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Bank Jobs in India

The banking sector in India is witnessing tremendous growth and in turn, there are several career opportunities that the professionals can avail. Fresh graduates can consider building a career in the banking field. Huge investments are being made in the banking sector for exploiting the field’s potential.

India has a large population, but a considerable percentage of people are not having bank accounts; predominantly, in the less-developed areas of the country. Thus, the employment opportunities are only deemed to grow in the future. Furthermore, the central government is introducing varied initiatives so that more people have access to the banking system. For both public and private banks, the banking field offers lucrative opportunities.

Both freshers and experienced professionals can apply for jobs to the reputed banks. The financial institutions are offering good pay packages for applicants having the required qualifications. Also, MBA graduates can take advantage of the growth potential relating to the banking industry.

Kinds of Jobs in the Banking Industry

At present, in India, there are different types of banks that are operating. These include Grameen, Nationalized, Foreign, Private, and Central banks.

In the near future, they will be a significant rise in job vacancies at banks – as predicted. In 1991, there were many economic reforms that were introduced in India; and consequently, the banking sector was able to develop rapidly. At the banks, there are multiple departments that the candidates can apply for, including marketing, sales, customer service, human resources, amongst others.

Salary Offered by Banks

The salary offered by banks can range from 2.4 lakhs to 4.8 lakhs per annum, depending on the applicant’s qualifications, experience and position held. Moreover, MBA graduates can earn from 10 lakhs – 1 crore in a year.

PO Exam for Bank Jobs

For applying for jobs at the public banks, the applicants (after their graduation) have to clear the probationary officer exam or PO. Thereafter, they have to work on a probationary basis at the institutions for 2 years, following which they can expect to hold a permanent position at the banks. They can apply for several posts at the banks, such as bank tellers, credit analyst, bill collectors, client service officers, and loan processing staff – to list a few.

Eligibility for Bank Examinations

The candidates are required to complete their graduation and only then, they are considered to be eligible for the bank jobs in the public sector. Where private banks are concerned, the applicants are screened for having an economics, finance, and commerce background. Post clearing the examinations, they have to pass the interview rounds. Having computer knowledge is imperative for getting jobs at the banks.

Courses in Banking

Several universities are offering courses in banking that can be applied for. The aspirants can apply for Bachelor degrees in disciplines such as Insurance (with a focus on equity debt), Communication, Microeconomics, and financial services. Both Government and private universities are rendering these courses. At the Government-funded universities, nominal fees are levied. Private institutions levy fees in the range of few thousands to a lakh. Applying for MBA degree courses can cost up to several lakhs.

Preparation of Bank Examinations

For the different posts at the banks, there are separate exams. Normally, the entrance exams contain questions on varied subjects such as Reasoning, English Language, Computer Knowledge, Quantitative Aptitude, and General Awareness. The exam contains a total of 250 questions; 50 questions are listed under each section. The tests carry a total of 250 marks; each question carries 1 mark. Only after clearing the exams, the successful candidates are called for a personal interview.