Banking is an important economic activity in the country and the role of the banks is being redefined fast. Banks in the country are the backbone of its economy. Traditionally banks are known to manage wealth and their activities facilitate the basic economic processes of production, distribution and consumption. The number of services that banks provide has also increased like traveller’s cheques, finance projects, extends loans, small savings, credit facilities and encouragement to young entrepreneurs.
Banks in India were nationalized in 1969. The process initiated a new chapter in the history of Indian banking. Banking operations, after nationalization, became more broad-based and accountable. The nationalization policy gave depositors some confidence and they were willing to deposit money in banks. Banks in India have to fulfill various priority sector obligations. They have to provide loans to farmers, self-employed people, merchants, professionals and a long list of projects in the priority sector. Functions of a bank are distributed into several heads like Retail Banking, Personal Banking, Merchant Banking, Corporate Banking and Rural Banking. Private Banks like Times Bank, ICICI Bank, Centurian Bank, etc.. have opened with efficient services. Their service rates are a little high, but people are willing to pay the kind of money these banks demand. Foreign banks have also made headway in the Indian banking market. They mainly hold corporate accounts, high-end personal account and NRI accounts. As compared to the services offered by the Indian banks vis-à-vis foreign banks, the latter are far superior, but it is not within the reach of every one.
Eligibility:
The maximum age limit for probationary officers is 28 years, and the minimum is 21 years. The minimum educational qualification required is graduation in any discipline from a recognized university. Most foreign banks prefer Management Graduates or CAs (Charted Accountants).
Some of the qualities required for a successful bank career are high intelligence, ability to relate to people at all levels, team spirit. The selection of the candidate is based on the written test and interview. The written test includes papers in English, Quantitative Aptitude, Reasoning, and General Awareness. On selection the candidate is put on probation for two years.
Skills Required:
Good human relations, pleasing personality, god communication skills, innovativeness, commonsense, well organized mind, prompt action, mathematical aptitude etc.,
Job Opportunities:
You can opt for the following job profiles in banking industry.
Financial Managers: Financial Managers formulate financial policies and also help in its implementation. They make business forecasts. Their main job is to manage the different branches of the bank. Financial Manager formulates strategies so as to minimize losses in the insurance sector of banks. The financial Manager prepares financial reports that reflect the financial health of the ban. Along with this the financial managers also monitor the flow of cash. The financial managers can work as controller, treasurer, credit managers, treasurer, cash mangers, and insurance or risk managers. Jobs in Bank Industry
Bank Tellers: The job of the Bank Teller is to focus on the minute details as in verifying the name, date and identity of the customers who are at the receiving end.
Bill and Account Collectors: The Jobs in Bank Industry of the Bill and Account Collector is to collect the money overdue from the debtors.
Loan Officers: The Loan Officer checks the eligibility of all the individuals seeking loans from the Bank. He checks their credit worthiness, i.e. their probability of loan repayment. After making a thorough evaluation of the loan application of the clients, does the loan officer recommends or approves them. Loans may be commercial real estate or credit loans.
Book Keeping and Auditing Clerks: The job of the Auditing Clerk is to record and classify financial data. They keep on calculating and keeping track of the financial records.
Financial Service Representative: The Jobs in Bank Industry of the Financial Service Representative is to promote different products and services offered by the banks. They are also responsible for opening and closing accounts and keeping a record of all the financial transactions.
Remuneration:
Banking career offers good remuneration and benefits. Approximate scales in various banks are: Probationary officer start at about basic pay of Rs. 10,000 plus other allowances.
Clerks: Start at about Rs. 8,000. Bank officers are also eligible for dearness allowance; house rent allowance; and city compensatory allowance. Salaries are higher in private sector and foreign banks. Most foreign banks offer the junior level executive a starting salary of about Rs 6-10 lakh per annum. Remuneration increases with seniority.
