India is a developing country and banks are considered as the backbone of our country’s economy. Due to our sound banking and financial system, The global turmoil in the financial segment that occurred a few years ago had the least effect on our country’s banking sector. The banking sector in India is growing at a rapid rate and is among one of the fastest growing industry in India. Rapid progress in the banking sector and development has led to many banking jobs opportunities. The banking sector is preparing itself in India and there are many private banks coming in the near future. They all bring great career opportunities for those who wish to be a part of banking jobs.
Why Opt for a Banking Career?
Banking jobs are backed up by a huge wealth of diversity and almost every vacancy created in a bank incorporates some sort of banking element such as law, accounting, investment banking, tax, public relations management, etc. In addition many international and private banks established in India have opened up opportunities for the deserving candidates.
For beginners, the banking sector provides a great opportunity to understand the global economy. It leads to identify various challenges in the market and provides great opportunities globally.
Types of Banks in India
The banks in India can be categorized as following.
Commercial Banks: The main role of the commercial banks is to enable businesses and entrepreneurs with the financial services. Commercial banks are further categorized into the following.
- Private Sector Banks
- Public Sector Banks
- Regional Banks
Co-operative Banks: Co-operative banks mostly for the rural people like farmers, small scale industries etc. Co-operative Banks are controlled and managed by the co-operative societies. These can be further categorized into
- State co-operative Banks
- Central co-operative Banks
- Primary Agriculture Credit societies
Investment Banks and specialized banks: These banks provide financial assistance to its customers and provide necessary support like foreign exchange, sales of equities, foreign trading etc.
Most of these banks offer better packages today and give a performance and experience based promotion. In case of public sector banks, professionals like engineers, doctors, MBAs and lawyers are appointed based on the results in All India Recruitment Exam. Probationary officers (Bank PO) are also recruited in public sector banks based on the Common Written Examination (CWE) conducted by the IBPS. It is estimated that public sector banks are to employ more than 7 lakh people in the near future.
Skills required for a Banking career
- Customer Dealing
- People with patience
- People good with numbers and accounting
- Good Analytical Skills
Job positions in banking sector
There are various positions available in banking sector out of which the two major ones are clerks and probationary officers (P.O.)/ management trainees (M.T.)
Recruitment of clerks in banks
The qualifying examination is in the form of written examination and it involves multiple choice questions. It consists of a test of reasoning ability and numerical aptitude, test of clerical aptitude, test of English language and test of general awareness The candidates will be selected based on the final merit list and this is based on the aggregate of marks in written examination and interview.
Age limit: 18 years to 28 years
Educational qualification: 60% aggregate marks in 12th
Recruitment in Officer Cadre
Mostly officer cadre is filled after promotions in clerk positions and at times to meet the rising demands direct recruitment are also done.
Educational qualification- 55% marks is required in any graduate program from any UGC recognized university. The qualifying test for probationary officers includes data interpretation and logical reasoning, general awareness, English and verbal reasoning.
Age limit: 21 years to 26 years or above as decided by the individual banks
Bank Exam Preparation Books
How to crack bank interviews & exams : Tips and Tricks to secure a banking jobs through successful Exam/Interview. Suitable for SBI PO,IBPS PO,RRB,RBI assistant and other bank Exam/Interviews
Coaching Available for Preparing Career in Banking
1- Vidya Guru Education Pvt Ltd Tilak Nagar, Delhi
2- Plutus Academy Noida Sector-2 UP
3- Paramount Coaching Center Laxmi Nagar Delhi
4- Mahendra’s Laxmi Nagar Delhi & Lucknow UP
5- Balaji Institute Telibagh Lucknow UP
Other Career Options in Banking Sector
Other opportunities available in banking sector are financial managers, Bill and account collectors, bank tellers, loan officers, financial service representatives, book keeping and audit clerks.
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