Banks - the reservoir of wealth, play an important role in our day-to-day life as they are the organisations that take care of the money of individuals and Corporates. These government authorized financial establishments are the best place to get the capital requirements or save money by different means like opening savings, current and fixed deposit accounts. Banks pay interest on the deposited money, provide loans to people for all their needs such as vehicle, home, business, education and offer services like foreign currency exchange, ATM's etc. The word bank was derived from the Italian word ' Banco' which means desk or bench, over which the transactions had happened during the earlier days.
In India, the banking system was introduced in 1786 with the establishment of General bank and the Bank of Hindustan, which are now out of date. In 1806, East India Company established Bank of Calcutta which later become Bank of Bengal, and Bank of Bombay and Bank of Madras in the respective years of 1840 and 1843. These three banks were merged in 1921 to form the Imperial Bank of India and after independence it was nationalized and became the State Bank of India (SBI) which is the oldest bank in India. The oldest Joint Stock bank in India, Allahabad Bank was started in 1865 and in 1894 the Punjab National Bank, the first complete Indian bank was established. There after, a number of banks came up such as the Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank and Bank of Mysore between the years 1906 and 1913. The Reserve Bank of India (RBI) was set up in 1935 and as per the Central Banking Authority, the RBI has got the powers for the supervision of banking in India. The government has formed SBI as the major agent of RBI and it handle all the transactions of Union and State Governments of the country. Of the 88 Scheduled Commercial Banks in India, there are 27 Public sector banks, 31 Private banks and 38 Foreign/ Multinational banks and all these banks together have a combined network of over 53,000 branches and 17,000 ATMs.
Banking, the business of handling money has become one of the most challenging sectors in the country. This well-paid, secure job is a coveted career choice of all times. Banking is a profession not only meant for Commerce/ Economics students but is open for all graduates with any academic background. By the liberalization of banking system and mushrooming of private and foreign banks, banking has become a wonderful profession that offer numerous career options. The responsibilities of the banking professionals vary according to the position.
With the boom in the IT field, a new dimension has been added to the face of banking. Earlier people have to wait for hours to make transactions like depositing, withdrawal, collection of drafts etc. But now all the operations in the banks have been computerized to provide more efficient service to the customers. Facilities and services like net banking, phone banking, credit cards
, Automated Teller Machines (ATM) services, online information on the internet, home banking etc offers the customers help to make their life easier and simpler. Emergence of these technologies and the entry of financial institutions into short-term lending business provide an ample scope in this field and has created the requirement of more professionals.
Banking : Eligibility
Candidates after 10+2 of any stream can take up banking as their career, but graduates specialized in Commerce, Mathematics or Economics; post graduates, MBA holders,
Chartered Accountants and Chartered Financial Analysts get more preference in the field. Many of the universities and B-schools like the Indian Institute of Banking and Finance provide specialized courses in Banking and Finance and the eligibility criteria will vary depending on the courses. Diploma courses offer practical insights into the subjects of Banking & Finance and give candidates an exposure to the operational processes of the modern banking environment.
Personal Skill :
Banking is a competent field and those who have apt skills can taste the cup of success. Professionalism and dynamism are two major essential quality needed for this career.
The other necessary skills include basic knowledge of the industry, good communication skills both written and verbal, interpersonal skills, leadership qualities, capacity to motivate team members, ability to deal with customers, ability to use computers and related technology and an alert nature. One should also possess a mathematical aptitude, a clear logical and analytical mind, diplomacy, sincerity and sound knowledge of the banking system with up-to-date knowledge of recent developments. However to join foreign sector banks one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange.
Banking : Job Prospects & Career Options
Banking is a career with great opportunities. Aggressive marketing and innovative policies hold the key to the success of banking operations. Lot of changes has been introduced to the banking sector due to international trade and industrial liberalization and several branches of public sector banks as well as private and foreign banks are coming up at each and every corner of the country. All these factors have created an increase in job opportunities and the requirement for people with marketing and technological skills apart from financial background. The candidates can look for jobs in many establishments such as RBI, Regional reserve banks, the State Bank of India and its associate banks, nationalized banks and private banks.
Nationalized banks recruit candidates through competitive examinations while private banks recruit candidates mainly MBA's and Chartered Accountants directly. Candidates with pleasing personality can find jobs as direct marketing executives, personal banking executives and home banking executives. Foreign banks usually go for experienced candidates for managerial posts.
In a Nationalized bank, one can join in a bank as a clerk, grade I officer, grade II officer or as a manager. Those joining in a clerical cadre can retire as senior officer and those who join as probationary officer (grade I & II) can become General manager and even Managing Director or Chairman of the organization. The bank manager should be aware of the marketing strategy; the area and customers of the bank; be supportive to his staff and make sure the best service is offered to his customers. The main tasks of the manager involves organizing, controlling and supervising banking activities or holding overall charge of one or more departments or branches. The clerical post has got the responsibility to keep the records of accounts, loans etc and they also perform the services like payrolls and inventory accounting for the customers. Those who are appointed as probationary officers has to undergo a probation period of two years and during that time, services may be terminated at any time, if their work proves unsatisfactory. On completion of the probation period, the officers goes through various grades like scale I, scale II, scale II to scale VI, scale VII, scale VIII and scale IX.
Investment Banking, Corporate Finance Banking, Personal, Retail and Rural Banking, Treasury Management etc are some of the major banking activities.
• Investment Banking: Investment banking supports the corporates and government by raising money through issuing and selling securities in the capital market and also advice them on strategies and helps them in implementing their plans.
• Corporate Finance Banking: Corporate Finance banking deals with the financial management of an organization by raising the capital or fund for that organization. It is through this corporate banking, the organizations are doing their transactions, deposits, fund transferring etc. It is a part of Investment Banking.
• Personal, Retail and Rural Banking: Individual customers belong to personal banking and this sector provide a range of financial advice to the customers. Retail banking also deals with direct customers, their money transactions and transfers etc. The Rural banking is for promoting loans to farmers for agriculture.
• Treasury Management: This sector deals with managing foreign currency and its collection. The treasury managers should be aware of the fluctuations of different currencies. They should manage the portfolio to avoid downgrading of the currency value.
Banking : Examination & Selection
Public sector banks recruit graduates at the entry level (as probationary officers) on the basis of an All India Level examination. They also conduct an All India Test for professionals (for senior post) who wish to enter the banking profession. Private sector/ Foreign banks prefer graduates with MBA, Chartered Accountants etc at junior positions and they are selected through campus recruitment and interviews. For the senior positions, they opt for experienced bankers.
The Reserve Bank of India, the topmost financial institution in India conducts tests for three types of entry level positions, i,e. for clerical grade; for Grade I officers and for Grade II officers. The entry point for clerical staff is in the cash department as examiners of coins and notes, and they are promoted to the next grade when they successfully clear the relevant examinations after 5-10 years of service. RBI also conducts an All India Exam for graduates, postgraduates, professional graduates for the recruitment of Class I officers. The maximum age limit for this exam is 26 years and the candidates are tested in logical reasoning, mental ability, numerical aptitude and general English. Selected candidates are short listed for an interview for the final selection.
The selection of probationary officer in the public sector commercial banks is done by Banking Service Recruitment Board (BSRB) on the basis of a written test, which consists of test of reasoning, quantitative aptitude, general awareness, English language and descriptive test. Each region has its own BSRB which carries out the recruitment. Graduates between the age group of 21-28 years are eligible for the test which is followed by an interview. Private banks recruit Officer Trainees from amongst first class graduates, Management Trainees from amongst MBAs, and also recruit experienced personnel from the banking sector for middle and higher management positions.
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The advertisements for the recruitment in various banks appear in newspapers as well as in the Employment News from time to time, according to their vacancies. All applicants are required to take the written test conducted by the respective Bank Recruitment Board. As the competition in the banking sector is very tough, only hard work, studies and practice can make one successful in the test. Number of book and magazines are available for the bank preparatory exam.
Banking : Remuneration
Banking is a lucrative and satisfying career that offers good remuneration and benefits. The salary scale varies depending on the position. The initial salary scale for clerical grade post in the public sector banks may vary between Rs. 7000/- to Rs. 10,000/- per month. The pay scale of probationary officers varies between Rs.12,000/- to Rs. 18,000/- per month. The salary package of the private banks and foreign banks are much high when compared to the public sector and the officers can get around 3.5 lakhs or more as annual income depending on their performance.
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But the job security in these banks depend on various external factors like the economy of the parent country, performance of the bank worldwide, change in expatriate management etc.
Banking : Institutes(India)
Course Name : B.B.A. Banking and Financial Services
D.A.V. Institute of Management, Faridabad( Haryana )
NH-3, NIT, Near ESI Hospital , Faridabad ( Faridabad Dist. ) - 121006
Course Name :M.Com. Banking and Insurance
Acharya Nagarjuna University Centre for Distance Education, Nagarjuna nagar( Andhra Pradesh )
Centre for Distance Education, Acharya Nagarjuna University , Nagarjuna nagar ( Guntur Dist. ) - 522510
Annamalai University Directorate of Distance Education, Annamalai Nagar( Tamil Nadu )
The Director, P.O Box no: 4, Directorate of Distance Education, Annamalai University , Annamalai Nagar ( Cuddalore Dist. ) - 608002
Bharathidasan University Centre for Distance Education, Tiruchirappalli( Tamil Nadu )
Khajamalai Campus , Tiruchirappalli ( Tiruchirappalli (Trichy) Dist. ) - 620023
Madurai Kamaraj University, Directorate Of Distance Education, Madurai( Tamil Nadu )
The Director, Directorate of Distance Education, Madurai Kamaraj University, Palkalai Nagar , Madurai ( Madurai Dist. ) - 625021
M.B.A. Banking
Dr. B.R. (Bhim Rao) Ambedkar University : Seth Padam Chand Jain Institute of Commerce, Business Management and Economics, Agra( Uttar Pradesh )
Dr. B.R. (Bhim Rao) Ambedkar University, Khandari , Agra ( Agra Dist. ) - 282002
Shri Vile Parle Kelavani Mandal's Narsee Monjee Institute of Management Studies (S.V.K.M's N.M.I.M.S. University), Vile Parle (W)( Maharashtra )
V.L. Mehta Road , Vile Parle (W) ( Mumbai Dist. ) - 400056
Account Age Infotech Pvt .Ltd, Dehradun( Uttarakhand )
18, DAV (PG) College Road , Dehradun ( Dehradun Dist. ) - 248001
BLB Institute of Financial Markets, New Delhi( Delhi )
4th Floor, Gulab Bhawan, 6, Bahadurshah Zafar Marg, Near T.O.I Bldg , New Delhi ( Delhi ) - 110002
I.C.F.A.I. University, Gurgaon( Haryana )
SCF-24, 2nd Floor, Old Delhi - Jaipur Road, Near Nirula's Sector , Gurgaon ( Gurgaon Dist. ) - 122014
Oyster Learning, Noida( Uttar Pradesh )
A-10, Sector 19 , Noida ( Gautam Buddha Nagar Dist. ) - 201308
Smt. Ram Rati Gupta Women's Polytechnic, Saharanpur( Uttar Pradesh )
Rampur Maniharan , Saharanpur ( Saharanpur Dist. ) - 247451
The Indian Institute of Financial Planning, New Delhi( Delhi )
6A, Atmaram House 1, Tostoy Marg, Barakhamba Road, Connaught Place , New Delhi ( Delhi ) - 110001
The Institute of Chartered Financial Analysts of India University (I.C.F.A.I.), West Tripura( Tripura )
Kamalghat, Sadar , West Tripura ( West Tripura Dist. ) - 799210
Banking : Institutes(USA)
Adelphi University:: Dean of Admissions, Adelphi Uty, Garden City, New York 11530
Alabama State University:: Director of admissions, Alabama State University, 915 South Jackson Street, Montgomery, AL-36101-0271
American International College:: Dean of Admissions, American International College, 1000state street, Spring field, MA-01109-3189
American University:: Director of admissions, American University, Washington, DC-20016-8001
Anderson University:: Director of Admissions, Anderson University, Anderson, IN 46012-3462
Arizona State University:: Director of Undergraduate Admissions, Arizona State University, P.O Box-870112,Tempe, AZ-85287-0112
Arkansas State University:: Admissions Office, Arkansas State University, P.O Box-1630, State University, Arkansas-72467
Ashland University:: Vice President of Enrollment Management, Ashland University, Ashland, OH 44805-3702
Auburn University:: Interim Director of Admissions, Auburn University, 202 Mary Martin Hall, Auburn University, AL-36849-0001
Aurora University:: Assistant Dean of Admissions and Financial Aid, Aurora University, 347 South Gladstone Avenue, Aurora, IL 60506-4856
Babson College:: Dean of Undergraduate Admissions, Babson College, Office of Under graduate admissions, Mustardhall, Babson park, MA-02157-0310
Ball State University:: Director of Admissions, Ball State University, Office of Admissions, Muncie, IN 47306 -1099
Baruch College of the City University of New York:: Director of Admissions, Baruch College
of the City University of New York, One Bernard Baruch Way New York, NY 10010
Baylor University:: Director of Recruitment, Baylor University, P.O Box 97056, Waco, TX 76798
Benedictine University:: Benedictine University Enrollment Center Lownik Hall 5700 College Road Lisle, IL 60532
Bentley College:: Director of Admissions, Bentley College, Walthan,MA-02154-4705
Boise State University:: Dean of Admission, Boise State University, 1910 University Drive, Boise, ID 83725-0399
Boston College:: Director of Under graduate Admission, Boston College, Boston COllege, Chestnut Hill, MA02167-9991
Boston University:: Associate DIrector of Admissions, Boston Director of Admissions, Boston University, 121 Bay State Road, Boston, MA02215
Bowling Green State University:: Director of Admissions, Bowling Green State University, Bowling Green, OH 43403
Bradley University:: Executive Director of Enrollment Management, Bradley University, 1501 West Bradley Avenue, Peoria, IL 61625-0002
Brigham Young University:: Dean of Admissions and Records, Brigham Young University, Provo, UT 84602-1001.
Butler University:: Director of Admission, Butler University, 4600 Sunset Avenue, Indianapolis, IN 46208 - 3485
California State Politechnic University, Pomona:: Associate Director of Admissions, California State Polytechnic University, Pomona, 3801west temple avenue, pomona, CA- 91768-2557
California State University , Bakers Field:: Associate dean of admissions and Records, California state University, Backersfield, 9001stockdale highway,Backersfield,CA-93311-1022
California State University, DominguezHills:: Information Centre, California State University, Dominguez Hill, 1000 east Victoria street, Carson, CA-90747-0001
California State University, Frenso:: Associate Vice president of Enrollment services, California State University, Fresno, 5241North Maple Avenue, Fresno, CA-93740
California State University, Hayward.:: Director of Admissions and Outreach, California State University, Hayward, CA-94542-3000
California State University, Long Beach:: Office of Enrollment Services Brotman Hall, Room 101 1250 Bellflower Boulevard Long Beach, CA 90840-0106
California State University, San Bernardino:: Associate Vice president for Enrollement Services, California State University San Bernardino, 5500 University Parkway, San Bernardino, CA 92407-2397
California State University, Stanislaus:: Admission Office, California State University, Stanislaus, Turlock, CA 95382
California State University,Fullerton.:: Admissions Director, California State University, Fullerton. P.O Box 34080, Fullerton, CA-92634-9480
California University of Pennsylvania:: Dean of Enrollment Management and Academic Services, California University of Pennsylvania, Third Street, California, PA 15419 - 1394
CaliforniaState University Of North Ridge:: Associate Director of Admissions and Records, California State University, North Ridge, 18111nordhoff street, northridge, CA-91330
CaliforniaUniversity of Los Angeles:: Associate Director of Admissions and University Outreach, California State University, Los Angeles, 5151,State University Drive, Los Angeles, CA-90032-8530
Carnegie Mellon University:: Director of Admissions, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213 - 3891
Case Western Reserve University:: Dean of Undergraduate Admissions, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, OH 4410
Cedar Crest College:: Director of Admissions and Financial Aid, Cedar Crest College, Allen Town, PA 18104-6196.
Central Michigan University:: Director of admissions and minority enrollment, Central Michigan University, Mount pleasant, MI- 48859
Central Missouri State University:: Director of Admissions, Office of Admissions Central Missouri State University Ward Edwards Building, Room 1401 Warrensburg, MO 64093
Central Washington University:: Director of Admissions and academic advising Services, Central washington Univrsity, Mitchell hall, Ellensvurg, WA-98926-7567,
Chicago State University:: Director of Admissions, Chicago State University, 95th Street At King Drive, Chicago, IL 60628
Christian Brothers University:: Dean of Admissions, Christian Brothers University, 650 East Parkway South, Memphis, TN 38104-5581
Christopher Newport University:: Director of Admissions, Christopher Newport University, Newport News, VA-23606-2998
Clarion University of Pennsylvania:: Dean of Enrollment Management and Academic Records, Clarion University of Pennsylvania, Clarion, PA 16214.
Clark Atlanta University:: Admissions Counselor, Clark Atlanta University, James P Brawley Dr at Fair Street, SW, Atlanta, GA 30314
Clarkson University:: Executive Director of Undergraduate Admission, Clarkson University, Holcroft House, Potsdam, NY 13699
Cleveland State University:: Director of Admissions, Cleveland State University, East 24th and Euclid Avenue, Cleveland, OH 44115
Coastal Carolina University:: Director of Admission, Coastal Carolina University, Myrtle Beach, SC 29578-1954
College of St. Francis:: Assistant Director of Admissions, College of St. Francis, Joliet, IL 60435-6188
College of Staten Island of the City University of NewYork:: Director of Admissions, College of Staten Island of the City University of NewYork, 2800 Victory Boulevard, Staten Island, NY 10314-6600
Columbia College:: Director of Admissions, Columbia College,Columbia,MO 65216-0002
Creighton University:: Director of Admissions, Creighton University, 2500 California Plaza, Omaha, NE-6878-0001
Dallas Baptist University:: Admissions Office Manager, Dallas Baptist University, 3000 Mountain Creek Parkway, Dallas
Davenport College of Bussiness, Lansing campus:: Associate dean, Davenport college of Bussiness,Lansing campus,Lansing,MI-48933-2197.
Delta State University:: Director of Admissions, Delta State University, Kethely 107, Cleveland, MS-38733-0001
Drake University:: Dean of Admission, Drake University, Des Moines, IA 50211-4516
Drexel University:: Vice Provost for Enrollment Management, Drexel University, Room 220, Philadelphia, PA 19104-2875
Duquesne University:: Office of Admissions, Duquesne University,600 Forbes Avenue, Pittsburgh, PA 15282-0001
East Tennessee State University:: Dean of Admissions, East Tennessee State University, PO Box 70731,ETSU Johnson City, TN 37614-0734
East Texas State University:: Director of School Relations, East Texas State University, Commerce, TX 75429-3011
Eastern Connecticut State University:: Director of Admissions and Enrollment Management, Eastern Connecticut State University, willimantic, CT-06226-2295
Eastern Kentucky University:: Director of Admissions, Eastern Kentucky University, Richmond, NY 40475-3102
Eastern Michigan University:: Interim Director of Admissions, Eastern Michigan University,Ypsilanti, MI-48197.
Emory University:: Dean of Admissions, Emory University, Boisfeuillet Jones Center-Office of Admissions, Atlanta, GA 30322-1100
Emporia State University:: Director of Admissions, Emporia State University, Emporia, KS 66801-5087
Fairfield University:: Dean of Admissions, Fair field University, Fairfield, CT-06430-5195
Fairleigh Dickinson University:: Dean of Enrollment Management, Fairleigh Dickinson University, Teaneck, NJ 07666-1914.
Ferris State University:: Dean of Enrollment Services, Feris State University, PRK 110, Big Rapids, MI-49307
Florida Agricultural and Mechanical University:: Depute Registrar for Admissions, Florida Agricultural and Mechanical University, Office of the University Registrar, Tallahassee,FL-32307
Florida Institute of Technology:: Dean of Admissions, Florida Institute of Technology, Melbourne,FL-32901-6988
Florida State University:: Associate Director of Admissions,Florida State University,Tallahassee,FL-32306-009
Fontbonne College:: Director of Admissions, Fontbonne College, St. Louis, MO 63105-3098
Fordham University:: Director of Admissions, Fordham Univerisity, East Fordham Road, New York, NY 10458
Fort Hays State University:: Registrar, Fort Hays State University, Hays, KS 67601-4099
George Mason University:: Associate Director of Admissions, George Manson University, Rnterprise Hall Room-302, Fairfax,VA-22030-4445
George Town College:: Director of Admissions, George Town College, George Town, KY 40324-1696
Georgetown University:: Dean of Undergraduate Admissions, Georgetown University, 37th and O street, NW, Washington, DC-20057
Georgia Southern University:: Director of Admissions, Georgia Southern University, Statesboro, GA 30460-8033
Georgia State University:: Dean of Admissions and Acting Dean for Enrollment Services, Georgia State University, University of Plaza, Atlanta, GA 30303-3083
College of Staten Island of the City University of NewYork ::Director of Admissions, College of Staten Island of the City University of NewYork, 2800 Victory Boulevard, Staten Island, NY 10314-6600
More coming........
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