Ranjan K Baruah
Many students ask me about careers in banking and financial sectors. They ask how one can join banks as they have seen many joining banks recently as PO or other staffs. We are aware of the importance of banks and its importance has increased after demonetization last year. We have seen the banks are busier than before after demonetization in India. There are hardly any person in the country without a bank account now which shows the importance of banking and career associated with it.
Banks play an important role in our day-to-day life as they are the organisations that take care of the money of individuals and organisations. After economic liberation there has been progress in banking as many private banks whether national or international are being operated in our country. Establishment of banks means bringing new opportunities for young people and all those who are qualified for banking. 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banking system was introduced in 1786 with the establishment of General bank and the Bank of Hindustan, which are now out of date.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 became 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. Thereafter, 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. Apart from government or nationalised banks there are also private banks which are operating in many parts of India.
Banking has grown as there has been progress in the field of information and technologically. Now things are done through technology so now technical persons are also required in banking sector apart from their professionals. Banking is a career with great opportunities. Candidates after 10+2 of any stream can take up banking as their career, but graduates specialized in Commerce, Mathematics or Economics; post graduates, Chartered Accountants and Chartered Financial Analysts get more preference. Communication knowledge and idea related to technology always helps the candidate who is aspirant for the job in banking sector in the country or in abroad. Nationalized banks recruit candidates through competitive examinations while private banks recruit candidates with MBA degree or Chartered Accountants directly. Selection depends upon the qualification of the candidates. International banks usually go for experienced candidates for managerial posts. Public sector banks recruit graduates at the entry level (as probationary officers) on the basis of an All India Level examination. All India Test for professionals (for senior post) who wish to enter the banking profession is being conducted. Bank Clerical Grade Examination is held for the clerical posts in banks. The Banking Service Recruitment Boards recruits for various posts in the nationalized banks (including State Bank of India) in their respective regions. The Reserve Bank of India, the topmost financial institution in India conducts tests for three types of entry level positions like clerical grade; for Grade I officers and Grade II officers. We shall write more options and opportunities related to banking in our next edition.
Career options in banking
Ranjan K Baruah