banking and financial industry in every possible way. Whether it is core banking, co-operative banking, cashless banking, digital payments, equity, investment, insurance, loans, asset management or personal and corporate finance, a slew of private players have gradually changed the landscape of this field beyond recognition.
It would be too hasty, however, to jump to the conclusion that this onslaught will overshadow or sideline Government players in a big way. Small changes and competitive re-orientation notwithstanding, the Government segment of BFSI is becoming as strong, if not stronger, than its private sector counterparts. This rise and transformation is partially spurred by the change brought by competitive forces, the emergence of new financial products and the need to get out of comfort zones. It is partially being driven by Government’s new strategy, financial policies and thrust towards rural empowerment, rural inclusion, microfinance, small business banking and campaigns like Make-in-India.
Public sector banks (Government banks) would continue to reflect the rise in hiring with some seven to ten lakh jobs slated to be created in the next decade itself. That will also be further boosted by indirect employment market for support areas of banking that are being estimated to be to the tune of many lakhs in the next five to seven years. Whether it is a nationalized bank or a private bank, about 85,000 vacancies are estimated to rise in 2016 alone, and that appetite is visible for both kinds of sectors.
It’s a myth that banking has become saturated with the entry of private players. On the contrary, the pie and possibilities have increased manifold with the introduction of new concepts, features, and technologies. The vast untapped population and geography of India still need a lot of focus and action. RBI has issued new licenses in the last few years and the impetus towards deeper financial inclusion is going to drive Government segment too in a growth trajectory. This includes areas like linking subsidies to the account holders, rural product insurance, education and farmer’s loans etc. That growth, with the exodus of retirement-category of employees, will also create many jobs for this segment in the very near future. New branches and emerging categories like operations, IT, risk management, security, digital initiatives, compliance along with a surge in Tier-2, Tier-3 and Tier-5 towns, coupled with the availability of entry-rank jobs due to a retiring workforce, will expand the job market in a massive way.
In fact, some industry watchers and recruitment players have predicted that public sector banks can be reckoned as the biggest recruiter in the year 2016-17.
The banker’s job is no more a boring one and limited to the monotony or a clerical life. With the way banking is changing, the sector needs engineers, digital experts, investment intellectuals, geeks, economists, marketers, sales professionals, equity professionals, technologists, and futurists.
Grab the positions that are coming out soon and enter a sector that is as exciting and as rewarding as any other sector from the new-economy industries. Banking jobs are offering so much variety, momentum, and career advancement that they are becoming the first choice for many professions and many skills that the young population of India is teeming with.
However, proper training and preparation for the banking job market in this realm are recommended, given the added rigour and new layers to hiring processes that nodal authorities have been delving into.
Be a part of this wave, and get the respect and growth that this sector offers, even in a Government category accompanied with the credibility and legacy of many decades that it has nurtured. For thorough preparation to get into this sector, take the help of professional training platforms like TalentSprint.