Booming finance sector

By Ranjan K Baruah

Many students ask me about careers in banking and financial sectors. We are aware of the importance of banks and this has increased after demonetisation last year. Banks are busier than before post demonetisation.
Banks play an important role in our day-to-day life as they are the organisations that take care of our money. After economic liberation there has been progress in the financial sector as many banks, both national and international, have set up shop in India. Establishment of banks means bringing new opportunities for eligible young people.
In India, the banking system was introduced in 1786 with the establishment of General bank and the Bank of Hindustan, which are now out of date. In 1806, East India Company established Bank of Calcutta which later became Bank of Bengal, and Bank of Bombay and Bank of Madras in the respective years of 1840 and 1843.
These three banks were merged in 1921 to form the Imperial Bank of India and after independence it was nationalised and became the State Bank of India (SBI), which is the oldest bank in the country.
The oldest Joint Stock bank in India, Allahabad Bank was started in 1865 and in 1894, Punjab National Bank; the first complete Indian bank was established.
Thereafter, a number of banks came up such as the Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank and Bank of Mysore between the years 1906 and 1913. The Reserve Bank of India (RBI) was set up in 1935 and as per the Central Banking Authority, RBI is the apex body in the banking.
Technology has also affected banking in a positive way. Banking is a career with great opportunities.
Candidates after 10+2 of any stream can take up banking as their career, but graduates specialised in Commerce, Mathematics or Economics; post graduates, Chartered Accountants and Chartered Financial Analysts get more preference.
Communication knowledge and idea related to technology always helps the candidate who is aspirant for the job in banking sector in the country or in abroad. Nationalised banks recruit candidates through competitive examinations while private banks recruit candidates with MBA degree or Chartered Accountants directly.
Selection depends upon the qualification of the candidates. International banks usually go for experienced candidates for managerial posts.
Public sector banks recruit graduates at the entry level (as probationary officers) on the basis of an All India Level examination. All India Test for professionals (for senior post) who wish to enter the banking profession is being conducted. Bank Clerical Grade Examination is held for the clerical posts in banks.
The Banking Service Recruitment Boards recruits for various posts in the nationalised banks (including State Bank of India) in their respective regions. RBI conducts tests for three types of entry level positions like clerical grade; for Grade I officers and Grade II officers. We shall write more options and opportunities related to banking in our next edition.

Scholarships:
Students may apply for scholarships from Tata Trusts, who are studying at the undergraduate and post graduate levels in Colleges/Institutions. The application process will be exclusively online and last date of sending application is 27th December. The Scholarship is for the current academic year.

(Ranjan K Baruah is a career mentor and can be reached at [email protected] or 9864055558 for any career related queries)