India being a developing country, banks function as the backbone of country's economy. Being unscathed by the global financial turmoil that India faced from past few years and the scarcity of jobs in private sectors as per the Quartz report, banking sectors emerged victorious. Rather banking sectors in India is growing at a rapid rate and is among one of the fastest growing industry vertical presently. The rapid advancements in banking has paved way for employment manifold opening huge plethora of banking career opportunities for those aspiring to be future bankers. The demand for the government sector jobs such as banking spiked ever since the 7th pay commission was announced. The commission recommended a steep revision in pay packages and perks bringing them on par with most private sector jobs. In fact, the revision in many cases is as high as three times the existing package. Most of these banks offer better packages today and give a performance and experience based promotion. Due to high degree of job security, salaries and exciting growth opportunities offered, bank jobs are now supposed to be one of the most lucrative ones.
Moreover Government jobs claim to offer various perks ranging from holidays, leave, PF, bonuses, gratuity, medical and travel allowance, etc. Depending on the level or grade, one can even avail the facilities like accommodation, education for children, leave travel, and much more. Mostly such perks are unheard of in case of private sector jobs and can be really gratifying. In the last two decades Public Sector Banks in India have witnessed a transition from traditional banking to modern technology driven banking. Exposure to competition has made these banks restructure their processes, systems and product line. Post nationalisation, the Banks were asked to open more branches in rural areas. Expanded network gave a new identity to these banks and millions of new customers came into the picture. The business of banking has now moved from class banking to mass banking. It is estimated that public sector banks are going to employ more than 7 lakh people in the near future by issuance of new licences and efforts being made by the RBI and the government to expand financial services into rural areas. There are various positions available in banking sector out of which the two major ones are Clerks and Probationary Officers (P.O.)/ Management Trainees (M.T.).
Top Public Sector Banks in India as Recruiters
Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Punjab National Bank, State Bank of India, UCO Bank, Union Bank of India, Vijaya Bank.
Recruitment of Clerks in banks
Age limit: 20 years to 28 years
Educational qualification: any graduate program from a UGC recognized university.
The qualifying examination is in the form of CWE which is Common Written Examination conducted by IBPS and involves multiple choice questions. It consists of a test of reasoning ability and numerical aptitude, test of clerical aptitude, test of English language and test of general awareness too. The candidates are selected based upon the final merit list which is the aggregate of marks in written examination and interview.
Recruitment in Officer Cadre(P.O./MT)
Age limit: 20 years to 30 years
Educational qualification: 55% marks required in any graduate program from a UGC recognized university.
Probationary officers (Bank PO) are recruited in public sector banks based on the performance in Common Written Examination (CWE) and interview conducted by the IBPS. The qualifying test for probationary officers includes data interpretation and logical reasoning, general awareness, English and verbal reasoning. Many a time officer cadre is filled after promotion in clerk positions and at times to meet the rising demands direct recruitment's are also being done.