Banking careers are aspirational for a large percentage of our young graduates. It is also seen that more and more young people are aware of the competition and want to prepare for a career in banking in a formal way. Are you too one of them…
India is at an inflection point of growth. There are huge opportunities for the economy to grow especially in services sector. Among the various services sectors, banking perhaps is the most vital sector of the economy. It is a key catalyst for economic growth of the country and is rightly said to be a proxy for the same.
Banking sector is expected to grow at a rapid pace in our country. There are various factors which are contributing to the significant growth of this sector:
Increasing reach of banks into towns and rural areas: According to a study conducted by FICCI, the penetration of banking services stands at 35%1 in India, which is much less than that of other countries. Thus, with the background of lower penetration level when compared to other developing/developed nations, India has a significant potential for improvement as the economy grows and more and more people find access to banking.
Thrust on financial inclusion: Micro finance and small credit is emerging as a significant area of growth. Banks have been appointing Business Correspondents in villages to cater to the banking needs of the population in this area
Expansion of product and channels: Banks are becoming financial supermarkets, expanding the products and channels offered to customers across all categories. Reserve Bank of India has announced giving licenses to new banks to operate by the end of FY 13-14. PSU Banks are also expected to add more than 8000 branches in current fiscal alone. Similarly private sector banks, rural banks and foreign banks will expand their own branch network.
All of this means that banking sector will need to recruit in massive numbers over the next 5-10 years. The sector will need more than 800,000 professionals in next six years alone as per a report by Associated Chambers of Commerce and Industry (ASSOCHAM). This also means that in five years’ time, more than 60 per cent of the staff working in banks will be new and only 40 per cent will be experienced. This has profound implications on the quality of the new recruits and the overall selection and induction process in the banking industry.
While the non SBI group public sector banks recruit primarily through a common selection exam conducted by Institute of Banking Personnel Selection (IBPS) the SBI has its version of the test for filling posts for all SBI group banks. These recruitment activities are pan India and the aspirants for entry into banking come from all parts of the country including tier 2 &3 towns and rural areas.
SBI released a notification for filling 1837 PO posts in all its group bank in April 2014. Both the exam and application process is online and applicants will be tested on Numerical Ability ( basic maths and calculations), Reasoning , English and General Ability though an Online exam in June 2014. A starting annual salary of approx Rs 8.4 lakh can be expected once selected, however more than 25 lakh applications have been received by SBI for these 1837 posts.
TalentSprint is a prominent player in professional skill development and is operating in this segment. They are offering an array of courses to satisfy the preparation needs of all kinds of students. Along with traditional faculty based classes and study material, students will also be able to benefit from the vast online learning platform specifically designed with video lectures, LIVE online sessions and practice test based on the actual exam interface.
For more details on SBI PO notification and its preparation please call 9900175577 or visit www.talentsprint.com