Banking traditionally refers to the job of managing the assets of the individuals who approach a particular bank.
A career in banking is lucrative as it offers competitive salaries and an opportunity to work in the finance industry.
The minimum qualification needed for a job in Banking is a Bachelor’s degree in either of these subjects; Finance, Economics, Banking, Commerce, or management-related specialization.
You will have to study quantitative aptitude, general awareness, English and basic computer skills to ace banking exams.
Is banking a good career in India?
Over the last few years, the nature of the Indian economy has been dicey.
Corporate sectors are forced to shut down or sack thousands of employees. There is no job security. That’s why many people today choose to go for banking roles. Why? Because it provides job security.
Banking has emerged as one of the most rapidly growing industries in the country. The banking sector mainly recruits for three posts-clerical cadres, Management and Trainee (MT), and Probationary Officer (PO).
Both public and private sector banks look for two qualities in an employee, potential, and performance.
Trends show that people tend to grow faster in the banking sector after two to three years in the role in comparison to other manufacturing and service sector jobs.
IT, banking, and finance sectors accounted for a whopping 93% of the 3.82 lacks net increase in jobs in India.
The future of banking will be driven by major technological changes and will transform drastically. The future of banking is “Digital”.
Growth opportunities in the banking sector are Immense due to the following reasons:
- Good Starting Salary – A skilled and qualified person can apply to some of the best domains in a bank and earn a minimum salary of Rs.40,000 to 45,000 rupees as a probationary officer. One can also apply for special officer jobs like IT officer, Finance officer, etc.
- Ample Growth Opportunities– Once you climb up the ladder in the banking sector you can expect to get better opportunities. You can start as a probationary officer and gradually become the assistant manager of a branch manager, then a bank manager, and so on.
- Job Security– Getting a job in a public sector bank is like heaven. If you are able to secure a position, then you can look forward to a stable career and guaranteed income.
Which banking job is best in India?
There are plenty of banking jobs in India that one could look for :
- SBI PO: State Bank of India is one of the best public banks in the country. PO stands for Probationary officers and every year there are no. of vacancies that come out and are conducted by this particular branch. The starting CTC is 45,000-47,000 per month.
- RBI Grade-B Officer: Reserve Bank Of India governs all the banks in India. This bank offers a handsome salary and various other perks. Every year they have a number of vacancies for the role of issuing currency, management of accounts, etc.
- NABARD Grade A&B Officer: One of the topmost financial bodies of India is known as National Bank for Agriculture and Rural Development. The responsibilities range from looking after Agriculture based finances and sanction loans.
NABARD has managers of two grades- A and B. To become a group A officer, one needs either a graduation degree or/MBA/CA. For group B, one should pass with at least 60% marks.
- RBI Assistant: RBI looks for assistants who can work under pressure and handle various work schedules. Working in this particular post also comes with a lot of perks.
- SBI Clerk: A clerk is responsible for various activities like the opening of a new account, checking the ledger, and entry of all the necessary details which includes maintaining registers. With a great salary and other allowances, it is one of the sought-after roles.
Highest-paying banking jobs in India
Bank jobs are considered one of the highest-paying and most lucrative jobs out there. We have listed some of the highest-paying roles in a bank in India –
- Internal Auditor – Internal auditor evaluates a bank’s finances and risk management. In order to facilitate better profits, an internal auditor provides ideas and suggestions to streamline the bank’s financial transactions. It is probably one of the highest-paying roles in banking, with an annual salary of over 40 lacs INR.
- Equity Trader – An equity trader is responsible for advising on the stock exchange provided by the respective bank. Equity traders make decisions by studying and analyzing the financial risks and market conditions and are also in charge of handling the funds. The annual salary of an equity trader is around 49 lacs INR.
- Bank Manager – A Bank Manager handles all the bank matters. From the functioning of the bank to customer care and management, he has to supervise everything. The annual salary of a bank manager from a reputed bank is around 40 lacs INR.
- Investment Banker- Due to it being a financially high-profile job, an investment banker is the dream job of many finance students and aspirants. They have various responsibilities such as scouting for investors and convincing them to purchase stock from the respective bank’s projects and conducting fundraising for the bank’s projects through public investments. An investment banker is paid around 70 lacs INR yearly.
- Foreign Exchange Trader – A Forex trader studies the worldwide currency market and comes up with ways to increase the country’s currency value. As the currency value fluctuates, work in this field can be very taxing and often stressful. Forex trading is one of the most lucrative roles in the banking sector. On average he would make around 65 lacs INR per year.
How can I get a job in the banking sector in India?
The banking sector continues to grow and is providing exciting job opportunities even post covid.
Due to job stability and loans at discounted interest rates, it is an excellent sector to make a career in. One can get a job in the banking sector by fulfilling the following requirements:
1. Eligibility Criteria – In terms of educational qualifications, for public sector banks, graduation is the minimum requirement.
Candidates need to have anywhere between 55-60% in their final year exam. Depending on the position applied for, candidates need to be between 18 and 30 years of age.
Private sector banks tend to prefer MBAs with knowledge of finance and banking.
2. Crack Entrance Exam (for Public Sector Banks) –
For employment in public sector banks, one needs to appear for a banking exam. These exams are conducted by the Institute of Banking Personnel Selection (IBPS) and SBI.
Some of these exams are as follows:
- SBI PO (Probationary officer)
- SBI SO (Specialist officer)
- SBI Clerk
- IBPS PO
- IBPS SO
- IBPS Clerk
- IBPS RRB (Regional Rural Banks)
- Reserve Bank of India Officer Grade B &C
Typically, these exams involve testing candidates on reasoning ability, quantitative aptitude, English language skills, and general awareness of the economy and banking.
Depending on your skills, you may need up to 6 months to prepare for IBPS exams.
3 Match the Requirements on Job Portals – Private sector banks list their job requirements on various job portals. If the job vacancy is for an audit specialist, one needs technical knowledge of finance & accounting.
4 Create a proper CV – The banking industry places a lot of emphasis on the professionalism of a CV. You should highlight your analytical skills and financial literacy, communication skills on the CV. Attach a professional picture to your CV as well.
5. Update Your LinkedIn Profile – You should update your LinkedIn profile with the right headline and right content suited for the banking industry.
To know more about the requirements of this sector, you can join groups related to Banking careers. You can follow people from the HR departments of a leading bank. That way you can stay updated on job vacancies.
6. Invest in Quality Banking Education – One way to enter the banking industry is by investing in a professional banking course. Banking is a huge industry and has unique educational requirements. The course also covers the latest developments in banking and finance, including AI in banking, digital finance, blockchain, cryptocurrency, and digital fraud.
Hierarchy in private sector banks
ICICI Bank Hierarchy
ICICI Bank is a leading private sector bank in India headquartered in Mumbai. This development finance institution has a network of 5,275 branches across India and is present in 17 countries.
- Senior Officer
- Assistant Manager Band 1
- Assistant Manager Band 2
- Deputy Manager DM1
- Deputy Manager DM2
- Manager MM1
- Manager MM2
- Chief Manager CM1
- Chief Manager CM2
- Assistant General Manager AGM
- Deputy General Manager DGM
- General Manager GM
- Joint General Manager JGM
- Senior General Manager SGM 1
- Senior General Manager SGM 2
- Executive Director (ED)
- Managing Director (MD) and Chief Executive Officer (CEO)
The hierarchy at HDFC Bank
HDFC Bank is one of India’s leading banks, providing a wide range of financial products & services across hundreds of Indian cities.
The bank has emerged as a key player in retail banking, wholesale banking, & treasury operations, its three principal business segments.
- E1 Assistant Manager
- E2 Deputy Manager
- E3 Manager
- E4 Senior Manager
- D1 Assistant Vice President
- D2 Deputy Vice President
- D3 Vice President
- D4 Senior Vice President
- D5 Senior Vice President
- C1 (Executive Vice President)
- C2 Executive Vice President
- CX Group Head (Cluster Head)
- ED Executive Director
- MD Managing Director and CEO – Chief Executive Officer
Q. Which is better for the job, a private bank or a government bank?
Public sector banks are known for their superior organizational structure and greater customer penetration.
However, the work environment is less competitive than that of privately held banks. As a result, professionals frequently fail to focus on meeting goals and being the best performer in their teams.
Q. Top private banks in India by market capitalization?
- HDFC Bank
- ICICI Bank
- Kotak Mahindra Bank Ltd
- Axis Bank Ltd
- IndusInd Bank Ltd
- Yes Bank Ltd
- IDFC First Bank Ltd
- Federal Bank Ltd
- Bandhan Bank Ltd
- South Indian Bank Ltd
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