NEW DELHI: ICICI Bank has posted the lowest employee attrition rate among large private-sector lenders for the past three financial years, reflecting stronger employee retention driven by competitive pay and a supportive work environment.
Industry-wide, attrition has shown a steady year-on-year decline during this period.
According to ICICI Bank’s latest Business Responsibility and Sustainability Reporting (BRSR) report, the bank’s attrition rate fell to 18% in FY25 from 24.5% in FY24, down from 30.9% in FY23—consistently outperforming its peers.
HDFC Bank, the country’s largest private lender, saw attrition drop to 22.6% in FY25 from 26.9% in FY24 and 34.2% in FY23. Axis Bank’s rate declined to 25.5% from 28.8% in FY24, while Kotak Mahindra Bank recorded a fall to 33.3% from 39.6%. IndusInd Bank reported a sharper drop to 29% in FY25 from 37% in FY24 and 51% in FY23.
Between FY23 and FY25, private banks have seen a consistent downward trend in attrition rates. Experts attribute this to a softer entry-level job market in BFSI and fintech, along with the expansion of digital services.
Post-pandemic hiring sprees had earlier fueled high attrition, as employees—particularly at entry levels—were drawn to fintech opportunities. “The market is now stabilising, with banks moderating recruitment and fewer employees leaving for fintech roles,” said a senior HR executive from a private sector bank.
