Banking Sector - Huge Opportunities

The Banking, Financial Services and Insurance (BFSI) sector is an industry term used to define companies that provide a range of financial services and products.

India is considered as one of the fastest growing economies and within a few years destined to become one of the top economic powers in the world. The BFSI industry currently employs around 50 lakh people and expected to employ another 40 to 50 lakh people by 2022. This is one of the few sectors where a qualified person can prefer a job or an independent professional career.

The Banking Sector: The Banking sector provides maximum employment opportunities among the BFSI Companies and Indian Banking Sector is projected to become the fifth largest banking sector in the world by 2020.

The Banking sector in India comprises Commercial banks both in Public and Private sector, foreign banks, Regional Rural Banks, Local area banks, Co-operative and Urban Co-operative banks. Payment banks and small finance banks are recent addition to the banking system.

The Retirement Decade: The decade 2010-20 is called as retirement decade for Public sector banks since an estimated 3.4 lakh employees in all cadres in these banks will retire by 2020. Even in private sector banks also the retirements during this period are considerably high. This provides huge employment opportunities for the suitably skilled/qualified persons.

Man Power Requirement in Banking Sector Due to Retirements

Percentage(%) Position Left Vacant
Cadre/Position Public Sector Banks Private Sector Banks
2013-142016-172019-20
2013-142016-172019-20
GM/EVP
2187100
52957
DGM/SVP
146593
52542
AGM/DVP/VP
105078
52231
CM/AVP
73661
31218
Senior Manager
73051
31117
Manager
41933
158
Asst. Manager
21121
024
Clerk/Cashier
41832
Not Applicable
Total
31526
146
(Source: McKinsey Bechmarking Study, 2013)

The above data shows the drastic need for recruitment in banks and infact many banks have already started the process.
Job Profile in Banks: The banking operations or the specialisations can be divided in the following categories:
General BankingCredit OperationsTreasury Operations
Risk ManagementInformation TechnologyForex
Large scale retirements coupled with business expansion, banks are going to face acute shortage of skilled officers in the majaority of the above fields. The shortage is going to have a huge impact on the functioning of the banks and this is regarded as a crisis situation for the banking industry.

Capacity Building in Banking Sector: Capacity building or capacity development is the process by which individual and organisations obtain, improve and retain the skills and knowledge needed to do their jobs competently. To address the problem of shortage of skilled work force in the Indian Banking sector, Reserve Bank of India constituted a committee under the Chairmanship of former Executive Director of RBI Shri G.Gopala Krishna to suggest measures relating to capacity building in banks and non-banks.

As per the recommendations of the Committee, RBI in consultation with Indian Banks Association (IBA), vide its letter No. RBI/2016-17/36 DBR No. BP.BC.4/21.03.009/2016-17, dt. 11.08.2016 laid the roadmap for capacity building in banks and other all India financial institutions. As per the policy, banks have to train its manpower in the specialised areas and in recruitments also they have to give preference to candidates who possess these specialised skills through identified certifications.

roles in the banks and other financial institutions. All these courses are offered by Indian Institute of Banking & Finance, which is formerly known as Indian Institute of Bankers. IIBF is the apex body in India which provides various certifications to Bank employees who are its members.

Due to the shortage of skilled work force, some of the identified certifications are offered to General Public also and students who are pursuing their graduation and post-graduation courses and also those people who have completed their graduation and post-graduation courses can avail this opportunity so that they can get employment in one of the most vibrant sectors of the country.

We, at FINPRO offering the following two courses which provide immediate job opportunity in the banks:

a). Diploma In Banking and Finance (DBF)
b). Certified Credit Officer.