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Why Banking is a Lucrative Career Option in India?

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India is a fast, growing developing economy where the country’s banking sector plays an important role. A sound banking and financial system is the backbone in the growth of the economy. In India, banking sector is one of the fastest growing sectors, providing a wide range of banking jobs. The country has seen not only the growth of nationalized, state and cooperative banks over the years but also a good number of foreign and private banks. So for a secured and prospective growth aspects, banking jobs in India are quite popular.

Types of banking jobs in India

Whatever your interests, skills, and educational qualification, there is a banking career available for you. While many assume that the most common and popular banking jobs are probationary officers, bank managers, tellers, bill and account collectors, loan officer, clerks etc., there are jobs in other key areas as well. For example, there are various other departments in banks like as marketing, legal, customer service, bank administration, human resources, operations, IT, Information security, Public relations etc. Banking is, thus, a diverse sector, offering a wide range of banking jobs to choose from.

How to join banking jobs in India?

The basic requirement that makes you eligible to apply for banking jobs in India is to be a graduate in any discipline, with minimum 55% marks from a recognized university. For nationalized and state banks, candidates have to clear the Common Written Examination (CWE) conducted by the Institute of Banking Personnel Selection (IBPS). The test is conducted for office cadre positions as Probationary officers (Bank PO) or clerks. The minimum age of joining is 21 years and maximum is 26 years. On completion of the probation period, the employees are promoted from one grade to another. The grade scales start from scale I and extend to scale IX. Each grade offers a hike in pay package along with additional job roles. So, an employee joining as an MT or PO in banks can reach the position of MD/ country head/regional head of the bank at the time of retirement. In case of private sector banks and foreign banks, professionals like as engineers, MBAs, doctors, chartered accountants and lawyers are hired and the selection is based on the results in All India Recruitment Exam.

Why banking is a lucrative career option?

  • Job Security and Competitive Pay Package: There is no denying the fact that you choose a job, which gives you money and security. When it comes to job security and pay package, banking jobs are one among the most chosen jobs. Most of the banks in India offer better packages and give an experience and performance-based promotion. Banks are highly regulated and supervised financial domains, making them comfortable, safe and rewarding places to work with, with integrity and stability.
  • Benefits and Facilities: Not only good pay scale, there are additional facilities provided to the employees. Benefits and facilities offered are insurance, house rent allowance, travel allowance, medical benefits, retirement benefits, incentives and bonuses. All these are attractive features for compelling young candidates to opt for banking jobs.
  • Numerous Opportunities: Banks in India have opened up a great number of opportunities for the right candidates. A banking career at the initial stage opens up the path for identifying various challenges in the financial marketplace and offers significant opportunities globally. For ambitious professionals, banking jobs offer great opportunities for advancements.
  • Wide Range of Jobs in Different Banks: Depending on experience and eligibility criteria, a candidate can join Commercial Banks, Public Sector Banks, Private Sector Banks, Regional Banks, Co-operative banks, Investment Banks and specialized banks. You will come across a wide range of banking jobs for your growth and progress.

Banking is indeed a wonderful career option in India, with good salary, benefits, job security, varied job options and numerous growth opportunities.

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