We all know that Banks are considered as the backbone of any country’s economy. During the global financial turmoil that happened in the year 2008, our country was least affected because of soundness of Indian Banking and Financial system. It shows that, Indian Banking system is very strong and one of the fastest growing sectors in the country.
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This growth has brought many opportunities for all the aspirants who wish to see them as a banker. Currently Indian banking sector classified into Scheduled Banks (include Public Sector Banks, Regional Rural Banks (RRBs); Private Sector Banks & Foreign Banks) and Non-Scheduled banks. The Scheduled Banks regulated under the 2nd Schedule of the Reserve Bank of India (RBI) Act, 1934. The Non-Scheduled banks regulated under the Banking Regulation Act, 1949. Currently 31 Public Sector Banks available in India, Its include 19 Nationalized banks, 06 State Bank of India (SBI) & its associate banks, 02 other public sector Banks (Bharatiya Mahila Bank & IDBI Bank) and 02 banks Newly proposed (Post Bank of India &Student Bank of India). More than 20 Private Sector Banks also available in India.
There is a well defined career progression path in the banking sector. Performance and potential are key elements which determine this career progression. Most often, people start their career from executive level only. In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees it takes less time to move to higher scales. Many banks have a network of foreign branches. Thus, joining this sector gives students the opportunity of working abroad also. Transferability in a bank job provides the chance of seeing different parts of the country. Being specialized in finance, a student can become the fabled ‘investment banker’ in top foreign banks, who mint crores of rupees.
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