IKON
Raghuram Rajan, a distinguished alumnus of IIT Delhi in Electrical Engineering, was awarded the Director’s Gold Medal for being the best all-around student. He further pursued a Post Graduate Diploma in Business Administration from the Indian Institute of Management Ahmedabad, where he was a gold medallist. Rajan then completed his doctoral program in management at the MIT Sloan School of Management, earning a PhD in 1991 with a thesis titled Essays on Banking.
Rajan began his academic career in 1991 at the Booth School of Business, University of Chicago, where he later became a Professor of Finance. In 2003, he taught an MBA course in international corporate finance and a PhD course on the theory of financial decisions.
From October 2003 to December 2006, Rajan served as the Chief Economist at the International Monetary Fund (IMF). In November 2008, Indian Prime Minister Dr. Manmohan Singh appointed him as an honorary economic adviser. On August 10, 2012, Rajan was appointed as the Chief Economic Adviser to India’s Ministry of Finance. A year later, on August 6, 2013, it was announced that Rajan would take over as the Governor of the Reserve Bank of India for a three-year term.
During his tenure, Rajan promised banking reforms and eased restrictions on foreign banking. His primary focus was curbing inflation, successfully reducing retail inflation from 9.8% in September 2013 to 3.78% in July 2015—the lowest since the 1990s. Under Rajan’s leadership, the RBI adopted the consumer price index (CPI) as the key inflation indicator, aligning with global standards despite government recommendations to the contrary. During his tenure, India’s foreign exchange reserves grew by about 30%, reaching approximately $380 billion in two years.
What is the Job all about?
With the domestic financial market booming, fueled by technological advancements, banking has emerged as one of the most promising career opportunities. As banks evolve into one-stop financial supermarkets, career paths can span from Corporate Banking to Stock Investing, Operations Management, and a broadening range of Retail Financial Services.
As the government pushes towards a cashless society, Internet Banking, ATMs, Credit, and Debit Cards will play a major role in daily transactions. This shift will not only expedite local transactions but also streamline international ones, transforming the banking landscape.
Can I go for it?
To sustain their growth, banks require a diverse set of skills—from Customer Service to High Finance, from Mass Marketing to IT, and even Agriculture and Engineering. MBAs, Chartered Accountants, Engineers, and Computer Professionals are highly sought after by both Indian and foreign banks. Equally essential are people skills, strong verbal and written communication, high energy levels, negotiation, and customer service skills, along with the flexibility to work in shifts.
Public Sector Banks recruit Officer-level staff as Probationary Officers, while Private Banks typically hire staff as trainees for six months to a year. Exceptions include HSBC, where trainees might spend two to five years in training.
Types of Jobs:
Junior Jobs:
If you have strong computer skills, attention to detail, and enjoy working with people, you might start in roles such as Clerical, Secretarial, Data Entry, Customer Service, Accounting, IT, Sales, and Marketing. Politeness, discretion, and good grooming are essential.
Senior Jobs:
In addition to the above qualities, senior roles require higher qualifications and experience, along with strong communication skills and decision-making abilities. Opportunities include Finance Advisory (Corporate Finance and Personal Banking), Mortgage Experts, Insurance Assessors, Agriculture Experts, Mutual Fund Experts, HR, and Maintenance.
Is there a future in this field?
In nationalized banks, internal examinations are frequently held for staff to advance to senior grades. If you are determined to climb the executive ladder, experience combined with these qualifications can accelerate your progress.
In private and international banks, career advancement depends heavily on performance. Annual appraisals based on tough targets set the previous year determine promotions. The better your ability to meet deadlines and targets, the higher your chances of being promoted.
Where to Begin
In Goa
Junior Jobs:
• Chowgule College, Margao – B.Com, BFS (Bachelor in Financial Services)
• Rosary College, Navelim – BBA / BCA
• Don Bosco College, Panaji – BBA / BCA
• Dempo College, Panaji – BBA / BCA
• Dnyanprassarak Mandal’s College, Mapusa: B.Sc. in Computer Science – www.dmscollege.ac.in
• St. Xavier’s College, Mapusa – B.Com / BBA / BCA
Senior Jobs:
After graduation, consider joining the Goa Institute of Management (GIM) for a PGDM in Banking, Insurance, and Financial Services.
Certificate Programs:
• NIIT with IFBI offers a training program in partnership with ICICI Bank. Commerce graduates with 60% marks can join a 6-month training program (3 months theoretical at NIIT, Panaji, and 3 months practical at ICICI Banks in Goa), leading to a job with a starting salary of Rs. 25,000 per month. Training costs Rs. 95,000.
• Padre Agnel College of Commerce, Pilar offers a Certificate Program in Banking & Financial Services in partnership with Bajaj Financial Services.
• National Stock Exchange (NSE) offer short-term courses in Banking, Finance, and Insurance.
Outside Goa:
Higher Education: Across India, various universities offer courses related to banking. Preferred qualifications include MBA, CA, IC&WA, PGDM in Financial Services and Insurance, M.Sc. in Mathematics and Statistics, Degrees in Agriculture, and IT.
Additional qualifications can be obtained through the Internal Examinations conducted by the Indian Institute of Banking and Finance (IIBF) – http://www.iibf.org.in/products/exam/jaiib.pdf
• Retail Banking Sales Management for ICICI Bank (4 weeks) – www.ifbi.com/resourceContent/CCRBSM_leaflet
• Modern Banker Program for HDFC Bank (2 months) – www.timespro.com
• Post Graduate Diploma Program in Retail Banking for Axis Bank (4 months) – https://www.niit.com/india/graduates/banking-and-finance/post-graduate-program-in-relationship-management
• Young Bankers Program for Axis Bank (1 year) by Manipal University – https://www.axisbank.com/careers/campus-careers.
Besides above there a wide range of Online Courses available both with or without Certificates. Coursera, Udemy, Harvard etc.
Employment avenues
For nationalized banks, training is available for positions like Probationary Officers and Clerical positions post-graduation or after 10+2 through the National School of Banking in Mumbai, Pune, or online programs. Please see these websites for these and other Courses www.nsbindia.net, www.bankersadda.com and you could also try Oliveboard, Career Power, Mahendra’s Testbook, Online Tyari, IxamBee, Plutus Academy.
• Junior Jobs in Public Sector Banks:
19 Public Sector Banks recruit staff for the Clerical Cadre through a Common Written Examination (CWE)
• Junior Jobs in Private Sector Banks:
HDFC and ICICI Banks, in collaboration with NIIT (IFBI), offer 6-month training programs for graduates, leading to direct recruitment.
• Senior Jobs in Nationalized Banks:
Positions like Probationary Officers are the first step in the Officer Cadre of banks. Private banks, on the other hand, prefer candidates with MBAs or CAs, who are confirmed as Officers after a short trainee period.
Salaries
• Junior Jobs:
Salaries range between Rs. 15,000 and Rs. 20,000 per month, increasing to Rs. 25,000 to Rs. 35,000 per month with experience.
• Middle-Level Executives:
Managers earn between Rs. 50,000 and Rs. 1.5 lakhs per month.
• Senior Jobs:
At the Vice-President level, salaries range from Rs. 3 to 7 lakhs per month, plus a percentage of business profits. Private banks generally offer higher salaries than government banks.
Don’t settle for just a degree or diploma — enhance your CV by completing online learning programs with certification in areas relevant to your chosen career. This will significantly improve your employment prospects compared to holding only a basic qualification. Additionally, consider boosting your confidence by enrolling in public speaking courses, such as those offered by Toastmasters International.
For government job opportunities, please check: www.employment-newspaper.com
page updated: August 2024