The Indian banking sector (one of the fastest growing industry) has its foundation in 18th century. As per the RBI, the financial & economic condition of banks is far superior to any other country in the world. The Indian Banking industry is currently worth Rs. 81 trillion (US $ 1.31 trillion) and banks are now utilizing the latest technologies like internet and mobile devices to carry out transactions and communicate with the masses.
The Indian banking sector consists of 26 public sector banks ,25 private sector banks,43 foreign banks,56 regional rural banks ,1589 urban cooperative banks & 93550 rural cooperative banks. Public sector banks cover 80 % of the market. Banks has also started mobile banking. Mobile banking transactions in December 2015 increased four times year-on-year and jumped by 46 per cent over the previous month to Rs 49,029 crore (US$ 7.34 billion), as per data from the RBI.
Recruitment in Banks
Banks are considered as backbone’s of country’s economy. Public sector bank in India employ more than 7lakh at people at present. Of these a large number of people will be retiring in next 5-6 years. Earlier recruitment was done by banking service recruitment board. Public sector banks are offering the position of clerk, officer to the fresher as well as to experience candidate.
1. Clerical position - A clerk is mostly a front staff in a bank. All public sector banks provide the training to new employees, thus those who join as clerks may be promoted as officers, as per banks norms.
2. Probationary officer – A PO is one who provide the service to the customers. It is high level post. IBPS PO Recruitment exam is conducted for public sector banks.
3. Specialist officer – Specialist officer contains a various post. IT Officers look into the maintenance of servers, databases and other networking aspects. Marketing Officers work with various departments of a bank and implementing marketing strategies and plans.
Key investments in India banking sector
- India's largest public sector bank, State Bank of India (SBI), has opened its first branch dedicated to serving start-up companies, in Bengaluru
- IDFC Bank has become the latest new bank to start operations with 23 branches, including 15 branches in rural areas of Madhya Pradesh.
- The RBI has allowed third-party white label automated teller machines (ATM) to accept international cards, including international prepaid cards, and said white label ATMs can now tie up with any commercial bank for cash supply.
- FreeCharge, the wallet company owned by online retailer Snapdeal, has partnered with Yes Bank and MasterCard to launch FreeCharge Go, a virtual card that allows users to pay for goods and services at online shops and offline retailers.
- The RBI has allowed Indian alternative investment funds (AIFs), to invest abroad, in order to increase the investment opportunities for these funds.
RBI Second Bi- Monthly monetary statement 2016-17
- Repo rate is unchanged and thus constant at 6.50%.
- Cash reserve ratio (CRR) also remained unchanged at 4.00%.
- Reverse repo rate is unchanged and remained at 6.00%.
- The implementation of the Marginal Cost Lending Rate framework by banks will be examined.