Working in a bank is fabulous choice among young aspirants. Entry into a banking job offers good salary, job security as well as social status. Contrary to the popular believe that banking career is for commerce stream students, banks welcome all those who are competent enough in academics and who can prove their worth.
Today you can find people working in banks from different backgrounds, arts, commerce, sciences, engineering, and medicine to name a few. Multinational banks recruits MBAs, CAs, CFAs etc in top positions but they also welcome bright graduates from other streams. In general, Banks conducts all India entrance exams for recruitment in various posts.
Nowadays, economy is globalizing, more and more multinational banks are investing in India and hence opportunities for eligible human resources is raising manifold. Now banks are largely operating in other segments like mutual funds, securitization, credit cards, consumer loans, housing loans, trading in gold and Forex etc.
In general, banking recruitment exams gauge you for good communication skills, interpersonal skills, ability to deal with clients, basic knowledge of banking industry and alertness. Meanwhile, if you wish to join a multinational bank at higher than entry level you should need specialization in some specific area like banking, human resources, finance & budget etc. Good computer knowledge is essential.
All bank recruits front office professionals and then there comes supervisors in the chain to look after back office operations like transactions, regular ledger work and overall supervision. Salary package is good in banking sector. Most public sector employees can begin with a salary of INR 8K per month plus allowances. MBAs with private and foreign banks begins with fat pay packages about INR 25K per month plus and receives promotions and increments depending on performances.
India has following 3 types of banks: - Public Sector banks
- Private Sector Banks
- Multinational Banks
Nationalization of commercial banks in India brings entire banking system with the domain of public sector bank. State Bank of India (SBI) is top commercial bank of India. The entry of private sector banks like ICICI, IDBI etc has provided tough competition to both public sector as well as multinational foreign banks. They are tech savvy and offer better pay packages than public sector banks. Promotions are not time based but performance based.
Multinational / Foreign banks are preferred choices among young aspirants because of higher packages and better facilities. Though, in addition to personal performance job security in these banks depends on other external factors like market economy, performance of bank worldwide, change in management etc.
Public sector banks mainly appoint graduate students on the basis of performance in All India Recruitment Examination. On senior posts professionals like engineers, MBAs, CAs, Doctors, Lawyers etc are appointed on the basis of All India Recruitment Exam.
Private Sector Banks and Foreign / Multinational Banks recruits MBAs, CAs etc through campus recruitments. But in senior positions they prefer experienced bankers and officers from public sector banks becomes obvious choice. Public sector banks recruits Probationary Officers on the basis of All India Recruitment Exam.
Banking Professional works under following capacities in a Bank in India:Financial Managers: These banking personals make banking policies and offers help in employing them in practice. They make business predictions. The main job of financial manages is handling various branches, minimizing losses, maximizing profits, monitoring cash flow and preparing financial reports to present to public and government. Financial managers work in the capacity of controller, treasurer, cash manager, insurer, risk managers, credit managers etc.
Bank Tellers: The prime work of a bank teller is to focus on details of customers including verification, identity etc. They also deposit and lend money to and from customer accounts.
Bill and Account Collectors: The job profile of bill and account collectors is to collecting overdue money from customers. This is basically clerical job in a bank and recruitment is done through Clerical Recruitment Examination.
Loan Officers: The loan officer verifies the credentials of loan seekers as well as loan repayment capacities. After making thorough check on loan applicant, loan officer may approve an application or disapprove. Loan can be of any sort, viz, commercial loan, vehicle loan, study loan, home loan etc.
Book Keeping and Audit Clerks: The audit clerk calculates and keeps track of financial records.
Financial Service Representative: The Job of financial service representative is to promote products and services of the bank, both existing one and newly launched. Thus, the job of a financial service representative is to generate profit for bank as well as suggesting customers the products and services from which they also get adequate benefits.
