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As an aspirant who is looking to build a career in the banking sector in India, you have several opportunities to choose from. Also, the financial services industry has been steadily growing over the years. Moreover, both the public and private banks have attractive career opportunities for aspiring candidates.
One reason why the banking sector records rising trends is that a significant percentage of the country’s population (especially, the under-developed regions of the country) do not have bank accounts; and this market can be tapped into. Also, the Central government of India is implementing several measures to encourage persons to open bank accounts.
Whether freshers or experienced professionals, they can apply for jobs in Indian banks. More so, they are offered lucrative pay and other benefits by the banks. Many opportunities are available for MBA graduates in the banking sector too.
Types of Banks
India has different types of banks as seen in the following details.
- Commercial banks offer financial services to entrepreneurs and business houses. Regional banks, public sector banks, and private sector banks come under commercial banks.
- Cooperative banks are supervised by Co-operative societies and offer financial benefits to small-sized industries and the rural population – including farmers. Also, Cooperative banks can be of varied types such as Primary Agriculture Credit societies, Central Co-operative Banks, and State Co-operative Banks.
- Investment Banks and Specialized banks offer financial assistance to their clients. As such, they provide an array of services like foreign trading, equity sales, and foreign exchange.
The majority of banks offer a range of benefits to their employees. These include good pay and promotions based on experience and performance. Besides, the aspirants can apply for bank jobs in varied departments. These include Customer Service, Sales, Marketing, and Human Resources – to name a few.
Public sector banks appoint lawyers, MBAs, doctors, and engineers as per their performance in the All India Recruitment Exam. Moreover, Probationary Officers are offered jobs as per their results of the Common Written Examination (CWE) that the IBPS conducts.
Additionally, research studies indicate that banks will have a large number of vacancies in the future. Due to economic reforms that were introduced during the early 1990s, the banking industry started to progress rapidly.
How to Apply for Bank Jobs in India?
Banks have various positions and the two major ones are Clerks and Probationary Officers (PO) and Management Trainees (MT). Also, several other positions in banks are available such as loan processing, client service, bill collection, credit analyst, bank tellers, amongst others.
Clerk and Probationary Officer Recruitment
To apply for Clerk positions in banks, the candidate has to be between the age group of 18 to 28 years. Also, they are required to secure 60% in Class 12th exams.
Furthermore, they have to give the Probationary Officer (PO) exam. The candidates who clear the exam and other selection rounds are invited to work on probation at banks for 2 years. Then, they qualify to become permanent employees of the stipulated banks.
Officer Cadre Recruitment
Primarily, Officer Cadre positions are filled following promotions in Clerk posts. However, in some cases, to satisfy the rising demands, the authorities conduct direct recruitments as well.
The age criterion to apply for officer cadre is between the ages of 21-26 years – as specified by the different banks. Also, the applicant should score at least 55% marks in the final exams of graduate programs from UGC-recognized universities. They have to appear for entrance exams and secure the pass percentage to qualify for the Officer Cadre positions too.
The successful candidates have to, then, appear for the varied selection rounds. Then, going by their overall performance, the authorities shortlist the candidates and offer them jobs in positions that are in line with their qualifications and preferences. Even so, the candidate is required to have proficiency in computers when applying for bank jobs.
Application Process for Bank Jobs
As seen earlier, banks have vacancies in different departments and varied positions. As such, separate entrance exams are conducted as per the given job vacancy. However, the entrance exams are divided into five sections, with each section containing 50 questions. These include General Knowledge, Quantitative Studies, Computer Knowledge, English Grammar, and Reasoning.
The tally of the exams totals 250 marks, with each question carrying 1 mark. To pass the examinations, the candidates should score the pass percentage. Upon clearing the exam, they are called for the subsequent screening rounds.
The candidates are, then, selected as per the final Merit list after taking into account the candidate’s aggregate of marks in all the rounds.
To develop a career in banking, the aspirants have the option to enroll for Banking courses as well. Many public and private universities offer banking programs and invite applications from eligible applicants.
Having a Bachelor’s degree in disciplines like Financial Services, Microeconomics, Communication, and Insurance can be helpful.
The public universities levy nominal charges for their programs. And the private universities have course fees starting from few thousands and runs into lakhs. Even so, MBA degree programs can cost up to several lakhs.
Salary of Bank Jobs
Depending on the candidate’s educational qualification and experience, the pay packages of banking professionals vary. However, the aspirants can expect salaries within the range of 2.4 LPA to 4.8 LPA. Also, MBA graduates are offered salaries in the range of 10 LPA to 1 crore per year.