Strategy And Planning

Five of six major NBFCs expand workforce in FY26 while large banks rationalise staff, Bajaj Finance adds over 46,000

August 19, 2026
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Shrishti Sharma

The other four NBFCs that expanded their workforce added a combined 18,593 employees. After accounting for the reduction at Shriram Finance, the five NBFCs excluding Bajaj recorded a net addition of 14,962 employees during FY26. />Five of six major non-banking financial companies expanded their workforce in FY26, moving in a different direction from several large private sector banks that have been rationalising staff and reshaping their employee base.<br><br><!– PROMOSLOT_M –>Bajaj Finance, Tata Capital, Cholamandalam Investment & Finance, Muthoot Finance and L&T Finance reported a year-on-year increase in their workforce, while Shriram Finance was the only exception, with its permanent employee base declining by 3,631 employees.<br><br><div class=” article-detail-ad-slot=”” captionrendered=”1″ data-src=”https://etimg.etb2bimg.com/photo/133355160.cms” height=”442″ loading=”eager” src=”https://hr.economictimes.indiatimes.com/images/default.jpg” width=”590″></img></p> </div> <p>Bajaj Finance led the expansion, with its total reported workforce increasing by 46,627 employees to 155,369 in FY26 from 108,742 in FY25. However, the increase needs to be seen in the context of a restructuring of its workforce, with 36,402 fixed-term contractual employees transitioned from outsourced roles into the company’s employee base during the year.</p> <p>The other four NBFCs that expanded their workforce added a combined 18,593 employees. After accounting for the reduction at Shriram Finance, the five NBFCs excluding Bajaj recorded a net addition of 14,962 employees during FY26.</p> <p>The expansion comes as workforce rationalisation has emerged as a theme among some of India’s largest private sector banks, including HDFC Bank and Kotak Mahindra Bank, where overall employee numbers have declined even as hiring has continued in selected management, technology and specialised roles.</p> <p><b>Bajaj leads workforce expansion</b></p> <p>Bajaj Finance’s total employee count rose 42 per cent during FY26 to 155,369 from 108,742 a year earlier.</p> <p>Its permanent or full-time employee base increased by 11.7 per cent to 71,613 from 64,092. The number of other-than-permanent employees, however, nearly doubled to 83,756 from 44,650.</p> <p><b>Tata Capital, Chola and L&T Finance add thousands</b></p> <p>Tata Capital added 6,772 employees during FY26, taking its total workforce to 29,812 from 23,040 a year earlier. Its permanent employee base increased by 5,454 to 21,704, while other-than-permanent employees increased by 1,318 to 8,108.</p> <p>The company also trained more than 10,000 employees through AI-focused learning interventions during FY26 as part of its effort to become an AI-first NBFC.</p> <p>Cholamandalam Investment & Finance added 4,649 employees, taking its workforce to 51,327 at the end of FY26 from 46,678 in FY25.</p> <p>L&T Finance added 4,780 employees during the year, taking its workforce to 41,301 from 36,521. All 41,301 employees reported in FY26 were permanent employees.</p> <p>Muthoot Finance, meanwhile, added 2,392 employees during FY26, taking its workforce to 31,613 from 29,221. The company’s employee base has risen steadily from 26,716 in FY22.</p> <div> <table readabilityDataTable= NBFC FY26 workforce FY25 workforce Change Bajaj Finance 155,369 108,742 46,627 Tata Capital 29,812 23,040 6,772 Shriram Finance 76,241 79,872 -3,631 Cholamandalam Investment & Finance 51,327 46,678 4,649 Muthoot Finance 31,613 29,221 2,392 L&T Finance 41,301 36,521 4,780

Shriram Finance’s workforce declines

Shriram Finance was the only one among the six NBFCs to report a reduction in workforce. Its permanent employee base declined to 76,241 in FY26 from 79,872 a year earlier.

Large private banks rationalise workforce

At HDFC Bank, the overall workforce declined in FY26, but the reduction was concentrated in non-supervisory roles. The bank cut more than 8,000 employees from its non-supervisory workforce while adding employees across senior, middle and junior management categories, pointing to a shift in the composition of its employee base.

ICICI Bank reduced its workforce by 5,148 employees during FY26, the sharpest decline among India’s major private sector banks, compared with reductions of 3,343 employees at HDFC Bank, around 3,100 at Axis Bank and 1,269 at Kotak Mahindra Bank. According to the bank’s FY26 Annual Report, ICICI’s total employee strength stood at 1,24,029 as of March 31, 2026, down from 1,29,177 a year earlier, although the lender did not specify the reason for the decline.

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