India also has one of the most disciplined and sound banking systems in the world. Banking is a rapidly growing industry in the flourishing Indian economy. The banking sector is paving the way for many career opportunities due to rapid growth and development.
In addition, the requirement of manpower is expected to increase due to the cashless economy of the Government of India and the goal of 100% financial inclusion.
Future prospects of the banking sector
At present, public sector banks in India provide employment to more than 7 lakh people. Out of these, a very large number of people are retiring in the next few years. There is a rush of recruitment in banks to bridge this gap and handle the growing business. Keep in mind that the manpower requirements of the private sector are not included here. That is why there is an immense opportunity in this area.
In addition, due to the expansion of technology, new private banks and payment banks affected by it have expanded their banking services. The bank is active in mutual funds, securitization, business credit cards, and consumer loans, housing loans, gold for business and housing loans, and foreign exchange activities.
Scope/prevalence in the banking sector
There are many positions in the banking sector. The highest jobs are Clerk, MT (Management Trainee), and PO (Probationary Officer). There are other business opportunities in this field as well, such as bank tellers, financial services representatives, financial managers (financial managers), bills and accounts collectors (bill and account collectors), loan officers (loan officers), audit. Clerk (Audit Clerk) and Book Keeping.
Although it may seem that job oriented banking courses in Indiaare meant for commerce/economics students, the fact is that most of the bank executives are from different classes/streams.
Is banking the right choice for my career?
A job as a banker requires that you have a good grasp of numbers and a good attitude towards the customer. (A banker always works on numbers such as deposits, loans, credit investments, etc.) and has to meet many people daily. Therefore, if a candidate is good in both these aspects, then he/she is a better career choice for the bank can see as:
Also, if you are equipped with the following qualities:
- Good communication skills
- Good analytical skills
- Mutual skill
- Flexibility/ease in high-pressure environments
Then definitely a career in the bank is the right option for you.
How to be a banker
There are some well-known banking entry tests here. If elected, a job in top banksin the concerned bank or financial institution is obtained. You should know that the competition in these exams is high. A bachelor’s degree in any discipline is sufficient to participate in the recruitment process. The selection process consists of Written Aptitude Test (Quantitative Aptitude, Reasoning, English, General Knowledge, and Computer Knowledge) and Interview (for officer posts only).
The progress path of business in each public sector bank is well defined by two factors, namely performance, and efficiency. For this reason, hardworking and knowledgeable employees attain high positions in a very short time. In many banks, a person who initially holds the post of a probationary officer may aspire to rise to the position of General Manager in about 14 years. Thereafter, he can become the Executive Director/Executive Director or Chairman of the bank.
Many banks also have branches abroad. Therefore, one can also get an opportunity to work abroad. Through transfer to a bank job, you get a chance to see different parts of the country.