Banking Sector in India comprises of Commercial Banks and Co operative Banks which conducts the exams for the recruitment of candidates for various positions through advertising in national news papers.
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Banking is one of the most sought after career choice among the students, owing to its well paid, secure and status career.
The emergence of technology-driven new private banks have broadened the scope and range of banking services. Further the entry of Financial Institutions into short-term lending business has resulted into colossal need of professionals. The wide array of fields banks are involved into includes mutual funds , securities, business credit cards, consumer loans, housing loans, housing loans besides trading in gold and other allied activities.
Banking Jobs provide a new horizon for jobs in India. The immense growth in the consumer banking industry helps to serve the community with conventional banking service but fuel the growth of economy by loan and financing for various development projects. Further this has facilitated to generate the thousands of job and career opportunities in banking sector of India. By understanding the client’s requirements, banking professional help people choose the right investment options available with the finance industry and other industries.
Although leading banks appoint management graduates, CAs and CFAs but bright graduates from any subject can get entry in the Premier Banks through an All India Examination conducted by them.
One can work in multifarious areas in banking industry, these include:
Personal loan officer
Home loan officer
Home loan agent
Mortgage loan underwriter
Loan processing officer
Retail asset manager
Customer service executive.
Now days, foreign banks are the most sought after due to their high salary packages with better job profiles. Public sector banks recruit graduates at the entry level on the basis of All India Level examination. Therefore joining a Public sector Bank as Probationary Officer (Direct Officer) on the basis All India exam has become a stepping stone for the career growth in the banking industry.
Job prospect in banking sector include the following area of work:
* Bank Tellers
Being a teller requires a great deal of attention to detail. The teller is the person most people associate with a bank. Tellers make up approximately one-fourth of bank employees and conduct most of a bank’s routine transactions. Among the responsibilities of tellers are cashing checks, accepting deposits and loan payments, and processing withdrawals.
* Financial Managers
The responsibilities of financial managers include, creating business plans and forecasts, evaluating existing business processes and new business proposals for financial impact. Further they direct bank branches and departments, resolve customers’ problems, ensure that standards of service are maintained, and administer the institutions’ operations and investments.
* Bill and Account Collectors
Bill and account collectors locate and seek payment from people, called debtors, who have overdue bills. Bill and account collectors attempt to collect payments on overdue loans.
* Loan Officers
A Loan Officer evaluates, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. These are mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
* Financial Customer Service Representatives
Financial customer service representatives promote their financial institution’s products and services, keep records of transactions, open and close accounts, accept payments, and receive and pay out money.
Duties of Financial Customer Service Representatives are:
1. promoting the institution’s products and services at every possible opportunity
2. handling transactions for current accounts (savings accounts, personal chequing accounts)
3. selling foreign currency, traveler’s cheques, money orders and drafts.
* Bookkeeping, Accounting and Auditing Clerks
Bookkeeping, Accounting and Auditing Clerks are involved into computing, classifying, and recording numerical data to keep financial records complete. Their field includes combination of routine calculating, posting, and verifying duties to obtain primary financial data for use in maintaining accounting records.
Bookkeeping, Accounting and Auditing Clerks performs various tasks:
1. Records financial transactions and other account information to update and maintain accounting records.
2. Evaluates records for accuracy of balances, postings, calculations, and other records pertaining to business or operating transactions and reconciles, or notes discrepancies.
3. Processes negotiable instruments such as checks and vouchers.
4. Compiles reports and tables to show statistics related to cash receipts, expenditures, accounts payable and receivable, and profit and loss.
* Credit Analyst
This is a common entry level job which requires that you evaluate business and consumer loan applications made to your bank. Your duties include projecting a company’s future cash flow, evaluating its current financial soundness, visiting and interacting with financial people at businesses and dealing with lenders.
* Trust Officer
The trust officer is involved in delivering trust services, financial products and advice to bank customers. This work will give you knowledge of business, investing, estate planning, taxes, probate law and will involve a lot of counseling.