Why Pursue A Career In Banking- India has one of the most disciplined and sound banking systems in the world. Banking is one of the fastest growing industry verticals of the flourishing Indian economy. The rapid advancements and growth in the banking sector have paved the way for many career opportunities.
Also, with the Indian government aiming for a cashless economy and 100% financial inclusion, the manpower requirements are bound to go up.
Future Prospects Of Banking Sector
Public sector banks in India presently employ more than 7 lakh people. Of these, a large number of people will be retiring in the next few years. To fill this gap and to take up the growing business, the banks are on a recruiting spree. Note that the private sector manpower requirements are not included here. Hence, opportunity in this sector is immense.
Besides this, the emergence of technology-driven new private and payment banks has broadened the scope and range of banking service. Banks are in the mutual funds, securitisation, business credit cards, consumer loans, housing loans, housing loans besides trading in gold and forex activities.
Scope In The Banking Sector
In Banking Sector, there are multiple posts. Of these, the top most jobs are of clerks, MT (Management Trainees) and PO (Probationary Officers). Other career opportunities in this sector are bank tellers, financial service representatives, financial managers, Bill and account collectors, loan officers, audit clerks and book-keeping.
Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education.
Benefits of Choose Banking Job:
- Job security
- Good PayScale
- Career growth and promotion
- Additional benefits
- Excellent working environment
Is Banking The Right Career Choice For Me?
The job as a banker demands a command on numbers and a right attitude towards customer service (as a banker is all the time working on numbers like – deposits, loans, credit, investment etc and he/she has to deal with a lot of people/customers on daily basis). So, if a candidate is good on these two aspects, banking career should be the right choice.
Also, if you possess the following qualities:
- Good communication skills
- Good analytical skills
- Interpersonal skills
- Resilience In high-pressure environments
Banking is most definitely, the correct career choice you.
How To Become A Banker
Here are a few well-known banking entrance examinations. By qualifying these, get placed in the related bank or financial organization. One should note that the competition in these exams is high.
- IBPS Common Written Exam for Probationary Officer (IBPS PO)
- State Bank of India Probationary Officer (SBI PO)
- IBPS Common Written Exam for Clerical Recruitment for PSUs
- State Bank of India Clerical
- Common Written Exam for Regional Rural Banks
- Common Written Exam for Specialist Officer
- IDBI Bank Executive Exam
- RBI exam
- RBI assistant exam
- NABARD AM exam
- Others
A graduation degree in any discipline is sufficient to participate in the recruitment process. The selection process includes written aptitude test (Quantitative Aptitude, Reasoning Ability, English, General Awareness and basic computer Knowledge) and interview (only for officer posts).
Career Growth
There is a well-defined career progression path in each public sector bank which is defined by two factors: performance and potential. Thus, hardworking and knowledgeable employees can move to higher posts in less time.
In many banks, a person who joins as a probationary officer can aspire to reach to the position of General Manager in about 14 years. After that, one can further aim for becoming the executive director or chairman of a bank.
Many banks have a network of foreign branches. Thus, one may also get the opportunity of working abroad. Transferability in a bank job provides you the chance of seeing different parts of the country.
Working as a banker, you can easily ensure a good lifestyle.
Career progression of Officers
Junior Management Grade – Scale I: Officer
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Some Success Stories
- Arun Tiwari: BSc in Chemistry. Joined Bank of Baroda as PO in ’79. right now CMD of Union bank of India.
- KR Kamath: Did B.Com from Mysore, joined Corporation Bank as officer trainee ‘77. Today he is CMD of Punjab National Bank.
- Arundhati Bhattacharya: done BA in literature, joined SBI as PO back in ‘77. Today she is the Chairman of SBI.
Banks offer good financial packages along with other perks. Housing and medical facilities are also provided. And there is an added advantage of job security. Not to mention a great social status.
Typical Payscale of an SBI PO 2023
| BASIC PAY |
Rs. 41,960/- (with 4 advance increments) |
| PAY SCALE |
Rs. 36000-1490/7-46430-1740/2-49910-1990/7-63840 |
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Frequently Asked Question:
People choose banking sector main because it gives job security, competitive salary, opportunities for growth, excellent work-life balance.
Candidate must have a minimum qualification of bachelor’s degree in commerce or management-related specialization.
Yes, anyone can clear bank exam without coaching. You need to have proper seld-study plan.
The main three subjects in bank exams are Quantitative aptitude, English language, and Reasoning ability.
Banking is a good career option with a lot of opportunities, growth, job security, a good PayScale, etc.
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