A substantial number of finance jobs in India will be created over the coming years by public sector banks.

This is according to M V Nair, chairman of both the Institute of Banking Personnel Selection (IBPS) and Union Bank of India, who predicted more than 400,000 positions will be generated within the next couple of years, the Times of India reports.

Mr Nair told an IBPS seminar that institutions are preparing for the retirement of many workers appointed in the late 1970s and early 1980s and are likely to increase their recruitment activities as a result.

Close to one million individuals are currently employed in India's public sector banks and State Bank of India alone appointed more than 20,000 workers in 2010 and is expecting to hire a further 7,000 during the current 12-month period.

The Economic Times recently quoted Indian prime minister Dr Manmohan Singh as stating he anticipates it will be one of the leading nations for jobs and economic growth over the coming years, with the government planning to focus on inclusive expansion.

Posted by Kate Griffin