Banking as a career has always been sought after due to the stability and security it provides. Banks are financial institutes which take care of people’s money. Banks’ primary responsibility is to maintain deposits on behalf of individuals and pay interest on it. The deposited money is lent out to corporate against interests. Other than this primary task of receiving and lending money banks also play a crucial role in exchange of foreign currency, acting as trustees and giving advice on insurance and investment.

With boom in IT and globalization the face of banking has undergone a massive change. Most banks have become computerized with the aim of providing additional services to their customers. Almost all banks provide their customers with ATM cards, debit and credit cards. Electronic transactions are also supported by most banks which help in transferring money and also knowing details online. Even payment of electricity bills, telephone bills and insurance premiums can also be done electronically.

With liberalization as private banks and foreign banks have entered the market the competition has tremendously increased in the banking sector in India. Customers are enjoying better service as banks are continuously competing against each other to lure customers. All this has led to an encouraging employment scenario.

Eligibility for banking jobs

To get a job in public sector banks one has to appear for entry level examinations. Exams are held for two categories- clerical and officer. Different banks have different criteria and normally hold different exams also.

To get into private banks one has to apply when vacancies are advertised. For officer level and senior levels banks prefer MBAs. But for entry level jobs graduates are also preferred.

To pursue a flourishing career in banking one should be methodical and have an eye for details. Other than these an aptitude for mathematics will also help a lot. Those who join as managers should have leadership skills and be able to motivate their staff.

Job Prospects and Career options in banking sectors

A person can join the private or public banking sector in various roles like

• Clerks
• Grade I officers
• Grade II officers
• Manager

Other than these one can easily find employment in merchant banking or investment banking. As international trade is increasing forex market is gaining importance. Forex marketing is thus a new field where one can easily start a successful career.

Remuneration in banking jobs

Remuneration in banking sector is quite high. In public sector banks salary is paid as per grades defined by government. Other than salary a lot of benefits like medical, paid leaves, gratuity and provident fund are also given. In private sector pay package is very lucrative and bonuses and incentives are also given.