Banking Jobs Are More Stable Than Finance

With RBI encouraging more banking licences, it only means generation of new banking jobs.

According to industry experts, the Indian Banking industry is highly under penetrated with only 50 per cent of its population having proper access to banks. But, new banking licences are expected to revive the rural banking facilities. This translates into greater banking job opportunities for the youth.

“A lot of professionals are getting retired each year, therefore public sector banks are always looking out for young and experienced talent and have also doubled the number of probationary officers and clerks, they hire,” says Anjali Mullatti, CEO and MD, Finitiatives Learning India Pvt. Ltd.

New banking licenses will also bring bigger workforce in this sector. Mullatti adds, “Due to these changes one can now expect a growing, lucrative and stable career in the Banking sector.” Another reason why this career is considered stable is because it’s not as volatile as the financial market.

Kinds of banks and roles they offer

Banks can be divided into private sector and public sector banks. One can see a lot of hiring in private sector banks as compared to public sector ones. “Over the next few months, 5-7 new private sector banks will be coming up, resulting in more number of jobs.”

On the other hand, public sector banks are only known for hiring through bank PO exam; once one is hired for a clerical role, there’s ample chance to grow.

Then there are non-banking finance companies (NBFC). The only difference between NBFCs and other banks is that they cannot accept deposits that are repayable on demand. A lot of the opportunities, which are there in private and public sector banks, are also available in NBFCs.

Not only is it important to look at the kind of banks but also the divisions. Retail banking, business/SME banking, and corporate banking are some of the known areas where jobs are available in plenty.

Retail banking is the largest hiring business unit of a bank, believe experts. “Since the volume of customers is large, volume of people servicing these customers is also very large,” confirms Mullatti.

Most of the job opportunities, in these areas, are available for MBAs, CAs, and graduates.

Some sub-categories of banking sector and

Retail banking: (Branch banking, consumer lending and wealth management)

• Available roles: Customer service/personal banker, operations and sales
• Requirements: Interest in financial planning, products and markets

Business Banking

• Available roles: Relationship managers (RMs)
• Requirements: CAs, MBAs

CAs should look at the credit side, since they already have a strong understanding of financial statements; MBAs can get into marketing or RM roles.

Corporate Banking

• Available roles: RM and Credit
• Requirements: MBAs, CAs.

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