McKinsey Report: India Banking 2010

Topics: Banks of India, Government-owned banks in India, Bank Pages: 3 (843 words) Published: April 18, 2011
The Banking Sector in India
The Banking sector in India has always been one of the most preferred avenues of employment. In the current decade, this has emerged as a resurgent sector in the Indian economy. As per the McKinsey report ‘India Banking 2010’, the banking sector index has grown at a compounded annual rate of over 51 per cent since the year 2001, as compared to a 27 per cent growth in the market index during the same period. It is projected that the sector has the potential to account for over 7.7 per cent of GDP with over Rs.7,500 billion in market cap, and to provide over 1.5 million jobs.

Today, banks have diversified their activities and are getting into new products and services that include opportunities in credit cards, consumer finance, wealth management, life and general insurance, investment banking, mutual funds, pension fund regulation, stock broking services, custodian services, private equity, etc. Further, most of the leading Indian banks are going global, setting up offices in foreign countries, by themselves or through their subsidiaries. Employment Scenario in the Banking Sector

As reported in the Economic Times, the country’s leading public sector bank, State Bank of India has plans to recruit 25,000 employees in the year 2009. Besides, its life insurance venture, SBI Life, has plans to hire 13,000 agents and 200 sales managers. Also, Punjab National Bank, the country's second largest public sector lender, and Union Bank of India have plans of hiring 5,000 people each. The financial year 2008-09 has already shown the banking sector to be among the largest job providers in the country with over 50,000 vacancies being notified and filled up in the public sector banks alone. Top

Major Recruiters of Banking Industry
Public Sector Banks are the major recruiters of candidates aspiring for bank jobs. These banks are:

1. The State Bank of India Group (Total:8 Banks) namely SBI (State Bank of India), State Bank of Indore, SBBJ...
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