A low attrition rate is every employer’s dream, and ICICI Bank has turned that dream into reality. India’s second-largest private sector lender has topped the charts in employee retention among major private banks for the third year in a row. As per its latest Business Responsibility and Sustainability Reporting (BRSR) report, ICICI’s attrition rate dropped to 18% in FY25 — a sharp fall from 24.5% in FY24 and 30.9% in FY23.
When it comes to competitors, India’s largest private sector bank, HDFC Bank, reported an attrition rate of 22.6% in FY25, down from 26.9% in the previous year. Other private lenders including Axis Bank, Kotak Mahindra Bank, and IndusInd Bank also saw a decline in employee attrition during the same period.
Axis Bank recorded an attrition rate of 25.5% in FY25, down from 28.8% a year earlier, according to its BRSR report cited by the news agency. Kotak Mahindra Bank also saw a decline, with attrition falling to 33.3% from 39.6% in the previous fiscal. IndusInd Bank reported a similar trend, with its attrition rate easing to 29% in FY25 from 37% in FY24, the report added.
Over the past three years, private banks have reported a steady decline in attrition rates between FY23 and FY25. This drop can be linked to factors such as a subdued entry-level job market in the BFSI and fintech sectors, as well as the growing adoption of digital services
