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Career options in private banks and growth prospects

Updated on 04 June 2020
Bankers Setu
6 min read 16 views
Updated on 04 June 2020

Today, there is an important role of private banking in the Indian Economy and now playing an important role also to increase the Indian GDP and doing very well business in the current. So now there are so many opportunities are available in the private banking sector to build a career and now banking job seekers can choose his/her suitable career option in the private banking sector also.

India is a developing country and there is continuous development in the banking sector also. At this time, Both of that means private sector bank and government sector bank playing an active role in India. There are a total of 27 public banks and 93 commercial banks in India. In present, if we have discussed growth rate then I tell you that there is a stable growth rate (8.5 %) which is pointed out blooming in this sector. There is a good salary package also in the private sector bank and the banking sector provides so many facilities to employees also. There are so many such as reasons that‘s why different banking sector jobs are so popular among the youngsters in India.

Private Banks are those types of banks in which mostly the shares or equity rights are under the holder of the private share and there is no right of government on those shares.

Private Banking in India: Important Information

In 1993, the Reserve Bank of India gives permission to the Indian banking system to open the new banks in private sectors to do high productivity and efficiency.

Private sector banks follow the below listed reserve bank of India rules.

  1. This bank is registered as a Public LTD company.
  2. Min paid-up capital will be 200 Rs crore.
  3. Its shares will be enlisted in the stock exchange.
  4. Accounts works in banks and other policies will be according to the Indian reserve bank standard.

Top 5 Indian Private banks

There are a total of 22 private banks working in India and the top 5 private banks are listed below.

· Axis Bank (UTI Earlier)

· HDFC Bank

· Kotak Mahindra Bank

· Indusind Bank

· ICICI Bank

Education and Eligibility criteria to make a career in private banks

There are different types of posts in the banking sector such as Branch Manager, PO, Clerk, Peon, Sports, etc. Common Education and eligibility criteria for all the above posts are listed below.

  1. 12th with a min of 50% marks from an accredited education board and graduation from a recognized university.
  2. Those candidates can get the extra benefit who done post graduation in MATHS or COMMERCE/ or done his/her MBA from a recognized university.

Most Popular Job profile in Private sector Banks

With the continuous development of the Indian Economy, the Banking sector is also getting a constant boost. So there are so many jobs are available in the banking sector job market which is become the most important due to Internet digitization and E-banking. There are so many job profiles are in banking sectors some of that are point out below:

· Bank Branch Manager

· Cash Management Officer

· Credit Officer

· Co-corporate Banking Officer

· Bank Clerk

· Sport Staff

· Peon

Job Hierarchy In private Sector bank:

Following hierarchy, the level is followed by the private sector banks in India. although there are different-different banks can follow different post’s names.

  1. Analyst
  2. Associate
  3. Sr. Associate
  4. Assistant vise president
  5. vise president
  6. Sr. /Executive vise president
  7. Executive Director
  8. Managing Director
  9. Regional level CXO
  10. Global CXO Level

Salary Package in Private Sector Bank

Employees get the packages according to their educational qualification, work experience, and job profile. Sr. level officers get the packages of 12-15 lakh per year, Middle-level officers get 8-10 lakh per year, clerk level officers get average 4-6 lakh per year and support staff gets the salary of 15-18 k per month

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