Scope and Growth of Banking Jobs in India

India has emerged as one of the fastest growing economies of the world in just few years. The management of global economic slowdown by Indian economy better than other nations stands testimony to this fact. In coming times, India would be seen as one of the prime drivers of the world economy.

Banking and financial services sectors have grown by leaps and bounds resulting in a complete makeover of consumer’s banking experience. The banking sector has grown manifold much to the delight of consumers and employers. Growth of financial sector in every country largely helps in fuelling the growth of an economy. Indian financial system is constituted mainly of commercial banks, investment institutions, term-lending institutions, financial institutions (FI) and Non-Bank Financial Companies (NBFC) along with market intermediaries like stock brokers and money lenders.

Large numbers of financial services are now being provided by banks across the country that can now be procured in a much more convenient way. It could be investment services, financial consulting, broking firms, mutual funds, equity market, car and home loans and other banking services by various national banks and private banks. Also, services related to taxation, personal banking, project consultancy and other financial needs are now made easily available.

With growing adaptability and flexibility of these services to customer demand, the banking sector in India seems to be undergoing a complete change. The customization of financial services has directly led to a higher demand of financial products and services. The banking sector is also seeing structural changes in regulatory frameworks and securitization and has come up with stringent NPA norms. It witnesses huge expansion in almost all the cities across the nation.

This upsurge in banking arena has boosted the demand for banking professionals greatly. This sector of financial industry is facing manpower crunch due to lack of attention given to human resource. Because of both the reasons of growth in sector and workforce crunch, the need for bank employees has doubled and is expected to grow furthermore in coming years. Hiring of at least 50,000 employees in various Indian banks is expected in next 2 years as 35 per cent of the total banking staff is set to retire next year. Jobs in banking are available across all levels in both public and private sector banking institutions in India.

Evidently, this noteworthy spurt in banking jobs is a result of all the above reasons put together summarized below i.e. -Growth in demand for banking services, -Lack of manpower in the sector and -Retirement of 35% staff next year Banking jobs are considered to be one of the prestigious careers in Indian social value system. They are already understood to be financially and socially rewarding and with the growing demand, pay standards are expected to improve further. There are plenty of job profiles available for both freshers and experienced candidates in various public and private banks.

Job opportunities in banking are coming up mainly for financial managers, loan officers, bank tellers, bill and account collectors, book keeping and auditing clerks, financial service representatives, etc. You may work in various departments like customer service, front desk, cash handling, account opening, banking officer, assessor, loan manager, mortgage loan underwriter, accountant, product marketing and sales executive, recovery officer, retail asset manager, property appraiser, etc.

Career in banking asks for a perfect blend of analytical and mathematical skills in a candidate looking for jobs in banking. Banking, today, requires a wholesome approach towards understanding the customer’s needs, be it related to business or family finance. Since, the coming up of large number of investment options may confuse the customer, the responsibilities of a banker increases. A good banking professional is also required to offer right investment plans depending on the affordability and priority of the customers. Service has become mainstay of banking sector in the modern times.

Deepika Bansal writes on behalf of Naukri.com, the no.1 job portal in India. She writes on topics like accounting-jobs, finance jobs and increasing work concentration. Naukri.com is a recruitment platform & provides products and services like resume writing services, Salary Tool, Resume Database Access & Response Management tools to corporate world, placement agencies and job seekers in India and overseas.

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