Introduction

The banking industry in India has become one of the most growth-oriented industries in recent times with the opening of large numbers of private and international bank's branches in the country. Banks being effective catalysts of change, mobilizing the savings of people, can function as instruments for promoting economic and social development in a purposive manner. In our developing economy banks occupy an undisputed position of importance. Hence the probability of career growth in this sector is enormous.

A course in banking teaches an individual about the areas of basics banking, operations, retail banking, treasury management, back office operations, investment banking and specialized service such as merchant banking, IPO and financing, SME financing, retail and corporate financing also an important branch of banking, play a pivotal role in the global economy. With the boom in communication, banking is becoming increasingly technology savvy.

Eligibility

A candidate needs to complete graduation in any stream. Preferences are given to commerce graduates, chartered accountants, banking and finance executives for specialized courses.

Those who are applying for banking jobs should also have completed graduation in any discipline. The eligibility criteria and selection process varies from bank to bank. Apart from a written examination some banks also conduct personal interview of the candidate.

Career prospects

Gone are the days when banking was considered a staid enterprise for boring mathematicians. Banking has now emerged as one of the most challenging sectors in our country today. It is a big number game now and competence, dynamism, initiative and results are what promise you success and more importantly. Aspiring bankers can seek employment in a variety of banking establishments like the RBI, the regional reserve banks, the state bank of India and associate banks, nationalized banks, the private sector banks and foreign banks.

Openings are available at various levels, from clerks to Probationary Officers (PO). Apart from people with commerce or management backgrounds, the banks also recruit engineers and agriculture graduates, for specialized jobs in the rural areas and industrial belts. What is more, banks hire doctors for the supervision of the health of all its employees.

Remuneration

Remuneration in this field is generally high. The salary varies from one position to the other. For clerical grade the starting salary may vary between Rs.7, 000 – Rs.10, 000 in public sector banks. The private banks and foreign banks offer comparatively higher salary. Those who get selected for probationary officers in public sector banks earn minimum Rs.10, 000 per month as starting salary. Apart from the salary employees are also offered bonus, perks, allowances, incentives and other benefits which are revised from time to time.

Career Path