A number of jobs are going to be created in the banking sector in the coming days. This will happen as the government and Reserve Bank of India push the initiative to increase financial inclusion in India. Much of the growth of banking sector will now take place in rural areas as lack of financial inclusion is maximal in the rural parts of the country.
Therefore banks will give preference to those candidates who are willing to work in the rural parts. The rural parts of the country suffer from many infrastructural bottlenecks such as shortage of electricity. Those who have grown up in cities often find it difficult to work in rural parts because of these infrastructural problems. On the other hand those who have grown up in rural areas are well-adjusted to living in these areas. Candidates coming from the rural parts, therefore, have a big opportunity for getting hired in the banking sector in the near future.
Recently, the Reserve Bank of India gave two new banking licenses. One of these licenses was given to Bandhan. Bandhan, headquartered in Kolkata, is already the country’s biggest Microfinance Institution (MFI). An MFI gives small loans, usually in the range of Rs 100 to Rs 10000, to poor customers without asking for any security. In turn the MFI charges a slightly higher interest rate than banks, to cover the risk of lending to poor people, without any security.
Bandhan has been extremely successful as an MFI. Its MFI business is now worth more than Rs 10000 crore. Now as Bandhan graduates to a full bank, it has said that its focus will remain on the rural markets. Its core competency now lies in operating in the rural parts, as it understands well the challenges of these parts of the country. Bandhan will open majority of its banking branches in these rural parts. It is in the process of hiring more people who are willing to work in its bank branches in the rural parts.
In such a scenario knowledge of banking & financial services operations is a very valuable skill. Those coming from the rural parts can increase their employability quotient by getting trained in the operations of banking & financial services.