One of the most lucrative professions is the banking sector of India. The social status and respect, financial perks, high salary associated with banking jobs is the primary reason behind the popularity. Public sector banks are also the most secure jobs one can pursue. Banking, being the backbone of the Indian economy is also one of the most demanding sectors to work with and there is a lot of scope for growth. With many national, state, and regional banks, the Indian banking sector is growing rapidly and calls for more professionals in this field.

There are several exams like IBPS PO, SBI PO, SBI SO, Indian Bank PO and many more which are conducted for the recruitment banking officials at an entry-level. Understanding the different positions and working of the banking sector is elementary from an early age as the minimum required age for most of these exams is 18-20 years. Without further ado, let’s explore the different career opportunities that the banking sector has and their importance.

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Why Choose Banking Career?

It is rather rare for students to consider being a banker as a dream job. This is majorly because very few have a thorough understanding of the intricacies of banking career at an early age. The following are a few major reasons that will inspire many to pursue a career in banking-

• There are diverse job roles in the banking sector like accounting, law, investment banking, taxes, public relations, customer relationships, etc.
• Careers in banking have a lot of scope for overseas exposure as most national banks have many foreign branches and as you prosper in the banking sector, there is always a chance of getting transfers to the foreign branches. There are a number of international and private banks that have set up branches in the country and deserving candidates can also gain a transfer abroad by working in these banks.
• Being a part of the banking sector early in your career gives the candidate immense opportunity to understand the global economy and get many different global opportunities.

Types of Banks in India

There are several different types of banks in India and you can pursue a career in banking in any of these banks by qualifying the respective exams-

• Commercial banks- Commercial banks help the common people, businesses, and entrepreneurs with different banking services. The commercial banks can also be segregated into- public sector banks, private sector banks, and regional banks.
• Co-operative banks- cooperative banks are mostly made for the benefits of rural people and small scale industries. Cooperative societies are in charge of managing these banks. They can be categorized as state cooperative banks, central cooperative banks, and primary agriculture credit society.
• Investment and specialized banks-These are special banks that provide financial assistance to the customers regarding foreign exchanges, sales of equities, foreign trading, etc.

Skills important for a successful banking career

For a successful banking career, the following skills are essential-

• Ability to deal with customers and persuade about bank services and schemes.
• Immense patience to deal with different banking procedures which are elaborate and slow.
• Good calculation and accounting skills.
• Good analytical skills.

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Different Designations in Banking Jobs

There are different types of designations in the bank which can be pursued. The scope of growth is different depending on the entry-level position that you have started from. The following are some of the popular and basic bank job roles that you can pursue-

Sub-Staff

Sub-staff is the lowest cadre of recruitment in any public sector or private sector bank. To be eligible for the post, you have to be at least 10th pass for most banks. To secure the job, you have to qualify for an exam. The role is mainly of a peon or a sweeper at the branch or the administrative office- wherever you are posted. There is scope to rise in the rank if you are able to acquire the required educational qualification in the meantime as well as learn the skills required. The salary of a sub-staff is between INR 9560 and INR18545 per month. It is expected that the salary of the sub-staff will increase to INR 44,200 per month after the 11th bi-partite settlement.

Bank Clerks

To be recruited as a clerk, you have to be a graduate at the least. Candidates between the age of 18 and 28 can apply for the position of clerical jobs. To be eligible for the position of a bank clerk, you must have a minimum of 60% in your 12th result. The exams like SBI Clerk and its equivalent are conducted for the recruitment of the clerks and the candidates are selected based on their aggregate of written exam and interview.

Basic computer knowledge and good communication skills are necessary for this post. Works like account opening, passbook entry, fixed deposit opening, and the marketing of different banking products are the primary job roles of the clerk. There are different types of bank clerks who have different job roles as follows-

• There are account clerks who are responsible for opening and closing of the customer’s accounts.
• Exchange clerks are responsible for the translation of the amount from one type of currency to another.
• Interest clerks are in charge of keeping track of the interests of savings bank account holders as well as the interest due to the bank on different types of investments and loans.
• Statement clerks are there for clearance of monthly balance sheets, and to keep track of customer accounts related activities.
• For managing the currently running loans, there are loan clerks.
• Confidential transactional data and security are maintained by the security clerks. Different investment bonds, documents, and other relevant data are managed by these clerks.
• The clerks are also part of administrative jobs like data entry, typing customer letters, etc.

The pay scale is current between INR 7200 and INR 19300 per month which is likely to increase after the next annual revision. In metro cities, the total enrollment payment is approximately INR 23,600 per month.

Probationary officers (PO)

The probationary officers or PO are also called management trainees. One can directly get recruited for these roles through SBI PO or IBPS PO or they can get promoted from clerical position to this job role. This is a very promising position and deserving candidates can even rise to the position of MD or CEO from this stage. They are considered the backbone for any bank as they keep track of a large amount of work and daily activities that are going on in the bank. Managing cash, account opening, compliance, marketing for the banking products are all handled by the PO.

• The chances of growth are exceptionally good from the position of the probationary officer, specifically if they can show good performance during the probation period.
• During the probation period, the PO can be asked to do any work including general banking and administrative services besides their regular job role.
• They may have to handle loan management and consumer complaints and other daily banking activities. This is the primary reason why they should have good communication skills.
• The PO is observed closely by the immediate supervisor and their reviews and recommendation can affect a PO’s promotion to the position of Assistant Manager.
• After confirmation, often the candidate is posted in a relatively small branch where they have to handle general banking tasks like releasing cheques, cash management, issuing drafts etc.
• Once the officers gain enough experiences they will have to work closely with specialized tasks like planning, budgeting, marketing, loan processing, and investment management.

Students who have graduated with any discipline from a national or state level university or college, and within the age group to 20-30 years are eligible to apply for the position of PO. The PO gets paid a handsome salary of approximately INR 17000 in any public sector bank and 20000 INR in SBI. Considering all the benefits together, the salary of a probationary officer can go up to INR 24000 to 26000 per month. A PO can rise in a position as high as the deputy manager of RBI which makes this the most popular position coveted in banking services.

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Bank Specialists

As the name suggests, the specialist officers are recruited to work in different specific departments like engineering, marketing, systems, public relations, and management. Often companies from different sectors approach the banks for loans and these specialist officers can analyze the company as well as understand its capacity to repay and then determine whether the loan is to be sanctioned. A candidate with a specialized degree will be able to handle important sections like the IT and system departments. Specialist officers are required to take care of their department alone. The scope of growth for a specialist officer is limited but the salary is good specifically in the metropolitan region. At the same time, the SO have ample scope to use their education and graduation knowledge to handle their job role better.

The following are some of the grades and position that falls under this category-

• JMG Scale I or Junior Management Grade B Scale I- Does not require any experience.
• MMG Scale-II or Medium Management Scale-II Grade A- Job experience of 2 years required.
• Middle Management Scale-III Grade A- Job experience of 5 years or more is required.
• SMG Scale-IV or Senior Management Scale-IV Grade A- These roles are of Chief Managers and generally 10-15 years of experience is required.

There are several categories of specialist officers’ job that are announced for recruitment every year-

• IT Officer- IT officers are required in almost every branch of the bank to take care of the system software as almost all the tasks are automated through different types of IT Tools. Maintenance of the server, database, and other types of networking products are part of the job role of the IT Officers.
• Law Officers- Legal and judicial matters related to banking and banking are handled by these officers. LLB, LLM, CAIIB/MBA are preferred degrees among applicants of this post.
• Agricultural officers- These officers have to promote different types of agricultural loans in rural areas. They have to spread awareness about these schemes of the government and different financial institutions. They have to maintain a good relationship with the farmers for better lead generation. They also have to follow up on the loan disbursed for smooth loan recovery. The work is mainly related to rural areas.

The salary right after the appointment is between INR 30000 and 38000. After promotion to a position like MMGS III specialist officer, the pay scale can increase to INR 42010-INR 48570. On CTC basis, the total compensation can be up to 18 LPA depending on the region where the candidate is posted and several other factors.

Manager/Asst. Manager

The role of the manager is mostly filled by promotions held within the bank but often MBA candidates with 3-5 years of job experience are also recruited for the position. A PO can gain the status of the assistant manager and manager after promotion. The promotion is usually given after a minimum of 7-10 years of service. There is no specific competitive exam to be recruited in this position.

Becoming a manager is rather difficult in the bank as it requires a lot of experience. The minimum you can become is the branch manager and the next stage is the zonal manager. The hierarchy of promotion and eligibility criteria in the public sector banks is very different from that of the private sector. Hence, this should be kept in mind during applying for entrance exams for the banking sector.

Grade “B” officers of RBI

RBI is the regulating body of the banking industry in India and if you become a part of this institution, you are also a part of the banking industry regulations. The recruitment procedure is rigorous. If you qualify and get recruited, you will have to manage the basic functions of the bank. If you are selected for the economics and statistics department, you have to take care of works related to this department only. You will eventually have a part in the decision makings relevant to the regulations and development of banking in the country.

The starting salary of the Grade “B” RBI officers is approximately INR 35,150 per month and they are eligible for a number of perks and benefits like HRA, DA, family allowance, grade allowances, etc. Presently, the initial and monthly emolument of the officers is approximately INR 67,933 per month.

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NABARD officers Grade “A”

NABARD is the development organization for rural India and agriculture. However, in order to get selected, the candidate should have a thorough understanding of the rural economy. The cooperative banks of rural India are regulated by the officers of NABARD. This is a highly prestigious job in the banking sector as the development and assistance required in rural India is largely dependent on NABARD. However, the candidates will have to qualify an exam held by NABARD in order to get selected.

The basic salary of the NABARD Grade “A” officers is approximately INR 28150 per month and including all the allowances and perks, the monthly gross income is INR 61000.

Investment Banking

If your primary reason behind joining the banking sector is high income, investment banking is the best sector for you. However, investment banking organizations mainly select candidates from the best organizations of the country like the IIMs in India. Hence, it is not an open option for all. A degree from the top educational institutions and a spotless academic record is essential to land this plush job opportunity.

Corporate Financing and Treasury Operation

This is also a part of the normal commercial banking operations however, you must have the specific education and degrees to secure a job in this particular segment of banking. Similar to this, the foreign exchange segment is a lucrative but unconventional career path in banking to be pursued. Also, you must have the required knowledge to land a job role in foreign exchange.

Banking service exams, posts, salary

The following table is a gist of the different banking posts, related salary, and the exams which have to be qualified for the job roles. The table comprises the most popular entry-level job roles that are offered in the banking sector. PO, and SO exams like banking organizations like SBI, IBPS, RBI, and Indian Bank are the gateways to these posts-

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When you have enough knowledge about the different positions in a bank, it becomes much easier to apply for the entrance tests and determine which the best option for your career path is. Once you are able to get recruited into a bank, the career path becomes much smoother as you can get promoted through internal exams or simply from experience and periodic promotions. We hope, using the information shared above, you can select the most appropriate list of bank preferences during the application procedure of exams like IBPS PO or determine which is the best exam to take and prepare for.