Career Opportunities in Public Sector Banks
Banks are considered the backbone of a country’s economy. It is truer for a developing country like India. Indian Banking system is very strong. Banks in India are not only strong but are also growing fast. According to studies, banking sector is one of the fastest growing sectors in the country. This growth has brought many opportunities.
The merit list is drawn by adding up marks obtained by the candidate in the written test and interview. Selected candidates can look forward to a fruitful career in the bank, they join. All public sector banks provide training to new employees for equipping them to take up their assignments. Induction training which happens immediately or soon after joining is the first training program they attend. Subsequently they are offered training in various banking disciplines.
Public sector banks are few organizations which offer promotion from one cadre to another. Thus those who join as clerks may be promoted as officers, as per banks norms. For bright candidates, in some banks, this promotion from a clerk to officer is possible in a period as short as one year.
There is a well defined career progression path in each public sector bank. Performance and potential are key elements which determine this career progression. Most senior officials in public sector banks started their career as clerk or scale I officer 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. In many banks a person who joined as an officer may reach to the position of General Manager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country. Public sector banks may not offer fancy financial packages which multinational and few other companies offer. But the compensation in these banks with the recent wage revision is quite good. And there is an element of job security too. The housing and medical facilities are also considered attractive.
The expansion mode in which public sector banks in India are, is creating large number of opportunities for young people to choose banking as their career.