Banking Industry- a Major Recruiter in the Indian Service Sector

Banking in India: The History

The Indian banking industry by 1960 had become an important tool to facilitate the development of the Indian economy. Also, it emerged as a large employer, and therefore the need for nationalization of banks which was till then owned by private player was felt. Indira Gandhi, the then Prime Minister of India, expressed the idea in the annual conference of the All India Congress.

The Government of India issued an ordinance and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of bank deposits in the country. The Banking Companies (Acquisition and Transfer of Undertaking) Bill received the presidential approval on 9 August 1969. In 1980 6 more commercial banks were nationalised. The objective of the the nationalization drive was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India.

The Narasimha Rao government in 1990 embarked on a policy of liberalization and licensed a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, UTI Bank (since renamed Axis Bank), ICICI Bank and HDFC Bank. The initiative of the Narasimha Rao led Congress government helped the banking sector in India to grow rapidly.

Bank Jobs

Bank jobs are very lucrative and the popularity of bank jobs among people were evident from the large number of people applying for the Common Written Examination conducted  by the IBPS to recruit people to different posts in banks- Probationary Officer (PO), Clerks & Specialist Officers (SO).

The Institute of Banking Personnel Selection (IBPS) is an autonomous body set up with the vision to evolve and implement world class processes and systems of assessment and selection of personnel for various client organizations, conduct relevant supportive research and publicise the findings. The Institute dates back to the year 1975 when it was established as Personnel Selection Services (PSS), a unit of National Institute of Bank Management (NIBM). In 1984, PSS became an independent entity –Institute of Banking Personnel Selection (IBPS) at the behest of Reserve Bank of India (RBI) and Public Sector Banks.

A total of 19 public sector banks of India are participating in the Common Written Examination (CWE) to be conducted by Institute of Banking Personnel Selection (IBPS). The Indian Bank's Association launched a scheme in June 2011 for selection of candidates in the public banks. The Institute of Banking Personnel Selection (IBPS) will conduct a Common Written Examination (CWE) for initial short listing of personnel in Clerical Cadre, PO/MT, and Specialist Officer in the 19 participating banks.
On the basis of the CWE score card banks call candidates for the Group Discussion/Personal Interview. And then on the basis of the IBPS CWE score and the GD/PI score, the individual banks take out the final merit list of the candidates to be appointed in the banks.

State Bank of India conducts written test and interview separately for their recruitment to the clerical cadre, PO & SO posts. Besides other Cooperative Banks, Gramin Banks, Private Sector Banks recruits huge number of people every year to fill in different posts.

Role of jagranjosh

Jagranjosh.com, a Dainik Jagran venture is a site dedicated to help aspirants looking for bank jobs. The expert team at jagranjosh works to prepare the candidates right from the scratch. The jagranjosh team helps candidates in application process and consequently the preparation process. The candidates first need to find out about the vacancies announced by banks under IBPS as well as other public/private sector banks.

The segment Bank Recruitment & Bank Jobs on the Bank landing page of jagranjosh.com updates candidates on the different bank jobs notified and also provides the other details regarding application procedure, qualification required to apply, selection procedures etc.

So all aspirants who see themselves as future bank employees can subscribe to jagranjosh for their regular bank job alerts