e scope of banking in India
What is the scope of banking in India? That’s a pretty common topic of discussion among youngsters. Let’s illustrate it to understand the various aspects of the banking sector and its scope in India.
What is the importance of the banking industry in India?
The worth of the banking industry in India has been estimated at Rs.81 trillion that is US$ 1.31 trillion. In the near future, it is expected that this industry will show a significant growth. According to experts, the Indian Banking Industry has the potential to become the fifth largest banking industry in the world soon.
Indian Government is taking initiatives to promote this sector.
India is a developing nation with a huge population. To cater to the rising financial transaction of the gigantic population, the government along with RBI is taking various initiatives to reach the masses. Pradhan Mantri Jan DhanYojana is one such scheme launched by the government for providing access to banking facilities to everyone, everywhere. The main objective of this scheme is to open at least one bank account for every household in India. Also, various amendments in the banking law reflect the level of interest that the Indian government is taking to promote the banking industry. For example, the government has diluted its stake in the banks up to 52% which leaves greater room for private participation in the banking sector, thus acting as a propeller. Also, for promoting the banking sector, RBI has invited applications for setting up payments banks and local area banks. These reforms suggest that in the next five years the number of banks in the country will increase significantly and so the demand for employees in this sector will skyrocket.
What is the role of technology in banking?
The trend of carrying plastic money, that is Visa or Master card, has significantly increased among the Indian citizens, irrespective of the place they live in. The government has made adequate efforts to promote e-banking and ATM’s in the rural parts of India, thus broadening access through technological interventions. The top-level security and privacy provided by the banks have enforced trust amongst people, who now find it much safer to keep their funds in the banks. This leads to more, savings, more bank accounts and an increasing number of employees who are deployed to handle these accounts.
What are the opportunities in the banking sector?
Irrespective of the candidate’s educational background, the banking sector has opportunities for one and all and is considered as one of the largest employers in India. According to the experts, in the next five years, this sector has the potential to provide jobs over 7, 50,000. Not just this, it offers a handsome salary along with stability and job satisfaction. Here, you can select a role as per your liking, a few of which are Financial Analyst, Probationary Officer, and Specialist IT Officer.
How to start a career in this sector?
The leading educational institutions in India offer a variety of courses in banking. There are degree courses with the tenure of 3 to 4 years. Also, short-term courses with a one-year duration are offered by various institutions. It is important to select a reputed institution for attaining proper education and training