A career in banking is one of the most lucrative career options. Banks are considered the backbone of a country’s economy. This is even more applicable for a developing country such as India because the density of banks in India is very low especially in towns and villages. The government acknowledges the fact that 40% of the country is still “outside the ambit of formal banking”. In this direction, the government of India & RBI have taken a major initiative by rolling out a financial inclusion policy. As a part of this policy, all public sector and private sector banks have to expand banking services to unbanked areas in the nation. Moreover, RBI has issued 23 new banking licenses since 2014 for improving banking penetration and access to financial services. With retirements and expansion of new branches by Public Sector Banks, a lot of vacancies will be created in coming years.
In addition to expansion, banks have increased the product/service offerings. Earlier, they used to offer core banking related services such as deposits, remittance, loans etc. However, banks are now also offering insurance policies and investment products/services such as mutual funds, wealth management, stockbroking services, private equity etc
Therefore, it is one of the fastest growing sectors in our country. This growth has led to many opportunities for the aspirants who wish to make a career in this sector. It is an entry into a well paid, secured and reputed career. These are the three important things a person craves for in his career.
Apart from a good salary, there are many other perks available to a PSU banker such as housing/auto loans at much cheaper rates, house rent allowance, traveling allowance, newspaper allowance, medical allowance and other fringe benefits.
For a PSU banker, the opportunities are not limited to public sector banks. Private sector and Foreign banks typically recruit for junior positions from college campus. For senior positions, they seek experienced bankers. Hence, experienced bankers from Public Sector Banks always have the option to switch to private/foreign banks. Additionally, a banker may also get an opportunity to work internationally since a number of foreign and private banks in our country offer job opportunities to work abroad for deserving candidates.
Even after retirement, a banker can get a well-paying job in private sector, insurance, finance, NBFC and other related fields as financial knowledge is required in almost every sector.
Therefore, joining a Public Sector Bank as Clerk, Probationary Officer or Specialist officer has become a coveted career option.