INDIAN BANKING SCENARIO
Regulation of Banking system in India started with Banking Regulation Act, 1949. Banks in India used to be in private hands. In 1969, 14 big private banks were nationalized bringing them under the ownership of government. After 11years, in 1980, six more banks were nationalized. Of these 20 banks, one New Bank of India got merged in Punjab National Bank. Now in all there are 27 public sector banks in the country consisting of 19 nationalized banks and 8 banks from State Bank group (State Bank of India and its associates).
In the last two decades Public Sector Banks in India have witnessed a transition from traditional banking to modern technology driven banking. Exposure to competition has made these banks re-engineer and re-structure their processes, systems and product line. After economic liberalization these banks have been given enough freedom to do so. However, for various matters these are required to follow guidelines issued by Ministry of Finance, Reserve Bank of India and Indian Banks Association.
Post nationalization, the Banks were asked to open more branches in rural areas. Large number of people were recruited to man these newly opened branches. Expanded network gave a new identity to these banks and millions of new customers came to the fold of Banking. The business of Banking moved from class banking to mass banking.
Banking has emerged as one of the most challenging sectors in the Country. Job openings are available at various levels from Bank Clerks to Bank Probationary Officers (PO). There is a great job security and the salary is very good, besides the pre requqistes of loans for employees. It is a lucarative career : till recently careers existed only in nationalised banks, but with liberalisation, a host of private banks have been set up. As a result, demand for trained professionals has increased substantially.
Professionals from streams like law, engineering, agriculture also have opening in the management cadre of various banks. Lswyers in banks advice of Laws and regulations affecting the operations of institution. Engineers work with industries and businesses on behalf of the bank.