IKON
Raghuram Rajan a product of IIT Delhi ( electrical)He was awarded the Director’s Gold Medal as the best all-round student. In 1987 he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management Ahmedabad where he was a gold medallist He then did his doctoral program in management at the MIT Sloan School of Management. In 1991 he received a PhD for his thesis titled Essays on Banking.
In 1991, Rajan joined the Booth School of Business at the University of Chicago and went on to become a Professor of Finance there. In 2003 he taught an MBA course in international corporate finance and a PhD course in the theory of financial decisions. From October 2003 to December 2006 he served as Chief Economist at the International Monetary Fund (IMF). In November 2008, Indian Prime Minister Dr Manmohan Singh appointed Rajan as an honorary economic adviser. On 10 August 2012 Rajan was appointed as chief economic adviser to India’s Ministry of Finance,.
On 6 August 2013 it was announced that Rajan would take over as the next Reserve Bank of India Governor for a term of 3 years. Rajan promised banking reforms and eased curbs on foreign banking. He made curbing inflation his primary focus, bringing down retail inflation from 9.8% in September 2013 to 3.78% in July 2015 – the lowest since the 1990s. Under Rajan, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm, despite the government recommending otherwise. Foreign exchange reserves of India grew by about 30% to the tune of $380 billion in two years.
What is the Job all about?
With the domestic financial market booming, backed with the advent of technology, Banking has emerged as one of the hottest job opportunity professions.
As Banks strive to become one-stop financial supermarkets, careers could span Corporate Banking to Stock Investing; Operations Management to a widening range of Retail Financial Services.
Also now with the Government moving us towards a cashless society Internet Banking/ATM’s/Credit and Debit Cards will become a major source of buying & selling, The Banking scenario will undergo a sea change. Not only will things become faster for day to day individual/local transactions, but also for International transactions.
Can I go for it?
To maintain their growth, Banks need people with all types of skills, right from Customer Service to High Finance, from Mass Marketing to Info-tech to Agriculture and Engineering. MBA’s, Chartered Accountants, Engineering and Computer Professionals are preferred employees in Banks – both Indian and foreign. Equally important are ‘people skills’, strong verbal and written communication abilities, high energy levels, negotiating and customer service skills, flexibility to work in shifts, etc.
Public Sector Banks recruit Officer Level staff as Probationary Officers. Private Banks on the other hand recruit staff as Trainees for six months to a year; except HSBC, where a person might be a Management Trainee for two to five years.
Types of Jobs:
Junior Jobs: Strong Computer Skills, meticulous in figure-work, a people-person, always polite, helpful and discreet. You must be well-groomed. Clerical, Secretarial, Data Entry Clerks, Telephone Operators, Customer Service, Agents, Accounting, IT, Sales and Marketing,
Senior Jobs: Besides above qualities, you need higher qualifications and experience plus strong Communications skills, decision-making abilities.
Finance Advisory experts – Corporate Finance and Personal Banking, Mortgage Experts, Insurance Assessors, Agriculture Experts, Mutual Fund Experts, Maintenance, H.R., etc.
Is there a future in this field?
In all nationalized Banks, there are constant Internal Examinations for staff, to progress through to senior grades. If you are determined to go up the Executive ladder, then experience and these qualifications are a sure way to climb the rungs.
In private Banks and International organizations, the sure way to go to senior levels is sheer hard work and performance. Each year your work is appraised, based on tough targets that have been set in the previous year and achieved. So, higher your ability to meet deadlines and targets, higher are the chances of being promoted.
Where to Begin
in Goa
Junior Jobs: B.Com, BFS (Bachelor in Financial Services) – Chowgule College, Margao .
Training available for Private Banks in Goa: NIIT with IFBI have an arrangement with ICICI bank where Commerce graduates with 60% right through their career can join for 6 months training ( 3 months theoretical training at NIIT office (Near Pharmacy College in Panaji) and 3 months practical training at one of the ICICI Banks in Goa. After this training there are automatically absorbed in the bank at a salary of Rs.25,000/- p.m. The training fee is Rs.95,000/-
Senior Jobs: M.Com, MBA, CA, CFA, MFS
Outside Goa:
Higher Education: There are various Universities across India, which offer courses related to Banking. But the MBA, CA, IC&WA, M.Sc. – Maths and Statistics, Degree in Agriculture, IT, are still the preferred qualifications.
There are further qualifications you can acquire by doing the Internal Examinations conducted by Indian Institute of Banking and Finance. http://www.iibf.org.in/products/exam/jaiib.pdf
Retail Banking Sales Mgmt for ICICI Bank : 4 weeks ifbi.com/resourceContent/CCRBSM_leaflet
Modern Banker Program for HDFC Bank : 2 months conducted by Times Pro www.timespro.com/courses/modern-banker-program
Post Graduate Diploma Program in Retail Banking for AXIS Bank : 4 Months conducted by IFBI : ifbi.com/pgdrb.aspx
Advance Diploma in Banking for 10 months for Punjab National Bank l by the Bank in collaboration with Manipal University ; pnbbit.ac.in/adbt.php
Young Bankers Program for Axis Bank for 1 year conducted by Manipal University : axisbank.com
Post Graduate Diploma in Banking & Finance for 1 year conducted by Bank of Baroda ; www.bankofbaroda.co.in/Careers/aboutProgramme.asp
Employment avenues
For Nationalized Banks, there is a training offered for positions of Probationary Officers and Clerical Positions after graduation or after 10+2 by National School of Banking in Mumbai, Pune or through correspondence programs. Please see their website for these and other Courses www.nsbindia.net/courses.html
Junior Jobs in Public Sector Banks: 19 Public Sector Banks recruit staff for Clerical Cadre through a Common Written Examination (CWE) www.ibps.in.
Junior Jobs in Private Sector Banks: HDFC and ICICI Banks have a tie-up with NIIT (IFBI) where Graduates are trained for a period of 6 months, after which these Banks recruit them directly.
Senior Jobs in Nationalised Banks: Vacancies for Probationary Officers – first stage in the Officer Cadre of the Bank.
Private Banks on the other hand prefer to take in MBA’s or C.A.’s etc. After a short period as Trainee, you are confirmed as an Officer.
Money
Junior Jobs: Here the salaries range between Rs.7500/- to Rs.10,000/- p.m. and they grow to around Rs.15,000/- to Rs.25,000/- p.m. after gaining experience and years in the Bank.
Middle Level Executives: Managers could earn about Rs.50,000/- to Rs.1.5 lakhs p.m.
Senior Jobs: At the Vice-President level, the packet could be around Rs.3 – 4 lakhs p.m., plus a percentage of the business profits. Private Banks pay much higher salaries compared to Government Banks
Please do not be satisfied with just acquiring a Degree/Diploma – try and enhance your CV by doing online learning programs (with a certificate) of programs relevant to your choice of career. Your chances of employment will be much better than just a plain degree/diploma.
Please check this website under other details for places you can learn online. Also try and develop your confidence by doing a public speaking training program with people like Toast Masters International.
For government jobs: please check : http://www.employment-newspaper.com/