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New Delhi: Amid global banks adopting cost-cutting measures by handing out pink slips, the country's largest lender State Bank of India (SBI) is going against the tide with its plans to recruit about 20,000 people in the current fiscal.

Talking to mediapersons in New Delhi on Thursday, SBI Chairman OP Bhatt said the bank will employ 20,000 people in the current financial year as it is set to open more branches across various parts of the country.

The state-run bank which posted 40 per cent higher profit in the second quarter ending September 30 has slashed the prime lending rate (PLR) by 75 basis points (bps) to 13 per cent with effect from November 10 and will reduce the deposit rates by 50 bps which will be effective from December 1.

Mr Bhatt apprised that even in this tough time, the bank's rights issue was over subscribed.

In the BSE ranking, the Bank has moved from 14th to 5th place and has secured 380th place in the Fortune 500 companies.