Though attrition at some of India's biggest banks is high and rising, it is the junior management that makes the most exits due to opportunities in fintech and flexible working conditions. Banks are more concerned about retaining senior management talent, which is involved with strategic decision making
Four years ago, Anil Pushkar, at 35, did what most relationship managers (RM) in banking would do. The attractiveness of a slightly elevated job profile and a 30 percent hike in salary led him to quit his four-year-old employment as an RM at Kotak Mahindra Bank to join the larger HDFC Bank in 2019, where he currently works.
His decision to quit might seem odd to some; it was almost decoupled from the bank he was leaving. Kotak Mahindra Bank—like most other lending institutions in India—has been seeing steadily improving profit ratios, a stronger balance sheet and years of a focussed leadership and processes. Pushkar (name changed) is clear that HDFC Bank offers “access to data and products” like no other, but also says if he had stayed on at KMB he would have acquired a similar salary package once he hit a particular grade and slab level.