A career in banking is open to almost all, regardless of educational branches and streams. That is why the banking sector has always been an attractive option to aspirants from all backgrounds. The exploring banking sector creates thousands of jobs every year. There are currently 21 public sector banks in India out of which nineteen are nationalized banks and other two are SBI and IDBI bank. There are more than a hundred commercial banks in India. Commercial banks include foreign banks, public sector banks and private sector banks. The banks which were established under Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 are known as nationalized banks. This process of nationalization took place in two phases. After independence, 14 private banks were nationalized by the government on July 19, 1969, to well organize the economic system of our country. The second phase of nationalization of 6 banks took place in April 1980. It means 20 private banks were nationalised in India but currently there are 19 nationalised banks are in existence because in 1993, “New Bank of India”, one of the nationalised banks was merged with the Punjab National Bank. When we talk about SBI, many people get confused about whether SBI is a nationalised bank or not!! The oldest commercial bank of India ‘SBI’ was formed and regulated by the State Bank of India Act, 1955. Therefore SBI is not a nationalized bank. On the other hand, GoI formed IDBI Bank to provide credit and other financial facilities to the rapidly developing Indian industries. The bank was established by an Act of Parliament in 1964 and treated at per with other nationalised banks. Even though the government holds a 77% stake in IDBI Bank, it is not a nationalised bank. To know the list of all the RBI controlled and regulated lists of banks in India, click here.
Being a key component of a financial system, banks safeguard our hard-earned savings, channelize and regulate funds flow from savers to borrowers, provide assistance and financial services and help in building a stable and prospering economy for our country. So, being a banker one serves his/her nation through his duty which is very prestigious in its own way.
Skills required to be a banker
1. Loyalty and honesty
Banking is the sector where you deal with the properties of the public. Poor to rich everyone relies on a bank. So you have to be very honest and loyal to your organization as well as your customers. Let me make it clear that the banking sector in India is so well organized that if in case someone intends to do any fraudulent activity it will automatically come into the light now or ten years later.
2. Management skill
Banking is all about a teamwork. Sometimes you have to take responsibility and lead a team and sometimes you have to work under someone else’s leadership. It is important to work seamlessly with the team members.
3. Patience and good communication skill
While working in a commercial or public sector bank you have to handle a different kind of works at a time. At the same time, you have to deal with varieties of customers. So you have to be very patient. Along with that, you must have good communication skill, problem-solving skill and you also have to be a good listener.
4. Analyzing problems and thinking logically
Analyzing problems and thinking logically for the welfare and growth of the bank is absolutely necessary to be a banker. Ability to predicting market trends and event-based fluctuations are very vital in financial sectors. Along with that being a banker you have to play with numbers most of the time. So you have to be very good at mathematics.
5. Alert and Awareness
Dealing with money matters is not a casual job. A banker deals with lakhs and cores of money each day. So he must have to be alert and aware every time about this job, his organization and any kind of changes in the financial sector of our country.
6. Quick learning skill
Technology in the banking sector is updated regularly. To be a banker not only you have to understand the updated technology quickly but also have to get adapted to the new functions. To carry out the banking operations smoothly, the dynamic banking sector needs such aspirants.
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