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Delhi, 30th April, 2024: A recent analysis conducted by TeamLease Services highlights a notable increase in employment demand within the retail lending sector in BFSI, particularly in Tier II and Tier III markets. The analysis, based on data from the firm’s top clients, totalling a base of over 45,000 temp employees, underscores a significant trend in the industry.
Over the past two financial years, the retail lending sector, which includes Personal Loan, Home Loan, Credit Cards and Micro Financing has exhibited remarkable growth, with a 29% increase in overall employment figures. Notably, the Tier II and Tier III segments have witnessed substantial growth rates of 21% and 26%, respectively, YoY between FY23 and FY24. This surge in employment demand reflects the expanding footprint of retail lending institutions in non-metro and semi-urban areas.
Percentage Increase
Row Labels
FY22
FY23
FY24
YoY Growth Between
FY22 and FY23
YoY Growth
Between
FY23 and FY24
Tier I
12,018
12,600
13,725
5%
9%
Tier II
9,348
10,148
12,264
9%
21%
Tier III
14,628
14,988
20,367
2%
26%
Grand Total
35,994
37,736
46,356
5%
23%
Top Tier 2 and Tier 3 cities which are driving workforce demand
Tier II
Tier III
Jaipur
Patiala
Chandigarh
Bhatinda
Coimbatore
Meerut
Surat
Jamnagar
Ludhiana
Yamunanagar
Indore
Trichy
Amritsar
Hassan
Mysore
Kota
Nagpur
Aurangabad
Vizag
Rohtak
“This data sheds light on the evolving dynamics of the retail lending industry, particularly in Tier II and Tier III markets,” stated Krishnendu Chatterjee, VP and business head – BFSI, TeamLease Services. “With employment demand soaring by 29% over the past two financial years, underscores the urgent need for skilled professionals to fuel the growth engine of the retail lending industry.”
Teamlease anticipates that this trend will persist in the current fiscal year as retail lending institutions continue to prioritize market penetration and customer outreach strategies in emerging markets.