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October 25, 2012

Role of Banking Sector in generating Employment in India

Banking in India dates back to the 18th century during the British Rule. The sector has come a long way since then, and today, it acts as a major source of employment in the Indian job market.

There was a time when we had only a handful of nationalized banks – State Bank of India and its variations, UCO Bank, Punjab National Bank, Indian Overseas Bank, etc. The P.V. Narasimha Rao government shall always be remembered for the strategic decision to open the banking sector to private players to increase competition, and improve the banking services. Private sector banks have entered our lives with a vengeance – HDFC, ICICI, Axis, Citi Bank and likewise are part and parcel of our banking experiences.

Moreover, with the adoption of technology and introduction of online and mobile based mediums, banking for the Indian citizens has been revolutionized. Services have become diversified too – banking is now much more than savings or current bank accounts, fixed deposits or recurring deposits.

Employment Opportunities

Needless to say, the banking sector offers a plethora of jobs. The opportunities are no longer restricted to those from commerce stream. There is something for everyone – right from the clerical staff to the chairman.

The lookout is now for people with good communication and interpersonal skills. Basic idea of the industry and the products on offer is enough. A graduate from any stream may apply in public sector banks through country wide exams conducted (Coaching proves useful here).

Management graduates are finding employment in both public and private sector banks alongside the chartered accountants and commerce professionals. They advice customers and build new relationships – while recovery agents have to be employed to extract with defaulters in extreme cases.

The salaries offered by banks for most jobs are lucrative too.

Third party jobs

With the entry of banks and financial institutions in loans, credit cards, foreign exchange, gold and share trading sectors, the institutions often sub let some functions to small scale private agencies. So one may not be an employee of a particular bank itself, but may be on a third party pay roll too.For example, ATMs are the interfaces of our banks in our usual lives. Many functions have been integrated (varies from bank to bank) in them, and the need to visit the branch of a particular bank has been reduced drastically. An agency sub contracted by the bank is responsible to ensure that cash is available in the machines, all equipment including cameras are in working condition, paper for printing receipts is enough, collect the cheques that may have been deposited, etc.

The experience of having our queries solved through call centers is common to us nowadays. These are also third party jobs – when someone informs you about a new investment options, or takes down your service request and arranges for it to be attended to.

Maintenance of websites of banks, making them more user friendly, yet safe to use, is the need of the hour and make ideal jobs for technology savvy people.

On the whole, jobs in this sector are many and there is definitely some scope for anyone who is seriously interested.

Tags : Banking sector, Employment in Banks, Role in Banks, Employment in Banks

About Anupama

I am an Architect and a blogger. I have been blogging for about six years now; and have got into professional content writing for the last two years.