SummaryCompanies Top private banks report attrition rates of 35-50%Highest turnover seen in sales staffBrisk growth in retail lending leading to attritionMUMBAI, July 27 (Reuters) - India's private lenders are contending with soaring attrition amid strong demand for loans and the rush to capture a larger share of the crowded market.
HDFC Bank, India's largest private lender, saw its employee turnover rate over the last year rise to 34%, while Axis Bank was at nearly 35%.
Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in toe at 43%.
The bank is working towards controlling it and would "not like to see an overall attrition of more than 25-30%," he said.
Kotak Mahindra Bank, which has seen the sharpest jump in attrition, saw the worst churn at junior levels, it said.
Persons:
Kotak, Amitabh Chaudhry, Chaudhry, Rituparna Chakraborty, Prashant Kumar, Teamlease's Chakraborty, Shanti Ekambaram, Ekambaram, Jain, Ira Dugal, Siddhi Nayak, Dhanya Ann Thoppil
Organizations:
HDFC Bank, Axis, Kotak Mahindra, Teamlease Services, Reuters, Kotak Mahindra Bank, Thomson
Locations:
MUMBAI, India's, Siddhi