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Common Myths About Banking Jobs in India
October 30, 2018
The banking sector is one of the biggest sectors in India. It employed nearly 13 lakh individuals in 2015 out of which public-sector banks (PSBs) alone provided recruitment to roughly 8.6 lakh people.
The hiring has only been increasing since then even though industry experts have started to raise concerns over the rise of new-age technologies such as machine learning and artificial intelligence which may replace low-level jobs in the near future.
Still, the charm of banking jobs, especially in the government sector is far from fading although there are many myths floating around that misguide the young professionals interested in starting a career in this industry.
Let’s take a look at some of them:
Myth #1: You Get Attractive Salaries
Just like there is a hierarchy in any other organization, there is a hierarchy in the banks as well. For instance, a clerk in a PSB will receive a far smaller salary than a PO (Probationary Officer). Thus, merely getting entry into the banking sector isn’t enough, you must also qualify for a decent job profile. Ideally, PO is the minimum that you should settle with.
Myth #2: You Don’t Have Targets
If you think that the concept of meeting “targets” is found only in private companies, then you are wrong. In most banks, the managers are given targets by the upper management. Accordingly, they are required to open a certain number of bank accounts and issue specific number of policies every month. Needless to say, work can be stressful when your branch is falling behind the target.
Myth #3: Your Job is Permanent and Secure
There is no such thing as a permanent job in any bank. If you are found guilty of an illegal activity or fail to fulfill your responsibilities despite repeated warnings, then you can be removed from your position.
Important Links:
- MBA from ARU, Anglia Ruskin University (UK): https://new.ask.careers/courses/mba-from-uk-university/
- Post Graduate Diploma in Banking & Finance: https://new.ask.careers/courses/post-graduate-diploma-in-banking-finance/
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://new.ask.careers/courses/professional-diploma-in-banking-management/
- Mumbai: https://new.ask.careers/cities/mumbai/
- TSCFM: https://new.ask.careers/institutes/tscfm/
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