It’s pretty safe to say that banking is the backbone of any economy.One of the fastest expanding industries across the globe, banking offers a niche bracket for individuals to carve themselves a sound career.Especially when it comes to a country like India. The Indian banking sector is currently on a meteoric rise, ever since the government launched its financial inclusion scheme; a move to provide banking facilities across every village and town.
And keeping up with this development, we at Rachnoutsav Academy are here to tell you how to make a mark in this field. With our new IBPS study program, students will have the chance to be placed amongst various banks across the country. The core curriculum will revolve around Logical Reasoning, Quantitative Aptitude, Computer Skills, Language Comprehension (both English and Hindi), Current Affairs Knowledge, and every aspect of Banking.
In our book, there’s no better way to work for yourself and serve the country too! IBPS is a chance for students to revolutionize banking across the country; with a promise to reach new heights and improve job profiles.
But before we get to why IBPS is so great for students to gain a foothold within the banking world, let’s first try and comprehend what IBPS is all about.
So, what exactly is the IBPS?
IBPS stands for the Institute of Banking Personnel Selection. It’s an autonomous recruitment body, constituted by the government of India, in order to encourage the recruitment and placement of young graduates in public sector banks in India (except SBI) It basically means that IBPS is authorized by the Indian government to conduct recruitment exams of a variety of public sector banks, Reserve Bank of India, Life Insurance Corporation and General Insurance Companies.
The IBPS came into being in 1984 when the Personnel Staff Selection Unit of NIBM was reshaped to the present autonomous Institute of Banking Personnel Selection. IBPS also provides standardized systems for assessment and result processing services to organizations.
The governing body for the IBPS is the RBI, the Finance Ministry of India and NIBM. Furthermore, you also have representatives from various public banks and insurance companies who get a say in the decision-making process.
The banks that take into consideration the IBPS scores include: RBI, NABARD, Public banks like Allahabad Bank, Canara Bank, Andhra Bank, Dena Bank, Syndicate Bank, Banks of Baroda, India, Maharashtra; UCO Bank, Union Bank of India, United Bank of India, IDBI, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Punjab, Central Bank of India, Corporation Bank and Sind Bank.
The IBPS conducts over 450 examinations every year via multiple sessions and receives more than one crore applications.
What services does the IBPS offer?
IBPS provides services that include:
Project consultation - Assisting in the conduct of examinations for recruitment and promotion.
Helping organizations single out applicants with suitable knowledge and skills for suitable positions.
Conducting personality assessments via group exercises and interviews to identify candidates’ higher cognitive skills.
Arranging training programmes for senior staff to help develop their observational and interviewing skills.
Setting up workshops for people who design their own question papers.
Providing a list of experts that conduct interviews or group exercises effectively.
What are the exams falling under the IBPS?
Currently, IBPS holds four different exams within a year, and each exam takes place within a period of three to four months. The four examinations of the IBPS include:
IBPS SO: This examination is for “Specialist Officers”. Scale 1 SO offers grade management services at the junior level across areas like HR, IT, Marketing, Law etc. Scale 2 SO requires specializations like an MBA, PG, PGDBM, CFA etc plus work experience.
IBPS Clerk: This includes two exams - The preliminaries and the mains, and is organized for recruitment to clerical posts.
IBPS PO: This also includes two exams - the preliminaries and the mains. An interview process follows the exam. Graduates are free to apply to this post and those who qualify are inducted as AM on a probationary basis.
IBPS RRB: Group A personnel of the scale 1, 2 & 3, and group B personnel are recruited via this exam. All the necessary degrees and work experience are required for this exam.
Who are its clientele?
The IBPS clientele can broadly be classified into:
Public Sector Banks
Private and Foreign Banks
Regional Rural Banks
Central and other financial institutions
Other public/private sector undertakings
Why opt for a career in banking via IBPS?
Banking, as we’ve mentioned earlier, happens to be a rapidly growing sector in India, with the Indian Banking network acknowledged amongst the world’s sturdiest financial systems. Firing up the Indian economy by serving as its fuel, the banking sector is quickly gaining momentum; resulting in the creation of employment opportunities as well.
A great option for aspirants across varying backgrounds, banking offers a lot more than just job security and pay. There’s scope for:
An assorted mix of jobs that suit both your interests and aptitude.
Multifaceted challenges that break the monotony
Further advantages include:
The creation of almost 5 lakh vacancies over the course of 5 years.
Entitlement to perks and benefits enjoyed by bank employees, like the Dearness Allowance (DA), Special Allowance (SA), City Compensatory Allowance (CCA), House Rent Allowance (HRA), Medical allowance, Transport allowance, and other benefits.
Bank jobs tend to be secure. There’s no continual fear of you losing your job.
The banking field helps add to your repertoire of knowledge concerning finance and economy.
You get a chance to meet and interact with people from different professional backgrounds. For instance, IBPS Marketing Officers are required to interact with people working in Ad agencies, PR agencies or publications.
You get assigned a particular department of your choice.
And there you have it. Ways in which IBPS could take you one step closer to that banking career you so wished for. Banking is a vocation that requires dedication, determination, and a global outlook; for it renders opportunities both within and outside the country.