Banks where individuals/ institutions hold more than 50% of the shares are known as Private sector Banks. The private sector banks are classified as old private sector banks and new private sector banks. The largest fourteen private banks were nationalised through the act of Parliament in 1969. They are classified as old private sector banks. The new private banks are the banks which got their license after the liberalisation of Indian economy in the early 1990s. According to Ministry of Finance, there are 20 private banks functioning in India.
There are twenty seven public sector banks in India. In Public sector banks promotions are based on degree and passing of internal departmental exams.
Two years minimum work experience with a JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma conducted by Indian Institute of Banking and Finance (IIBF) is must with a graduate/post graduate degree. The candidate must have computer knowledge and language proficiency of the state applying for the post.
Management institutes such as Xavier Labour Relation Institute, University of Delhi, IIM’s, and University of Bombay make the selection. Candidates have to go through orientation programme for 3 weeks before 6 month to 1 year, they are appointed as Assistant Manager.
Private bank looks for qualification, experience and knowledge before fixing the salary of the candidate. The salary could be higher for the MBA graduates.
The banks where the Government hold more than 50 % of the shares are known as Public sector bank. The term “nationalized banks” refers to those banks which were “nationalised” under the “Banking Companies Acquisition and Transfer of Undertaking bill”. The Central Government approved the nationalization of the Imperial Bank of India in 1955. According to the Ministry of Finance, there are 27 public sector banks currently functioning in India.
There are twenty seven public sector banks in India. Public sector banks are not performance and target oriented jobs but promotions are depending upon degree and clearing of internal departmental exams. The employer in Public Sector Bank is a moderate worker without stress and does not like challenge based work rather complete the work in fixed time.
Bachelor’s degree from University recognized by UGC. Two years minimum maturity with a JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma conducted by Indian Institute of Banking and Finance (IIBF) is must with a graduate/post graduate degree. The candidate must have computer knowledge and language proficiency of the state applying for the post.
The selection is based on written examination that tests the knowledge of the candidates.
IBPS conducts written examination in the centres positioned in different parts of India. IBPS conducts interview of the selected candidates in the written examination. The final selection is based on the marks obtained in the written examination and interview.
The PO has to qualify the written exam and on the basis of his experience and seniority in the service of bank he can be selected as higher grade officer. In this process JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma is compulsory. Two years minimum experience as clerk with a JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma conducted by Indian Institute of Banking and Finance (IIBF) is must with a graduate/post graduate degree.
There are two types of promotion
The candidate has to qualify the written exam and on the basis of his experience and seniority in the service of bank he can be selected as an officer. In this process, JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma is compulsory.
Here two years minimum work experience with a JAIIB (Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Associate of the Indian Institute of Bankers) diploma conducted by Indian Institute of Banking and Finance (IIBF) is required with a graduate / post graduate degree.