Banking sector in the last decade has come up as the major service sector entity in India with massive growth registered. The number of banks as well as the branches of these banks is on the rise across the nation. In order to keep these banks running there are emerging vacancies, so that skilled manpower could get incorporated to these organizations for smooth performances.
The banking jobs in both private and public sector has attractive salary packages which includes various pay perks and added benefits that allures many candidates towards its ambit. Eligible candidates are seeking banking opportunities for a career option more than ever and the number of applicants every year for the vacant positions in the public banking sector is on the rise.
The payment generally in the banking job hierarchy is commendable and the banks spend a lot of money over its manpower to increase the growth of respective banks. With the rising number of bank in both public and private sectors and the growing customer base in the developing country like India, the competition is getting stiffer day by day. The banks are spending money to hire people with experience in the topmost management and technical posts. The changing scenario of the work field, with inclusion of new technologies and inventions, has also made way for specialist posts in the banks with heavy salaries.
Top paying post in Banks
Managing Director and CEO: The topmost post in public sector bank is Managing Director and CEO of the bank. He/ She is responsible for conducting board meetings, presiding over bank operations, overseeing the revenue generation of the bank, analyze financial reports, prepares budgets and allocates to various departments, identifies new business avenues and communicates the company strategy on a regular basis to its peers and juniors. With good analytical skills and problem solving attitude, the Vice President of the bank should gel well with the people working under his administration. The average salary of the highest post in the public banking sector is about Rs. 25 lakhs per annum, which is a tad bit less than that off the heads in private banks.
- Director: The Director of the bank is a top end job who is responsible for the promotion and marketing of banking products and services to increase the business of the bank through respected client visits and interactions. The Director is also responsible for resolving financial and manpower conflicts along with monitoring the sales target in a particular time frame. The Director needs to have a stern leadership quality with problem solving attitude to keep running the bank successfully.
- General Manager: The General Manager responsible for the business development, client retention and employee recruitment etc. of the bank. Establishing of new contacts, keeping relation with the existing bank customers and clients and developing marketing strategies to improve business are some of the regular work done by the General Manager. They are posted at Head office of the banks.
- Chartered Accountant: Though it might be felt that there is no requirement of Chartered Accountants in the banks, it is just the opposite. A Chartered Accountant is a must in a bank to devise financial and legal compliance. They need to keep monitor the accounting procedures of the banks and take care of the financial and accounting issues of the banks. With exceptional mathematical and analytical skills, the chartered accountants are important entities in the banks.
- Bank Associate: The bank associates are responsible for enhancing the financial capital of the bank by devising various banking strategies, marketing different schemes, products and services or the bank and interacting with customers and helping them find the proper services/facilities for them. The job requires travelling from one city to other for promotion of schemes and requires good interpersonal communication and analytic skills. The designation is generally given in Private sector banks.
- Branch Manager: The branch managers are responsible for handling the particular branch of the bank they are posted to. They need to keep the daily banking activities in check along with an eye to increase the business of the bank. They need to visit clients for loans and policy selling as well. The branch manager needs to be a team man with leadership qualities in the banking sector.
- Assistant Branch Manager: The Assistant Branch Manager is the junior of Branch managers and is generally posted in urban branches of Private sector banks with heavy work pressure. They are responsible for monitoring the smooth functioning of the banking activities along with preparing daily schedules and duties. They often send the employees to training and prepared budgetary plans and expenses for the banks.
- Probationary Officers: The Bank PO is the entry level officer post in the banks with good pay structure and working opportunities. They need to handle daily customer transactions, draft insurance and handle loan activities on a regular basis. They should have training in finance and marketing and should have good communication skills.
The banking sector has allured candidates towards its ambit through the facilities apart from the monthly salary including the pay perks and allowances. The salaries mentioned above gets a nice thud when the benefits are perks such as HRA, newspaper allowance, travelling expenses, medical facilities, pension benefits etc. are added to it. Some of the public sector banks (like SBI) have even surpassed the private banks in terms of gross salary given to the candidates in entry level officer posts.