State-owned Bank of Baroda is set to double its in-house technology team headcount from 1,500 to 3,000 within the next two years, according to managing director and chief executive officer Debadatta Chand. The expansion will include regular hiring processes and lateral hires of specialist talent.

"In the next two years, we will double the number of people in our IT team," Chand stated following the announcement of the bank's March quarter earnings. This move comes amid stringent actions by the Reserve Bank of India (RBI) on banks for technology shortfalls affecting transaction execution.

Besides the current 1,500 employees, the bank also employs contractual workers in its IT function. The recruitment of contemporary talent aims to bolster the bank's IT professional strength significantly.

Chand mentioned that lateral hires would be made across various grades based on requirements and candidates' experience. Additionally, a generative artificial intelligence-based platform will soon be launched, offering customers a range of interactive services.

Bank of Baroda has been aggressively investing in technology, with about Rs 20 billion spent on infrastructure. The bank's technology budget for FY24 was Rs 7.43 billion, with actual IT expenditures amounting to Rs 4.53 billion.

Further, the bank plans to open 60 new branches in the fiscal year 2024-25 and is targeting a credit growth of 12-14%, supported by a deposit growth of 10-12%. Chand also noted the bank's aspiration to maintain its Net Interest Margins (NIMs) at 3.15%.