The Banking Sector in India

The Banking sector in India has always been one of the most preferred avenues of employment. In the current decade, this has emerged as a resurgent sector in the Indian economy. As per the McKinsey report India Banking 2010, the banking sector index has grown at a compounded annual rate of over 51 per cent since the year 2001, as compared to a 27 per cent growth in the market index during the same period. It is projected that the sector has the potential to account for over 7.7 per cent of GDP with over Rs.7,500 billion in market cap, and to provide over 1.5 million jobs. Today, banks have diversified their activities and are getting into new products and services that include opportunities in credit cards, consumer finance, wealth management, life and general insurance, investment banking, mutual funds, pension fund regulation, stock broking services, custodian services, private equity, etc. Further, most of the leading Indian banks are going global, setting up offices in foreign countries, by themselves or through their subsidiaries.
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Employment Scenario in the Banking Sector

As reported in the Economic Times, the countrys leading public sector bank, State Bank of India has plans to recruit 25,000 employees in the year 2009. Besides, its life insurance venture, SBI Life, has plans to hire 13,000 agents and 200 sales managers. Also, Punjab National Bank, the country's second largest public sector lender, and Union Bank of India have plans of hiring 5,000 people each. The financial year 2008-09 has already shown the banking sector to be among the largest job providers in the country with over 50,000 vacancies being notified and filled up in the public sector banks alone.
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Major Recruiters of Banking Industry

Public Sector Banks are the major recruiters of candidates aspiring for bank jobs. These banks are: 1. The State Bank of India Group (Total:8 Banks) namely SBI (State Bank of India), State Bank of Indore, SBBJ (..Bikaner & Jaipur), SBH (..Hyderabad), SBM (..Mysore), SBP (..Patiala), SBS (..Saurashtra), and SBT (..Travancore). 2. Nationalised Banks (Total: 19 Banks) namely Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Punjab National Bank, Syndicate Bank, UCO Bank, United Bank of India, Union Bank of India and Vijaya Bank. 3. Other Public Sector Bank i.e. IDBI Bank Limited. 4. Private Sector Banks (Total: 27 Banks). The major recruiters in the private sector include the ICICI Bank, HDFC Bank, Axis Bank, Federal Bank, Centurion Bank of Punjab, Indusind Bank, Kotak Mahindra Bank, Yes Bank, ING Vysya Bank, Bank of Rajasthan, Karur Vysya Bank, Karnataka Bank, Jammu & Kashmir Bank, South Indian Bank, Bharat Overseas Bank, etc. These banks conduct their own exams, but normally follow patterns similar to those of the exams of the public sector banks. 5. Co-operative Banks: All major National and State Cooperative Banks and Scheduled Urban Co-operative Banks conduct their own exams to recruit staff. Their recruitment exams, too, are generally similar to the exams of the public sector banks.

State Bank Of India

State Bank of India (SBI) is a banking and financial services company based in India. It is a state-owned corporation with its headquarters in Mumbai, Maharashtra. As of March 2012, it had assets of US$360 billion and 14,119 branches, including 173 foreign offices in 37 countries across the globe making it the largest banking and financial services company in India. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banksBank of Calcutta and Bank of Bombay to form the Imperial Bank of India, which in turn became the State Bank of India. The Government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. SBI has been ranked 285th in the Fortune Global 500 rankings of the world's biggest corporations for the year 2012.[1] SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout the country. SBI is a regional banking behemoth and has 20% market share in deposits and loans among Indian commercial banks.[2]

The State Bank of India was named the 29th most reputed company in the world according to Forbes 2009 rankings[3] and was the only bank featured in the "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.[4]

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