We all know that Banks are considered as the backbone of any country’s economy. During the global financial turmoil that happened in the year 2007-08, our country was least affected because of soundness of Indian Banking and Financial system. This shows, Indian Banking system is very strong and one of the fastest growing sectors in the country.
There is a well defined career progression path in each public sector bank. Performance and potential are key elements which determine this career progression. Most senior officials in public sector banks started their career as clerk or scale I officer only. In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees it takes less time to move to higher scales. In many banks a person who joined as an officer may reach to the position of GeneralManager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country.
Working as a banker you can ensure an upper middle class lifestyle after a few years of service. After 3 years of work experience in Bank, you can directly try for SCALE II, SCALE III and above Scale.
With some experience one can expect to join a public sector bank in a higher scale. Most of the vacancies in higher scales exist in Middle Management Grade II or III. Of course, the candidate should fulfill the eligibility criteria with regards to age and qualification. The experience required for higher scale keeps changing from bank to bank, it may be one year or more. Professionally qualified people (with qualifications like MBA, CA etc) stand better chance in this regard.
As a banker, you will find a true job satisfaction as you have to help needy people to get loans for starting business, pursuing higher education, loans for buying home, car, bike etc. you bring happiness to many families in real terms you are helping them to stand on their foot.
According to experts the banking sector may create up to 18lakh new jobs in the next 5-10 years, helped by issuance of new licences and efforts being made by the RBI and the Government to expand financial services into rural areas.
Public sector banks in India employ more than 6.50 lakh people at present. Of these a large number of people will be retiring in next 5-6 years. To fill this gap and to take up the growing business the Banks are on a recruiting spree as can be seen in media and from vacancy announcements.
Since last 5-6 years public sector banks have started recruiting from campuses. This campus recruitment covers only a small part of their manpower needs but it has opened a new window of opportunity to students wanting to make a career in banks. From campuses banks are taking MBAs from different disciplines, agriculture graduates, chartered accountants etc.
Public sector banks may not offer fancy financial packages which multinational and few other companies offer. But the compensation in these banks with the recent wage revision including perquisites is quite good. And there is an element of job security too. The housing and medical facilities are also considered attractive