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Why Banking As a Career?

Why Banking As a Career?

India’s banking sector is dominated by Public Sector Banks, which have close to 70% of the market share. Banking is among the fastest growing sectors in India. Indian Banking system is one of the most robust in the world and has demonstrated its resilience during the Global Financial Crisis of 2008 and the Asian Crisis of 1998. Serving as the fuel of Indian Economy, Banking sector has been pushing forward towards accelerating expansion and this, in turn has resulted in increasing Banking opportunities at various levels. Moreover, last year, RBI granted licences for 21 new banks (10 Small Finance Bank and 11 Payment Banks) and these will go a long way to make banking more exciting in the coming years.

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70,000 plus vacancies have been announced by public sector banks in 2016 and these numbers are on a potential rise than ever.

Yes, these are the number of vacancies generated in Government Banks only!


JOB OPPORTUNITIES: BRIGHT CAREER PROSPECTS

Presently there are around 8.5 lakh employees in government banks and on an average 60,000 employees are going to retire every year. In addition to filling up these vacancies, more job opportunities are going to be created as government has plans to increase banking penetration in the country. This is going to continue for the next 5-7 years by the arrival of new banks and also by the expansion of the present banks. This is evident from the number of increasing vacancies during the last 2-3 years. Last year, the vacancies amounted to over 70,000.

WHY YOU SHOULD CONSIDER BANKING AS A CAREER?

It's very important for you to have clarity on your career choice. Banking provides you an exciting career opportunity, because:

A. BEFORE SELECTION

1. Large Number of Vacancies

Banks offer a greater number of vacancies as compared to other government jobs. Also, jobs are increasing with fast growth in this sector. Recruitment is going to see a better trend due to large number of retirements scheduled in the coming 4-5 years.

2. Exams throughout the year

IBPS conducts exams for Banks, SBI, RBI, LIC, NABARD, and several other government organisations. Recruitments happen at different levels in various banks. Therefore, recruitment exams for banks continue to happen throughout the year unlike other exams such as UPSC or SSC, which are conducted only once in a year.

More number of exams provides you with more opportunities to succeed. Hence, the chances of failure due to poor performance reduces. If you could not appear in the exam due to illness or some other reason, your entire year does not go waste.

3. Fast Selection Process

The selection process is quick unlike other government jobs. Generally, complete selection takes around a year for other exams such as SSC, Civil Services etc. In banking, the three-tiered process is completed within 4-6 months and you can join the job as early as within 5 months in organisations such as SBI.

4. More Number of Attempts

There is no limit on the number of attempts in bank exams. Some banks have limits and even they are quite generous such as 6 attempts (for RBI).

B. AFTER SELECTION

5. All India Posting and Transfers

Being a bank officer provides a platform to work anywhere in India (also chances of foreign posting in many banks). You get an opportunity to be posted in different states and appreciate the diversity of the country by experiencing different languages, food and culture. Most of the time banks consider transfer and posting of your choice.

6. Performance Based Career Growth

Banking is a regulated industry. However, the competition is increasing everyday due to more new banks coming in and also due to business expansion of the existing banks. Professional working standards are high and banking is almost free from corruption. Promotions happen through fair process based on your job performance, written exams and interview. One can even reach to the level of Chairman and Managing Director.

7. Professional Work Exposure

Being a generalist you get professional exposure to various job profiles within the banking industry. System of job rotation provides exposure and opportunities towards specialized functions such as banking operations, credit appraisals, foreign exchange and investment management, etc. You can gain expertise and if interested can also switch to the private sector in future.

8. Better Compensation and Work Life Balance

In addition to decent salary, bank employees also get other benefits such as low interest loans, bank accommodation or housing lease, other allowances for conveyance, phone, newspaper and magazines, medical insurance for the family, pension benefits etc. The work life balance is better than most of the jobs. Women candidates have excellent career prospects; many of the top bankers in the country are women. The job is primarily office job and does not require frequent travel.

9. Public Service and Social Respect

Banks are public institutions and bankers are responsible for taking care of public deposit. In India, banking has been involved in the development agenda of the government and in various government schemes also, banks play a very active role. Banking job earns you social respect and a platform to serve the public.


CAREER GROWTH IN BANKING

Banking enthusiasts have excellent career growth opportunities in this domain. As a bank officer, you can start as PO (Scale 1 Officer) or Clerk and reach to the highest level - Chairman and Managing Director of the bank. Even if you are not from some top college or not an MBA, you still have equal opportunity to reach to the top level. Senior Bank Officials are also selected as Deputy Governor in RBI. Positively motivated, diligent, and hardworking professionals have excellent career prospects and also have chances of getting promoted to the next level easily.

VARIOUS BANKING AND FINANCIAL INSTITUTIONS IN INDIA

State Bank of India


SBI is the largest bank in India. SBI is an Indian multinational, public sector banking and financial services company having over 20,000 branches in India and close to 200 offices in 34 other countries. SBI was ranked 232nd in the Fortune Global 500 rankings of the world's biggest corporations for the year 2016.

Apart from being such a big brand name, being associated with SBI also brings home a decent salary package, a professional work environment, better & faster promotions and increased social status for a bank PO, thus making SBI PO the dream job of every applicant.

To know in detail about SBI PO refer to details in ‘About Exam - SBI PO’

SBI PO: CAREER PATH

Promotions for a SBI PO are very fast and happen every 2-3 years. Initially a Probationary Officer (SBI PO) is designated as Junior Management Grade-1 Officer. S/He has to go through a probation period of 2 years. After the successful completion of training, candidates have to go through the screening process at various levels and follow a career path as described below, which begins from Middle management scale II i.e. Manager.

PO

Scale I

Junior Management Grade

Manager

Scale II

Middle Management Grade

Senior Manager

Scale III

Middle Management Grade

Chief Manager

Scale IV

Senior Management Grade

Assistant General Manager

Scale V

Senior Management Grade

Deputy General Manager

Scale VI

Top Management Grade

General Manager

Scale VII

Top Management Grade

Executive Director (ED)

Chairman and Managing Director (CMD)


To read more about career prospects at SBI, continue reading ‘Career Guide- Why SBI’

IBPS PO


The Institute of Banking and Personnel Selection (IBPS) is an autonomous agency which conducts an online Test (IBPS CWE) for employment vacancies in over 27 Public Sector Banks and various Regional Rural Banks. IBPS CWE is amongst the most popular competitive examinations. The salaries of these bank employees’ are quite attractive, especially after implementation of 10 bipartite wage settlement for personnel. However, it may be noted that the salaries of the Bank employee's do not come under Pay Commission governed by Central Government.

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The Common Written Examination (CWE) for the recruitment of officers and clerks in Indian banks started in 2011.


To know in detail about IBPS CWE, continue reading ‘About Exam- IBPS’

Salary Progression for a Probationary Officer

Post

Scale

Grade

Salary

PO

I

Junior Management

23700-980-30560-1145-32850-1310-42020

Manager

II

Middle Management

31705-1145-32850-1310-45950

Senior Manager

III

Middle Management

42020-1310-48570-1460-51490

Chief Manager

IV

Senior Management

50030-1460-55870-1650-59170

Asst. General Manager

V

Senior Management

59170-1650-62470-1800-66070

Deputy General Manager

VI

Top Management

68680-1960-76520

General Manager

VII

Top Management

76520-2120-85000

Executive Director (ED)

Approx. 1.5+ lakhs

Chairman and Managing Director (CMD)

Approx. Rs.2+ lakhs


BeeByte

SS Mundra, Deputy Governor RBI, started his career as a probationary officer with Bank of Baroda in 1977


To read more about career prospects of IBPS PO, continue reading ‘Career Guide- Why IBPS’

NABARD - National Bank for Agricultural & Rural Development


National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India, which has its headquarters in Mumbai and has numerous branches all over India. NABARD has important responsibilities related to policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India.

NABARD Regional Office [RO] is headed by a Chief General Manager (CGM), and the Head office has several top executives like the Executive Directors [ED], Managing Directors (MD), and the Chairperson. It also has 336 District Offices across the country, and one special cell at Srinagar. It also has 6 training establishments.

Like any other banking organisation, the career progression for a banking professional at NABARD is also similar.


Reserve Bank Of India


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The Reserve Bank of India was founded on 1 April 1935 to respond to economic troubles after the First World War.


The Reserve Bank of India (RBI) is India's central banking institution and monetary authority, which controls the national currency. RBI regulates loans offered by banks and non-banking financial institutions to government entities, businesses, and consumers. It also controls the availability of funds in the financial system for credit purposes. RBI plays an important part in the Development Strategy of the Government of India. And thus, an opportunity to work with RBI is going to be a matter of huge responsibility. As, it will be a commitment to serve the nation along with an opportunity to make a difference to the Financial and Economic scenario of the nation as well.

  • A job with RBI is also very rewarding since it offers stability and immense opportunities for career growth.
  • The benefits offered by RBI outnumber the benefits offered by any other Government/Banking job.
  • RBI offers handsome career options, both in terms of salary, benefits, and quality of life.
  • Reserve Bank employees generally work five-days a week and they are posted in metros or state capitals.
  • Employees can easily adapt to the work environment at RBI and the pay packages are the best in the industry pay packages.

Roles

Responsibility

Monetary Authority

  • To keep inflation under control
  • Ensure sufficient supply of liquidity to productive sector

Supervisor of the Financial System

  • Prescribe regulations for sound functioning of financial institutes
  • Promote best practices in risk management
  • Encourage use of modern technology in banks

Issuer of Currency

  • Ensure supply of good quality coins & currency notes in adequate quantity
  • Encourage use of modern technology in banks

Manager of Foreign Exchange

  • To formulate policies to facilitate external payments and trade
  • Facilitate foreign investments in India & Indian investments abroad
  • Promotes orderly development of foreign exchange markets

Banker to the Government

  • TMaintain accounts of State and Central Governments
  • Development and orderly functioning of government securities market
  • Advises state and central governments in financial matters

Payment Systems

  • Establish modern, efficient, robust, integrated payment and settlement system for the nation

Bankers’ Bank

  • Maintain accounts of Scheduled Commercial Banks
  • Ensure adequate liquidity on a daily basis in commercial banks & in the financial system

Development Role

  • Ensure development and orderly growth of financial markets and institutions
  • Create institutions to serve specialized needs
  • Extend organized financial sector to all parts of the economy

Under Research

  • Analyse the problems and issues affecting the Indian economy
  • Offers advice on policy formulation and formulating banking, monetary and financial policies
  • Provides data warehouse to enable decision making

To read more about career prospects at RBI, continue reading ‘Career Guide- Why RBI’

SIDBI - Small Industries Development Bank of India


SIDBI

Small Industries Development Bank of India is an independent financial institution, which was established with the aim of aiding the growth and development of micro, small and medium-scale enterprises (MSME) in India.

  • SIDBI provides refinance support through a network of eligible member lending institutions for onward lending to MSMEs and also for direct assistance, which is channelized through the Bank’s branch offices.
  • SIDBI also extends financial assistance in the form of loans, grants, equity and quasi-equity to Non-Government Organisations/Micro Finance Institutions (MFIs) for on-lending to micro enterprises and economically weaker sections of the society, enabling them to take up income generating activities on a sustainable basis.
  • SIDBI also functions as a Nodal/Implementing Agency to various ministries of Government of India viz., Ministry of MSME, Ministry of Textiles, Ministry of Commerce and Industry, Ministry of Food Processing and Industry, etc.

Career at SIDBI

  • SIDBI conducts an exam to recruit for the jobs of Assistant Manager Grade A.
  • The basic pay of a SIDBI Assistant Manager Grade A will be Rs. 17100/- per month.
  • The scale of pay is Rs. 17100 – 1000 (11) – 28100 – EB – 1000 (4) – 32100 – 1100 (1) – 33200 (17 years).
  • You will be entitled to receive other admissible allowances as per rules.
  • The total emoluments after adding allowances at the minimum of the scale inclusive of House Rent Allowance & City Compensatory Allowance will be approximately Rs. 36,000/- per month

The selected candidates would be on probation for a period of 2 years, which is extendable up to maximum 4 years at the discretion of the Bank.

The Spread of SIDBI

  • Head office at Lucknow and Corporate Office in Mumbai
  • 15 Regional Offices
  • 84 Branches catering to 600 clusters across all the states

Hence, Banking exams gives you a wide range of opportunities in terms of lucrative opportunities at numerous banks. Also, in terms of the number of vacancies, prospects are huge. Hence, these days so many aspirants prefer bank jobs, because of the comfort and the growth options that this sector provides.

Career Guide

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