Career in Banking Sector
For a developing Country, banks are taken into consideration because they are the backbone of the economy. Career in banking sector have more opportunity. The worldwide turmoil in the monetary phase that occurred a few years ago had the least effect on our country banking region due to our sound banking and economic device. The banking quarter in India is developing at a fast rate and is among one of the fastest developing industry vertical.
The banking quarter in India is gearing itself and there are lots extra personal banks to come inside the close to destiny. All of these bring in massive profession possibilities for folks that aspire to end up future bankers.
The Reserve Bank of India (RBI) is an institution of Government of India, to regulate banking business in India. All banks operating in India works in accordance with the guidelines fixed by RBI called “Banking Regulation Act”. This act empowers the RBI to regulate, inspect and control the banks in India. Any bank new or old needs license from RBI to open a new branch.
For new comers, the banking sector affords an awesome possibility to expand an information of the global economic system. It paves the way for identifying numerous challenges inside the market and gives exceptional possibilities globally.
Types of Banks in India
Commercial Banks: The major 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
Co-operative Banks: Co-operative banks mostly benefit the rural people like farmers, small scale industries etc.
Investment Banks and specialized banks: These provide financial assistance to its customers and provide necessary support like foreign exchange, sales of equities, foreign trading etc. to its customers.
Skills required for a Banking career
People with patience
People good with numbers and accounting
Preparing for a Career in Banking
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
Age limit: 18 years to 28 years
Educational qualification: 60% aggregate marks in 12th
Written exam will be conducted which having the multiple type question. Exam having reasoning ability and numerical aptitude, clerical aptitude, English language and general awareness questions. Candidate select on the basis of written exam marks.
Recruitment in Officer Cadre
The minimum age group for entry into officer cadre is 21 years and maximum is 26 years or above as decided by the individual banks and 55% in any graduate program from a UGC recognized university. The qualifying test for probationary officers includes data interpretation and logical reasoning, general awareness, English and verbal reasoning.
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.