The banking sector in India is one of the major employers in the country. Lakhs of people aspire to get a job in this sector owing to the decent salary and job security that it provides. The countless amount of coaching centres that has come up for bank tests is proof enough of the popularity of bank jobs among Indians. Though bank jobs might appear to be the right fit for the students of the commerce stream, a fair share of students from other areas prepare for bank tests as well. In fact, majority of the bank employees are from the latter category. And here you will find some useful information regarding the career prospects of a banker in India.
The recruiters to the banking sector usually look for good communication skills and interpersonal skills as well the aptitude for the job. The remuneration provided varies from job to job. The clerical post earns around Rs. 16000-18000 a month while a Probationary Officers (PO) will fetch around Rs. 25000-30000 per month. Employees will get increments as per the guidelines and when he/she is promoted.
- Bank managers
This is the highest post in a particular branch of a bank. He/she has to manage all the banking activities, the employees and everything that happens related to that branch. A bank manager oversees all the branch operations and is responsible for all the transactions that happen in the bank. He/she has to maintain a healthy relationship with all customers and give them financial advices. Management of the staff also comes under the duties of a bank manager and he/she needs to develop a good rapport with that staff that comes under. Approval of loans, inspecting property offered as security, generating revenue etc. are some other duties that fall under the bank manager’s designation. On an average, a bank manager in India earns around Rs. 589, 399 per year.
- Bank officers
Banks officers come under bank managers and are responsible for managing records of the transactions, conducting market research, managing the bank accounts, maintaining public relations, etc. They also work as security analysts and are responsible for providing customer services such as inventory accounting and payroll. The average salary of a bank officer in India is Rs. 333, 668 per annum.
- Corporate banking
The corporate banking sector refers to the banks that cater to the needs of the business world. They serve a diverse amount of clients ranging from small/mid-size businesses to corporate giants. They need to be well aware of the factors that influence the technical aspects such as mergers and acquisitions, capital raising etc. Credit risk assessment is another major service that this sector provides. Loans and other credits are one of the major sources of revenue for such banks. They also provide customized loan structure to the customers. These banks also offer services such as real estate asset analysis, portfolio evaluation, etc. Owing to the big budgeted customers, the jobs in this banking sector are known to have high salaries.
- Investment banking
The banks in the investment banking sector provide financial solutions to individuals as well as corporations by assisting in the issue of securities. They underwrite or act as the client’s agents and also provide services to the government sector. Trading and distribution of securities is one of their specialties. This sector also provides ample amount of high paying jobs. This sector demands proper knowledge about investment and management of finances.
Work in this area of banking requires knowledge of how the global markets work and how to put the various financial instruments to good use. Analyzing the stock market and giving advices to corporate sectors in this regard is one of the primary responsibilities of the banks belonging to this area. They also need to be up-to-date on the various developments that take place in the policies of regulatory bodies so as to provide useful and smart financial services. Analyzing the past trends in the market to make predictions regarding the forex trading is another area that these banks specialize in. This field provides ample opportunities for a banker in India to learn and grow. The jobs in this sector are also well paid.
The Indian financial and banking sector presents a wide array of opportunities to a banker. Take time to learn about each sector, decide which one suits you better and make a smart decision regarding your career.