Banking exams have become a regular affair and aspiring candidates who want to make their career in banking are getting roped in every year through recruitment drives conducted by various banks. The aspirants, who want to join the banking sector, have the option to join either the public or the private sector banks. Though, recruitment for the majority of the nationalized public banks (29 public sector banks) is done through Indian Banking Personnel Selection, there are banking bodies who conduct their own recruitment procedure. State Bank of India, Reserve Bank of India, NABARD and other cooperative banks take out their own notification each year, to fill candidates in the vacant positions. The selection procedure of all the banks is almost the same, where the candidates need to undergo written test and personal interview round conducted by the concerned recruitment authority. Depending upon the position for which the recruitment is being made, the syllabus of the written test varies accordingly. The candidates are mostly judged on the basis of their overall knowledge and reasoning capacity of the brain.
Requirement of centralizing the banking sector examination
The banking and financial sector is one big mechanism that follows the rules and regulations set by the state. All the financial institutes and banking bodies in the country are under the government are run by the guidelines set by the Reserve Bank of India. It is the supreme body which decides about the monetary policy and regulations. Hence, RBI acts as the central body that decides about the financial policies and drives it down to the banks and financial bodies around the country. The public sector banking has flourished in the last few years in India and the number of banks operating has increased in the manifold. Prior to IBPS, the recruitment for all these banks took place in a scattered manner, depending on the vacancies arose. Though, the candidates eyeing for a banking job, had the possibility of applying to multiple banks, it had its own disadvantages.
Reason for different entrance exams
Though there are quite a lot of banks in the country, majority of the nationalized bank recruitment is conducted through IBPS examination. Though the other banks like SBI, RBI and NABARD has their own set of recruitment exams. This provides the candidates to try for these banks separately, while the syllabus and the pattern of the examination remains almost same.