With day to day changing world, banking jobs still catches a handful of eyes and are considered the most sought career options for the youth. Both private as well as public sector banks, open up lots of banking jobs vacancies for eligible candidates. While private sector banks offer lots of money and perks but due to job security and easy going public sector banking jobs remains a top priority of a candidate.
Banking Jobs: Public Sector Vs Private Sector:
The reason why candidates are inclined towards public sector bank jobs more than that the of the private sector are as follows:
- The pay and package of public sector banking jobs are decent with nice perks or incentives and they provide a better job security and stability than that of private sector banking jobs.
- Private sector banks on the other hands provide higher pay and perks than that in public sector but lag behind in providing job security as job security at private sector bank is solely dependent on the performance of the candidate.
- Graduates from any educational background can apply for the government jobs and could join public sector bank jobs by clearing the entrance examination.
- While private bank usually doesn’t conduct any entrance examination but hire from some special educational background as management graduates, chartered accounts, and certified financial accounts.
The Entry Level Banking Jobs: An Overview
Every bank whether public or private sector banks have the same level of employees which are usually divided into five major levels, as follows:
1. The first level: markets the liabilities of bank — fixed deposits, current and savings accounts, recurring deposits.
2. The second level: includes the bank assets — car loans, housing loans, personal loans, gold loans, credit cards, working capital loans, long-term loans.
3. The third level: bank operations staff that conducts customer transactions, including resolving customer complaints, opening new accounts.
4. The fourth level: banking specialists who provide foreign exchange services, corporate credit, treasury, Letters of Credit, among other services.
5. The fifth level: back office team which does the accounting and provides back-office support like administration and IT for the above transactions.
By far the largest and the most important people in a big private sector retail banks are the first three level of people. However, a Public sector bank’s focus has been on operations and the bulk of its employees are clerks and officers operating from a branch.
BANKING JOB VACANCY: PRIVATE SECTOR VS PUBLIC SECTOR
GOVERNMENT BANKING JOBS IN 2017-18:
In last two year, that is 2017 and 2016 public sector banks have recruited 68,000-70000 candidates, so the vacancy for the bank jobs will considerably fall down in the coming year 2018 and 2019.
On the other hand, private sector bank will recruit candidates as the new set up branches in both rural as well as urban areas will require new candidates to fill in.
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