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Best Employers in Banking Industry

The US$ 28 billion Indian financial sector has grown at around 15 per cent and has displayed stability for the last several years. The total asset size of the Indian banking sector is US$ 270 billion while the total deposits amount to US$ 220 billion with a branch network exceeding 66,000 branches and 17,000 ATMs across the country. Currently, India has 88 scheduled commercial banks - 28 public sector banks, 29 private banks and 31 foreign banks. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively. Last year (2006-07) was marked by surplus liquidity, slowly rising interest rates, good credit growth, good returns, mergers and status quo on reforms.
Indian banks broadly be classified as nationalized banks, private banks and cooperative banks and foreign banks. Reserve bank of India is the central banks and supreme monetary authority.

 

Nationalized Banks

SBI, Allahbad bank, Bank of Baroda, Bank of India, Indian Bank, Oriental Bank of Commerce, Punjab National Bank,

 

Private banks

Axis bank, HFC Bank, ICICI Bank, Federal bank, J&K Bank, Centurion Bank of Punjab, IndusInd Bank

 

Foreign Banks

Standard Chartered Bank, ABN AMRO, Citibank, HSBC


It is being predicted that India could become the third largest banking hub in the world by 2040. The total assets of all scheduled commercial banks by end-March 2010 is estimated at Rs 40,90,000crore, which will form about 65 per cent of GDP at current market prices as compared to 67 per cent in 2002-03. Banks assets are expected to grow at an annual composite rate of growth of 13.4 per cent in the coming years.

The Indian Banking Sector is witnessing a dearth of qualified professionals. And to fix this issue, many organizations are joining hands with premier institutes. To quote some examples, standard Chartered has tied up with SP Jain Institute and BSE with Birla Institute of Management Technology (BIMTECH). There has also been a need to groom and sharpen the skills required in dealing with banking sector. This is one of the greatest challenges that concerns the sector. Specialized skills are required in retail banking, investment banking, risk management, foreign exchange, development banking, etc. As a consequence of this, banks and financial companies are required to streamline their human resource and IT processes.

As far as compensation is concerned, salaries in Banking sector are expected to witness a 17 per cent hike in financial year 2008. The annual entry level salary ranges from Rs.2.62 lakh to Rs.4.46 lakh throughout India. Moreover MNC banks like ABN Amro, Citibank and others are paying higher compensation through employee stock option plans, bonuses and increments.

The Best Workplaces Rankings is an effort to rank companies on basis of various HR practices, procedures and policies prevalent in industry. The companies, selected randomly, are evaluated on basis of factors related to employee employer relationships and factors which make a company a preferred place to work. This ranking goes beyond short-listing top employers and portrays how people practices in companies are aligned to meet employee needs, identify linkages to business results and provide insights into the HR practices that differentiate Best Workplaces. The scores are consolidated on the basis of data collected through recent surveys and studies conducted by renowned names like Business Today, IDC Data Quest, Hewitt Association, NASSCOM and our own study of the organization.