking & finance, Team-Lease Ser…