Career options in Banking Sector


Banks are generally known as the backbone of the economy of a nation. Recently, many countries face the financial crisis, fortunately, India is one of the nations which is least affected, it is only because of the banking and financial sector of India. The banking sector is growing up day by day in India; so naturally, the demand for employees is also increasing. This is the reason that career in the banking and financial field is bright in India, banks offer the wide range of opportunities to the young talent. As the government starts opening the public banks in the remote villages of the country due to which employees requirement is constantly increasing and it is a good chance for the candidates who are willing to do work in this field.
Why should you join the Banking Sector?
There are various factors due to which youngsters are willing to adopt this sector as their field of work.
Job Security: Banks provide the better job security as like the other government jobs with good pay grades.
Working Conditions: The working conditions are very good and comfortable. It is just like the other table pen jobs.
Anyone can Join: One will get easily opportunity to work in this sector by just cracking the competitive exams. No need for special skills will be there, a normal candidate with the graduation study background can opt.
Fixed Timings: In this profession, the shift timings remain the same throughout the year. No rotational shifts or night shift are there. So, it is also one advantage of this sector.
Perks: Rewards in the banking professions are very attractive as the employees are rewarded with many facilities like loans at the low-interest rate, accommodation, fuel for vehicles.
Global Career: Banking sector is the international profession, so employees posted on the special designations will get a chance to travel and work in different countries.
That is why youngsters nowadays show the keen interest in working in this sector.
What are the Types of Banks in India?
Generally, there are three types of banks in India as listed below.
Commercial Banks: Commercial banks are those banks which mainly accept the money or deposit from the general public and give loans to the individuals like the businessman, household etcetera for their personal commission and profit. Commercial banks are further classified into the three types:
Private sector banks, Public sector banks & Regional banks.
Examples of commercial banks are:
SBI & Associates like State Bank of India, State Bank of Patiala., Nation-alized banks like Bank of Baroda, Punjab National Bank. & Foreign banks like Standard Chartered Bank, Citibank.
Co-operative Banks: Co-operative bank's major role is to benefit the rural sector like farmers, small-scale industries. These banks are operated by the co-operate societies. These banks are also classified into three types as listed below with examples:
State co-operative banks (works at the state level) like Punjab State Co-operative Bank.
Central co-operative banks (works at the district level) like District Co-operative Bank.
Primary agricultural credit societies (works at the rural level) like Sahyog Credit Co-operative Society.
Investment Banks and Specialized Banks: These banks only deal with the specialized area of activity and are only for the special purpose. These banks finance only special fields. Example of these banks are:
IDBI Bank., IFCI Ltd., Industrial Investment Bank of India. & Career options in the Banking Sector.
There are numerous options for candidates with which they can start their career in the banking.
Probationary Officer: It is one of the most common posts in the banks for which candidates have to give competitive exams. It is basically an entry level position for the candidates to start their career with the junior management scale and will rise to higher positions like the general manager, Director with their capability. Various Banking Entrance Exams are there for the post of probationary officer in different banks, Like IBPS PO Exam, SBI PO Exam. The candidates who are having a bachelor's degree in any course are eligible for appearing in the exam.
Clerk: It is the clerical post in the banking sector and also the good option for the newcomers who want to join the banking sector. In this job, the clerk serves the bank with the clerical work of the bank and gives assistance to the existing and new customers. There are also various competitive exams for this post like SBI clerk, IBPS clerk. The candidates who possess the bachelor's degree in any course are eligible for the post.
Specialist Officer: The specialist officer works in the special departments like engineering department, loan department, marketing management etc. The candidates who want to join as a specialist officer should have a bachelor's degree related to the field. Some of the specialist officer's designations are listed below:
Information Technology Officer: The role of an IT officer is to take care of the technical things in the bank. As we know, nowadays the banking sector has become automated due to which a technician is needed to manage all IT tools. There are some five different sections in the IT department, which are:
Data Center: This section is the very important section of the bank as all the data lies here. The job of the IT officer is to maintain this section.
ATM Section: In this section, all the ATM-related activities are handled by the ATM specialist.
Project Office: All the IT support is handled in this section.
Security Section: This section consists of the network securities. IT officer is responsible for the security and take care of the fraud activities and for the breach of security.
MIS and application sector: The officers in this section take care of the bank's software. They maintain the software and make updates in the program.
Agricultural Field Officer: The job of an agricultural field officer is to deal with customers of the farming sector. Generally, the posting of the officer is in the rural area. The loan schemes and other offers related to the farming sector offered by the banks are conveyed to the customers by the agricultural officer.
Law Officer: The law officer deals with the legal matters of the bank. The law officer provides the assistance to the bank in the preparation of legal reports. The required qualification to become a Law Officer is a Bachelor's Degree in Law from a recognized institute. The aspiring Law Officer has to clear the Banking Entrance Exam to get this post.
HR/Personnel Officer: They are responsible for the recruiting, placing and interviewing the workers. They also handle the payroll of the employees. Required qualification to become an HR/Personnel Officer is Master's Degree in Management preferably MBA (HR).
Marketing Officer: The market officer plays a crucial role in the marketing of the bank. He/she is responsible for the marketing of the products and the schemes which are provided by the bank. MBA with specialization in Marketing is the preferred qualification for this post. However, they have to clear the Entrance Exam to get to this post.
Manager/Assistant Manager: The manager's work is to manage the branch and increase the business. Becoming the manager or assistant manager is quite difficult as it requires the 3-5 years of work experience. Moreover, the candidates with higher qualifications like MBA are preferred for this designation.
If you are looking to grow into the banking sector, you can explore career opportunities at banking institutions. Take an account of the above emerging careers to create out a position in an exciting field.
(Writer is a Retired Principal & Educationist. Views expressed are personal)

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