A number of banks have started recruiting officers through the Manipal School of Banking or NIIT School of Banking courses after selecting the candidates through online examination followed by group discussion and interview. The selected candidates are made to undergo a course on banking and finance along with practical training at branches along with that. The candidates need to enroll themselves in the course after their selection and need to pay the course fee which is usually given to them as educational loans by the respective banks. Candidates need to repay the loans after they are absorbed in the banks at the end of the training period.
PG Diploma in Banking and Finance: Why is it useful?
PG Diploma in Banking and Finance course is designed at equipping the candidates with necessary skills to be successful bankers at the end of their course periods. This is beneficial to the candidates on certain aspects:
- The selection process is more skill oriented: The selection process in Manipal School of Banking is more rigorous than the IBPS PO selection process. It requires you to qualify in the online examination followed by psychometric test, group discussion and personal interview.
- You are trained very well: The training imparted to the newly joined officers in the Manipal School of Banking is very useful for any candidate aspiring to serve the banking sector of the country.
- Banks get skilled staff: Once you finish your course at the academy, you are well versed with the banking terms and the banking laws. You get exposure to different branch environment as well during your training period. It becomes an advantage for the banks to absorb such staffs because they are already well trained to shoulder responsibilities.
- Banks can earn through this programme: This programme is a source of revenue for the banks since banks get money from the students as well as they extend loans to them at concessional rates to pay the course fees. Hence, banks earn through this programme from the students.
PG Diploma in Banking and Finance: Why is it criticized?
The PG Diploma in Banking and Finance sector course often gets criticized because of the hefty course fee the students need to pay to the bank and along with that, they need to sign a bond to serve the bank for five years or else, they need to pay heavy compensation to the bank.
- Students need to pay before they start earning: Students need to shell out money even before they earn their first full salary. This creates pressure on the students especially from economically weaker backgrounds.
- Loyalty bond is an issue: You need to sign a bond of five years once you join the bank through the Manipal programme. If you are not serving for five years, you have to pay heavy penalty to the bank as compensation. This is good for the bank but it restricts the choices of the candidates
- The in-hand salary is very less: In case you join the bank through this programme, even after joining, your salary will be very less because of the fact that most of your salary will be deducted towards your loan installment that you have taken from the bank.
- Banks do not get staff immediately: Most of the banks in India are suffering from a crunch of staff in their branches. In case they recruit through Manipal Programme, they need to wait for the officers for one year because only after that, they will be posted to the branches.
PG Diploma in Banking and Finance Programme offered by various banks in collaboration with Manipal School of Banking or NIIT School of Banking is very good for bankers since they come from different backgrounds. It may not be a good option in the short run but you are determined to be a banker and you want to be a good one, this programme will help you a lot in realizing that dream of yours.
All the best!!