If you are serious about banking as a career and looking for lucrative banking jobs, then you need to focus on the retail banking sector. While compared to public sector banks, private sector banks offer higher median pay, along with some fantastic perks and benefits, it is but natural for you to wonder, “how to get job in private bank?”
Compared to landing a job in a public sector bank, private banks are generally perceived not to be fussy. Generally, they are not fussy and take less time than public sector banks to evaluate job applications. True, you will not have to wait for months, to hear from a private bank – whereas, with a public sector bank, the wait would seem interminable. That’s why you must check out the rest of the content on “how to get job in private bank?“
When it comes to the banking sector, you first need to understand the critical difference between the public and private sector banks and their fundamental importance. The public and private sector banks played a pivotal role in helping the fledgling democracy transform its economy.
They helped companies to transform India into a mainstream economic giant and one that can speed up the process of “overall development.”
While private and public banks play a crucial role, private banks are essentially private players with no connection to the government. On the other hand, public sector bank employees are bankrolled by the government of India.
As a result, they can often claim special rights, privileges, government-funded pension packages, medical insurance, and more. The private sector banks provide their version of these perks, thus helping to make their jobs lucrative.
Recruitment process in Private Banks:
When it comes to recruitment in private banks like Kotak Mahindra Bank, Standard and Chartered, Citibank, and others, they often utilize a multilayered approach. They resort to posting their ads online on several job portals.
They list the available posts, remuneration packages, the right person to address their job applications, and more. They also inform the public regarding the essential eligibility criteria and whether they are required to appear for an entrance exam.
One of the common misconceptions regarding retail banking is that it is much easier to land a job at a private bank than otherwise. That’s just a rumor.
Private banks are incredibly fussy about who they pick as employees and often go in for a detailed background checkup. Sure, these banks offer fat, lucrative salaries and expect a lot in return from the selected candidate!
Different types of job profiles:
If you thought you had a good idea of the jobs typical to retail banks – you might need to rethink where private banks are concerned. Nowadays, some job profiles that are more common among private banks are relationship management, customer service assistant, assistant manager, Information Technology (IT) officer, and more.
When it comes to private banks, you must meet their essential criteria: being a law-abiding Indian, 21 years of age, etc. You must also have graduated with the appropriate degree from a reputable college or University.
Note that the age limit can vary from bank to bank; it can depend on the post you are applying for and the bank itself. For example, if you plan to join in as a clerk, you would find that the strict age limit may be relaxed.
These banks often provide a wide range of jobs and are more than happy to hire a young workforce. On the downside, unlike public sector banks, these do not come with any job security.
If you work in a private sector bank, you need to understand the basic concept – perform or perish. Usually, employees are often let go, after a short notice period, unlike public sector banks. But on the other hand, private sector banks provide heftier paychecks, decent perks, health insurance packages, and more.
When applying for a job at a private bank, you would have to sit in for an entrance exam. Most of these exams are often held within the bank premises, or they would have outsourced them to an independent agency. Often, these exams are geared to test the applicants on various topics, from logical reasoning, quantitative analysis, English, banking procedures, law, etc.
And this is the process by which you go about landing the dream job in a private bank. GOOD LUCK!