Development and Research in Banking Technology

The Institute for Development and Research in Banking Technology offers numerous programs to private and public sector candidates aimed at strengthening their base in the banking and finance sector and keeping them up to date with technological advances in the field. Besides these, The National Institute of Bank Management Indira Gandhi National Open University, University of Madras, The Aligarh Muslim University, Maharishi Dayanand University, Gujarat University, Utkal University, Annamalai University SNDT Women’s University, University of Rajasthan and Manipur University are a few other universities that offer such certificate courses. A lot of banks nowadays also hold their own training programs for new candidates. We put new recruits through on the job training and every candidate is expected to undertake a minimum of one week’s training. A Senior Banker supports the fact that most banks now prefer to have new candidates go through their own training program post selection.

A prospective candidate needs to be well versed with market conditions. A lot depends on how well he is able to pitch the services of the bank to a customer. Good interpersonal skills and an aggressive, confident approach to tackling problems hence are essential. An individual must possess the right aptitude and a lot of interest in the work along with the willingness to learn on the job. Marketing talent too proves important.

In general, banking entails a large number of interpersonal relationships; hence good sales and communication skills combined with analytical skills an ability to synthesize and a sense of initiative are desired. Banks prefer candidates with some basic accounting skills and strong work ethics. Also, since most banking jobs have long working hours, desirous candidates must be prepared to put in hard work and have the ability to withstand long work hours.

Private sector banks generally offer pay packages with a string emphasis on performance trough variable bonuses. Money is not an issue in this industry especially if the candidate is deserving. While basic salaries range between Rs 25,000 to Rs 30,000 a month for officers, performance based incentives can be as high as a twelve month basic salary as well.
Pay scales in nationalized banks are governed by the Reserve Bank of India and the Pay Commission of the Finance Ministry. Here too, the range of salaries is very attractive and is based on a scale system. While staff at a lower scale earn between Rs 10,000 – Rs 18,000 a month, officers on a higher scale can draw anything in the range of Rs 20,000 – Rs 26,000. High officer cadres can earn up to around Rs 32,000 per month. In addition to the monetary packages, some banks also offer leased housing facilities, medical and health insurance and loan options.

Widening Avenues:

A management trainee at a public sector back in Mumbai opines that there is a strong policy against lateral hires. Public sector banks favor promoting people through the ranks. However no such restrictions prevail in private sector banks where good performance is usually rewarded on time by way of attractive bonuses and promotions. Moreover given the scale of operations of most banks today, one has the opportunity to explore the various departments and aspects of banking in a relatively shorter time.

Having said that, it is wise to conclude that the banking sector provides a steady path for growth and handsome salaries for aspiring candidates

An all time favorite banking as a career option is only growing in popularity each year.