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CAREER IN BANKING SECTOR
Introduction
Banks are institutuions that take care of the money of individuals and corporates. Banks pay interest on the deposited money, provide loans to
people for business or personal use. They also offer a wide range of
services like exchange of foreign currency, giving advise related to
investment and insurance and acting as trustees.
With the Information technology boom, a new dimension has been added to
face of banking. The operations have been computerized to provide more
efficient service to the customers. Most banks are now offering the
facility to use ATM card so that cash can be withdrawn or money can be
deposited via cheque 24 hours a day. Each and every bank provides a credit
card facility to the customers to make life simpler. Not only this with
the wide prevalence of the Internet, lot of banks offer an online
information to the customers - one can just go to the web site and get
information about the account balance etc. sitting at the desk. Home
banking as a service is provided by certain banks, wherein a bank
representative visit the customer's home to open an account for him/her.
There is a tremendous competition in the banking sector to come up with
innovative and customer friendly schemes. Most of the banks have all their
branches connected via the computer network. There is a growing need for
better and better banking facilities due to international trade and
industrial liberalization which have contributed a lot to the change in
the banking environment. All this has created an increase in opportunities
in banking jobs and a requirement for people with marketing and
technological skills apart from financial background.
Nature of Work
There are various different levels at which a person can join the bank
namely clerk, a Grade I officer, a Grade II officer or as a manager.
As a bank manager, a person is responsible for profit, people and resource
management and strategic planning to generate more profits. There is a lot
of competition due to entry of various foreign banks and financial
institutes in the Indian market. Aggressive marketing and innovative
policies hold the key to the success of the bank operations. A manager
should be able to judge this based on the area where the operations are
carried on, and the type of customers that the bank is catering to.
Manager should provide constant support and motivation to the staff so
that they give the best possible service to their customers. Managers need
to interact and communicate with CEOs of corporates who are interested in
getting their operations funded and then following up on the big customers
who avail loans from the bank.
With most banks getting computerized, it has become absolutely necessary
for a person to be a computer literate so that he/she is able to use the
software packages to perform the daily transactions. A bank clerk is
involved in various operations like keeping a record of accounts, loans,
mortgages, providing services like payrolls and inventory accounting to
the customers. The other positions in a bank are for typist, secretary,
receptionist, safe deposit attendants, messengers, file clerks and
custodians. In small banks there is a lot of job rotation of an employee,
hence the responsibilities are not very clearly demarcated. However, in
bigger banks each employee is specialized in his/her role.
There is an intensive training course for providing training in the actual
work involved in the bank operations. Each employee goes through such a
training and is allocated responsibilities which he can perform the best.
Merchant banking
Merchant banking implies investment management. This includes management
of mutual funds, public issues, trusts, securities and international
funds. It involves dealing with the corporate clients and advising them on
various issues like - mergers, acquisitions, public issues, capital
structure decisions etc. This being the era where mergers and acquisitions
are hot, the scope of merchant banking has grown to a large extent.
Treasury and Forex functions
This aspect of banking is becoming increasingly important as the forex
flow in the country is increasing and the international markets are
funding the operations of the corporates in India. The success of any
business is measured by the fund management, this makes treasury
management as a very critical finance function. Management of treasury
profit center requires a wide variety of knowledge in the area of global
money markets and financial instruments such as deposit certificates,
treasury bills, forecasting, source evaluation and cost of domestic and
foreign currency funds. Treasury and risk management ensures cost
effectiveness in planning strategies in this era of deregulation.
The currency values, interest rates, share index and commodities affect
the financial derivatives like futures, swaps and other tools of risk
management. Corporates therefore employ well trained professionals to
manage treasury and forex functions so that they can ensure competent
management.
In a forex marketing job, which is an interbank job, a person needs to
assess various markets on the behalf of the bank to advise corporates or
other banks who need foreign currency. The job requires one to be
constantly updated about the policies of the regulatory bodies, monitoring
the current prices, making predictions based on analysis of trends etc.
Personality
A good banker is a person who has a well-organized mind with an eye for
detail. It helps in maintenance of records accurately and neatly. The
person should have a mathematical aptitude. Employees joining as officers
should be able to lead, motivate and manage the bank staff. Good verbal
and written communication skills help in effective interaction with the
clients as well as the staff. Integrity and honesty play a major role in
all dealings related to money, staff and clients. A person responsible for
foreign exchange transactions needs to have a sharp, quick and analytical
mind.
Entry Level Information
Candidates get recruited at 2 levels in the banks - clerical level and
officer level. The procedure of selection varies with nationalized and
international banks.
Selection procedure for RBI- The Reserve Bank of India is the topmost
financial institution in India which makes all the policies and
regulations for the other banks. It conducts tests for three types of
entry level positions:
Clerical grade
Grade A officers
Grade B officers
The entry point for clerical staff is in the cash department as examiners
of coins and notes. They are promoted to the next grade when they
successfully clear the relevant examinations after 5-10 years of service.
There is an All India Exam conducted for class I posts. Graduates, Post
Graduates, CA's, MBA's in the 21-26 years of age group are eligible. The
candidates are tested in logical reasoning, mental ability, numerical
aptitude and general English.
The examination is in parts.
Paper I is a written test comprising of General Mental Ability (Objective
type).
Paper II is a subjective one which has English
Essays/Comprehension/Precise writing etc.
Paper III is on Economics and Social problems.
Selected candidates are shortlisted for an interview which forms the basis
for the final selection.
Selection procedure for other nationalized banks- Anyone in the age group
of 18-26 years having a degree is eligible for appearing in the written
test. The format of the test is similar to the RBI examination. Test is
followed by an interview. Clerical staff gets recruited through regional
boards. The eligibility and test format are the same as for PO
examination.
Selection procedure for nationalized commercial banks Commercial banks
regularly advertise through their Banking Service Recruitment Board (BSRB)
to recruit Probationary Officers ('PO'). Each region has its own BSRB
which carries out the recruitment. Eligibility is a graduate in any
discipline with an upper age limit of 28 years.
Information about the examination
The office cadre examination has 2 parts - objective and subjective.
Written Test - The test of reasoning judges the analytical and problem
solving skills of the candidate. The English language test focuses on the
grammar, synonyms, antonyms, vocabulary etc. General awareness tests the
understanding of environmental and social issues, people and events etc.
The quantitative aptitude test measures the numerical ability and accuracy
in mathematical calculations. The questions range from purely numeric
calculations to problems of arithmetic reasoning, graph and table reading,
percentage analysis, categorization and quantitative analysis.
The subjective part of the paper typically involves imagining oneself in a
situation such as observer in a public meeting. One has to then comprehend
the situation, provide unique observations and analysis.
Interviews - Selection in the interview is based on the knowledge of the
subject of study, personality and awareness. Candidate's communication
skills and leadership qualities are judged during the interview. Typically
30% of the candidates get selected after the interview.
INSTITUTES FOR BANKING COURSES
COMPARATIVE
CHART OF INSTITUTES
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