And You Thought Commercial Banking is Boring…

It’s said, u sow a seed and see your plant grow at a bank. Gone are the days when Banks were the synonym for Piggybacks. It’s now a transformed industry catering to every nation’s requirements.

Commercial banking is the backbone of Indian Economy. In today’s environment, banking has changed from traditional banking to synthesized banking.

More people are employed in the commercial banking sector than any other part of the financial services industry. Now the commercial banks offer variety of services across all sections of the society. Presently, more than 93 scheduled commercial Banks ( Govt. Banks.-35, Pvt. Banks-38 and Foreign Banks -20) are operating in India. Almost all the Big Banks of the world have their branches / offices in India. Presently, total no. of branch offices are more than 80,000.

Thus, bank has a strong, yet ever-changing purpose in our country. Modern Commercial Banks in India are the barometers of Indian Economic system. It has a lot of employment opportunities and various avenues to grow, some of them are :-

~ Branch Manager- He’s responsible to coordinate a particular branch/region assigned and to directly report to main office.

~ Credit Manager- He mainly functions to test the feasibility before lending money, decide terms of loan and other mortgage requirements.

~ Risk Management- This Department is responsible for the uncertainities involved and how to overcome them in case of long and mid- term loans.

~ Forex manager- He’s responsible for the foreign reserves taking place on the OTC.

~ Marketing Manager- Banking schemes are more like a product now, rather than services, which too needs heavy promotion and awareness.

~ IT Officer- Banking is now a network-linked operations, it highly demands IT professionals.

~ Relationship Manager- Relationship banking is the buzzword for customer-driven industry. Building and sustaining a customer base is inevitable in modern banking.

~ Law Officer- It is a highly Govt. regulated industry and that’s a law-maintenance manager is demanded.

~ Security Officer- The people’s money is assured to be in safe hands of bank which is to be regularly monitored.

The Entry Level Recruitment meant for recruitment of junior management officers, in PSU Banks, Govt. has set up IBPS (Indian Banking Personnel Selection) which conducts recruitment on All-India basis. Other banks have their own recruitment systems through direct Advertisement and campus selections.

Modern Commercial Banks in India cater to the financial needs of different sectors. The main functions comprise:

-Transfer of funds

-Acceptance of deposits

-Offering those deposits as loans for the establishment of industries purchase of houses, equipment, capital investment purposes etc.

-The Indian Government hires the commercial banks for various purposes like tax collection and refunds, payment of pensions etc.

Commercial Banking now, is not only restricted to money, it’s more relationship-oriented and directed. One can get the opportunities to learn about business, interact with people, and build up a clientele.

So, Bank upon a Bank, before making a career choice! All the luck.