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October 31, 2015

How to get into Public Sector Banking jobs??? Its career growth and opportunities…

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About Banking Jobs:
India is one of the fastest growing economies of the world with its banking and finance  industry being one of the leading sectors. A bank is generally believed to be an institution which accepts deposits and gives loans.

But a bank has much more to it than just the aforesaid two functions. Banks offer various services and facilities to customers. They safeguard money and valuables, provide loans, credit, and payment services, such as checking accounts, money orders, and cashier‘s cheques and also offer investment  and insurance products. Similarly, job opportunities in Banks are not just limited to cashiers or clerks. They include a wide variety of banking jobs from Probationary Officers, Specialist Officers to Assistant General Managers and what not.

Types of PSBs (Public Sector Banks):
There are a total of 27 Public Sector Banks in India (19 Nationalised Banks, 1 State Bank of India, 5 State Bank Groups (Associates), as well as IDBI Bank and Bhartiya Mahila Bank) and 56 Regional Rural Banks. (27 Private Sector Banks and countless other Foreign Banks).

Types of PSB Exam:
  1. IBPS (Institute of Banking and Personal Selections)
    • IBPS PO-with more than 20,000 Vacancies every year
    • IBPS Specialist Officers-approx 1000 vacancies
      • HR
      • Marketing
      • Law
      • IT
      • Agriculture Officer
      • Rajbhasha Adhikari
    • IBPS Clerk-approx 40,000 vacancies
    • IBPS RRBs
  2. SBI (State Bank of India)
    • SBI PO
    • SBI Specialist Officers
    • SBI Clerk
  3. SBI Associates (State Bank Group)
    • SBI Associates PO
    • SBI Associates Clerk
  4. RBI (Reserve Bank of India)
    • RBI Grade B Officers
    • RBI Assistant
Salary, Perks and Allowances:
The CTC (Cost to Company) of a PO including Basic Pay, DA and all other perks for a public sector bank can come to Rs. 5.45 lacs and can even go upto Rs 8.2 lacs depending on the bank.

In State Bank Group: Rs 20,000 p/m House Accommodation Lease in metro cities with which one can avail a King Size stay- well-furnished AC flat ;) and many other perks and facilities like travelling allowances, medical facilities, mobile, newspaper & magazine bill reimbursement, late sitting ,holiday homes, furniture allowances and so on. :)
Grade B officers can expect emoluments of 21000-1000-30000-EB-1000-32000-1100-36400 plus components like DA, HRA etc  which bring the annual package close to Rs.10 lakh. They also receive several benefits, concessions and reimbursements.

How to prepare for exams:
  • Websites
  • Magazines
    • Banking Service Chronicles monthly magazine
    • Banking and you monthly magazine
  • Newspaper
    • The Hindu (Editorial & Business and economy section)
    • Any local newspaper as Home State awareness is must
  • Daily practice one set of model question paper
Future Scopes: Choose according to your interest  :)
  • Investment Bankers : Investment Bankers are usually recruited from educational institutions. After having a good amount of experience in other areas of banking, one can also switch to investment banking through walk-in interviews, if available. Investment bankers earn differently depending upon particular banks and the employee’s educational qualification. Some MBA graduates earn Rs 40 lakh annually. Pay scale in investment banking is very relative to one’s performance.
  • World Bank, IMF, ADB – Can switch to such international institutes after gaining experiences.
  • IAS : Many PO every year clears India’s most prestigious exam IAS
  • MBA (IIMs, IIFT, FMS)– If you are just a graduate, one can take the experience and go for Highers Studies.
Get Inspired:
  • Arundhati Bhattacharya (SBI Chairperson) and Chanda Kochhar (ICICI MD & CEO) is a shining example of how far POs can go – Both started off as a PO/Management Trainee and is today the Head of their respective organizations.
  • Few other profiles from Banking Industry-Source intranet_site_SBBJ
    • M R Das– is a post-graduate in Economics from prestigious Delhi School of Economics and CAIIB. He has cedit two book and over 150 articles in his personal capacity, besides several official reports. He has been a member of RBI Committees on Deposit Insurance.
    • Ravi Kant – is presently Chief manager and faculty (international banking) at State Bank Academy, Gurgaon. His qualifications include MBA, BSc, PGDTFM, CTM, CAIIB, Certificate in Trade Finance and Certificate in AML/KYC. He has joined as PO in State bank of Mysore and work as branch manager and so on. He has published several articles in reputed journals on Forex and Treasury and written several articles in The Indian Banker.
    • Dr K Srinivasa Rao– is a faculty at NIBM, Pune. He is retired as general manager (planning) of Bank of Baroda. His academic accomplishments include a doctorate in economics, MBA with specialisation in finance, LLB and diploma in bank management. He has been a speaker at various seminars/conferences on topic related to the economy, banking sector reforms, risk management and bank consolidation.
Good Luck
By Miss Brahma-Assistant Manager (P.O.)
State Bank of Bikaner and Jaipur

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